Real Estate Journal — Pennsylvania — November 10 - 23, 2017 — 3C
www.marejournal.com
M id A tlantic
P ennsylvania In Q3 The Mid-Atlantic Net Lease Property Group announce 29 closings worth over $92m Kane of CBRE negotiates 120,000 s/f lease on behalf of FJD at 714Market Street in Philadelphia
hiladelphia, PA — CBRE negotiated a long-term lease for the First Judicial District of Pennsylvania’s (FJD) Proba- tion and Pretrial Departments at 714 Market St. in Philadel- phia, Pennsylvania. FJD is currently located at 1401 Arch St., however that building was recently sold by AFIAA to Philadelphia-based Alterra Property Group, who plans to convert the property into an apartment building upon FJD vacating the building. FJD had a lease through Q2 of 2020 at 1401 Arch St., but, with CBRE’s help, was able to negotiate a lease termination agreement to vacate the prop- erty early. FJD will move into its new 120,000 square foot office space at 714 Market St. by the end of 2018. CBRE senior vice president, Michael Kane , negotiated on behalf of FJD. “This was a complicated deal withmany players andmoving parts, but at the end of the day each party got what they sought,” said Kane. “FJD now P Salvemini joins M a n k o , G o l d , Katcher&Fox, LLP Philadelphia, PA — Manko, Gold, Katcher & Fox, LLP (MGKF) , an envi- ronmental, energy, land use law and litigation firm based just outside of Philadelphia an- nounced that Maria Salvemi- ni has joined the firm as a new associate. She will concentrate her practice on environmental litigation and regulatory com- pliance matters. During law school, Maria served as co-president of the Environmental and Energy Law Society and was involved in the Villanova Law Review as both a staff writer and student works editor. She participated as a certified legal intern with the Villanova Law Clinic for Asylum, Refugee & Emigrant Services (CARES) in 2016. Additionally, Salvemini spent the summer of 2016 at MGKF and now joins ten other former summer associates that have built their careers at the firm. She also worked as a summer associate at Pepper Hamilton and as a legal extern at UGI Corporation during law school. She is a magna cum laude graduate of Villanova Univer- sity Charles Widger School of Law. n
through the third quarter of 2017. During the third quarter, the team successfully closed 29 transactions, totaling $92,410,796 in value. These most recent transactions spanned across eleven states and were a mix of restaurants (16, totaling more than $48 million), medical offices, auto- motive shops, drug stores, dol- lar stores and bank branches. One of the most notable trans- actions delivered in the third quarter included the sale of a Bassett Furniture store in King of Prussia, Pennsylvania
for $11.75 million. “With a focus on net lease investment sales, our business continues to flourish partly due to diversification across product types within the net lease segment of the industry,” said Gorman. “As our client’s businesses and tenant relationships have evolved with new players in existing sectors and alterna- tive uses such as medical, we too have worked hard to adapt and understand these new op- portunities so we can continue to deliver market leading re- sults,” added Shover. n
has the opportunity to vacate a building that was functionally obsolete for their purposes, and custom design new space in a location that is accessible to the courts, their clients and employees.” 714 Market St. is owned by the Brooklyn-based Leser Group. According to CBRE, Mat- thew Gorman, Michael Shover, Marc Mandel and Stephen Schrenk of CBRE’s Mid-Atlantic Net Lease Prop- erty Group continue to be market leaders in the net lease investment sales industry
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