The property was completed this year and is currently 85%leased. The seller, identified as Chestnut Avenue LP, generallybuilds single-tenant retail and sells the properties he develops onan annual basis, according to Tom Gorman a senior associate in thePhiladelphia office of Marcus & Millichap. He and Matt Gorman,an associate in the same office, are marketing the asset. "Thedeveloper doesn't want the management responsibilities," Tom Gormantells GlobeSt.com.

A 62,000-sf Martin's grocery store, which is operated by Giantof Carlisle, anchors the center, and Gorman says its lease rate is"a little below $20 per sf." In-line tenants include Starbucks,Little Caesar's Pizza, Snap Fitness and a Pennsylvania State Liquorstore.

Negotiations are under way for ground leases on two remainingpad sites, Gorman says. Those rents range between $60,000 and$80,000 a year. Just 7,200 sf of in-line space remains available,and Gorman says the asking rent rate is approximately $16 per sf.The Gormans are marketing the asset nationally.