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 MedExpress Center, a 14,075-square-foot retail property located in Meadville, Pennsylvania, according to Grant Fitzgerald, Associate Regional Manager of the firm’s Columbus office. The asset sold for $1,400,000.
Suzanne Sharbek and John Reehil, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, also a limited liability company, was secured and represented by Nick Geaneotes and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office. Sean Beuche, Regional Manager and Broker of Record, assisted in closing this transaction.
The property is a 14,126-square-foor center that includes MedExpress, the US Armed Forces Recruiting Center and Angelique Nails & Spa Salon. This six-unit shopping strip is located right on Smock Highway next door to Giant Eagle and Home Depot. The Giant Eagle has consistently completed more than $30,000,000 (over $560 per foot) in sales in the last five years.
The Seller is a private investor divesting the last property of his large portfolio. The buyer is a regional developer who was attracted to the value-add component of a center anchored by a strong anchor.
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.
