MARS, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the sale of a 49,060-square foot grocery-anchored center (top left photo) in Mars. The sales price of $10,080,000 represents a price of $205 per square foot. Steven J. Siegel (middle right photo), a vice president investments in the Manhattan office of Marcus & Millichap, exclusively represented the seller.
Erin Patton, a senior associate in the firm’s Columbus office, Scott Wiles, a senior associate in Cleveland, and Craig Fuller, a retail investment specialist also based in Cleveland, represented the buyer.
Spencer Yablon (lower left photo), vice president and regional manager of Marcus & Millichap’s Philadelphia office, also provided representation.
“The new owner has acquired an excellent long-term investment,” says Siegel. “This shopping center will continue to thrive because of the wealthy demographic in the area, its proximity to major freeways and the vibrant mix of quality tenants,” says Siegel.
Located at 300-920 Adams Ridge Rd., the Shoppes at Adams Ridge includes a 41,837-square foot building and two out parcels: a 3,723-square foot Dairy Queen and 3,500-square foot Citizens Bank.
Built in 2008, the center is anchored by McGinnis Sisters, a specialty grocery store, and shadow-anchored by Walgreens. The property draws demand from its mix of national and regional tenants, including Great Clips, Pizza Hut, Stonepepper’s Grill and Verizon Wireless. Traffic counts at the site are in excess of 20,000 cars per day on State Route 228 and the average household income in the area is $130,000.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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