Updated Dec 4, 2024
Marcus & Millichap Sells Parkway Shopping Center In Allentown For $12.5M
1471 Lehigh Street
$12,500,000
$93/SF
Building Size
133,314 SF
Asset Type
Retail
Closing
Mar 1, 2024
About this deal
AI
Located at 1471 Lehigh Street in Allentown, PA, the Parkway Shopping Center was recently sold for $12.5 million. This retail property spans 133,314 square feet and has seen significant improvements and tenant consolidation efforts in the past five years.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $12,500,000
- Brokers: Colin Reder, Derrick Dougherty, Scott Woodard - Marcus & Millichap
- Mortgage Brokers: Ian Nordfors & Neil Campbell - Institutional Property Advisors
- Square Footage: 133,314
- Price Per Square Foot: $94
The sale of the Parkway Shopping Center was managed by Marcus & Millichap's Philadelphia office, with IPA Capital Markets providing debt financing for the buyer.
On the Map
$12,500,000
$93/SF
Retail
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.27%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93