S hopping C enters P ennsylvania F eaturing S outheastern P ennsylvania
M id A tlantic Real Estate Journal — Pennsylvania — January 2023 — 11B
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Newmark's McGowan and Miller represent the seller in the transaction Scully Co. acquires The Sansom apartment building in the Rittenhouse Row neighborhood
P HILADELPHIA, PA — Scully Company announced the acquisi- tion of The Sansom apartment building in the Rittenhouse Row neighborhood of Phila- delphia. The Sansom is a 104- unit, eight-story class A apart- ment building located at 1605 Sansom St. The seller was a New York based investor who owned the community since 2014. The sale and financing were coordinated by the New- mark Philadelphia office. The Sansom represents the third Rittenhouse building in Scully Company’s portfolio of more than 40 properties throughout the Northeast and
Architects , as an infill devel- opment of a parking lot site that used to have several low-rise, nineteenth-century buildings in disrepair with stores on the first floor. In addition to the apartments, it includes 9,900 s/f of ground floor retail space occupied by Adolf Biecker Spa and Salon and Cook N Solo’s acclaimed restaurants, Abe Fisher and Dizengoff. Scully Company will provide light renovations to refresh the nine-year-old building. The apartment mix includes stu- dios, one and two bedrooms. Unit features include 9’and 10’ ceilings, granite countertops, stainless steel appliances, plank floors, large double windows, and in-unit washer/ dryers. Building amenities include a concierge, residents’ lounge, roof deck, and 24-hour fitness center. The building is pet friendly. John Schonborn , manag-
ing director of investments, shared “We are pleased to have closed this acquisition in today’s challenging capital markets environment. The ability to buy a post-2010 built mid-rise in one of the city’s top sub-markets at a material discount to replace- ment cost on a block that will be further enhanced with the completion of Southern Land Company’s Somi 1620 luxury apartment hi-rise presented a very compelling investment opportunity.” Newmark executive man- aging directors Lizann Mc - Gowan and Erin Miller represented the seller in the transaction, with support from transaction manager Mary- beth Farris and associate Chris Koehler . The financ- ing was arranged by New- mark’s Debt Advisory team, led by Matthew Cullison and Adam Rudman . MAREJ
The Sansom
Florida, with a heavy presence in Center City Philadelphia. “We love the Rittenhouse neighborhood and found The Sansom to be a perfect fit for our portfolio and strategy,” said Jessica Scully , presi-
dent of Scully Company. “I am excited to be a part of the transformation of the 1600 block of Sansom.” The Sansom was developed in 2013 by Pearl Properties and designed by Philadelphia’s DAS
HI-LIGHTS
Beacon CRE announces sale of 4044 – 4050 Main Street
Feinberg Real Estate Advisors reps. tenant from contact to closing in 23,275 s/f lease
for our medical, aesthetics and veterinary products required us to find a new dedicated med-
LEHIGH VALLEY, PA — Feinberg Real Estate Advi - sors, LLC represented Cryo-
ical grade fa- cility’” said Sam Nied- bala, PhD, Founder & CEO of Cryo- Concepts. “Continuing to locate in the Lehigh
Concepts, LP from contact to closing, in the lease of 1100 Con- roy Place in Forks Twp., Northamp- ton County. The property, which con-
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Newmark hires Gilchrist as Greater Phila. market leader
Gregg Feinberg
Cindy McDonnell Feinberg
Valley is a benefit to our staff and the east coast location will help as we continue to introduce products in both the professional and consumer markets. Cindy and Gregg Feinberg were instrumental in the process of finding a new location and finalizing the lease.” “The search to help Cryo- Concepts find a new Lehigh Valley location began in mid- 2021,” said Cindy McDonnell- Feinberg, CCIM. “Locating an industrial flex facility that would support medical grade
sists of 23,275 s/f on four acres will be CryoConcepts new cor- porate headquarters. Cindy McDonnell Feinberg, CCIM and Gregg Feinberg of Fein- berg Real Estate Advisors, LLC represented CryoCon- cepts for real estate brokerage services and Gregg Feinberg of Feinberg Law Office provided legal services for the transac- tion. The landlord, C.F. Martin & Co., Inc., was represented by PF Weiss Realty, LLC . “The growth we have experi- enced over the past five years
which reflect our ability to provide full real estate and legal services for our clients was in full display with this transaction. Our firm’s ability to secure the right location and then provide the legal services to negotiate the lease and coun- sel our client on development issues helped CryoConcepts to bring jobs to its new corporate headquarters. MAREJ
products and be available for occupancy in late 2022 was a bit of a challenge. 1100 Conroy Place turned out to be an excel- lent choice. We’re thankful for the confidence Sam and his team had in our organization to conduct the search and to help finalize their business terms.” Gregg Feinberg said, “Our contact to closing services
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