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READING, PA-Berkshire Square Shopping Center, a 112,119-sf, fully leased property on approximately 32 acres at 1183 Berkshire Blvd., is offered for sale at a list price of $15 million, or about $134 per sf.

"Barriers to entry in this retail corridor of Wyomissing Township in Berks County are extremely high," according to Mark Taylor of the Philadelphia office of Marcus & Millichap, who says the center "is priced below market value."

Taylor and Dean Zang of Marcus & Millichap are marketing the property on behalf of the seller, Philadelphia-based Brahin Properties. A Redner's Market is the anchor tenant. The center was completed in 1992 and "has experienced historically high occupancy," Taylor says. The buyer also has the opportunity to buy the adjacent, freestanding, 120,000-sf Wal-Mart unit for an undisclosed price.

The list price represents a 7% cash-on-cash return and a cap rate of just over 8%, according to Taylor "with current rents at or below market, upcoming lease rollovers provide income growth in the near term." He also reports there is a waiting list of tenants seeking to locate in Berkshire Square, and "Petco and LA Fitness are in negotiations to lease space in the center, which will draw additional customers to further enhance its value."

Instant Insights /

Berkshire Square Priced to Sell at $15M

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