NEWTOWN, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Goodnoe’s Corner, (top right photo) a 35,653-square foot mixed-use retail and multi-family development in Newtown, Bucks County. The exclusive offering is listed at $18 million and represents $505 per square foot.
Jeffrey W. Marquis Sr., Thomas J. Gorman and Matthew P. Gorman, investment specialists in the Philadelphia office of Marcus & Millichap, are representing the seller, Joseph W. McGrath of the J.W. McGrath Organization.
McGrath purchased the historic Goodnoe Family Restaurant in December 2006 with the intention of redeveloping the site. The Bucks Coun
ty landmark served locally made ice cream since 1955. McGrath successfully expedited the project through the approval process and construction without sacrificing quality. Upon commencement of construction in early 2007, he had little difficulty courting potential tenants.
“This newly constructed Class A investment property offers an exceptional location and attractive design complimented by a strong rent roll and tenant mix,” says Marquis. “Goodnoe’s Corner is a great opportunity for investors seeking a flight to quality in a proven and affluent market.”
“The local retail market and demographics fully support Goodnoe’s average rent of $39 per square foot,” says Thomas J. Gorman. “Those rents drive a big price on the property, but they are replaceable.”
Located at 290 North Sycamore St., the mixed-use development consists of six buildings, including four luxury apartment units above retail shop space and three pad sites situated on a 
3.96-acre lot. The property is at the “Main-and-Main” intersection (State Hwy 532 and State Hwy 332) in Newtown.
3.96-acre lot. The property is at the “Main-and-Main” intersection (State Hwy 532 and State Hwy 332) in Newtown.Goodnoe’s Corner is supported by strong demographics as median household incomes are $102,000-plus in a five-mile radius while the population is 104,000-plus in the same area.
Rite Aid and the Irish Pub at The Green Parrot are currently under construction and scheduled to be completed in July and September 2008, respectively. Both tenants are already paying rent. The remaining pad site and seven in-line retail tenants are a mix of national, regional and local retailers, all of which are open for business. 
Press Contact: Stacey Corso
Communications Department
(925) 953-1716
Communications Department
(925) 953-1716
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