BENSALEM, PA–Marcus & Millichap has arranged the $3.6 million sale of 1837 Street Road, a 100,000-square foot property net-leased to Kmart in Bensalem, PA.
The asset sold for $3.575 million, $376,025 above the asking price, after a brief yet extremely competitive marketing period during which 12 offers were made within the first 24 hours, says Michael L. Glass, regional manager of the firm's Columbus office.
John P. Reehil, an investment specialist in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller, a partnership. Reehil identified the buyer, a limited liability company. Mark Taylor, broker of record, assisted in closing the transaction.
Kmart has been located at 1837 Street Road since 1983. Kmart recently exercised a five-year option on its lease because of strong sales at the location, Marcus & Millichap says.
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