2C — December 6 - 19, 2013 — Pennsylvania — Mid Atlantic Real Estate Journal
www.marejournal.com
P ENNSYLVANIA
Why TAB Industries is all wrapped up with Greater Reading.
And a 78-unit complex in Whitehall, PA Rittenhouse sells 50-Unit apart- ment complex valued at $2.7m
U
PPERDARBY, PA — Rittenhouse Realty Advisors is pleased to
PHILADELPHIA, PA — CBREGroup, Inc. announced that it has completed the sale of 2120 S. 23rd St. in Phila- delphia, PA. Dollar General occupies the 11,685 s/f building under a 10-year net lease, with two five-year option periods. Elli Klapper of CBRE’s New York Private Capital Group and Charles Berger of CBRE’s NJ Private Capital “Prescott Arms presents an exceptional value-add op- portunity to the buyer given its location and below market rents,” said KenWellar , man- aging partner at Rittenhouse Realty Advisors. The area is experiencing ongoing revital- ization, with several national and international retailers planning to open new stores in the next fewmonths. Upper Darby has been praised by lo- cal officials for its walkability; residents can easily access the area’s restaurants and theaters on foot. “Given the property’s excellent location, it has historically enjoyed 95% or higher occupancy rates,” said announce the sale of Prescott Arms, a 50 unit apartment complex located in Upper Darby, Delaware County PA. The property’s close proxim- ity to SEPTA’s bus system provides easy access to the City of Philadelphia, as well as West Chester Pike. It is conveniently located just a few stops from the shops and restaurants of SEPTA’s 69th St. terminal as well as the city of Philadelphia.
Group (PCG) completed the $2.05-million transaction on behalf of the seller. The building, which was con- structed in 1920 and fully reno- vated in 2012, includes a new roof with a 20-year warranty. Located right off of I-76 and within minutes of Philadelphia International Airport, the site is situated in a densely populated residential and retail area. WHITEHALL, PA — Rit- tenhouse Realty Advisors is pleased to announce the sale of Whitehall Commons, a 78-unit apartment complex located in Whitehall, Lehigh County, PA. The property, built in 1971, sits on close to 4 acres and features a mix of one, two and three bedroom units. The complex is located at the intersection of MacAr- thur Rd. and Lehigh Valley Thruway, enabling residents to enjoy convenient access to the shops and restaurants at Lehigh Valley Mall less than a mile away. Prescott Arms Corey Lonberger , managing partner at Rittenhouse Realty Advisors. Prescott Arms was purchased by a buyer new to the market place, who plans major renovations to signifi- cantly increase rent roll.
“Discount stores like Dollar General are outperforming the rest of the retail market so naturally we’ve seen very high demand for net lease assets with investment grade tenants such as the Dollar General,” said Klapper. “Properties like this offer a relatively hassle- free transaction in a newly refurbished building with a reputable anchor store.” ■ Whitehall, a suburb of Al- lentown, has a stable rental market, but this particular property was more than 10 percent below market in rents. “We have been tracking this deal, as well as the buyer, for over two years,” said Ken Wellar , managing partner of Rittenhouse RealtyAdvisors. “When it became available via auction, we had buyers lined up.” The property was in a state of distress at the time of the sale and the new buyer plans major renova- tions to increase the rent roll. “With below market rents and a high vacancy rate, the new buyer has an excellent opportunity to increase the value in a relatively short amount of time,” said Corey Lonberger , managing part- ner of Rittenhouse Realty Advisors. ■ Whitehall Commons
TAB Industries discovered more in Greater Reading than just an affordable, strategic location in southeastern Pennsylvania. They found easy access—to a labor pool with a strong work ethic, desirable transportation routes and an abundance of valuable, competent fabrication providers. In Greater Reading, TAB Industries found a dynamic community where they can expand and achieve great things.
Be something greater.
Discover greater possibilities. Visit GreaterReading.com.
GreaterReading.com s (610)376.4237
CBRE Group Inc. completes sale of property net leased to Dollar General in Philadelphia, PA
Gl oba l Access , Loca l Touch Lehigh Va l l ey and Sur rounding Areas N A I S u m m i t k n o w s E a s t e r n P e n n s y l v a n i a , i t s p r o p e r t i e s , p e o p l e a n d m a r k e t .
3435 Winchester Rd, Ste 300 Allentown, PA 18104
610 264 0200 naisummit.com
• Sales/Leasing • Investment Sales • Property & Asset Mgmt • Building Ser vices • Project Mgmt • Corporate Ser vices •
Made with FlippingBook - Online Brochure Maker