THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF A FIRST WATCH NET-LEASED PROPERTY

PHILADELPHIA, PA, July 1, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of First Watch, a 3,491-square-foot net-leased property located at 1012 Haddonfield Road, Cherry Hill, NJ 08002 according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $3,665,540.

Scott Woodard and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, an experienced and well-versed investor in New Jersey. Scott Woodard, represented the buyer as well, an active private PA based investor, of this property.

“This was an excellent investment opportunity and trophy location. Located in the dense Cherry Hill submarket along Haddonfield Road with constant consumer traffic,” said Mark Krantz. Haddonfield Road is an extremely busy road and has over 38,000 vehicles pass through per day. The Cherry Hill submarket is constantly growing with more than 100 townhomes and 250 condos under development in the area.

First Watch generated over $1 Billion in Revenue in 2019 and has continuous increases in sales volume year over year. “The buyer of this property believed in this tenant and its consistent success. This location was built and opened in 2019 and is located directly across the #1 Wegman’s in the state of New Jersey,” said Scott Woodard.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.