1155 Carlisle St. in Hanover, Pennsylvania — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold an AutoZone ground lease in south central Pennsylvania, in a newly completed deal by Marcus & Millichap’s New Jersey office.
Michael Lombardi and Steven Schiavello, investment specialists with the firm, represented the seller in the transaction at 1155 Carlisle St. in Hanover. An undisclosed buyer paid $1.626 million for the ground lease, the brokers said, noting that the site is home to a 6,500-square-foot net-leased store.
Marcus & Millichap’s Sean Beuche, regional manager and Pennsylvania broker of record, assisted in closing this transaction.
“Triple-net properties are still in high demand despite the challenges during COVID-19,” Schiavello said. “Investors are looking for more essential service-based tenants that are not only credit worthy but have long-term stability. For these reasons, we were able to get a full price offer with an institutional buyer.”