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| Townfair Center, Indiana, PA |
INDIANA, PA – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, today announced the sale of Townfair Center, a
218,610-square-foot grocery-anchored community shopping center in Indiana, Pa.
The terms of the sale were not released.
Joseph
French, a senior director in the firm’s National Retail Group, and Thomas
Dalzell, an associate, both in Marcus & Millichap’s Westchester office
in White Plains, N.Y., represented the seller, a New York Stock Exchange-listed
real estate investment trust. The buyer is a public, non-traded real estate
investment trust.
“At the
time of the sale, Townfair Center was 100 percent leased to a strong mix of
national and regional tenants,” says Dalzell. “Shopping center vacancy is just
3.4 percent in the area and the presence of nearby Indiana University of
Pennsylvania helps keep the local economy stable.”
The
property was built in 1995 and renovated in 2010. It is located at 475 South
Ben Franklin Road in Indiana, Pa. just down the road from Indiana Mall, a
518,388-square-foot regional mall.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations
Manager
(925) 953-1716
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