Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of Hunting Park Plaza, a 17,401-square foot retail property located in Philadelphia, PA. According to Sean Beuche, broker of record and regional manager of the firm’s Philadelphia office, the asset sold for $6,500,000.
Derrick Dougherty 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 limited liability company. “Hunting Park Plaza is a first-generation sale that was originally developed in the 1990’s. Located at the corner of North Broad and West Roosevelt Avenue, this asset has some of the best real estate fundamentals in the area in terms of traffic counts, visibility, access, and signage. The seller is the original developer, and he did an amazing job collecting an all-star cast of tenants to cater to the local submarket and community.” said Dougherty. The buyer, a limited liability company, was secured and represented by Derrick Dougherty and Scott Woodard. “Both buyer and seller should be commended for their patience and perseverance throughout the process. We put the deal under contract a few weeks before the initial quarantine and faced additional challenges such as new zoning and land approvals, two instances of severe property damage, and the escrow timeline being extended out for almost a year but both Buyer and seller stuck it out.” said Woodard.
Hunting Park Plaza is located at 4221 N Broad St in Philadelphia, PA. The center contains multiple national credit tenants including Popeyes (Subsidiary of Restaurant Brands International – S&P “BB-”), GameStop (S&P “BB-”), and H&R Block (S&P “BBB”). Furthermore, 93% of the Center has been at the site since the early 2000’s, demonstrating a proven track record in tenant performance; the largest of which, Wine & Spirits, recently executed a 5-year Lease extension, showing further commitment to the space. “This asset was originally put in escrow in March 2020 during the initial stages of the pandemic. The seller, buyer, mortgage broker, lender and tenants should all be acknowledged and commended for their persistence and professionalism for navigating through the challenging hurdles COVID-19 presented, two scenarios where protests and riots completely damaged the property and subdivision process. This is a deal story for the ages and The Dougherty Team is proud to be associated with all parties involved and the resiliency that was displayed.” said Woodard.
Hunting Park Plaza is strategically located at the signalized, hard corner intersection of N. Broad Street & W. Roosevelt Boulevard, two of the largest thoroughfares in Philadelphia, averaging a combined 56,000 vehicles passing by daily. Moreover, the site is located near many economic drivers, including Temple University’s Medical Campus (one mile) which enrolls close to 40,000 students.
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.
