HANOVER, PA — Marcus & Millichap has arranged the sale of two single tenant net leased properties in Hanover. The transaction included two outparcels at North Hanover Mall, a Panera Bread franchise and a People’s Bank branch office. Both properties are subject to 10-year absolute net ground leases with rent increases every 5 years. North Hanover Mall is a 365,216-square-foot mall anchored by Dick’s Sporting Goods, Sears, JC Penney and a new Boscov’s. The sales price of $1.95 million represents an 8.45 percent capitalization rate on existing income of both properties. Derrick Dougherty, Mark Taylor and Dean Zang of the Philadelphia office of Marcus & Millichap represented the buyer, Outer Banks L.P. The seller, Preit-Rubin OP, Inc and PR Financing, LP, was represented by Joseph Odom of Stan Johnson.
95
previous post