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Starbucks-anchored shopping center on Paxton Street sold for $4.2M
The Paxton Street Commons, a 10,664-square-foot retail center at 3462 Paxton St., has been sold for $4.2 million, according to the Philadelphia office of Marcus & Millichap, which brokered the deal for a New York-based buyer.
An investment company, Echelon Paxton LLC, bought the center from Rosepax LLC, another New York-based investment group. Bennett Williams Commercial, based in Springettsbury Township, has been hired to manage the property for the new buyer.
In addition to a drive-thru Starbucks store, Paxton Street Commons is home to four other tenants: FedEx, Hertz, Cycle Gear and Qdoba.
“The client was specifically seeking a Starbucks with a drive-thru in a highly trafficked retail corridor,” said Craig Dunkle, an investment specialist at Marcus & Millichap who worked on the deal.
The center was fully occupied at the time of the transaction.
