(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.
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