www.marejournal.com P ennsylvania S potlight N ortheastern MacLaren, Talone and Townsend market the property on behalf of the seller Marcus & Millichap arranges the sale of a 75-unit apartment building for $4.715m E ASTON, PA — Mar- cus & Millichap , a leading commercial real M id A tlantic

Real Estate Journal — Northeastern Pennsylvania — January 15 - 28, 2016 — 5C

listing to market the property on behalf of the seller, an out of state limited liability company who had owned the property for approximately 10 years. The buyer, a limited liability company, was also secured by Talone, MacLaren and Townsend. The team conduct- ed over 10 tours and received 6 offers on the 2.48 acre property that closed for approximately $63,000 per unit. “The amount of interest we saw on this property is evi- dence that investors search- ing for yield are willing to look into secondary markets to achieve their investment goals,” Talone said. “Due in part to its proximity to down- town Easton and major thor-

oughfares Routes 22 and 78, this mainly residential neigh- borhood has improved solidly over the years.” LehighManor, 95% occupied at the time of sale, is located at 600 E. Canal St in Easton, within the Lehigh Valley city of Easton and approximately one mile from the “Centre Square” downtown area. The apartment community, which includes 63 two-bedroom units and 12 three-bedroom units, received new windows, updat- ed kitchens, and replaced roof during the seller’s ownership. “This deal is an indicator that the market for apartment remains white hot, especially when properties are well main- tained,” Talone concluded. n Penn State provided a $50,000 grant to support Inno- vation Squared, that is aimed at creating jobs and develop- ing a mentorship program and what Barron called an entrepreneurial “ecosystem” in downtown Wilkes-Barre. The 5,000-square-foot, cut- ting-edge technology work- shop and multi-media center will provide local profession- als, businesses, and colleges and universities access to shared workshops for research and development; private conference rooms for train- ing, presentations and vir- tual meetings; and a multi- service center to be utilized for virtual board meetings, podcasts, lectures, technology competitions, and mentorship activities. The Wilkes-Barre Connect Initiative is the pro- gram that will run within the workshop and media center to provide mentoring, train- ing, networking and technical assistances, as well as access to capital, facilities, and other resources, to startup and exist- ing businesses. n Workshop and Wilkes-Barre Connect Initiative to be fully operational during the first quarter of 2016, in our contin- ued efforts to establishWilkes- Barre as an Innovation Center of Excellence.”

estate investment services firm with offices throughout the United States and Can- ada, announced the sale of Lehigh Manor, a 75-unit gar- den style apartment complex located in Easton, according to Brenton James Baskin , regional manager of the firm’s Philadelphia office. The asset sold for $4.715 million, over 99% of the original list price. Ridge MacLaren , first vice president investments, Clarke Talone , senior associ- ate, and AndrewTownsend , vice president investments, all in Marcus & Millichap’s Philadelphia office, had the WIND GAP, PA — Locally owned and operated Invest- ment Real Estate, LLC an- nounces the sale of Gap View Storage in Wind Gap for $2.29 million to a local investor. Wind Gap is located in Plain- field Township in Northamp- ton County. Gap View Storage consists of 13 buildings and offers drive- up access and temperature control units totaling 57,220 s/f of self storage. The facility also offers outside auto and RV parking spaces and Budget truck rentals, and is located on nearly six acres of commercial zoned land. Gap View Storage opened in 1987 and is in excellent condi- tion. The facility offers single story metal buildings, metal roofs, asphalt driveways, ex- terior lighting, fenced perim- eter with automatic entrance gate, video cameras and an on-site rental office. Recent site improvements include a new gate controller and verti- cal gate as well as an updated camera system. The facility is located on Kromer Rd. and backs up to Rte. 33, which is the main artery connecting Allentown and the Poconos. The prop- erty has additional land that could be developed for future

Lehigh Manor

Investment Real Estate announces sale of Gap View Storage for $2.29 million

Invent Penn State dedicates Innovation Squared project

WILKES-BARRE, PA — Penn State dedicated the next phase of the Innovation Squared Project, an economic development project that will foster job creation, as well as develop and implement a dual entrepreneurial ecosystem and mentorship program for downtown Wilkes-Barre. Penn State president Eric Barron and Penn State Wil- kes-Barre Chancellor Charles Davis, in conjunction with the Greater Wilkes-Barre Cham- ber of Commerce, hosted a dedication and ribbon cutting on Thursday, Dec. 17, at the site of the Innovation Center Technology Workshop and Multi-Media Center, home to the Wilkes-Barre Connect Initiative. “The Innovation Squared Project, specifically the Tech- nology Workshop and Multi- Media Center, represents a true collaborative effort between our ABC’s: the Aca- demia led by Penn State; the Businesses led by eBay; and the Community led by the city of Wilkes-Barre, Sen. John Yu- dichak, Rep. Eddie Day Pash- inski, and the Commonwealth Finance Authority,” said Wico van Genderen, president and CEO of the Greater Wilkes- Barre Chamber of Commerce. “We expect the Technology

Gap View Storage

expansion. Kevin Bledsoe , brokerage advisor for Investment Real Estate, said, “The sellers built, owned and operated Gap View Storage from the inception of the business. The facility is in exceptional condition and pride of ownership is evident throughout the site. The sell- ers had been contemplating

retirement within a few years, but they understood that the value of their asset is at its peak today and wanted to take advantage of positive market conditions. The buyer has facilities in the vicinity of this site and they were happy to have a great property that fits nicely into their existing portfolio.” n

Made with FlippingBook - Online catalogs