(For more retail coverage, click GlobeSt.com/RETAIL.)
ABINGTON, PA-Two vacant retail buildings in adjacent counties traded here recently for an aggregate of $3 million. The priciest on a per-sf-basis is a 7,000-sf building here at 1424 Old York Road in Montgomery County, which commanded $1.2 million. The other is a 30,000-sf former Frank's Nursery building at 191 Lincoln Highway in Fairless Hills in Bucks County that sold for $1.8 million.
The Salvation Army acquired the former Frank's Nursery from Juniper Properties for $60 per sf. Pat McCabe of the Wayne office of CB Richard Ellis was the sole broker in the transaction. He says the Salvation Army will use the property, which includes six acres, for a new retail thrift store that is expected to open this quarter.
In an unrelated transaction, McCabe also represented the seller, locally based Bergey's Realty Co., in the Old York Road transaction, which traded for slightly more than $171 per sf. This property sits on a half-acre parcel.
The buyer is Somerset Tire Services. Rob Samtmann of Conshohocken-based Equity Retail Brokers represented STS, which is based in Bound Brook, NJ and owns or leases more than 75 retail tire facilities, primarily in the mid-Atlantic.
Regarding the disparity in pricing, McCabe tells GlobeSt.com, "there are a lot of variables at play. The former Frank's is not really visible from the road, and it's a metal building. The new owner will have to put money into it. It's a gut job, while the Abington property is already a good fit for the buyer."
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