Paramount Realty of Lakewood, N.J., has picked up a nine property retail portfolio in the Philadelphia metropolitan area. The portfolio features the Quarry Crossings shopping center in Downingtown, Pa. and five other assets, known as “Restaurant Row,” located in Trevose. Quarry Crossings, anchored by LA Fitness, consists of multiple tenants, including Buffalo Wild Wings, Olive Garden, and AAA Mid-Atlantic. Restaurant Row is a group of properties that serves as an outparcel to the area’s Walmart Supercenter, that includes Cracker Barrel, Wendy’s, Red Robin, Bertucci’s and Wells Fargo. Marcus & Millichap represented the seller, an entity related to Penguin Real Estate Investors. The asking price for the entire portfolio was in excess of $33 million.
“In two weeks we produced more than 10 offers for the portfolio and even more for the individual assets,” says Derrick Dougherty, senior associate in Marcus & Millichap’s Philadelphia office. “Ultimately, our tactical marketing plan and broad market reach produced a winning bid that realized the seller’s desire for the assets to trade as a portfolio and achieve top-of-the-market value.”
