Property Sold for First Time in 41 Years
Erie, PA —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, closed the $22,000,000 sale of Northgate Commons, a medical and retail center located at 1700 Peach St., Erie, PA. Associate Vice President Joseph Nelson represented the seller in the transaction.
The 181,720 SF building featured 12 tenants on NNN leases and a 95 percent occupancy rate. Notable tenants include Quest Diagnostics, DaVita Dialysis, Octapharma, UPMC, MedCare, and Dollar General. A real estate developer sold the property.
“This deal has primarily medical tenants, but the property and leases are structured more similarly to a retail shopping center,” Nelson said. “This created a smaller buyer pool when compared to traditional medical office or shopping center transactions, but we were still able to generate incredible interest in the asset and close at a great price.”
Matthews™ sourced the buyer who plans to hold the property for cash flow. This is the first time in 41 years Northgate Commons has been under different ownership.
“Its price and size made this a notable sale in the market,” Nelson said. “A competing national brokerage was unsuccessful in attempting to sell this property a few years ago. Utilizing our marketing platform and shared database, we were able to close with the first buyer selected within a quick 72-day escrow period.”
For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.
About Matthews™
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 500 agents and support staff in 15+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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