Adam Simon, an agent in the Philadelphia office of Marcus &Millichap, represented the seller and also procured the buyer, acompany based in Trenton, NJ, which owns retail propertiesthroughout the US and specifically in Eastern Pennsylvania. Simontells the original asking price was approximately$660,000, but was reduced to $638,810, which is about $112 per sf,because the property required some repair.


Two years remain on the Sherwin Williams lease, and Simon saysthe retailer has expressed interest in exercising a final five-yearoption. The current rent is $51,540 a year, or about $9.20 per sf,according to Simon. He says that is about 15% to 25% below marketrate.


"The buyer has the opportunity to capitalize on the increasedrental rate during the option period or to reposition the asset onthe growing Stefko Boulevard retail corridor," he says. "The unitis located across from a strip center, and this is a growing areawith a significant amount of new retail."

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