Dougherty and Woodard of Marcus & Millichap orchestrates sale of Hunting Park Plaza in Philadelphia

PHILADELPHIA, PA — Marcus & Millichap announced the sale of Hunting Park Plaza, a 17,401 s/f retail property located in Philadelphia. According to Sean Beuche, broker of record and regional manager of the firm’s Philadelphia office, the asset sold for $6.5 million.

Derrick Dougherty and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller, a limited liability company. “Hunting Park Plaza is a first-generation sale that was originally developed in the 1990’s. Located at the corner of North Broad and West Roosevelt Ave., this asset has some of the best real estate fundamentals in the area in terms of traffic counts, visibility, access, and signage. The seller is the original developer, and he did an amazing job collecting an all-star cast of tenants to cater to the local submarket and community.” said Dougherty. The buyer, a limited liability company, was secured and represented by Dougherty and Woodard. “Both buyer and seller should be commended for their patience and perseverance throughout the process. We put the deal under contract a few weeks before the initial quarantine and faced additional challenges such as new zoning and land approvals, two instances of severe property damage, and the escrow timeline being extended out for almost a year but both buyer and seller stuck it out.” said Woodard.

Hunting Park Plaza is located at 4221 N Broad St. in Philadelphia. The center contains multiple national credit tenants including Popeyes (Subsidiary of Restaurant Brands International – S&P “BB-”), GameStop (S&P “BB-”), and H&R Block (S&P “BBB”).

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