Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Starbucks, a 1,745-square foot net-leased property located in Selinsgrove, Pa., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,650,000.
Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by James Garner, Jim Shiebler and James Medefind, and referred by Cameron S. Barbas, investment specialists in Marcus & Millichap’s Tampa office. Mark Taylor, Broker, assisted in closing this transaction.
“We generated multiple offers for the asset and built a high level of competition to ensure the highest price for the seller. Our team also represented the buyer, who is a Florida resident that performed a 1031 exchange after selling his apartment complex through our multi-family team. The buyer was attracted to the corporate Starbucks credit, new 10-year lease, lengthy operating history and the built-in customer base that shops at the 500,000 sq. ft. shopping center behind the subject property,” says Mr. Shiebler.
Built in 2008, this Starbucks location is the only full-service within an eight-mile radius. With an average household income of over $71,000 within a one-mile radius of the subject property, the immediate area provides ideal trade demographics for Starbucks.
Selinsgrove is conveniently located just 37 miles north of Harrisburg, Pennsylvania and just 60 miles east of State College, Pennsylvania. Harrisburg is home to Hersey Park, a national attraction, and State College is the college town surrounding Pennsylvania State University which has roughly 46,000 undergraduate students. Starbucks is located at 105 Marketplace Boulevard in Selinsgrove, Pa.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 over 9,000 transactions in 2017 with a value of approximately $42.2 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
