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Team of Gorman and Shover oversee competitive bidding process on both stores CBRE brokers sale of two Rite Aid locations in Philadelphia region P www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — Section C HILADELPHIA, PA — CBRE, Inc. has bro- kered the sale of two
was sold at close to list price, though the specifics are not being disclosed at this time. The second property, a 13,813 s/f site located at 429 S. Hanover St. in Carlisle, PA, was listed for a Trust, and was sold for $5.023 million to H. Lipsitz Companies. Gorman and Shover represented both parties in this transaction. “Each of these properties were attractive in the market- place and received significant activity. There was a com- petitive bidding process for both,” said Shover, senior vice president with CBRE’s Retail Investment Properties team. “The Philadelphia property’s sale was significant for several reasons, not least of which that it provided a capital boost that Esperanza can now use to fur- ther fund the important work it does for Hispanic communities
in the region.” “The Carlisle Rite Aid drew a great amount of interest, with six competitive offers coming in. It’s in a great location, and it has 11 years remaining on a NNN lease, which is why it sold for list price,” added Gorman.” In addition to the two Rite Aids sold, Gorman and Shover are currently representing the listing of two additional Rite Aid locations in the region. The first is located at 5692 Rising Sun Ave. in Northeast Philadelphia. The owner is seeking $5.1 million or a 6.5% cap rate. Rite Aid has 10 years remaining on a NNN lease. The second store property for sale is 4011 William Penn Highway in Monroeville. This location also has 10 years remaining on a NNN lease. The listing price is $6.36 million or a 7.0% cap rate. n the Commerce Way Office Complex, LP, in finalizing the lease that has an aggre- gate rental of approximately $195,000. At The Philadelphia Build- ing, 1315Walnut St., Viturello represented Park Ops in the lease of some 1,852 s/f on the 13th floor of the building. Park Ops is a valet parking company that provides valet parking services for restau- rants, hotels, and garages in the Philly area. The firm is moving to the 13th floor from another location within 1315 Walnut. Eric Muller , a broker with SSH , represented Goldman Properties/Philadelphia Build- ing Associates LLC., the owner of 1315 Walnut, in finalizing the lease that has an aggre- gate rental of $182,000. PernaFrederick is a Phil- adelphia-based full-service commercial real estate firm that offers principal to princi- pal relationships serving ten- ants, landlords and investors, and acts as a project consul- tants to leading companies in the Philadelphia region. n
HI-LIGHTS SEPTEMBER 11 - 24, 2015 Rite Aid Pharmacy locations in the Greater Philadelphia region. The first property, a 14,564 s/f store located at 4350 N. 5th St. in Philadelphia, was sold to a private buyer based in California. The CBRE team of Matthew Gorman and Mi- chael Shover represented the seller, Esperanza, a non-profit, faith-based organization focus- ing on strengthening Hispanic communities. Rite Aid will continue to lease the site from the new owner. The property What We’re Focused on at LMS By Lee & Maurice Zekaria SPOTLIGHT 5-9C CENTRAL PA
4350 N. 5th St.
429 S. Hanover St.
PernaFrederick brokers four Center City office space agreements for 12,800 s/f worth $1.2 million
PHILADELPHIA, PA — PernaFrederick Commer- cial Real Estate has rep- resented four tenants in the lease of approximately 12,800 s/f of office space here having a combined aggregate rental exceeding $1.2 million. Joe Viturello , a vice presi- dent at PernaFrederick, nego- tiated all of the agreements. At 417 North 8th St., Vi- turello represented Tech In- pact in the extension of its lease for some 5,645 s/f on the 2nd floor of the building that is owned by 417 North Eight Associates. Tony Falcone , a broker at M.S. Fox Real Estate , represented building ownership in finalizing the renewal estimated to be worth over $450,000. Tech Impact is a nonprofit whose mission is to ensure all nonprofits can use technol- ogy to better serve our world, providing hands-on technol- ogy support to make sense of anything from large-scale technology projects, to simple technology maintenance. It first leased space at 417 North 8th St. in 2011 and maintains
NAI CIR celebrates 45 years
417 North 8th St.
a comprehensive suite of ser- vices that focus solely on the needs of nonprofits. At 1515 Market, Viturel- lo represented the SMART Transportation Division of the United Transportation Union in the extension of its lease for 2,413 s/f of office space on the 7th floor in a renewal agree- ment that was co-brokered by Alex Breitmayer of JLL who represented BRI 1866 1515 Market Limited Partner- ship in finalizing the renewal
estimated to be worth over $326,000. At 2708 Commerce Way in the Byberry East Industrial Park, Viturello negotiated a 2,845 s/f space contract for Smith Construction to move its corporate offices from 3331 St. Road in Bensalem to its new Philadelphia office on the 2nd floor of the 38,466 s/f building. Matthew Shanahan , a broker with Colliers Inter- national , cooperatedwith Per- naFrederick and represented
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