P ennsylvania
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Real Estate Journal — Pennsylvania — Section C
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M id A tlantic
A 299,894 s/f, class A regional power center Ten Capital Mgmt. sells limited partnership interest in Miracle Mile Retail Center in Monroeville M onroeville, PA — Ten Capital Man- agement (TCM) , a
Solutions relocating from the Wyomissing market to Lehigh Valley / represented by John Buccinno of NAI Keystone . In addition to the conve- nient location of the building, targeted capital and cosmetic improvements attracted these high-quality tenants to this site. The improvements made by Brookwood include exten- sive upgrades to the common areas including a new seating area and lobbies. Additionally, the construction of a new café and fitness room make this a highly desirable office space. 22,985 s/f of class A office space is still available. n of safety.” Paul DiSandro , TCM’s portfolio manager, added, “Miracle Mile is the dominant retail center in the eastern suburbs of Pittsburgh due to its location within the William Penn Highway Retail Corri- dor. Tenant demand for space was consistently high, result- ing in an average occupancy of 98%+ and rent increases averaging over 9% for new and existing tenant renewals over our hold period. We suc- cessfully achieved our original business plan which included monitoring and maximizing occupancy, lease roll and ten- ant quality/health.” n
Office Max. Miracle Mile was 94% occupied upon TCM’s ac- quisition, and was up to 98% upon sale. Tenant sales at ac- quisition averaged $270 psf and most tenants held their rank- ing as the number one store in the Pittsburgh Metropolitan Statistical Area (MSA), out- performing competing stores by 30%-50%.Tenant sales and oc- cupancy costs remained strong during the hold period. Ben Adams , TCM’s CEO, said, “We are pleased with the results of this invest- ment, which was consistent with our approach to buy at a discount to intrinsic value with an appropriate margin
HI-LIGHTS December 8 - 21, 2017 privately held real estate in- vestment management firm, announced the sale of its lim- ited partnership interest in Miracle Mile Retail Center in Monroeville, located 13 miles east of the Pittsburgh CBD, to M&JWilkow, Ltd in a joint ven- ture with ALTO Real Estate Funds . The general partner was an affiliate of Pearson Partners, Inc. The sale gen- erated a 15.8% (gross) / 14.5% (net) IRR with a 1.59x (gross) / 1.53x (net) multiple to TCM Growing your business to meet your clients’ needs
Miracle Mile Retail Center
investors. The property is a 299,894 s/f, class A regional power center
anchored by national tenants LA Fitness, Marshalls, PNC Bank, DSW, Old Navy and
Colliers International | Pittsburgh sells 238,000 s/f, 31st Street Studios for $14 million
PITTSBURGH, PA —New York-based North River Pitts- burgh I, LLC purchased 31st Street Studios, the largest sound stage between New York and Los Angeles, for $14 million. The 238,000 s/f multi-industrial complex sits riverfront on 9.36 acres in Pittsburgh’s iconic Strip Dis- trict. “The sale of the 31st Street Studios property is yet another example of the high velocity of the Strip District commercial real estate market and brings yet another high quality in- vestment firm to the Pitts- burgh market,” said Gregg Broujos , managing director & founding principal of Colliers International | Pittsburgh, who served as the broker for the public auction. In addition to Broujos, John Bilyak , principal, and Justin Kline , associate for Colliers International | Pittsburgh along with Robert O. Lampl Law Office , represented the seller, Gateway Entertain- ment Studios LP. Allentown, PA — Col- liers International’s Allentown team of RyanDietrick, Kelly Berfield and John Susanin represented Brookwood Financial Partners, LLC (Brookwood) in facilitating two new leases at the Iron
31st Street Studios
Mark W. Eisenhardt The Henderson Group 2B
Run Corporate Center at 7450 Tilghman St. in Allentown • 24,269 s/f / JetPay Human Resources & Payroll Services, Inc. / represented by Brian
Lafond and Dave Butera of Gola Corporate Real Es- tate, Inc. • 11,000 s/f / Resource Search Company d/b/a RSC
5-8C SPO TLIGHT Central PA
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Iron Run Corporate Center
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