Marcus & Millichap Sells $53M Grocery-Anchored Community Center in Reading, PA

READING, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Exeter Commons (top left photo) , a grocery-anchored community center located at 4301 Perkiomen Ave. in Reading.

The sales price of $53 million represents approximately $149 per square foot, or a cap rate of 7.75 percent. The asset includes 356,000 rentable square feet.

Brad Nathanson, (lower right photo) a vice president of investments and senior director of the firm’s National Retail Group in Philadelphia, represented the seller, Exeter JV Associates LP. Nathanson also represented the buyer, Cedar-Exeter Commons LLC.

“Exeter Commons is one of the only premier destination shopping centers that has been developed in the past 24 months in the Philadelphia MSA,” says Nathanson.

Anchored by Giant, Lowe’s and Target, the shopping center represents the best-in-class with a stellar lineup of national tenants.

“At a time when the market has been in transition and supply constrained, demand has been on the rise for quality Class A product, among both investors and lenders,” he adds.

“We received multiple offers on this asset after taking it to market because its rent roll consists of nearly 70 percent credit tenants.

" In addition, it is anchored by the dominant credit grocer within the submarket, Giant. Consequently, this asset traded at an aggressive cap rate, given the lack of quality assets that have come to market in the past 12 to 18 months."

Press Contact: Stacey Corso, Communications Department, (925) 953-1716