KUTZTOWN, PA -Fully occupied retail properties here and in Boothwyn sell for significantly different prices. Barrington Group South Sixth LLC, an Illinois-based company, pays $4.5 million, or $325.52 per sf, for a 13,824-sf single-tenant building in Kutztown, while a Pennsylvania-based limited partnership pays $3.4 million, or $117 per sf, for Chichester Square Shopping Center in Boothwyn.
Eckerd is under a new 20-year, triple-net lease at the Kutztown property, which is formally identified as SWC of E. Main St. at Elm St., and located in Berks County in the Lehigh Valley. The seller is GVH and Associates. Mark Taylor and Dean Zang of Marcus & Millichap's Philadelphia retail investment group represented GVH in the transaction. Taylor says the team worked with Marcus & Millichap offices in major markets and generated numerous offers in order to "procure a buyer that paid top dollar, even from across the country."
The same team with the addition of Donald MacLaren, also in the Philadelphia office, represented CJR Chichester LP, a Delaware-based company, in the sale of the 29,025-sf shopping center at 3601 Chichester Ave. in Boothwyn. The buyer is RPC Chichester LP. A CVS Pharmacy anchors the center and there are eight additional tenants.
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