12C — February 9 - 22, 2018 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania
Company also closes on National Supermarket in Historic Philadelphia Market Marcus & Millichap sells Yorkshire Court in Delaware County D
REXEL HILL, PA — Marcus &Millichap , a commercial real es- tate investment services firm with offices throughout the United States and Canada, an- nounced the sale of Yorkshire Court, a 30-unit apartment building located in Drexel. The asset sold for $1.695 million. Clarke Talone , first vice president investments, Dan- iel Bernard , associate, Ridge MacLaren , senior vice presi- dent investment and Andrew Townsend , first vice presi- dent investment of Marcus & Millichap’s Philadelphia of-
Yorkshire Court
7010 Germantown Ave.
fice, had the listing to market the property on behalf of the seller. Matthew Rosenberg , director in MMCC’s Phila- delphia office, arranged the acquisition financing. The non-recourse loan was structured with a fixed 3.65 percent interest rate over a seven-year term amortized over 30 years. “The buyer took advantage of favorable financing,” says Bernard. “The combination of yield and size made this build- ing ideal for a new investor coming into the Philadelphia marketplace.” Yorkshire Court is located at 740 Burmont Rd in Drexel Hill, PA. The 30-unit building consisted of six studio units and 24, one-bedroom/one- bathroom units. “Yorkshire Court has re- ceived significant capital im- provements in the last few years and new ownership is in an excellent position to in- crease rents with further reno- vation of the large one-bedroom units,” adds Talone. PHILADELPHIA, PA — Marcus & Millichap an- nounced the sale of 7010 Ger- mantown Ave., located in the largest city in Pennsylvania, according to Sean Beuche , regional manager of the firm’s Philadelphia office. The asset sold for $5.908 million. Preet Sabharwal, Michael Scali , and Dan Corcoran of Marcus &Millichap’s Manhat- tan office, had the listing to market the property on behalf of the seller, a limited liability company and then procured the buyer, a private investor. Mark Taylor, senior managing direc- tor investments, is the firm’s broker of record for the state of Pennsylvania. “This closing signifies a trend of New York based inves-
SALES - LEASING - PROPERTY MANAGEMENT
60 W. BROAD ST BETHLEHEM, PA 18018 610.332.7320 OFFICE Please contact
Douglas D. Kelly for more information E: dkelly@emeraldrealtygroup.com www.emeraldrealtygroup.com
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