Marcus & Millichap Sells Lowe's Ground Lease in Whitehall, PA for $13.21M

WHITEHALL, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 14.28-acre ground lease for a 166,609-square foot Lowe’s Home Improvement in Whitehall. The sales price is $13.21 million, or a 6.05 percent cap rate.

Brad Nathanson, a senior associate and director of Marcus & Millichap’s National Retail Group in Philadelphia, and Jordan Muchnick, an investment specialist also in the firm’s Philadelphia office, represented the seller and the buyer in the transaction.

“With no management responsibilities and excellent demographics and traffic patterns, this property is a trophy asset, making it an excellent addition to the new owner’s portfolio,” says

Nathanson. “This newly constructed property attracted significant national interest because of Lowe’s standing as a national credit tenant and the demand for big-box ground leased, since very few come to market.”

Located at 2650 MacArthur Road, the newly constructed Lowe’s Home Improvement has signed a 20-year absolute triple-net ground lease, which commenced in October 2007. This property is situated on Route 45, MacArthur Road, a six-lane highway, which is the main retail commercial corridor for the Lehigh Valley.

Lowe’s Home Improvement is contiguous with a community center anchored by a Big-Kmart and Barnes & Noble. Adjacent to the property is a regional dominant power center anchored by Wal-Mart and including Sam’s Club, Dick’s, Burlington Coat Factory, TJ Maxx, A.C Moore and Giant Food.

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Stacey Corso
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