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Harrisburg-area strip mall sells for $4.67M
Paula Wolf//April 13, 2023
Brandywine Plaza, a 44,241-square-foot strip mall in Susquehanna Township, sold for $4.675 million, it was announced by listing agency Marcus & Millichap, a real estate brokerage firm specializing in investment sales, financing, research and advisory services.
“This first-generation sale is a testament to service-based retail and the assurance that the Harrisburg MSA (metropolitan statistical area) brings to out-of-state investors,” Craig Dunkle, senior vice president, investments with Marcus & Millichap, said in a release.
Dunkle and Mher Vartanian, a vice president, investments, listed the property at 2237 Paxton Church Road, Harrisburg, on behalf of the unidentified seller. The unidentified buyer, a developer, was secured and represented by Dunkle and Vartanian as well.
Vartanian added: “With investment risk on the rise throughout the country, Brandywine Plaza is a time-tested asset that ensures the buyer stability in the midterm. The fundamentals of the property paired with the net-lease structure of the leases made this asset not only competitive for buyers in the market, but we received many quotes from lenders looking to finance a deal. This speaks volumes in terms of the longevity of the investment.”
Brandywine Plaza is 100% occupied across 21 suites and includes a diverse tenant mix of restaurants, stores, offices and a fitness center.
Paula Wolf is a freelance writer
