6A — March 16 - 29, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL Marcus & Millichap sell a 45-unit Apartment bldg. Gorman & Shover of M&M rep both in $3.7m office sale P HILADELPHIA, PA — Marcus & Mil- lichap Real Estate
Featuring our Annual COMMERCIAL OFFICE SPOTLIGHT MARCH 30, 2012
This issue will publish as a special pullout section. . . featuring:
• A special LISTING of all the Office Space transactions recorded in MAREJ throughout 2011/2012 • Bi-lined Articles submitted by Expert office brokers • Office Market Reports compiled by major companies • Society of Office and Industrial Realtors Organization • Special feature on NAI and it’s member firms • National Association of Industrial and Office Properties Linda Christman Mid Atlantic Real Estate Journal 1-800-584-1062 Fax: 781-871-5299
Investment Services an- nounced the sale of DaVita Anchored M.O.B., a 22,193 s/f office property located in Philadelphia, PA, according to Spencer Yablon, Regional Manager of the firm’s Phila- delphia office. The asset commanded a sales price of $3,700,000. Matthew Gorman and Michael Shover, investment specialists in Marcus &Mil- lichap’s Philadelphia office, had the exclusive listing to market the property on be-
7198 Castor Avenue
Matthew Gorman Michael Shover
“7198 Castor Avenue was a challenging property to position in the market but ultimately commanded an aggressive cap rate and high price per square foot for medical office in North- east Philadelphia” noted Gorman. “The locally based 1031 exchange buyer, a re- peat client, found that this asset met most if not all of their investment criteria which included a strong tenant mix, long term leases and rent escalations.” Da- Vita Anchored M.O.B. is located at 7198 Castor Av- enue, consists of three medi- cal tenants and was 100% occupied at the time of the closing. In other news, Marcus & MillichapReal Estate Invest- ment Services announced the sale of FRANKLIN GARDEN APARTMENTS, a 45-unit apartment prop- erty located in Hackensack, NJ, according to Michael J. Fasano, Vice President/Re- gional Manager of the firm’s New Jersey office. The asset commanded a sales price of $4,870,000. Thomas McConnell, CCIM and Kevin McCrann, Associ- ate Directors of the National Multi Housing Group in Marcus & Millichap’s New Jersey office represented the seller FranklinApartments, LLC. Mr. McConnell and Mr. McCrann also secured the buyer, Hackensack As- sociates, LP. “The sale price at a 6 Cap Rate, is a testament that the demand for multifam- ily in northern NJ remains strong. Both the buyers and sellers are reaping the awards of our low interest rate environment” McCon- nell states. McCrann adds, “The property was built and managed by FranklinApart- ments LLC since the 1960’s and we believe the new own- ers will continue to improve the property and utilize our analytical study to maximize future returns.” ■
half of the seller, a developer. The buyer, a limited liability company, was also secured and represented by Mat- thew Gorman and Michael Shover, investment special- ists in Marcus & Millichap’s Philadelphia office.
RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres
For More Information Please Contact:
3801 Penn Ave Sinking Spring, PA
The subject property located in Sinking Spring PA (just minutes from Reading, PA) is 33 acres of land and is pre-approved for a three story, 55+, independent living facility with 130 units and 20 more in the future, and 80 townhouse units. Ready to develop. Public Water & sewer.
Eddy Peng, CCIM, CIPS RE/MAX of Reading Office: (610) 670-2770 x3078 Cell: (610) 223-0567 Email: EddyPeng2@verizon.net
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