BAYSHORE PLAZA SELLS FOR $8.2 MILLION
MILLSBORO, DEL. — Marcus & Millichap has brokered the $8.2 million sale of Bayshore Plaza in Millsboro. The 38,744-square-foot center, which is located on Route 24 (John J. Williams Highway), consists of two separate buildings with in-line space. Bayshore Plaza is shadow anchored by a new Super G and includes other tenants such as Sleepy’s, Verizon, Regis Corporation, Dunkin Donuts, Wings-to-Go and Four Seasons Restaurant. The sale also included a car wash pad site and a WSFS Bank pad. The sales price of $8.2 million or $208.84 per square foot represents a 9.1 percent capitalization rate on current income. The purchaser also secured an option to purchase two neighboring undeveloped pad sites at anytime during the next 2 years at specific prices. Dean Zang and Mark Taylor of the Philadelphia office of Marcus & Millichap, represented the seller, Bayshore Plaza IV, LLC, a Sussex County based development group. The buyer, a Wilmington, Delaware based 1031 exchange buyer, Skyliner Enterprises, LLC, was represented by Jordan Muchnick and Brad Nathanson, who are also based in the Philadelphia office of Marcus & Millichap.