36 — January 13 - 26, 2012 — Pennsylvania — Mid Atlantic Real Estate Journal
www. MARE journal.com
E ASTERN PA Exclusively listed by Thomson, Pierce & team Marcus & Millichap closes $6.7m apartment building sale
HILADELPHIA, PA — Marcus & Millic- hap Real Estate In- v e s t m e n t Services an- nounced the sale of Co- pley Place Apartments, a 158 unit apar tment property lo- cated in Phil- a d e l p h i a , PA, accord- ing to Mark T h o m s o n , A s s o c i a t e vice presi- dent Invest- ments. The asset com- ma n d e d a sales price of $6,700,000 P Mark Thomson Zachary Pierce
or $43,405 per unit. The property was exclusively listed by Thomson, his part- ner Zachary Pierce, and the team of Ridge MacLaren, Clarke Talone, and Andrew Townsend. “The seller was a regional bank in the final stages of the foreclosure process,” says Thomson. “This was our second successful exclusive listing assignment for them in 2011, with the previous assignment being a note sale for a 506 unit apartment property in Philadelphia,” he added. According to Zachary Pierce,
the property was 60 percent occupied during the market- ing process. The buyer, Lindy Property Management, is a third gen- eration company located in Jenkintown, PA, and is very familiar with the mar- ket. “Seventeen of Lindy’s twenty-five properties are located within Philadel- phia,” say Ridge MacLaren, Vice President Investments. MacLaren adds, “It was also helpful that Lindy Manage- ment is a repeat client of the seller, with millions of dol- lars worth of loans already in their current portfolio.” ■
Copley Place Apartments
CONSTRUCTION UNDERWAY!
MB & Assoc. close $1.5 million sale
51-Acre Industrial Park For Lease or Build-to-Suit
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100 Majestic Way
BANGOR, PA— The former Majestic Athletics apparel manufacturing building lo- cated at 100 Majestic Way, Bangor, has been sold to BioSpectra, a manufacturer of biological buffers and laboratory reagents for the biopharm and biotech mar- kets. The 142,000 s/f facility fea- tures office, manufacturing and warehouse space which will allow the new owner to expand its operations. Michael Baxter & Associ- ates Commercial Real Estate advisors Joseph Baxter and Brian Coyne represented the owner and Daniel M. Perich, CCIM and Ray J. Starner also of MB&A were agents for the buyer in the $1.5 mil- lion transaction. ■
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CBRE Inc. | 1275 Glenlivet Drive, Suite 120 | Allentown, PA 18106 | T.610.398.6900 | F.610.398.7815 www.cbre.com/allentown | Licensed Real Estate Broker
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