Portfolio Sale Completion: Neighborhood Centers & Office Building

Norristown, PA, July 31st, 2023 – 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 Burnridge and Main Ridge, 35,806-square-feet of multi-tenant properties located at 2101-2133 West Main Street and 2448-2454 West Main Street, Norristown, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The assets sold for a total of $3,170,000.

Derrick Dougherty, Scott Woodard, and Colin Reder, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the properties on behalf of the sellers, Pennsylvania based brothers. Both properties are located on West Main Street, a busy retail corridor in the Norristown area with almost 16,000 vehicles per day.

“Burnridge Center was a 16,900 SF center sitting on 1.5 acres along West Main Street. This was a True Value Add type asset that always grabs the investment community’s attention in the sense that it was completely vacant upon the sale except for one tenant occupying about 2,000, SF,” said Derrick Dougherty.

“Main Ridge Center consisted of three total buildings, two retail strips totaling 9,532 SF and a two-story office building consisting of 9,374 SF. The second floor of the office building was completely vacant which was very attractive to the investment community,” said Scott Woodard.

 “It is rare to come across two value add opportunities in the Philadelphia MSA in this price range. Both deals were priced below replacement cost in a very mature section of Norristown in Montgomery County, PA,” said Colin Reder.

 “The process we ran resulted in 15+ offers with these assets being offered as a portfolio and individually. Ultimately, the buyer we selected on Main Ridge was based on price, responsiveness, and a direct line to the closing table with Link Bank as the lender. Burnridge ended up being a different type of buyer profile since there was limited cash flow. We ended up selecting more of an owner / user type that had the ability to close all cash above list price,” said Derrick Dougherty. 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting, and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.