Attractive Neighborhood Retail Property Fetches $4.01M in Post-Corona Close
May 12, 2020 [Montgomeryville, PA] – Colliers is pleased to announce that the team of Carl Neilson, Todd Sussman and Jon Kieserman has recently completed the investment sale of 980 Bethlehem Pike, a 41,179 sf dual-suite retail investment property in Montgomeryville, PA. The team represented the seller, JPMCC 2007-CIBC19 Bethlehem Pike, LLC and secured the buyer, 978 Bethlehem Pike, LLC. The transaction was consummated for $4,012,111.
980 Bethlehem Pike is a high-quality construction suburban retail space in front of the popular Route 202 power center Montgomery Square, which is home to Target, Giant supermarket and Bed Bath and Beyond. Due to the liquidation of tenant A.C. Moore, the property was 100% vacant at the time of sale, which transpired after the coronavirus lockdown in the State of Pennsylvania
Jon Kieserman, Senior Vice President for the Colliers Retail team, added “This is a rare gem in a dense retail area, and is an established location with high visibility. While retail has been hard hit, the completion of this sale shows the investment market for high quality retail facilities still has a pulse.” “The property offered a solid location with substantial upside potential for an astute investor.” provided Carl Neilson, Senior Vice President in Colliers’ Capital Markets Group.
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