IPA Brokers $24.6 Million Sale of Philadelphia Retail Center

Philadelphia — City Avenue Center, a 20,220-square-foot shopping center located in Philadelphia, has sold for $24.6 million. Brad Nathanson, David Crotts and Dean Zang of Marcus & Millichap’s Institutional Property Advisors (IPA) arranged the sale on behalf of an undisclosed seller and secured the buyer, a Maryland-based family office. The center, which is shadow-anchored by Target, was fully leased at the time of sale. Tenants include Chipotle Mexican Grill, Verizon and Sleep Number. A PNC Bank outparcel also occupies the property.

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