Marcus & Millichap recently arranged the sale of two Bucks County community retail properties.
U.S. Real Estate Acquisitions of East Brunswick, N.J., bought Country Square Shopping Center, an 80,000-square-foot center off Route 309 in Quakertown, Pa., for $9.5 million. Saul Associates of Bryn Mawr, Pa., was the seller. The property garnered 15 offers, most from out of state including New York, New Jersey and Maryland.
In another sale, Walnut Street Capital, a Philadelphia real estate investment firm headed by Joe Grasso, bought Warminster Plaza, a 130,000-square-foot strip, at the corner of York and Street roads in Warminster, Pa., for $12.4 million. The buyer was drawn to the property because of its dense, high-income demographics, said Brad Nathanson, a broker with Marcus & Millichap who arranged the sale of both centers. Walnut Street was also attracted to the property's value-add play. Two of the center's anchors, Rite Aid Pharmacy and Staples, left the center, giving Walnut the opportunity to totally reposition it with new retail tenants. Walnut also plans roughly $5 million in renovations, including totally redoing the façade, adding parking, putting in additional pad sites and adding to the square footage of the center, Nathanson said.
credited by: bizjournals.com
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