THE DOUGHERTY TEAM AT MARCUS & MILLICHAP ARRANGES THE SALE OF THE MUHLENBER RETAIL PORTFOLIO

PHILADELPHIA, PA, May 13th, 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 the Muhlenberg Portfolio, 21,850-square-feet of property located in Temple, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The assets sold for $13,900,000.

Derrick Dougherty and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office, had the opportunity to represent the buyer of the property, a repeat client of the Dougherty Team. “The buyer acquired this well-positioned investment all cash and with 1031 proceeds from a previous sale of a large industrial property,” said Steve Garthwaite.

“These properties have amazing real estate fundamentals with 3.19 acres on an exceptional retail corridor with prominent tenants, such as Giant, Target, and Aldi,” said Steve Garthwaite. Within 5 miles of the property, there is a population of over 145,000 people.

“This investment was recently constructed in 2020 and four long-term leases with prominent tenants with drive thru’ s, including, Chick-Fil-A, Panera Bread, MOD Pizza, and Visions Federal Credit Union. Thee leases included attractive rental increases of 10% for each tenant, providing a hedge against inflation,” said Steve Garthwaite.

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.