WYOMISSING, PA- Berkshire Square, a 112,119-square-foot shopping center was a “slightly more complicated transaction,” according to Marcus & Millichap senior director Mark Taylor, thanks to the accompanying nine-parcel condominium project, Berkshire Square Condominiums. On the bright side, the property was 97% occupied at the time of sale. It traded for $16.6 million at $148 per square foot.

But why was the deal a little more complicated than most? Taylor admits, “The condominiums did complicate the process because we were selling condominium units and we were selling different structures which were not attached to each other.” Additionally, “the loan assumption process was the thing that took the longest and stretched the deal out for six months,” but in the end “both the buyer and seller worked well together during that process.”

Owned by WP Realty of Bryn Mawr, PA, Berkshire Square sold to Paramount Realty Services Inc. of Lakewood, NJ. The shopping center is anchored by a Redner’s Warehouse Markets and a 23,144-square foot Staples, a recent statement from Marcus & Millichap expresses. Additional tenants include HobbyTown, Sally Beauty Supply, Subway, and Supercuts.

With a packed occupant list, Taylor explains to GlobeSt.com, “There’s very little upside potential because there was one small vacancy when we closed and you can’t build any more square footage on the property because the property is maxed out for zoning.”

He adds, “The only upside is rent growth. The rents there are market or slightly below market I think as leases come up given the lack of space in that submarket, the new owner will be able to make some rent increases.”