S hopping C enters P ennsylvania
M id A tlantic Real Estate Journal — Pennsylvania — January 21 - February 17, 2022 — 11B
www.marej.com
Central Pennsylvania distribution facility sells for $24.4M JLL Capital Markets closed the sale of the fully leased property in Harrisburg
H
ARRISBURG, PA — JLL Capital Mar - kets has closed the
PHILADELPHIA, PA — Rittenhouse Realty Advisors completed the following trans- actions in Philadelphia: 83 loft-style units in the Port Richmond and South Kensington neighborhoods of Philadelphia have sold. The 32-unit Button Factory Lofts and 51-unit Frame Fac- tory Lofts are part of a larger 200+/- unit portfolio. In June 2021, RRA sold 85 units of the portfolio (Lamp Factory Lofts, Tie Factory Lofts and Sewing Factory Lofts). Michner Court Apartments, located at 9400-30 Roosevelt Blvd. in the Bustleton neigh- borhood of Northeast Phila- delphia have sold. The Roosevelt Blvd. is a major arterial route through Northeast Philadelphia. Ten- ants of Michner Court enjoy off-street parking and access to restaurants, shopping, ma- jor highways, as well as public transportation. The property was marketed by RRA on be- half of Michner Court Associ- ates, L.P. an entity controlled by Liss Property Group, LLC who owns and manages 15 properties through the North- $24.4 million sale of a fully leased, 254,449 s/f, multi-ten- ant distribution warehouse at 301 Railroad Ave. in the West Shore of Harrisburg. JLL marketed the prop- erty on behalf of the seller, a wholly-owned subsidiary of a private real estate investment fund managed by Penwood Real Estate Investment Management . Brickman acquired the asset and re- tained JLL for the leasing and property management. Home to four tenants, the building features a 24-foot clear height, 27 dock-high doors, two drive-in doors, ESFR fire protection and ample parking. The building was originally
John Plower
Ryan Cottone
Zach Maguire
vacancy rate at the end of the third quarter of 2021 demon- strating the strength of the re- gion. The property has access to region’s logistics hubs, includ- ing Harrisburg International Airport and Norfolk Southern intermodal terminals. The JLL Capital Markets Investment Sales and Advisory team that represented the sell- er was led by senior managing director John Plower, director
constructed in 1963 and ex- panded in 1972, with recent upgrades and renovations oc- curring between 2018 and 2020 to modernize the facility. 301 Railroad Ave. benefits from an infill location on the West Shore of Harrisburg in the Cumberland County submar- ket within the Central Penn- sylvania industrial market. According to JLL Research, the submarket boasts a low 2.4 %
301 Railroad Ave.
“The property is well situated within the coveted west shore pocket of Harrisburg provid- ing access to an abundant labor force and impressive distribution network.” MAREJ
Ryan Cottone and analyst Zach Maguire . “The location, functionality and in-place cash flow attract- ed strong interest from a vari- ety of investors,” Plower said.
RRA sells 83 loft-style units in the Port Richmond and SouthKensingtonneighborhoods of Philadelphia
Button Factory Lofts
Frame Factory Lofts
east Philadelphia market, Valley Forge, and Norristown. 2021 has been a big year for apartment sales. Multi-family assets continue to be a top choice for commercial real es- tate investors. “We are seeing the most amount of activity in value-add, garden style apart- ments,” said KenWellar , man- aging partner at RRA. “Through our firm’s unique marketing process, we received over 10 offers within a few weeks and were able to sell the property at above our list price.” Mark Duszak , manag-
ing director at RRA, stated: “Northeast Philadelphia is a highly sought-after sub- market in Philadelphia for in- vestors because of its limited supply of apartments, strong demographics and easy access to Center City, Philadelphia.” “This is the second garden- style community in Northeast Philadelphia our team has sold this quarter,” added Austin McDevitt , an asso- ciate at RRA who worked on the transaction. “Investors from D.C. to Boston showed extreme levels of interest in
both properties.” Rittenhouse Realty Advi- sors announced the sale of a multi-family portfolio con- taining 34 apartments and 7 commercial units in the Queen Village/Society Hill area of Philadelphia. The ad- dresses sold include: 721-725, 734, 736 & 746 South 4th St., 307 & 327 Pine St., and 1303 South 6th St. Wellar stated: “This port- folio sits in one of the best locations in Philadelphia. The properties were owned and managed by a family office
for more than 40 years. The new owner sees the value-add potential across the portfolio, given the quality of the prop- erties and the prime location.“ Alan Krawitz , a senior as- sociate at RRA who worked on the transactions, added: “The location, proximity, and rental upside in these assets drew significant attention. We fielded multiple bids above our asking price, reinforcing the narrative that well located value-add opportunities are top priority for capital in to- day’s market.” MAREJ
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