A 100%-leased multitenant retail building at 2534 in Johnstown sold to an investor who knows the area well.
Gerrard Family Limited Partnership LLLP paid the full asking price of $4.66 million, or $665.71 per square foot, for the 7,000-sf building at 4930 Thompson Parkway. The partnership is managed by Gary Gerrard, one of the original owners and master developers of 2534. Given his familiarity with the development, “We couldn’t have had a better buyer,” said Zander Rodriguez of David Hicks & Lampert Brokerage.
AT&T, Mod Pizza, Jersey Mike’s Subs and Floyd’s Barbershop just moved into the newly completed building, which sold at the full asking price. The cap rate was 6%. All the tenants are on long-term leases.
Zander Rodriguez
The retail building occupies a “Main and Main” location on U.S. Highway 34 in front of the Sheels sporting goods store and across the street from the Promenade Shops at Centerra, said Rodriguez. Jon Hauser of Drake Real Estate Services sold the property, which he developed after acquiring the 1.58-acre pad site from Guaranty Bank.
Rodriguez, who represented Hauser in the land acquisition, lease-up and sale, said there was “tremendous” investor interest in the property.
“It was a good opportunity for a lot of people because it’s an outparcel pad at the main entrance to 2534, and there’s tremendous activity there with the new Scheels store. We’ve had great growth with apartments, medical and light industrial over the past five years,” said Ryan Schaefer of NAI Affinity, who represented the buyer with NAI Affinity’s Jake Hallauer.
“Additionally, it appealed to Gary because he’s got such a history with the project and wanted to continue to invest back into it,” said Schaefer.
