Royersford, PA, December 15th, 2023 – 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 Phoenixville Bank, a 3,000-square-foot Net-Leased property located at 451 West Ridge Pike, Royersford, Pennsylvania, according to the regional manager of the firm’s Philadelphia office. The asset sold for $2,350,000.
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 private equity group.
“Phoenixville Federal Bank & Trust has been a tenant at this location for over 15 years. This was the only location in their portfolio where they didn’t own the real estate which made them the ideal candidate to acquire the building. Ultimately, both the seller and buyer agreed on the price and terms before the asset hit the market. The bank was represented by Mitchell Reading and he did an amazing job," said Derrick Dougherty.
“There’s a ton of demand for assets in Montgomery County, especially for assets located near the best corner within the submarket. This is a strong-performing location with deposits consistently trending in the right direction. We have nothing but compliments for Phoenixville Federal Bank & Trust and their team," said Scott Woodard.
Marcus & Millichap, Inc. is a leading 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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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