590 Berlin – Cross Keys Road in Winslow Township — Courtesy: Marcus & Millichap
By Joshua Burd
The buyer of a triple-net-leased drugstore property in Camden County has secured nearly $3 million in financing, under a deal arranged by Marcus & Millichap Capital Corp.
According to the firm, the $2.95 million acquisition loan has a 10-year term with a 50 percent loan-to-value ratio and a 3.79 percent interest rate. Proceeds will support the trade of the 15,255-square-foot building at 590 Berlin – Cross Keys Road in Winslow Township, which was built in 2001 and is about 20 miles from Center City Philadelphia.
Chad O’Connor, an executive managing director based in Marcus & Millichap’s San Diego office, announced the deal alongside transactions in South Carolina and Texas.
“Activity in occupied retail properties remains high as lenders recognize the stability of these asset types,” O’Connor said. “Well-located properties that offer access to city centers and provide steady cash flow will continue to drive lender enthusiasm for the foreseeable future.”
