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PHILADELPHIA-A portfolio of 19 freestanding auto service centers located in the surrounding suburbs is up for sale for $20.5 million, or just over $150 per sf. The portfolio encompasses an aggregate of approximately 136,184 sf, and the typical size of individual units is about 6,000 sf.

The unidentified seller is a locally based developer who constructed the units as build-to-suits in the 1980s, Brad Nathanson of the local office of Marcus & Millichap tells GlobeSt.com. Nathanson, an associate of the firm’s national retail group, is the exclusive listing agent for the properties, which are being marketed as a package.

All of the units are currently leased to Goodyear or Jiffy Lube, “but 14 of the 19 leases expire in March 2007,” he says, “so this represents a redevelopment opportunity for a buyer. The cap rate is 11%.” A distribution facility in Pennsauken, NJ is included among the 19 retail properties. Approximately half of the portfolio is in Philadelphia’s Pennsylvania suburbs and the others are in nearby Southern New Jersey.

“There are high barriers to entry in most, if not all, of these locations,” Nathanson says, adding that “most locations are on signaled corners, have high traffic counts, and are in areas with dense populations and high average household incomes.”

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