THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF THE EVERGREEN PLAZA PROPERTY

SOMERDALE, NJ, August 19th, 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 Evergreen Plaza, a 19,900-square-foot multi-tenant property located at 600 North White Horse Pike, Somerdale, NJ 08083, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,545,630.

Derrick Dougherty, Mark Krantz, and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a local New Jersey investor. “The buyers of this property were two brothers based out of New Jersey looking for an addition to their extensive shopping center portfolio. We appreciate and value all the parties involved in this transaction including the sellers, buyers, attorneys, American Heritage as the lenders, and Stephen Filippo as the mortgage broker,” said Scott Woodard.

“Evergreen Plaza is an exceptionally well-positioned center located on the busy commuter corridor of White Horse Pike. The center also sits adjacent to a major consumer generator, a Walmart Supercenter,” said Mark Krantz. The Somerdale submarket has dense demographics with a population of 97,000 people with an Average Household Income of $108,000 within 3 miles of the subject site.

“This site offered an amazing opportunity for investors to add value with a vacancy factor of about 13.66%. The site has tremendous real estate fundamentals with 2.11 acres of land with over 110 parking spots and 19,900 SF of GLA,” said Mark Krantz. The majority of tenants, about 72%, contain rental increases providing the new owner with a decent hedge against inflation.

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.