{"id":224584,"date":"2026-06-21T21:47:16","date_gmt":"2026-06-21T21:47:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-pa\/224584\/"},"modified":"2026-06-21T21:47:16","modified_gmt":"2026-06-21T21:47:16","slug":"parkway-shopping-center-in-allentown-sold-for-12-5-million-marcus-millichap-says-lehigh-valley-regional-news","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-pa\/224584\/","title":{"rendered":"Parkway Shopping Center in Allentown sold for $12.5 million, Marcus & Millichap says | Lehigh Valley Regional News"},"content":{"rendered":"

ALLENTOWN, Pa. \u2014 The Parkway Shopping Center in Allentown has been sold for $12.5 million, according to real estate firm Marcus & Millichap<\/a>.<\/p>\n

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.<\/p>\n

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<\/a>. The center has retail, restaurant and medical tenants.<\/p>\n

James Balliet Property Group<\/a> will continue to handle leasing of the property under the new ownership.<\/p>\n

“It’s a great neighborhood center,” James Balliet said Friday. He said there are a few spaces available at the Parkway.<\/p>\n

“The center has been there a long time and there have been a lot of renovations to the property,” Balliet said.<\/p>\n

Among the tenants are International House of Pancakes (IHOP), Dollar Tree, Oak Street Health, Subway, State Farm and KEDPLASMA Center.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The company’s share price was $36.42 at 12:54 p.m. Friday, giving the firm a market capitalization of $1.4 billion.<\/p>\n

In the past 52 weeks, the shares have traded as high as $44.24 and as low as $26.81.<\/p>\n","protected":false},"excerpt":{"rendered":"ALLENTOWN, Pa. \u2014 The Parkway Shopping Center in Allentown has been sold for $12.5 million, according to real…\n","protected":false},"author":2,"featured_media":125951,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[119,121,120,97531,97533,51334,97530,97534,64290,45050,433,157,97529,82544,915,12724,12152,244,436,97532],"class_list":["post-224584","post","type-post","status-publish","format-standard","has-post-thumbnail","category-allentown","tag-allentown","tag-allentown-headlines","tag-allentown-news","tag-colin-reder","tag-derrick-dougherty","tag-dollar-tree","tag-ian-nordfors","tag-international-house-of-pancakes","tag-james-balliet","tag-james-balliet-property-group","tag-lehigh-county","tag-lehigh-valley","tag-marcus-millichap","tag-medical-office","tag-new-jersey","tag-oak-street-health","tag-parkway-shopping-center","tag-restaurants","tag-retail","tag-scott-woodard"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/224584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=224584"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/224584\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/125951"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=224584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=224584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=224584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}