Atlantic City’s Lighthouse Plaza is a mixed-use property with 266 residential units and four commercial units. On May 16, Marcus & Millichap Philadelphia office Regional Manager Sean Beuche announced the sale of the property at 300 Atlantic Ave. for $17 million.
Senior Associates Lawrence Gariano and Michael Hinchman, both of M&M’s Philadelphia office, along with Sales Associate Jeremy Berinson exclusively marketed the property of behalf of the seller, Metatlantic Realty Associates LP, and secured the buyer, 300 Atlantic LLC.
Marcus & Millichap New Jersey Broker of Record Brian Hosey also assisted in closing the deal.
Standing 19 stories Lighthouse Plaza is currently 66% occupied, averaging five new tenants each month, according to M&M. Nearly half of the building was recently renovated and all units include new kitchen and bathroom vanities, walk-in closets and washer/dryer hookups.
The property is located in the northern part of the resort city, with easy access to nearby hotels, casinos and retail options and offering views of the Absecon Inlet and the Atlantic Ocean. Behind the property is Absecon Lighthouse — a historic preservation site, whose location M&M said prevents new developments from blocking Lighthouse Plaza’s views of the ocean.