P ennsylvania S potlight E astern PA
Real Estate Journal — Pennsylvania — July 11 - 24, 2014 — 11A
www.marejournal.com
M id A tlantic
CBRE Capital Markets reps. seller of 955,935 s/f prop. Gladstone Commercial Corp. acquires dist. warehouse for $39m
A 350 Unit Complex in Doylestown, PA SSHReal Estate’sGillespie reps. Zencorr in $31.5m
aylor, PA — Glad- stone Commercial Corporat ion pur - chased a 955,935 s/f bulk dis- tribution warehouse located in the Northeastern PA sub- market of the I-81 distribu- tion corridor for $39 million. The property is occupied by a regional third-party logistics company under a ten-year absolute net lease. “This acquisition is consistent with our strategic decision to focus our acquisition efforts on high-quality, functional prop- erties in primary and strong secondary markets” said Matt Tucker , managing director of Gladstone Commercial. “The property is a high-quality front- loading distribution building, with 35-foot clear heights and 169 dock doors. We believe that T
Center Square Towers
Doylestown, PA —The investment services division of SSH Real Estate repre- sented Zencorr Properties in the purchase of Center Square Towers, a 350 unit apartment complex in Doylestown. The complex was formerly owned by AIMCO. Zencorr Properties is based in Doylestown, Pennsylvania and is headed by Piero Cor- rado, Christopher Zentgraf
and Sandro Corrado. At a sales price of $31.5 million, this pur- chase represents the largest transaction to date for the trio. Adam Gillespie, senior vice president of investment real estate brokerage at SSH Real Estate, represented Zencorr in the transaction. Gillespie sought out the purchase op- portunity for Zencorr, which purchased the asset with 1031 funds. n
Northeastern PA submarket of the I-81 distribution corridor
the I-81 distribution corridor has a very strong primary dis- tribution market, will provide stable long-term accretive re- turns to our shareholders.” Michael Hines, Brian
Celebrating over 20 years of Engineering Excellence Fiumara and Brad Ruppel of CBRE Capital Markets, National Partners along with Bill Wolf of CBRE Industrial Properties represented the sellers. n
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