S hopping C enters P ennsylvania F eaturing C entral P ennsylvania www.marej.com M id A tlantic Real Estate Journal — Pennsylvania — November 18 - December 22, 2022 — 9B Mirsky and Shah represent both buyer and seller in off-market transaction Prestige Group sells Oak Hollow Apartment complex for $34.6 Million outside downtown Bethlehem
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brick two-story garden style buildings. There are 8 units per building consisting of 130
an offer that “would knock his socks off.” Through relationships that Jon Mirsky and Sajan Shah have built, they were able to identify a buyer who satisfied the seller’s desire for a finan- cially aggressive deal. Mirsky said, “We knew this was the right Buyer for the property as it fits their acquisition criteria, both size and loca- tion. They are savvy, aggres- sive buyers and financially strong. We were confident they would be able to offer the seller the kind of offer he was looking for.” Jon Mirsky and Sajan Shah successfully negotiated this off-market transaction which yielded the seller a per unit price that was approximately 15% higher than market. At time of settlement, the property was 100% occupied with a waiting list. MAREJ • 166 overhead dock door po - sitions of which 101 will be equipped with 9’ x 10’ doors with mechanical levelers, bum- pers, seals and dock lights • Four 14’ x 16’ drive-in doors • 213 trailer stalls (expandable to 303) and 375 car parking spaces (expandable to 561) • 4,000 amp, 3-phase main electric service. Construction has commenced and the building is expected to be delivered in the fourth quarter 2023. The Project is located im- mediately off Exit 10 of I-81 providing full visibility from the highway and allows easy access to other key US Interstates (I-76, I-70, and I-78) which are some of the most traveled highways in the Northeast. The location benefits from its proximity to major east coast markets and, regional seaports and has access to multiple air, rail, and highway systems. The project is less than 10 miles from both a Norfolk Southern & CXS Intermodal yard and has several FedEx & UPS facilities in the vicinity. MAREJ
ETHLEHEM, PA — Prestige Group, Inc.’s multifamily team
one-bedroom units and 94 two-bedroom units with an average square foot- age of 700+/- per unit. All units have ei- ther a patio or balcony.
of Jon Mir- sky , vice president and Sajan Shah , se- nior sales associate represented both the buyer and seller in this off-market transaction.
Jon Mirsky
Sajan Shah
There is on-site laundry in each building and ample parking. Saj Shah says: “The seller’s philosophy of preventive main- tenance produced an impec- cably maintained property. This has created an extremely sought after living environ- ment for the tenants. Histori- cally, occupancy has always been strong at Oak Hollow with very little vacancy or turn-overs!” CHAMBERSBURG, PA — Endurance Real Estate Group announces the acquisi- tion and development of the Chambersburg Logistics Park, a 1,006,500 s/f, class A specu- lative warehouse/distribution project in Chambersburg. An affiliate of Endurance Real Estate Group, LLC (En- durance), in partnership with an affiliate of the Guardian Life Insurance Company of America (Guardian), announced the ac- quisition and commencement of construction of the Chambers- burg Logistics Park, a 93-acre site located immediately off of Exit 10 along I-81. Endurance diligently obtained all land development entitlements for the project during the past two years and is excited to be partners with Guardian on the companies’ first joint-venture. The Cushman & Wakefield team of Gerry Blinebury, John Alascio, TJ Sullivan, Chuck Kohaut, Collin Pot- ter and Chris Meloni , served as the advisor to Endurance on capitalizing the $115 million project. PNC Bank National
The property is situated in a lovely suburban setting, just outside downtown Bethlehem in growing Lehigh County. The complex consists of 28
Oak Hollow aerial
HI-LIGHTS
The seller had recently di- vested himself of his other properties and retained Oak Hollow because it was the larg- est of his portfolio and proxim-
ity to his office was desirable. Mirsky and Shah had been in contact with the seller who had indicated he was not interested in selling unless he received
Company of the Month
Endurance announces the acquisition & dev. of 1,006,500 s/f, spec warehouse/distribution project
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MGKF rank among Best Law Firms
Dreher joins Cushman & Wakefield 16B
Chambersburg Logistics Park
fer superior access, proximity to abundant labor, and the ability to provide best-in-class design features to attract a variety of high-quality users.” Endurance will oversee the construction of the 1,006,500 s/f cross-dock warehouse/distribu- tion facility, which will include state-of-the-art features, in- cluding: • Tilt-wall panel construction • 40’ clear height • 60’ deep speed bays, 56’ wide x 48’ deep typical column spac- ing • High-bay LED lighting with motion sensors • 60 mil fully-adhered roof membrane • ESFR sprinkler system
Association , a new lending relationship to Endurance, provided construction financing for the project. “We are thrilled to close on this land acquisition and kick off speculative development with Guardian on our first proj- ect together,” said Benjamin Cohen , president of Endur- ance. “The Cushman team did a great job helping us navigate the ever-evolving capital mar- kets, enabling us to capitalize our largest transaction to date for this shovel-ready site.” Jared Newman , senior VP / partner of Endurance added: “This Project is a continuation of our long-term strategy to ac- quire and develop sites that of-
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