PHILADELPHIA, PA — Marcus & Millichap announced the sale of Victory Square, a 38,234 s/f grocery-anchored retail center located in Philadelphia. The asset sold for $9.25 million.
Derrick Dougherty, Scott Woodard and Mark Taylor, investment specialists in Marcus & Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller, Post Brothers. Dougherty, Woodard and Taylor also represented the out-of-market buyer. The buyer acquired the property with assumable debt in place.
“Deals with attractive debt in place that can be assumed are becoming a bit more attractive in a rising interest rate environment” said Dougherty.
Victory Square is located at 4424 N Broad St. in North Philadelphia. The fully-occupied center is anchored by a 18,500 s/f Save-A-Lot and includes Dollar Tree, Taco Bell and a laundromat.
“Based on the deal activity in the marketing process, there’s no question there is high demand for urban retail from local and out of state buyers,” said Woodard. “This asset was well positioned within the submarket and the sellers did a great job securing necessity based retailers to cater and serve the local community.”