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Joseph French Jr. & Kodi Traver Of Marcus & Millichap Sell Parkesburg Retail Center For $7M

Property Image
SOLD
$7,000,000
Kodi Traver
Joseph French Jr.

Pennsylvania

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Retail53,319 SF
Sold 03/12/2024
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Property Image
SOLD

Joseph French Jr. & Kodi Traver Of Marcus & Millichap Sell Parkesburg Retail Center For $7M

108 West 1st Avenue

See Similar Deals
Retail53,319 SF
Sold 03/12/2024
Kodi Traver
Joseph French Jr.
the dealplayerscompscontact
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Summary

PENNSYLVANIA
Asset Type:Retail
Price Per Square Foot:$131
Total Square Footage:53,319 SF
Transaction Type:Sale

The Parkesburg Shopping Center, located at 108 West 1st Avenue in Parkesburg, Pennsylvania, spans 7.7 acres and was recently sold for $7 million. This 53,319-square-foot retail center is anchored by Grocery Outlet and Planet Fitness, and the transaction closed at a 7.5 percent cap rate.

Summary of transation details:

Joseph French Jr. and Kodi Traver, representing Marcus & Millichap, successfully facilitated the sale of the Parkesburg Shopping Center to undisclosed private investors. The collaboration of these brokers led to the seamless execution of this significant real estate transaction.

Players

Joseph French Jr.
Marcus & Millichap
Joseph French Jr.
12 deals$93.1M volume(914) 954-5343
BROKER
Kodi Traver
Marcus & Millichap
Kodi Traver
9 deals$81.2M volume(914) 940-4717
BROKER

Details

SOLD
IMAGE: Joseph French Jr. & Kodi Traver DATE: 03/12/2024 ADDRESS: 108 West 1st Avenue MARKET: Parkesburg, Pennsylvania ASSET TYPE: Retail ~ ACRES: 7.7 BROKERS: Joseph French Jr. & Kodi Traver - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $7,000,000 SF: 53,319 ~ PPSF: $131 NOTE: Marcus & Millichap brokered the $7 million sale of Parkesburg Shopping Center, a 53,319-square-foot retail center near Philadelphia, anchored by Grocery Outlet and Planet Fitness. The deal, facilitated by Joseph French Jr. and Kodi Traver, involved undisclosed private investors and closed at a 7.5 percent cap rate.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$373,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$24,869.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,183.57
Annual Debt Service$398,202.85