ALLENTOWN, Pa. — The Parkway Shopping Center in Allentown has been sold for $12.5 million, according to real estate firm Marcus & Millichap.
The 133,314-square-foot venue’s sale works out to $93.76 per square foot. Colin Reder of Marcus & Millichap’s Philadelphia office said about $2 million was invested in the property as part of a “repositioning” over the last five years.
The Parkway Shopping Center is at 1471 Lehigh St. Eight of the tenants have been in the center for more than 10 years, Marcus & Millichap said in a statement. The center has retail, restaurant and medical tenants.
James Balliet Property Group will continue to handle leasing of the property under the new ownership.
“It’s a great neighborhood center,” James Balliet said Friday. He said there are a few spaces available at the Parkway.
“The center has been there a long time and there have been a lot of renovations to the property,” Balliet said.
Among the tenants are International House of Pancakes (IHOP), Dollar Tree, Oak Street Health, Subway, State Farm and KEDPLASMA Center.
Lehigh County property records show that the property was last sold in 2019 for $3.4 million. The most recent buyer is a limited liability corporation based in New Jersey.
Marcus & Millichap’s Reder, Derrick Dougherty and Scott Woodard handled the listing. Neil Campbell and Ian Nordfors of IPA Capital Markets arranged financing for the buyer.
Shares in Marcus & Millichap are traded on the New York Stock Exchange under the ticker symbol MMI. The company said it closed 7,546 transactions in 2023 for a sales volume of about $43.6 billion.
The company’s share price was $36.42 at 12:54 p.m. Friday, giving the firm a market capitalization of $1.4 billion.
In the past 52 weeks, the shares have traded as high as $44.24 and as low as $26.81.