PH Retail Sells Chick-Fil-A in Suburban Allentown
- Oct 14, 2016
Whitehall, Pa.—PH Retail, an affiliate of Post Brothers, has announced the sale of a freestanding building at 2610 MacArthur Road in Whitehall Township, Pa. According to The Morning Call, the company sold the property for $2.4 million, three times more than what the firm paid for it 18 months prior.
The 4,815-square-foot retail development is now occupied by Chick-Fil-A under a triple-net lease. PH Retail acquired the property in February 2015, after it had fallen into disrepair following the departure of a prior restaurant.
Following the acquisition, the company secured Chick-Fil-A as a new tenant, demolished the old structure and secured approvals for the development of the new building.
The new Chick-Fil-A restaurant, which opened in September, is situated on an outparcel of MacArthur Towne Center, which is home to national retailers Walmart, Sam’s Club, Dick’s Sporting Goods and Lowe’s. The property is also located nearby Route 22 at a rare full-access intersection and allows for easy access to I-78, I-476, Allentown and Bethlehem.
“At this site, we were able to recognize an underutilized site, identify a world-class tenant and ultimately help to create a high-performing asset,” Randy Hope, co-founder & managing director of PH Retail, said in prepared remarks. “The sale of this building is a reflection not only of this transformation, but also of the continued demand for stable, triple-net leased buildings.”
Image courtesy of PH Retail