January 2023

14B — January 2023 — Pennsylvania — M id A tlantic Real Estate Journal


P ennsylvania

EXFORD, PA — Cushman & Wakefield an- Sale of vacant bank building achieves $197 PSF Sell of Cushman & Wakefield represents First Commonwealth Bank in Wexford office bldg. sale W

$197 psf, the largest price per s/f for a vacant office property in Wexford. “First Commonwealth’s for- mer Wexford office offered a great, central location in an af- fluent Pittsburgh suburb,” said Sell, a director in Cushman & Wakefield’s Capital Markets group. “Prospective investors were intrigued by the qual- ity of the existing building, its flexible options and the quality of the surrounding area, all of which drove a competitive bid- ding process.” Located 1001 Village Run Rd. in Wexford’s primary medical

and retail corridor, the building totals 22,350 s/f and was de- veloped in 2000. The property includes an in-place drive-thru and new HVAC, roof and LED lighting. First Commonwealth Bank has since built a new retail branch on Rte. 19 at 12449 Perry Highway in Wexford to best serve the community’s personal and business banking customers. MAREJ SCOPE arranges $9.7M sale and financing of new construction mixed-use asset

nounced that the firm has represented First Com- monwealth Bank in its $4.4 million sale of the bank’s former Wexford of- fice building.

Michael Sell

Michael Sell, CCIM , repre- sented First Commonwealth in the transaction with an undis- closed buyer. The sale achieved

1001 Village Run Rd.

Luxury Group Auctions A Division of Williams & Williams Worldwide Real Estate Auction

Oxford Flats

PHILADELPHIA, PA — Scope Commercial Real Es - tate Services, LLC (SCOPE) , has announced the sale and ac- quisition financing for Oxford Flats, a six-story, mixed-use asset located in the Olde Kens- ington neighborhood of Phila- delphia, PA. The property sold for $9,705,000, which equates to $323,500 per unit, inclusive of small format commercial. SCOPE marketed the prop- erty on behalf of the seller, Oxford HD LLC, sourced the buyer, Oxford Flats Manor Residential LP, and placed the financing with a NJ bank. The seller, an out-of-market investment group, had devel- oped, and begun stabilizing the property at the time of en- gaging in the sale. The buyer, an out-of-state syndicate and property management com- pany, worked closely with the deal party to get the property occupied. Managing director, Phil Sharrow , led the transaction on behalf of SCOPE and the respective deal party. Edward Brown , senior director with SCOPE Capital Group, secured $7.25M in acquisition financing. The loan was structured with a seven-year term at a rate of 4.5 percent. MAREJ

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