Allen Forge Shopping Center, Lansdale, PA
LANSDALE, PA, April 12, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of Allen Forge Shopping Center, a
51,878-square foot neighborhood shopping center in Lansdale, Pa., approximately
28 miles northwest of Philadelphia. The $9,333,000 sales price equates to $187
per square foot.
 |
| Matthew Gorman |
Matthew
Gorman, an associate vice president investments, and Michael Shover,
a senior associate, represented the seller, a Philadelphia-area developer and
property owner. Gorman and Shover also represented the buyer, a Lehigh
Valley-based 1031 exchange investor.
“At the
time of the sale, the Allen Forge Shopping Center was 100 percent occupied and
had a waiting list of interested tenants,” says Gorman “The property is
extremely well located within the local market and has had a long history of
good tenancy and solid performance.”
The center is located at 850 S. Valley
Forge Road in Lansdale, less than 1.5 miles from the corporate headquarters of
Merck & Co. Inc. and North Penn High School, one of the largest high
schools in the state.
 |
| Michael Shover |
The Allen
Forge Shopping Center’s credit tenants include a 13,000-square foot stand-alone
CVS drugstore with drive-through, a 9,000-square foot Pennsylvania Liquor
Control Board Wine and Spirits retail outlet and a Bank of America branch.
Recent property improvements at the shopping center include
a new façade and parking lot repaving.
For a complete copy
of the company’s news release, please contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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