16C — September 13 - 26, 2019 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marej.com
P ennsylvania
CBRE team of Hines, Ruppel and Fiumara brokers the sale Endurance announces the sale of the King of Prussia industrial portfolio
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fications including 22’ aver- age clear ceiling heights, wet sprinkler systems and ample loading capacity with full dock packages. The portfolio is situated in the Montgom- ery County submarket of the Philadelphia MSA industrial market, offering users imme- diate proximity to I-276 and close proximity to I-76 and I-476. The portfolio was 95% leased at closing. “Immediately after we ac- quired the 72% leased portfo- lio, we implemented our specu- lative capital improvement plan for the portfolio focusing on the large 60,000 s/f vacancy at 780 Third Avenue. We started with the demolition of the second story office area at the building. We then focused our attention to the exterior of the building where improve- ments were made to the main entrance and parking areas of the building. Interior and exterior painting of the build- ing was completed as well as various landscaping upgrades. Shortly after our renovation was complete, we secured a long term lease for the entire building with a national ten- ant to stabilize the portfolio”, said Albert Corr , senior vice president at Endurance. Paisley of Marcus & Millichap brokers 88 unit apt. in Philadelphia PHILADELPHIA, PA — Marcus & Millichap an- nounced the sale of Eli Court, an 88-unit apartment prop- erty comprised of studio and one bedroom units, located in Philadelphia. The property sold for $4.3 million. Fred Paisley , vice presi- dent investments, of Marcus & Millichap’s Philadelphia office, had the listing to mar- ket the property on behalf of the seller, a locally based private real estate company. Acquiring the property in 2011 notable improvements include: new electric service, individual heating and air conditioning units, solar en- hancements to the hot water system, and unit upgrades. The buyer, a limited liability company, was secured and represented by Paisley as well. “Eli Court is a stabilized property, with an affordable restriction on tenancy,” said Paisley.
n affiliate of Endur- ance Real Estate Group, LLC (Endur-
ance) and Thackeray Part- ners (Thackeray) announced the disposition of the King of Prussia industrial portfolio, a five building, 292,110 s/f in- dustrial/flex portfolio located in King of Prussia, Pennsyl- vania. The CBRE team of Mi- chael Hines, Brad Ruppel and Brian Fiumara brokered the sale. The buildings were con- structed in the 1960’s and 1970’s and feature Class B warehouse/distribution speci-
King of Prussia industrial portfolio
215 W. Church Rd. Suite 111 King of Prussia, PA 19406 www.axisbuilds.com 610-834-9080
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