ERIE, PA, June 16, 2020 – Top Midwest investment sales team Patton | Wiles | Fuller Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Washington Square, a 9,783-square foot neighborhood retail strip located within the prominent Peach Street corridor of Erie, PA. The asset sold for $1,400,000, which was 96 percent of the list price and equates to $143 per square foot and an 8.6% capitalization rate on the in-place net operating income.
Scott Wiles, Craig Fuller, and Erin Patton, Senior Managing Directors and founding partners of the Patton | Wiles | Fuller Group (PWF), along with Bryan Baetjer, an investment associate on the PWF team, had the exclusive listing to market the property on behalf of the seller, a local private investor. The team procured multiple offers and a private Pennsylvania-based investor was selected as the buyer. The buyer was able to secure 70 percent loan-to-value bank financing despite the challenges of the COVID-19 business shutdowns. Sean Beuche, Broker, assisted in closing this transaction.
Washington Square is located at 5040 Peach St in Erie, PA, about a half-mile north of the Millcreek Mall Complex. Tenants include Lake Erie Pharmacy, Pizza Hut, Subway, Pella Windows, Great Clips, and more. It was built in 1982 and 100 percent occupied at the time of sale. Erie is the fourth largest city in Pennsylvania and is home to a metro population of more than 270,000.