12C — August 26 - September 15, 2016 — ICSC PA/NJ/DE Conference & Deal Making — Shopping Centers — M id A tlantic
Real Estate Journal
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S hopping C enters
AMBURG, PA — Lo- cally owned and op- erated Investment The facility was over 98% occupied at the time of sale Investment Real Estate announces sale of Iron Gate Self Storage in Hamburg, PA H
ment from a remote location. Iron Gate Self Storage sits on over 0.85 acres of business development zoned land. The facility enjoys high visibility from neighboring businesses and busy Rte. 61, which serves as the main artery between Rte. 78 and Rte. 222. Property improvements include gravel driveways, exterior lighting, keypad operated electric gate and perimeter fencing. Kevin Bledsoe , vice presi- dent of brokerage for Invest- ment Real Estate, states, “Investment Real Estate sold the first self storage property the seller owned in 2014, and
they understood that property valuations are at an all-time high today, so it’s the best time to test the market. The buyer owns an existing self storage facility within relative proxim- ity of Iron Gate Self Storage and this was an opportunity to add a satellite property to his existing operations. The sale of this property was a winning transaction for both the buyer and seller.” n Bonobos signs at Feil Organization’s 488 Madison Ave. NEW YORK, NY — E- commerce driven menswear brand Bonobos has signed a 10-year lease for 1,725 s/f on the ground floor of The Feil Organization’s 447,000 s/f 488 Madison Ave., extending the apparel selection in one of the world’s most famous shop- ping districts. Feil recently completed major renovations at the building which include a new glass curtain wall on the ground and second floor along with a fully upgraded office lobby. Bonobos will be occupying the 52nd St. corner space of the building’s 51st to 52nd block front, joining such prom- inent area retailers as Saks Fifth Avenue, Tourneau, Pink, Dunhill, Bremont, Burberry, Cellini Jewelers, Porsche De- sign, Robert Talbot, and Nor- dstrom’s Trunk Club. “Thi s area of Madi son Avenue is home to various menswear tenants along with online retailers. The strong co-tenancy and highly desir- able area of Madison Avenue as a renowned shopping des- tination made for the perfect opportunity for Bonobos,” said Nicholas Forelli , director of leasing at Feil. Forelli and Feil vice president of leasing Ran- dall Briskin represented the landlord; Justin Fantasia of RKF represented the tenant. “Bonobos is a pioneer of the “Clicks-to-Bricks” concept popularizing retail today,” Forelli said. “This innova- tive shopping experience is a testament that online retail- ers need a brick-and-mortar presence as much as brick- and-mortar retailers need an online presence.” Feil also is in negotiations with a fast casual Mediter- ranean restaurant to occupy street level retail space front- ing 52nd Street. n
Real Estate, LLC announced the sale of Iron Gate Self Stor- age for $340,000 to a private investor. Iron Gate Self Stor- age is located in Berks County on Woodland Rd. in Hamburg, which is about 20 miles north of Reading. Iron Gate Self Storage con- sists of three single story buildings with over 70 drive- up self storage units. The facil- ity was over 98% occupied at the time of sale. The property opened in 1992 and was managed by appoint-
Iron Gate Self Storage
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