8C — July 12 - 25, 2013 — Pennsylvania — Mid Atlantic Real Estate Journal
www.marejournal.com
e astern Pa
Marcus & Millichap sells two self-storage properties totaling 171,000 s/f Marcus & Millichap’s Philadelphia office brokers 2 unit apartment building
P HIlaDElPHIa, Pa — Marcus & Millic- hap Real Estate In- vestment services has an- nounced the sale of Copley Manor, an apartment complex comprised of 92 units located in Philadelphia, according to spencer Yablon , regional manager of the firm’s Phila- delphia office. Mark thomson , Zachary Pierce and steven Rutman , investment specialists in Mar- cus &Millichap’s Philadelphia office, had the listing to mar- ket the property on behalf of the seller, Post Brothers
Copley Manor
Devon Self-Storage
Apartments. the buyer was also procured by thomson, Pierce and Rutman. “Our firm’s extensive na- tional network of agents cre- ated tremendous exposure for the listing, and brought inter- est from local, regional and national buyers” noted thom- son. “the marketing process resulted in more than forty property tours taken by inves- tors from Florida to Canada, resulting in fifteen qualified offers. the ultimate buyer was a private investment group from New York who is new to the Philadelphia multi-family market,” he added. According to thomson, the property had recently under- gone extensive renovations totaling roughly $20,000 per unit and commanded a sales price of nearly $70,000 per unit. “the sale certainly rep- resents the high end of the market for the Mt. Airy and Germantown submarkets, especially given the unit mix of 65% studios and 35% one bedroom units.” In a second transaction the firm has announced the sale of two self-storage properties owned by Lubert-Adler and Devon Self-Storage totaling 171,000 net rentable square feet located in Philadelphia and Baltimore, MD. Each site formerly an existing in- dustrial building converted into self-storage properties in 2004 and 2006, the properties total 1,577 climate controlled units. Self-storage investment sales specialists Richard schontz , a senior associate out of the firm’s Philadelphia office, and Charles leClaire , a senior vice president out of the firm’s Denver office, worked together to procure separate buyers for each of the two properties. n
How Cambridge-Lee went to market faster in Greater Reading.
When copper tube manufacturer Cambridge-Lee Industries decided to expand operations, they chose to build a new plant in Greater Reading. More than just an affordable, strategic location in southeastern Pennsylvania, Greater Reading gave them access to a skilled workforce, a choice of excellent properties, and a well-connected business community that streamlined the approval process—so they could break ground months ahead of schedule. Discover greater possibilities. Visit GreaterReading.com.
GreaterReading.com U (610) 376.4237 Be something greater.
Made with FlippingBook Annual report