10B — February 22 - March 14, 2013 — Commercial Office Spotlight — Mid Atlantic Real Estate Journal


C ommercial O ffice S potlight

Appel, Algatt, Pierce and Thomson of Philadelphia office handle transaction Marcus & Millichap sells net leased medical office building


ARRISBURG, PA — Marcus & Millichap Real Estate Invest-

Mark Thomson, all investment sales specialists in Marcus & Millichap’s Philadelphia office, were retained to arrange the sale of the property on behalf of the seller, a developer. The buyer, a private investor, was also secured by the two teams. 2310 Patton Road, Harris- burg PA, was built-to-suit for Pinnacle Health Systems in 2006. The transaction marks a record-setting sale for suburban office properties in this region, eclipsing more than $325 per s/f at a capitalization rate of just greater than 7%. Ben Appel of the firm’s National Office and

Industrial Properties Group describes this transaction as “a result of the cap rate com- pression we are seeing for net leased assets of this quality.” He adds “Across the board, pri- vate investors, high net worth individuals, net lease funds, and institutions continue to chase a limited supply of net leased assets, forcing capital to consider secondary and tertiary markets for higher yields. The Pinnacle Health transaction is a prime example.” Zach- ary Pierce commented on the shifting paradigm. “We have recently completed a number of 1031 exchanges in which our sellers disposed of multi-family assets in order to acquire single tenant net leased assets which are less management intensive and provide a secure cash flow.” JeffreyAlgatt, a senior director of the firm’s National Office and Industrial Properties Group, commented on the credit wor- thiness of Pinnacle Health Systems, “A” rated by Moody’s Investor Services. n S p a d a v e c c h i a joins Bussel Realty Corp. EDISON, NJ — Bussel Re- alty Corp. (BRC) announces Nicholas J. Spadavecchia has joined the company as vice president of marketing and public relations. Spadavecchia, 47, brings over 20 years of mar- keting and communications experience to his position. With over 20 years of mar- keting and communications experience, Spadvecchia has worked as such leading com- mercial real estate firms as Trammell Crow Company, Insignia/ESG, CBRE, Advance Realty Company, Jones Lang LaSalle and The Goldstein Group. Throughout his career, he has been responsible for man- aging marketing teams in such significant real estate markets as Manhattan, New Jersey, Dallas, Connecticut, and Long Island. In addition to leading mar- keting teams, his in-depth experience includes marketing strategy, writing, designing, e-marketing, event planning, social media, advertising, pub- lic relations, as well as market- ing several million sf of office, industrial and retail properties on behalf of owner and investor clients. n

ment Services of Philadelphia, Inc. has announced the sale of Pinnacle Health, a 13,050 s/f net leased medical office prop- erty located in Harrisburg, ac- cording to Spencer Yablon, vice president & regional manager of the firm’s Philadelphia office. The asset commanded a sales price of $4,261,138, a Central Pennsylvania record-high $326 psf. Brokerage teams Benjamin Appel and JeffreyAlgatt collab- orated with Zachary Pierce and

Pinnacle Health

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