Thursday, October 13, 2011

$24.6 Million Retail Center Comes to Market in Suburban Philadelphia

 WILLOW GROVE, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 123,397-square foot Super Giant Food Store (top left photo) in Willow Grove, a northern suburb of Philadelphia. The sales price of $24,603,317 represents $199 per square foot.

Dean Zang (middle right photo) and Mark Taylor (lower left photo), senior directors of the firm’s National Retail Group (NRG), are representing the seller, an affiliated entity of a northern New Jersey private REIT and developer.

  “There are 20 years remaining on this Super Giant Food Store’s absolute net lease,” says Zang. “Rarely do assets with such a high quality of location come to market in the Northeast with substantial term remaining. The lease is guaranteed by Royal Ahold and has rental increases that certainly add to the attractiveness of the offering,” adds Zang.

The property is located at 315 York Road in Willow Grove, an affluent suburb of Philadelphia.

This Super Giant Food Store was built in 2007 on 12.4 acres after the former Home Depot building was demolished. The store is open 24 hours per day and features a full-service pharmacy, a Wi-Fi cafe and children’s play area.

Giant Food Stores is a subsidiary of Royal Ahold, which operates approximately 1,000 supermarkets throughout the United States. In 2010, Royal Ahold posted revenues of $27.9 billion and a net worth of $5.5 billion. Ahold is rated BBB with a stable outlook by Standard & Poor’s.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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