Dougherty, Krantz and Woodard of Marcus & Millichap arranges the sale of West End Plaza
BRODHEADSVILLE, PA — Marcus & Millichap announced the sale of West End Plaza, a 81,516 s/f retail property located in Brodheadsville. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $5.966 million.
Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller, Amato Properties. “Both seller and buyer were repeat clients of the firm and should be commended for the way they handled some of the uncontrollable obstacles throughout the due diligence period.” said Krantz. The buyer, Agora Commercial Realty, secured and represented by Derrick Dougherty, Mark Krantz and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office. “We attribute the successful closing to the hands on approach by all parties involved, the communication and proactive approach by both the seller and the buyer during the last six months was the playbook on how the relationship with your tenants and lender should be handled at all times. Our team was proud to be a part of the process.” said Dougherty.
West End Plaza is situated on a large 13.4-acre parcel with 360 parking spaces. The property is currently 84% occupied where most of the tenant roster reimburses for their natural pro-rata share of expenses. The center features a mix of national, regional, and local tenants such as Dollar Tree, Family Dollar, and Anytime Fitness. “The West End Plaza closing was a microcosm of the challenges and tribulations investors faced transacting in the 2020 COVID-19 era. The biggest hurdle both parties had to overcome was the Peebles and Gordmans chapter 11 bankruptcy in May 2020.” said Dougherty.