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Mid Atlantic Real Estate Journal — Pennsylvania — Section C
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Talone, Townsend and MacLaren represent seller and advise buyer Marcus & Millichap announces the $47.25m sale of 502 unit apartment complex in Philadelphia P HILADELPHIA , PA — Marcus &Millichap , a leading commercial real
two surface parking lots with a total of 256 parking spaces and a 55-space parking ga- rage. The unit mix is 85 stu- dios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two- four-bedroom units and one five-bedroom apartment. Shared amenities include a resort-style pool area with cabanas, a business center, a fitness center, pet spa and door attendant. The previous owner completed a nearly $5,000,000 renovation program that in- cluded upgraded amenities, common areas, hallways and many unit interiors. “Resource was rewarded by having a strong vision for this property several years ago,” said Townsend. “They did a lot of the ‘heavy lifting’ and deliv- ered a stable, improved prop- erty with significant upside to a strong sales market.”
investments, all in Marcus & Millichap’s Philadelphia office, represented the seller, Resource Real Estate. Talone, MacLaren and Townsend also advised the buyer, Treetop Development. Mark Thom- son and Zachary Pierce , formerly of Marcus & Mil- lichap, also took part in the transaction. “The Charter Court sale typifies the strength of the multifamily market in Phila- delphia today. Buyers from North Jersey recognized the ability to grow rents sig- nificantly in the hot East Falls neighborhood,” said MacLaren. “Treetop took advantage of the opportunity to acquire immediate scale in a thriving location,” said Talone. “The property’s strong current oc- cupancy will generate cash flow while Treetop embarks MUHLENBURG TOWN- SHIP, PA — CBRE, Inc. (CBRE) is announced the sale of Route 61 Distribution Center, located at 184 Tuck- erton Rd. in Muhlenberg Township, Berks County. CBRE National Partners represented the se l l er , Brasler Properties , a third generation family owned small service-intensive or- ganization. The transaction was led by Michael Hines , Brian Fiumara and Brad Ruppel of CBRE’s National Partners who collaborat- ed with Paul Touhey of CBRE’s Brokerage services. Continental Realty Ser- vices, Inc ., acquired the property for $14,440,000, or approximately $37 per s/f. Route 61 Distribution Center consists of 392,799 rentable s/f comprised of a bulk warehouse/distri- bution building, an 8-bay truck garage, and a free- standing office/flex building. The Property is located at the heart of the I-78/I-81
estate investment services firm with offices throughout the United States and Can- ada, announced the sale of Charter Court at East Falls, a 502-unit high-rise apartment complex in Philadelphia’s East Falls neighborhood. The $47,250,000 sales price equates to $94,124 per unit. Clark Talone and An- drew Townsend , senior associates, and Ridge Ma- cLaren , first vice president
Charter Court at East Falls
APRIL 11 - 24, 2014
on a $7 million renovation program.” The property is located in a quiet, tree-lined setting at 5450 Wissahickon Ave. in Philadelphia, two blocks from the Queen Lane Southeastern
Pennsylvania Transportation Authority (SEPTA) station, which provides easy access to Center City. Charter Court at East Falls consists of two 11-story build- ings, six commercial spaces,
Eastern PA SPOTLIGHT HIͳLIGHTS
Hines, Fiumara and Ruppel represented the seller, Brasler Properties CBRENational Partners sells Route 61Warehouse/ Distribution Center for $14.44M in Berks County
Industrial Corridor. The 22 million s/f Berks County Industrial submarket con- tinues to attract warehouse/ distribution, manufactur- ing, inbound logistics, and product finishing users due to an educated workforce that is available at a +/- 4% discount to neighboring markets in the Lehigh Val- ley and Central PA.
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PresƟge Group sells “Brighton Court” Apt. building for $3m
Rt. 61 Distribution Center
The Promenade AT WYOMISSING SQUARE
NAI Summit’s Smith reps owner in $1.6m sale of 4.2 acres 5C
www.promenadeatwyomissingsquare.com
FOR LEASING INFORMATION CONTACT: Greg Heflin 215-592-8905 gheflin@brickstoneco.com John Buccino 610-370-8508 jbuccino@naikeystone.com FOR LEASING INFORMATION CONTACT: WYOMISSING SQUARE LIVE. WORK. PLAY. SHOP. DINE. STAY.
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