X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

TROOPER, PA-Cuthbert Boulevard Partners LP, a Philadelphia-based investor, has acquired Park Avenue Shopping Center at 2805 Ridge Pike for nearly $8.5 million, or about $452 per sf. The property consists of two buildings, a 14,490-sf Walgreens and a 4,200-sf strip center tenanted by Pizza Hut and Super Cuts with a 1,500-sf vacant space.

Mark Taylor and Dean Zang of the Taylor-Zang retail group of the Philadelphia office of Marcus & Millichap, represented the seller, Pineville Park Avenue Associates LP, a local developer. Conshohocken-based Fameco represented the buyer.

Zang tells GlobeSt.com the transaction had a cap rate of 6.56%. It was a 1031 exchange, he says, and the buyer assumed a $5.2-million loan at 5.64% interest for a 10-year term, collateralized by the Walgreens’ building. The center is two years old.

In an unrelated transaction, the Taylor-Zang team also represented both the buyer and seller in the sale of an 8,700-sf single-tenant retail building at 1109 Northern Blvd. in Clarks Summit. The price was about $235 per sf, or slightly north of $2 million at a cap rate of 7.17%, Zang says.

It was built two years ago as an Altoona-based Sheetz Inc. convenience store, which has 13 years remaining on a 15-year, triple-net lease. The seller is an unidentified Scranton-area developer, and the buyer, Millers Furniture Industries Inc., is a Philadelphia-based investor. This was also a 1031 exchange, Zang says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.