Mid Atlantic Real Estate Journal — August 31 - September 13, 2012 — 3A
M id A tlAntic R eAl e stAte J ouRnAl Of Philadelphia-area Apartments Cushman & Wakefield arranges $1 million sale
They wrote the policy.
We make sure they write the check.
ENSALEM, PA—Cush- man & Wakefield has orchestrated the $71
Marx along with senior managing director Joe Mes- sina and assistant director Chris Koeck, represented McManimon, Scotland & Baumann in the transaction. The landlord, Mack-Cali, was represented in-house by Rich Travaglini and Diane Chayes. n “With that influx, pricing has become increasingly aggres- sive, and class B communities with a vintage similar to Vil- lage Square have been trading near a six percent yield,” he said. n only inmetro Philadelphia, but also the larger Washington, D.C. to NewYork corridor,” Me- rin said. “But metro Philadel- phia in particular has emerged as a market for multi-family investors. In the early 2000’s, only a handful of communities were being sold in this market per year. Since 2010, with an influx of new buyers and capital targeting Philadelphia assets, we’re seeing a more heated and liquid investment sales market with a dozen or more communities being sold per year.”
ROSELAND, NJ — Studley represented McManimon, Scotland & Baumann, LLC in a long-term, 17,931 s/f lease at 75 Livingston Ave. McManimon, Scotland & Baumann took part of the sec- ond floor in the class A office building. Improved workplace strategies and efficiencies “The market for well-located, high-quality multi-family as- sets in metro Philadelphia has been robust with activity, and we have seen growing demand million sale of Village Square Apartments, a 694-unit com- plex in Bensalem. Karen Iman, Brian Whitmer, Andrew Me- rin, Marybeth Farris and Nick Karali of the firm’s Capital Markets Group (CMG) repre- sented the agent for the seller, Korman Residential, and pro- cured the buyer, Paradise Property, LLC. Village Square Apartments consists of 436 one-bedroom and 258 two-bedroom units in 56 two-story, brick-clad build- ings.
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Village Square Apartments
both from local owners and developers, as well as investors from outside of the region”, said Iman. “The fact that this offering attracted more than 120 ex- pressions of interest is a clear sign of the demand that’s out there for apartment assets, not
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Studley’s Marx, Messina & Koeck broker 1,931 s/f lease reduced the firm’s office foot- print by almost 25% from its previous location.
“Favorable market condi- tions, along with a ‘right sizing’ of office space, allowed the firm to achieve substantial savings in overall occupancy costs,” said Studley senior managing director Christopher Marx.
OFFER DEADLINE: OCTOBER 5, 2012 6 Waterfront Industrial Properties * Florida * New Jersey * Maryland Act Now! BANKRUPTCY SALE Subject to Bankruptcy Court Approval
Deadline for Editorial: September 14, 2012 Publication Date: September 28, 2012
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