Allentown, PA, July 15th, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Perkins, a 5,139-square-foot property located at 3400 Lehigh Street, Allentown, PA, according to Tim Stephenson, regional manager of the firm’s Philadelphia office. The asset sold for $1,700,000.
Nick Geaneotes, Derrick Dougherty, and Scott Woodard investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a local net leased investor.
“The property is an exceptionally well-positioned site consisting of 1.5 acres on the corner of a signalized intersection adjacent to national retailers on a booming corridor. The intrinsic value of real estate led to an abundance of activity, with potential buyers coming from all around the region,” said Nick Geaneotes.
“The Lehigh Valley is the fastest growing region in the state with an estimated population growth of over 6% in the next few years. This sale showed an amazing example of a professional partnership between the buyers and sellers working together with open lines of communication throughout the entire sale process,” said Derrick Dougherty.
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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