Press Releases
Marcus & Millichap Arranges Sale of Brand-New Sheetz Location in Pennsylvania
August 06, 2024
MANCHESTER, Penn., August 6, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale a Sheetz gas station property located in Manchester, Pennsylvania. The property sold for $3,839,285.
“This is a highly unique transaction, as the property was traded before any construction began,” said Derrick Dougherty, senior vice president investments. “The developer did an amazing job of having the foresight for this project many years ago. We really appreciated the client's support with pricing the deal appropriately to trade in a transitioning market for C-Stores.”
Dougherty and Nick Geaneotes, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a central Pennsylvania based developer, and procured the buyer, a Southeastern Pennsylvania based investor.
“This site is exceptionally well-positioned, right next to a Giant-anchored shopping center,” said Geaneotes, associate. “Relocating from just down the street, this site has proven success in the submarket.”
The Sheetz is located at 4044 N. George St. at the signalized intersection of N. George St. and Beshore School Road, with daily traffic counts exceeding 17,443 vehicles per day. Spanning 3.27 acres, the site includes a 6,139-square-foot building with over 40 parking spots. The property is next to East Manchester Village Centre, which attracts 1.4 million visitors annually, and anchored by major retailers like Giant, Planet Fitness and Truist Bank.
“This is a highly unique transaction, as the property was traded before any construction began,” said Derrick Dougherty, senior vice president investments. “The developer did an amazing job of having the foresight for this project many years ago. We really appreciated the client's support with pricing the deal appropriately to trade in a transitioning market for C-Stores.”
Dougherty and Nick Geaneotes, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a central Pennsylvania based developer, and procured the buyer, a Southeastern Pennsylvania based investor.
“This site is exceptionally well-positioned, right next to a Giant-anchored shopping center,” said Geaneotes, associate. “Relocating from just down the street, this site has proven success in the submarket.”
The Sheetz is located at 4044 N. George St. at the signalized intersection of N. George St. and Beshore School Road, with daily traffic counts exceeding 17,443 vehicles per day. Spanning 3.27 acres, the site includes a 6,139-square-foot building with over 40 parking spots. The property is next to East Manchester Village Centre, which attracts 1.4 million visitors annually, and anchored by major retailers like Giant, Planet Fitness and Truist Bank.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
