M id A tlantic Real Estate Journal — March 27 - April 9, 2020 — The Best of 2019 — 19C The MOST UNIQUE INDUSTRIAL SALE of 2019 Colliers International-PA Budd Plant Philadelphia, PA Sheldon Gross Realty, Inc. 8 Van Veghten Drive Bridgewater, NJ Greysteel 1818 New York Avenue NE Washington, DC
www.marej.com
Size: 90,000 SF Broker: Benjamin W. Wilson and David Choi Greysteel Senior Director, Benjamin W. Wilson and Se - nior Investment Associate, David Choi arranged the sale of 1818 New York Avenue NE, a 90,000 square-foot in- dustrial / office property, located in Washington, D.C. The Property sold for $23.25M. Built in 1937 and renovated in 2005, the Property is locat- ed at 1818 New York Avenue NE Washington, D.C. 20002. The 90,000 SF commercial office building sits on three acres in the New York Avenue NE Corridor and is directly across the street from the Douglas Development’s 17-acre New City D.C. redevelopment project. “1818 New York Avenue NE represents a source of stable- income with significant future redevelopment potential,” said Mr. Choi. “With the New City D.C. project underway opposite the Property, this investment opportunity solves our client’s short and longer-term investment needs. Our client plans to bring in a professional management team to manage operations and to maximize cash-flow where pos - sible.”
Size: 6 Buildings / 1,871,911 SF / 25.29 Acres Brokers: Richard Weitzman, in conjunction with Max Spann Auctioneers Colliers International, in conjunction with Max Spann Auctioneers, has sold an iconic property of Philadelphia’s industrial past that represents a massive footprint for fu- ture redevelopment. The former Budd Company site, in the City’s Nicetown-Tioga section, was once a rail, auto- motive and aeronautics manufacturing facility employing thousands before it closed in the early 2000s. The property was sold to New York-based private equity/development firm Plymouth Group. The transaction was comprised of 6 buildings totaling 1,871,911 SF on 25.29 acres. Future plans for the site like- ly include commercial and industrial repurposing as well as potential institutional, educational and residential com- ponents but no official plans have been set.
Jonathan Glick
Size: 220,929 SF Broker: Jonathan Glick This sale was part of two other industrial properties and the sale of a business.
The BEST STUDENT HOUSING PROJECT of 2019 Torcon Inc.
Progress Capital Lehigh Student Housing Portfolio Bethlehem, PA
Wohlsen Construction-DE Delaware State University Tubman Laws Hall Dover, DE
The Commons Villanova, PA
Size: 44 units (219 beds) Brad Domenico arranged $16,000,000 in financing for a valued client to acquire a (44 unit/219 beds) multi-site Stu- dent Housing Portfolio adjacent to Lehigh University. Student Housing is known to be recession resilient and of- fers a degree of stability seldomly present in other real es- tate sectors, particularly during periods of market volatility. The rare opportunities available to purchase these property types is the reason our client immediately locked in financ - ing to secure this deal. Brad worked with Ladder Capital to negotiate 3 years in- terest-only, non-recourse, 75% LTV with a 4.75% fixed rate for 10 years based on a 30-year amortization. These factors enabled the client to improve and increase property value by minimizing expenses and maximizing returns.
Size: 425,000 SF Torcon led the complete infrastructure and architectural renovation of Stemmler Hall, the Perelman School of Medicine’s largest research facility. This $119 million adaptive re-use project was completed while the building remained fully operational. In addition to an upgrade of all ductwork and piping, one of the most logistically chal- lenging activities was installing new rooftop equipment on a landlocked building. Because of narrow surrounding streets and the project team’s access to only one loading dock, four 550-ton crane mobilizations were required to install the mechanical equipment. Developing the critical path required coordination with more than a dozen public and private entities.
Size: 189,000 SF Preconstruction and construction management services for a new five-story residence hall in the middle of an oc - cupied college campus. Preliminary work involved the relocation of all underground utilities in the quad where the new dormitory was built. The 620-bed dormitory in- cludes, dining facility, study rooms, community spaces, office space.
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