12-6-13

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 25 Issue 23 December 6 - 19 , 2013 Accounting- Tax Issues Spotlight

Witten, Nolletti, Thomson & Pierce represent both parties 1,176 unit portfolio sale arranged by IPA includes a $68m property

P

HILADELPHIA, PA — Institutional Prop- erty Advisors (IPA) , a

amenities, looked at unit lay- outs, views, accessibility and visibility.” “Our understanding of the properties and the buyers’ vi- sion for themwas an important element of the sale,” Thomson said. “We conducted more than 40 property tours, received numerous offers and matched the right buyers with the right assets.” Built on 26 acres in 1968, The Marquis is prominently located at 251 West DeKalb Pike in King of Prussia, PA. The unit mix features studio-, one-, two- and three-bedroom apartments and more than 22 different floor plans. Witten and Nolletti also just closed 124 units in Stamford, Conn. for $45,100,000, 597 units in Hartford, CT for $29,500,000 and 168 units in Orange, CT for $35,300,000. Thomson and Pierce closed 218 units in Harrisburg, PA for $25,625,000 and have 502 units on the market in the East Falls section of Philadelphia. ■ Street in Harlem, a premier location in the area. The mixed use project will feature a 13 story, 164 unit residential development with ground floor retail shops. •A$5,550,000 construction loan to City Island Reserve, LLC. The borrower is using the loan proceeds to develop 43 waterfront townhomes on one of the last development sites on City Island. The project, known as “On the Sound,” is being developed by Greystone Property Develop- ment Corp. • A $3,576,000 discounted debt purchase on 5 mixed use properties throughout Bergen County. • A $2,650,000 acquisition/ renovation loan with JCM Investors on 3 multifamily/ retail buildings in Paterson, NJ. ■

multifamily brokerage divi- sion of Marcus & Millichap serving the needs of insti- tutional and major private investors, has arranged the sale of a 1,176-unit multi- property portfolio in suburban Philadelphia. The properties include The Marquis, a 641- unit multifamily complex in King of Prussia, PA that sold for $68,000,000. The balance of the transaction is undis- closed. IPA executive directors Steve Witten and Victor Nolletti , along with Marcus & Millichap vice president of investments Mark Thomson and senior associate Zachary Pierce , represented all of the principals in the transactions. Candlebrook Marquis Prop- erty Owner LLC purchased The Marquis from Marquis Associates LLP . “This portfolio provided in- vestors with a once-in-a-gen-

13A

Cushman & Wakefield arranges $35.6m sale

The Marquis, King of Prussia, PA

eration opportunity to acquire underperforming assets in exceptional locations,” said Nolletti. “The acquisitions provide the new owners with tremendous opportunities to add value and return these assets to promi- nence within their respective

submarkets,” said Witten. “During the course of mar- keting these assets for sale we studied every detail of every comparable property in the area,” said Pierce. “We interviewed onsite staff and owners about renovations and construction costs, toured the

6B

Landmark Comm’l negotiates deals totaling $4.2m

Announces a 16.97% Annualized Return for the first 9 months of 2013 Procida’s 100 Mile Fund provides $12.3 million construction loan to Nobility Crest

ENGLEWOOD CLIFFS, NJ —The 100 Mile Fund, pro- vided a $12.3m infrastructure / construction loan to the proj- ect known as The Shoppes & Residences at New Visions in

Brick Township, New Jersey. The project consists of two separate developments; A mixed-use project which will consist of 21,109 s/f of re- tail space and 44 rental units made up of 30 two-bedrooms and 14 one-bedroom apart- ments. The second parcel will consist of 170 townhomes. This is the second project on the Jersey Shore that The 100Mile Fund has undertaken with Jerald Development . The town homes will be built and sold by Ryan Homes , one of the largest homebuilders in America, while Jerald De- velopment will construct the rental and retail sites. Jerry Cernero is an award winning developer with deep roots along the Jersey Shore. Jerry Cernero, president of Nobility Crest at Brick, commented: “Dealing with Procida Fund-

ing is far easier than dealing with a bank. Their expertise as developers and builders make for a smooth process, and they add value to every decision I make. They may be a lender, but they think like a builder” This site is centrally lo- cated in Brick Township and is in close proximity to most major retailers, the Garden State Parkway and the area beaches. In other news, Procida Fund- ing announced that its 100 Mile Fund earned a 16.97% annualized return during the first 9 months of 2013. Since January the fund has origi- nated $46,051,303 of new deals and over $100,000,000 since inception in October of 2011. Some highlights include; •A$10,000,000 bridge loan to Ladera II for its develop- ment site at 300 West 122nd

5C

Directory

DelMarVa ................................................. 7-12A Financial Digest ...................................Section A New Jersey .......................................... Section B Northern New Jersey................................ 5-12B Pennsylvania ....................................... Section C Central PA................................................... 5-9C

Upcoming Spotlights December 20, 2013 Annual Review

www.marejournal.com

Made with FlippingBook - Online Brochure Maker