Suburban Payless Plaza Sells for $112 Per SF

PHILADELPHIA-Locally based Meyer & Meyer, Inc. pays $900,000 for theshoe-store-anchored, 8,040-sf neighborhood strip shopping center built in 1979 and 100% leased. The seller is locally based R & O Real Estate Partnership.

By Marita Thomas | December 23, 2002 at 01:01 AM

The Payless Plaza is one of hundreds nationwide and among more than a dozen in southeastern Pennsylvania that are anchored by Topeka, KS-based Payless Shoe Source, a discount footwear retailer. The Holmes shopping center was completed in 1979. It was 100% leased at the time of the sale.

The Philadelphia office of Encino, CA-based Marcus & Millichap, which isheaded by Jeffrey Algatt, arranged the sale. M&M also found the buyer.

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