10C — January 12 - 25, 2018 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
The Buccini/Pollin Group, Inc. sells 169,163 s/f four-story property CBRE brokers sale & arranges financing for River Park 1 Office Building in Conshohocken C
Harris and Steven Doherty of the Debt & Structured Finance team procured the fi- nancing on behalf of the buyer. River Park 1 office building is currently 100 percent occu- pied by Reimbursement Tech- nologies, Inc. (RTI), which recently renewed a long-term lease. "The demand for single ten- ant office buildings with over ten years of term remains extremely strong,” said Mr. Kranzel, senior vice presi- dent. “Buyers were particu- larly attracted to the River Park I opportunity because
of the strong fundamentals of the Conshohocken office sub- market and the commitment of RTI, who was an original tenant of the building in 1999, to expand and extend their lease term through the years." River Park 1 is one of the few office buildings in the Phila- delphia suburban market with direct access to SEPTA Regional Rail, just steps away from the Miquon Station. The property features contempo- rary interior finishes, river- front views, abundant parking and on-site amenities such as walking trails and a café, among others. n JLL c omp l e t e s sale of distribution warehouse SHIREMANSTOWN, PA — On December 19, JLL’s Capital Markets experts completed the sale of 301 Railroad Ave., a multi-tenant distribution warehouse in Shiremanstown. JLL served as the exclusive representative of First In- dustrial Realty Trust , which sold the 254,449 s/f property to an affiliate of Penwood Real Estate Investment Manage- ment, LLC . Senior vice president John Plower led a JLL team includ- ing managing director James Galbally and senior vice presi- dents Brett Grifo and Chad Orcutt on the sale. Upon closing, the 14.19-acre property was 100% occupied by four tenants. Asking rents for such well- positioned industrial space continue to grow in the Central Pennsylvania industrial mar- ket. Furthermore, Harrisburg’s coveted West Shore pocket - where 301 Railroad Ave is located – has consistently out- performed other Central Penn- sylvania submarket clusters in terms of rent growth, occupan- cy levels and leasing velocity. Mainly due to the availability of labor and strategic proximity to Interstates 81 and 83 and the PA Tpke., the West Shore has attracted a host of well-known corporate neighbors such as FedEx, UPS, and Quaker Oats. “As location always plays a critical role in investment decisions, 301 Railroad Ave of- fered a strong advantage that generated investor interest,” said Plower. “The warehouse boasts an attractive in-fill lo- cation in one of the country’s strongest performing industrial markets.” n
ONSHOHOCKEN, PA — CBRE has arranged for the sale and acquisi- tion financing of River Park 1, a 169,163 s/f four-story office building located at 1000 River Rd. in Conshohocken. The state-of-the-art building was acquired by FD Stonewater for an undisclosed price. Robert Fahey, Jerry Kranzel, and Erin Hannan of CBRE Capital Markets’ Institutional Properties team represented the seller, The Buccini/Pollin Group, Inc. , in the marketing and sales negotiations. CBRE’s Nick
River Park
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