12B — March 18 - April 21, 2022 — Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
P ennsylvania
Wilsbach of NAI CIR reps. tenant in 25,000 s/f lease
The Hudson is 100% leased RRA/GREA sells 300 unit/780 bed student housing community
P
HILADELPHIA, PA — RRA/GREA’s Na- tional Student Hous-
ing Group announce d the sale of The Hudson, a purpose- bu i l t s t u - dent housing community adjacent to the Georgia
Ken Wellar
Southern University campus in Statesboro, GA. The 300 unit/780 bed property was sold 100% leased. The Hudson offers students amenity-rich off-campus housing including: private bedrooms and baths, in-unit washers and dryers, private balconies, a newly reno- vated clubhouse, a tech bar and student center, 24-hour gym equipped with a boxing ring, weight machines, and Peloton bikes, a resort-style pool with beach-entry, lap pool and spa and an outdoor picnic area with bbq grills. Doug l as S i t t , RRA / GREA’s Student Housing Specialist, stated: “Georgia Southern University has in- credible go-forward market fundamentals. The school BLUE BELL, PA — Jack Lingo Asset Management (JLAM) has acquired 980 Jolly Rd., a class A multiten- ant office building located in the Blue Bell submarket of Philadelphia. 980 Jolly Rd. is 86% leased and features mul- tiple industry-leading tenants with significant remaining lease term. The 150,000 s/f property recently underwent a comprehensive renovation program, including the addi- tion of a glass atrium and new lobby, fitness center with spin studio, tenant café and lounge, and on-site training and con- ference facilities. Doug Motley , managing principal of JLAM, high- lighted “The 980 Jolly Road property offers tenants a dif- ferentiated experience – the first-class common areas and unmatched on-site amenities truly set this building apart. This investment provides long-term stability with a great tenant roster and will benefit from the continued growth of the Blue Bell sub- market. We are very excited to add this property to our
The Hudson
1451 Stoneridge Drive
is continuing to grow its enrollment and there are no significant student housing projects in the development pipeline. This enabled us to field competitive offers from a large buyer pool.” Ken Wellar , managing partner at RRA/GREA, not- ed: “Through our firm’s unique marketing process we were able to get multiple bids and achieve great results for the seller.” Rittenhouse Realty Advi- sors recently launched a new national platform called GREA, in partnership with
other established broker- ages throughout the country. GREA has 11 offices across the United States, making it one of the largest privately- held multifamily brokerage firms in the U.S. GREA offers state-of-the-art proprietary technology, data sharing, and capital sourcing capabilities, which RRA will utilize to con- tinue to expand its national student housing platform.
PA, formerly known as the Children's Resource Center. Amber Corbo and Casey Khuri, of NAI CIR, repre- sented the tenant. About NAI CIR NAI CIR, based in Lem- oyne, is Central Pennsylva- nia’s oldest and largest ex- clusively commercial indus- trial real estate full-service brokerage firm. Founded in 1970, the firm is consistently ranked as the top producing commercial industrial sales and leasing firm by the Cen- tral Pennsylvania Business Journal and by Real Capital Analytics. The firm has been honored as a Philadelphia Region CoStar Power Broker for 20 consecutive years. NAI CIR is the Central Pennsylvania representative of NAI Global, an interna- tional organization of real es- tate professionals with con- nections literally all across the world. Our transaction and management profession- als are among the most expe- rienced and successful in the business, and our platform ensures that our expertise directly benefits our clients. About NAI Global NAI Global is a leading global commercial real es- tate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 lo- cal market professionals, managing in excess of over 425 million square feet of property. MAREJ
PENNSYLVANIA — NAI CIR completed the following transactions in Pennsylvania: 25,000 s/f of the +/-100,000 s/f industrial building lo- cated at 1451 Stoneridge Dr. in Middletown have been leased to Event Central. Upon completion of renova- tions, the space will be used for distribution. Since 1987, Event Cen- tral has assisted custom- ers throughout central and southeastern PA to create unforgettable weddings, meetings, celebrations and more. Chris Wilsbach , of NAI CIR, represented the ten- ant and Ida McMurray , of SVN Latus Commercial Realty Group, represented the landlord. TJ Rockwell’s American Grille restaurants have been sold. The 9,000 s/f restaurant located at 896 West Grathem Rd. in Mechanicsburg was sold to Grathem Road Enter- prises, LLC. The 6,000 s/f res- taurant located at 800 Mount Gretna Rd. in Elizabethtown was sold to Mount Gretna Road Enterprises, LLC. Since 1997, TJ Rockwell's has grown to be one of the most recognizable names in the Central Pennsylvania restaurant industry. The buyers are local restauran- teurs and own and operate several restaurants through the region. Nik Sgagias , of NAI CIR, handled the transactions. Suite 2 at 49 Brookwood Ave. in Carlisle, PA has been leased to the UPMC Child Advocacy Center of PA. This location will serve as a sat- ellite office in Cumberland County for the UPMC Child Advocacy Center of Central
“We have a large pipeline of deals closing this year and look forward to expanding RRA/ GREA’s national student hous- ing platform,” Sitt added. MAREJ Jack Lingo Asset Management acquires 980 Jolly Road
980 Jolly Rd.
core-plus portfolio.” JLAM would like to thank Jeff Mack, Mike Margolis, and David Dolan of New- mark who represented the seller, and Nick Scribani and Ben Kroll of Newmark for arranging the acquisi- tion financing through Wells Fargo . JLAM has engaged the Wayne office of Newmark to provide leasing and Kairos Property Services will serve as the property manager for the property. This closing marks JLAM’s second acquisition in the Phil- adelphia region and contin- ues its strategy of building a portfolio of premier office
assets in select high growth markets in the southeast and mid-Atlantic regions. JLAM has acquired 10301 Wilson Blvd, a multibuilding office campus located on In- terstate 77 in the Blythewood suburb of Columbia, SC. The campus was the former home to DXC Technology and totals more than 400,000 s/f of space. Motley, noted “The Bly- thewood property offers a strategic location, with I77 providing direct access to Co- lumbia and Charlotte, coupled with significant existing infra- structure. We are refining our plans for the long-term use of the property and look forward to sharing that with the mar-
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