PHILADELPHIA-Investor Zev Feldman acquired the 11,666-sf, three-tenant strip shopping center at 4236 N. Broad St. for nearly $2.5 million. The single-story modern building has exposure along Broad in North Philadelphia and is fully leased to Hollywood Video, Rent-a-Center and a local retailer. Slavko Brkich was the seller.
"There were multiple competing offers for the deal," Thomas Gorman of the local office of Marcus & Millichap says. He and Spencer Yablon of that office were sole brokers. "At nearly $210 per sf, the closing price was well above the average for multi-tenant retail assets throughout the MSA." He puts the typical selling range for such retail properties in the Philadelphia area at between $101 per sf and $183 per sf.
A mid-year 2005 retail report from Marcus & Millichap projected that the average asking retail rent rate in the Philadelphia County submarket would reach $18.84 per sf at the start of this year. The county's retail vacancy rate is 6.8%.
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