14B — December 24, 2021 - January 20, 2022 — New Jersey/Pennsylvania — M ID A TLANTIC Real Estate Journal
www.marej.com
N EW J ERSEY /P ENNSYLVANIA
Penn Lee Court Apartments & Church Lane Court Apartments are located in Philadelphia Massaro of SCOPE Commercial Real Estate Services leads sale of apartment portfolio for $11M
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HILADELPHIA, PA — Scope Commer- cial Real Estate Ser-
vices, LLC ( S C O P E ) has c l osed the sale of Church Lane a n d P e n n Le e Cour t Apartments, a 105-uni t multifamily
Jonathan Massaro
portfolio located in the East Germantown neighborhood of Philadelphia. The property sold for $11 million, equating to $104,762 per unit. SCOPE marketed the prop- erty on behalf of the seller, a Philadelphia-based investor, and represented the buyer, a New Jersey-based investor. director, JonathanMassaro led the transaction on behalf of SCOPE and the respective deal party. “A combination of the low-
Church Lane Court Apartments
Penn Lee Court Apartments
interest rate transactional state of the market and the value-add potential of this well-located portfolio allowed us to facilitate a number of offers on behalf of our client,” adds Massaro. Penn Lee Court Apart- ments, located at 557 E Church Lane, is a 64-unit
apartment facility that is a mixture of affordable and market-rate units. The prop- erty features a common area laundry facility and on-site parking. The unit mix of Penn Lee is comprised of studios and one-bedroom, one-bath- room apartments. Church Lane Court Apart-
ments is located across the street from Penn Lee at 600 E Church Lane. Similarly, Church Lane is a mixture of affordable and market-rate units with on-site laundry facilities and off-street parking for tenants. The 41-unit build- ing contains one, two, and
threebedroom units. Both properties are less than a half-mile from La Salle University, situated within the historic area of East Germantown. Residents are drawn to the suburb feel of the neighborhood paired with the walkability and access to transportation. MAREJ
CBRE expands industry-leading tri-state investment sales teamwith two newhires
gious client base of institu- tions, corporations, private investors, developers and RE- ITs and we pride ourselves on having the best people on our team,” said Jeremy Neuer, who serves as an Executive Vice President. “Fahri and Rich will not only enhance our brand, but increase our market share in the multi- family space where many investors are highly focused.” During the past 16 years Ozturk has developed long- term, trusted relationships with many of the most ac- tive multifamily and office operators in the Tri-State region that include high net- worth private clients and institutional investors. Prior to his tenure with Marcus & Millichap, Ozturk was a Director in the Capital Mar- kets Group of Cushman & Wakefield, where he focused on investment sales in New Jersey’s Hudson County. Before focusing on brokerage, he held various positions at commercial real estate firms including Thor Equities, Macklowe Properties and Broadway Partners. Ozturk earned his Master of Science degree in Real Estate Finance and Invest- ments from New York Uni- versity and his Bachelor of Arts degree in Finance and Investments from Baruch
College’s Zicklin School of Business. “Our clients have grown tremendously within the last several years and our new partnership with CBRE will enable us to support our clients continued growth,” saidMr. Ozturk. “CBRE’s un- matched resources and part- nering with Jeffrey Dunne, a true market leader, is a big win for our clients.” Gatto focuses on invest- ment sales in Northern New Jersey, with a specialization in multifamily, mixed-use, development and office prop- erties. During his two-decade career, he has developed an unsurpassed reputation and has built trusted relation- ships with many of the most active multifamily owners and operators in New Jersey, including high net-worth private clients, family offices and institutional investors. Gatto is an active mem- ber of the National Multi Housing Group, New Jersey Apartment Association, New Jersey Builders Association, and the National Association of Homebuilders. “We’re extremely excited for the opportunity to join CBRE and partner with two investment sales legends,” noted Gatto. “Jeff and Jer- emy have built one of the top producing investment sales
YORK, PA — Bennett Williams Commercial has arranged the following trans- actions: 1,065 s/f retail space at 600 E Lancaster Ave., Shil- lington. Hardik Patel leased space from Shillington Part- ners, LLC. Abe Khan, Blake Shaffer, Brad Rohrbaugh, Chad Stine and Ashlee Lehman of BennettWilliams Commercial represented the landlord in the transaction. 1,962 s/f retail space at 50 Ore Mine Rd., Marietta. Radha-Krishna, Inc. leased space from Anna & Giuseppe Conigliaro. Blake Shaffer, Adam Hagerma n, Brad Rohrbaugh, and Chad Stine of Bennett Williams Com- mercial represented the land- lord in the transaction. 1,150 s/f retail space at 2131 S Queen St. , York, York County, PA. Laura Small leased space from Troy Smith. Blake Gross and Ryan Myers of Ben- teams worldwide, having completed in excess of $35 billion in sale transactions. This partnership allows us to enhance the value and scope of services we can provide our clients as they continue to grow in the marketplace.” CBRE Group, Inc., a For-
tune 500 and S&P 500 compa- ny headquartered in Dallas, is the world’s largest commercial real estate services and in- vestment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. MAREJ
SADDLE BROOK, NJ — CBRE announced two new strategic hires to bolster its in-
dustry-lead- ing Tri-State Institutional Pr o p e r t i e s Group. Fah- r i Ozturk and Richard Gatto have joined CBRE as senior vice p r e s i den t s and partners of a team of seasoned real estate profes- sionals head- ed by CBRE vi ce chai r - man Jeffrey Dunne . The
Bennett Williams leases 14,866 s/f in PA nett Williams Commercial represented the landlord in the transaction.
Fahri Ozturk
1 AC of land at 3071 Carlisle Rd., Dover. Harrisburg Liv Ba- con, LLC dba Wendy’s leased space from Conwago Valley Fruit & Vegetable Farm, LLC. Blake Shaffer, Rohrbaugh, and Stine represented the landlord in the transaction. 10,689 s/f retail space at 785 Starr St., Phoenixville. Habi- tat for Humanity of Chester County, Inc leased space from Starr Street Partners, LLC. Bill Hess and Jane McGill of Bennett Williams Commer- cial represented the landlord in the transaction. 1,400 s/f retail space at 180 Old Swede Rd., Doug- lassville, Berks County, PA. Sal’s Barbershop of Doug- lassville, LLC leased space from Douglassville East, LP. Jane McGill of Ben- nett Williams Commercial represented the landlord in the transaction. MAREJ
Richard Gatto
team specializes in the sale and recapitalization of office, apartments, retail, industrial and development sites in the New York Tri-State region. “Fahri and Rich are two stars on the rise in our in- dustry and we are extremely pleased to have them join our team,” said Dunne. “Even during the many challenges the industry faced during the pandemic, Fahri and Rich were prolific in the type of real estate deals they were able to complete in the ser- vice of their clients.” “Our Institutional Proper- ties Group services a presti-
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