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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 26 Issue 1 January 17 - 30 , 2014

Developers & investors capitalize on the growing student housing market Rittenhouse Realty Advisors sells $6.95 million student housing portfolio P HILADELPHIA, PA — Rittenhouse Realty Advisors announced

2014 Forecast Spotlight

Developers and long-term investors continue to capital- ize on the growing Temple University student housing market. “As Philadelphia pushes to make greater ties between Center City and the universities, student housing will continue to be a desirable market for new and experi- enced investors,” said David Greenhalgh , associate at Rit- tenhouse Realty Advisors. “Student housing has re- ally become a niche market for RRA. We’ve had numerous student housing transactions in the Mid-Atlantic region over the past year,” said Co- rey Lonberger , managing partner of Rittenhouse Realty Advisors. n

LANDOVER, MD — A vi- son Young announced the sale of 8335-8373 Ardwick Ardmore Rd. in Landover, for $6.2 million. The sales team of Joe Friedman and Julian Etches represented the seller, Willco Companies on behalf of 2131 K Street Associates Limited Partner- ship. The asset is a 100,000 s/f light industrial distribution and storage warehouse in Landover. The property was built in 1979 and features the sale of a 116 bed student housing portfolio near Temple University in Philadelphia. The recently constructed build- ings feature a mix of one, two, three, four and five bedroom apartments. The units, which sold for $60,000 per bed, have modern amenities not typically offered in student housing, in- cluding: spacious living areas, granite counter tops, state-of- the-art appliances, hardwood floors, washers and dryers, and full security systems. Due to the excellent condi- tion of the properties and their convenient location near Temple University’s campus,

Temple Portfolio Tier 1

9A

they have had 100% occupancy since inception. “The new owner plans to take advantage of an excellent

return on a historically well performing asset,” said Ken Wellar , managing partner of Rittenhouse Realty Advisors.

Bussel brokers $5m+ purchase of industrial facility

Representing Willco Cos. on behalf of 2131 K Street Associates LP Friedman & Etches of Avison Young broker sale of 100,000 s/f industrial property for $6.2m

4B

CBRE represents owner in $40.5m 342,000 s/f aquisition

5C

Directory

DelMarVa.................................................... 5-8A Financial Digest....................................Section A New Jersey........................................... Section B Southern New Jersey. ............................... 5-11B Pennsylvania........................................ Section C Eastern PA................................................... 5-9C

for the region’s distributers, manufacturers and large employers. The sales team of Joe Fried- man and Julian Etches has closed eight investment sales transactions in 2013 and currently has four additional investment properties under contract or on the market 8335-8373 Ardwick Ardmore Rd.

20-foot clear heights, a mix of drive-in and dock-high doors, and 5% office build-out. The property is 100% leased with a 70,000 s/f GSAtenant as the major tenant. Located just 3 miles from Washington, DC, the property includes conve- nient access to I-95 and I-295, making it a location-of-choice

including office and retail assets in New Carrollton, Frederick, and Hagerstown, Maryland. They specialize in the disposition of income- producing suburban office, industrial/flex, and neigh- borhood retail assets in the Washington/Baltimore Met- ropolitan Region. n

Upcoming Spotlights January 31, 2014 Economic Development

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