P ENNSYLVANIA
S HOPPING C ENTERS
Section C of the Mid Atlantic Real Estate Journal
Seller was 15th and Chestnut L.P., a limited a partnership led by Soens and Seligsohn SSH Real Estate sells Chestnut Place to Alterra Property Group for $17.5 million
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HILADELPHIA, PA — SSH Real Estate announced the sale of
2005 for $11.38 million. “The property was purchased at a very attractive price in 2005, and we felt it was in the interest of our investors to un- dertake the transaction now,” Soens said. “This is the second Center City property we have pur- chased from SSH,” said Leo Addimando , managing part- ner at Alterra, who purchased the Robert Morris Building at 1701 Arch St. from SSH in 2007. “We are enthusiastic about the redevelopment poten- tial for this building.” During the past several
years, SSH Real Estate has po- sitioned selected office leases to have the flexibility to allow for residential conversion, includ- ing recently teaming with Leo Addimando in the successful conversion of 1201 Chestnut St. to 100 units. The Chestnut Place building is well suited for apartments, based on a floor layout with large windows and excellent natural light. In addi- tion, the location will soon ben- efit from proximity to the newly renovated Dilworth Plaza at City Hall, just one block away. Since 2005, as a general partner, SSH has invested
a near-term lease rollover. We were able to renew the existing tenant on a term deal which positioned the property for the recent sale. We also reaped value from the investment made in taking the excess acre- age through the development approval process, and that value was certainly enhanced by the significant increase we are seeing in both build-to suit and speculative construction projects in the Pennsylvania industrial markets as well as in leasing activity overall,” said Benjamin Cohen , president of Endurance. ■ • Retail and Office Space Available • Excellent location 1⁄4 mile away from Route 33 • Close Proximity to the New St. Luke’s Anderson Campus and LVIP VI • Signalized - High-volume entrance • In-line & Stand-alone pads available for sale/lease 610.332.9900 www.alt-realty.net in 10 properties totaling ap- proximately $350 million. SSH has sold five of the properties, producing superior returns for its investors. Other SSH Real Estate assets include 123 South Broad Street, 230 South Broad Street, 125 South 9th Street, and the Girard Square complex which consists of a four-building, 800,000 square- foot complex covering the entire square block from Market to Chestnut Streets and 11th to 12th Streets. SSH is focusing much of its efforts on large scale development of this underuti- lized property. ■
Chestnut Place, a 140,000 s/f Center City class B office building at the corner of 15th and Chestnut Sts., to a partner- ship led by Alterra Property Group, LLC , for a price of $17.5 million. The seller was 15th and Chestnut L.P. , a limited a partnership led by general partners Peter Soens and Jef- frey Seligsohn , principals of SSH Real Estate. The partner- ship acquired the building in
Chestnut Place
CBRE National Partners’ team of Hines, Fiumara, and Ruppel represented the owner Endurance REGroupmoves 2834 Schoeneck Rd. in Lower Macungie, PA for $16.55 million
JULY 12 - 25, 2013
HI-LIGHTS
LOWERMACUNGIE, PA — An affiliate of Endurance Real Estate Group, LLC and its joint venture equity partner, Thackeray Partners of Dal- las, TX announced the sale 2834 Schoeneck Rd., a class A ware- house/distribution building totaling 270,000 s/f, situated on 30 acres of land (the “Property”) within the Lehigh Valley Cross- ings Industrial Park for $16.55 million or $61.30 psf. The property includes nine acres of developable land which allows for an expansion of the exist- ing building of up to 100,000 s/f or a stand-alone building of up to 80,000 s/f. The Property, situated in Lower Macungie Twp.in the core of the Lehigh Valley/I-78/I-81 industrial mar- ket, was sold to a private REIT. CBRE National Partners’ team of Michael Hines, Brian Fiumara , and Brad Ruppel represented the Endurance/ Thackeray partnership in the transaction. TheEndurance/ThackerayJV acquired the Property inMarch of 2011 in a direct transaction between the buyer and seller. The Property was developed for and is currently fully occupied by the Lehigh Group , a divi- sion of the Jarden Corpora- tion . During its holding period, Endurance as the operating partner successfully renewed
Eastern Pennsylvania 5-12C SPOTLIGHT
Frederick Group closes $6.7 million in Lehigh Valley sales
2834 Schoeneck Road
the Lehigh Group inplace for an additional five years. In addition, Endurance took the excess land through the devel- opment approval process.
“This deal is illustrative of the types of value-add investments we pursue, as we acquired the property in an off-market transaction in early 2011 with
5C
Classic Properties brokers apartment for $6.4 million
William Penn Commons Bethlehem Township, PA
5C
ALSO INSIDE
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