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Weilheimer and Palmiotto execute sale of 92-unit redevelopment opportunity Kislak completes $5m sale of the 156,000 s/f Independence Press Building in Philadelphia P www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — Section C HILADELPHIA, PA — TheKislakCompa- ny, Inc. announced the purchaser. The former factory is fully- approved for 92 loft-style resi- “The purchaser, P.A. Ridge Associates, acquired a shovel- ready project, located in an
recent sale of the Inde- p e n d e n c e Press Build- ing, a vacant 156,000 s/f building lo- cated at 525 North 11th St. in Phila-
Photo Caption: 525 North 11th St.
dential units with parking. It is located in the rapidly chang- ing “loft-district” neighbor- hood that has quickly become desirable for millennials and young professionals given its easy access to Center City Philadelphia and area hospi- tals and universities. “The seller achieved a price that reflects the strong mul- tifamily market in the Phila- delphia metropolitan area,” said Palmiotto. “And the buyer was eager to acquire a historic building that was ready for immediate redevelopment in an up-and-coming neighbor- hood.” Russo said, “We are delighted to deepen our commitment to downtown Lancaster, its heritage and its structures, and look forward to the ad- ditional space this purchase will provide for our growing businesses.” The main building was con- structed between 1909 and 1912 by the Rose Brothers & Co. for their expanding umbrella manufacturing busi- ness. Domestic Tobacco began using the building for ware-
housing in 1930 after the um- brella manufacturing ceased. The Hartman Underhill and Brubaker Law firm renovated the building for professional office space and moved the firm there in 1985. Stacey Morgan Brubaker and Theodore Brubaker of Brubaker Connaughton Goss & Lucarelli LLC fa- cilitated the transaction. Tom Bergen and AlexHenderson of Nikolaus and Hohenadel represented the sellers. n emerging neighborhood,” said Weilheimer. “The finished product will include 92 luxury residential units, some with private roof decks, and indoor parking.” Weilheimer joined Kislak in 1996, is consistently among the firm’s leading salespeople, and has won numerous sales production awards includ- ing Kislak’s 2010 Production Award. Palmiotto joined Kislak in 2012 and specializes in the sale of multifamily and other investment properties in and around Philadelphia, includ- ing southern New Jersey. n
HI-LIGHTS JANUARY 15 - 28, 2016 delphia, Pennsylvania. Senior vice president Matt Weil- heimer represented the seller and sales associate Anthony Palmiotto represented the SPOTLIGHT 5-7C NORTHEASTERN PA Precision Realty Group, LLC joins CORFAC International 2C Marcus & Millichap arranges the sale of a 75-unit apartment building for $4.715m
Paul Fulmer of NAI Commercial Partners, Inc. brokers $3.15 million transaction in Lancaster
LANCASTER, PA — NAI Commercial Partners, Inc. announced the sale of 221-3 East Chestnut St.and four adjacent residential buildings in Lancaster for a price of $3.15 million. Paul Fulmer of NAI Commercial Partners brokered the transaction. An entity of Gardner Rus- so and Gardner LLC pur- chased the buildings from Musser Park North, LP. Gardner Russo and Gard- ner managing partner, Tom PHILADELPHIA, PA — PernaFrederick Com- mercial Real Estate has arranged a long-term lease that will place Metropoli- tan Neighborhood Nutrition Alliance (MANNA) in ap- proximately 23,230 s/f of office space at Rodin Place, 2000 Hamilton St. The brokerage team of Keith Kiner and Michael Anderson represented Rodin Market Partners, the building owner, in negotiating the con- tract that has an aggregate
221-3 East Chestnut St.
PernaFrederick Commercial Real Estate negotiates long- term lease for 23,230 s/f at Rodin Place, 2000 Hamilton St.
value of approximately $7.7 million. Neil Brazitis and Sid Smi th wi th Newmark Grubb Knight Frank coop- erated with PernaFrederick and represented MANNA in finalizing the terms of the lease. MANNA is moving it’s office from 2323 Ranted St. to the 2nd Story of Rodin Place in the summer of 2016 and will use the space for administra- tive functions as well as to prepare and deliver meals. n
Rodin Place, 2000 Hamilton St
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