Real Estate Journal — Pennsylvania — July 11 - 24, 2014 — 13A
www.marejournal.com
M id A tlantic
E astern PA
John Gilliland and John Barry handle transaction Investment Real Estate closes deal on 105,000 s/f
16 units under contract in seven days RRA sells Phoenixville apartment complex
Phoenixville, PA — Rittenhouse Realty Advi- sors (RRA) sold the Maison Ridge Apartments in Phoenix- ville (shown right). The sixteen unit property went under con- tract in just seven days. The building is made up of six, two- bedroom/one-bath units and ten, one-bedroom/one-bath units. The property has his- torically remained 95% occu- pied or better. Steve Miceli , an associate with RRA said, “Chester County continues to attract high demand frommul- tifamily investors, creating a highly competitive purchase environment. The current market conditions present
P
h i l a d e l p h i a , PA — Investment Real Estate, LLC an-
nounced the sale of Lim- e r i c k S e l f St orage i n the suburban Philadelphia Metro Area. L ime r i c k Self Storage i s a t h r e e story, climate c o n t r o l l e d facility en- compassing 105,000 s/f. The class A facility has surveillance cameras, ele- vators, retail
an opportunity for sellers to evaluate a list of buyers and choose the one with the best price and terms.” Steve, along with RRA managing partner Corey Lonberger , arranged the transaction. Corey added, “Historically low interest rates and limited product on the market are creating an enor- mous amount of demand for apartment properties through- out the Philadelphia MSA. n
John Gilliland
Limerick Self Storage
John Barry
moving supplies and a U-Haul truck rental business. The property includes 800 storage units and 35 outside parking spaces. John Gilliland and John Barry of York based Invest- ment Real Estate handled the transaction. According to Gilli- land, “This sale was a win-win for both the buyer and seller. At 71% occupancy, the seller received a value based upon the trailing 6 months cash flow while the property has oc- cupancy upside along with the benefits of tenant insurance. We continue to see strong pric- ing on well located facilities in desirable markets.” n KING OF PRUSSIA, PA — Binswanger’s Suburban Philadelphia team has leased over 92,000 s/f in combined transactions in the Philadel- phia suburbs. The team led by Scott Gabrielsen , presi- dent – commercial, works with some of the most prestigious corporate clients in the region for both tenant and landlord representation assignments. A sampling of recent trans- actions include the repre- sentation of P-One Athletics – 54,000 s/f lease at the Syms Building, 1340 Swedesford Rd. in Berwyn; 10,537 s/f lease at 380 Lapp Rd. in Malvern; Vector Biolabs – long term, 7,200 s/f lease at 293 Great Valley Parkway in Malvern; Group Dynamics – 6,650 s/f lease at 555 City Ave. in Bala Cynwyd; InstaMed – 5,426 s/f lease at 1880 JFK Blvd. n Binswanger leases 92,000 s/f of space in Phila. in May/June
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R E C E N T N O R T H M A R Q T R A N S A C T I O N S
$13,300,000 Ashbridge Manor Senior Living SIZE: 123 UNITS CITY: DOWNINGTOWN, PA LENDER: CMBS
$15,150,000 Ephrata Marketplace SIZE: 86,691 SF CITY: EPHRATA, PA LENDER: CMBS
$7,475,000 Lionville Center SIZE: 21,000 SF CITY: EXTON, PA LENDER: BANK
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