14A — December 24 - January 14, 2016 — Owners, Developers & Managers — Industry Leaders — M id A tlantic
Real Estate Journal
www.marejournal.com
I ndustry L eaders
Project consisting of 1,050 residential units, 105,000 s/f of retail Rittenhouse Realty Advisors sells 96 units in Prospect Park, Delaware County, PA for $8.725m
rospect Park, PA — Rittenhouse Realty Advisors an- nounced the sale of the Colo- nial Park West Apartments, a 96 unit garden-style town- home community in Prospect Park, in Delaware County. Every unit has two bedrooms. Located close to I-95 and I-476, the property is just a 15 minute drive to Center City, Philadelphia and a 20 minute drive to Wilmington, Delaware. It also offers close proximity to area employers including The Boeing Compa- ny, Harrah’s Casino, Crozer P
Chester Medical Center, and Taylor Hospital. Colonial Park West had been owned by the same en- tity for over 30 years. ”This property was a true value-add opportunity, and was in need of significant renovations at the time of sale,” said Ken Wellar , managing partner of Rittenhouse Realty Advi- sors. “The new buyer plans on installing new kitchens, bathrooms and exteriors to enhance the property." The property listing attract- ed buyers from throughout the northeast corridor. Co-
Avison Young announces trends with leasing success Saddle River, NJ — Avison Young announced a 105,959 s/f, full-building lease with pharmaceutical billing software company MedAssets, Inc. at Saddle River Executive Center, a class A office prop- erty at 1 Rte. 17. The Avison Young team of principal William McCaf- frey and senior vice presi- dents Marc Krieger and Steven Getzeiler oversaw the transaction on behalf of Madison Core Property Fund (MCPF), a real estate fund managed by New York Life Real Estate Investors, while John Flack and James Scancarella of Cresa rep- resented MedAssets, which is headquartered in Georgia. “MedAssets, which started out as a subtenant at Saddle River Executive Center, has continued to expand in recent years, leasing direct space and subleasing additional space at the building,” said Dennis Morris , director at New York Life Real Estate Investors. “While there are some large companies leaving the state and relocating to New Jersey’s urban locales, there are still significant deals occurring in the suburbs, especially in Bergen County,” said Mc- Caffrey. “But to succeed, It’s integral that property owners implement a service platform that fits their needs in terms of correctly repositioning as- sets in what has become an extremely competitive mar- ketplace.” n As a result of RRA's unique marketing process, over 40 tours were conducted through the property and 18 offers were received. “At the end of the day the property sold at more than 95% of our asking price and closed 32 days after the signing of the Agreement of Sale," said Mark Duszak , director of Rittenhouse Re- alty Advisors. n rey Lonberger, managing partner of Rittenhouse Realty Advisors, said: “The buyer, Friedman Realty Group , is an established local owner/ operator, with an excellent reputation as a landlord. Their renovation plan will completely transformnot only the property, but the neigh- borhood as well."
Park West Apartments
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