2C — November 8 - 21, 2019 — Pennsylvania — M id A tlantic
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A special listing of all office space transactions recorded in MAREJ throughout 2019 Bylined article by expert office brokers Society of Office & Industrial
Company inks sale of One Summit Square in Langhorne Colliers concludes $22.5M investment sale in Philadelphia
Realtors Organization National Association of
HILADELPHIA, PA — Colliers Interna- tional Group Inc. an- nounced the sale of 799 Hanes Mall Blvd., a 101,555 s/f office building tenanted by Ameri- can Airlines Group Inc. The property was recently trans- ferred from UR Hanes DST, an affiliate of United Realty of NeYC, to an undisclosed private group led by a popular entertainer, for the sum of $22.5 million. The investment sale was executed by Eric Grad , vice president of investment ser- vices for Colliers, based in Philadelphia. Highlights of the transac- tion include a 97.8% listing to closing price ratio. Six offers were received within the first two weeks of going to market – three of the offers reaching the final closing price, allowing for a competitive process on terms that achieved an accelerated closing date for the Buyer. All told “contract to close” on this substantial asset was just 45 days. "The quality and scarcity of this asset class, the uncer- tainty of the future interest rate environment, the star power of American Airlines as tenant along with a top-notch P
property. Colliers represented both the seller, Country Life Insurance Company and the buyer, an affiliate of Phoenix Nexus En- terprises, in the transaction. With Matt Shanahan’s re- cent sale of Trumark Financial Credit Union’s former head- quarters at 1000 Northbrook Dr. and his sale of NCB’s headquarters at 1 Allied Dr., both located in Trevose, he has concluded $19M in office sale transactions in Lower Bucks County within the last twelve months.
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799 Hanes Mall Blvd.
network and proven ability to bring buyers and sellers to the table all factored into the successful consummation of this assignment." cited Grad. LANGHORNE, PA — Mat- thew Shanahan & Carl Neilson of Colliers Inter- national announced the sale of One Summit Square – a landmark building just steps from the prestigious Newtown Borough in Langhorne. The 67,219 s/f four-story of- fice building is located at 1717 Newtown Langhorne Rd., the intersection of routes 413 & 332 (the Newtown Bypass). One Summit Square is leased by multiple quality tenants including Comcast, Ricoh, and US Congressman Brian Fitz- patrick. The buyer, a locally- based operator of quick-serve restaurants (QSRs), will oc- cupy 13,000 s/f, relocating its own headquarters to the
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