8C — September 16 - 29, 2016 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania Shore, VP handles the negotiations on behalf of the buyer Procision Commercial Realty brokers the acquisition of 42,000 s/f office park
OUTHAMPTON, PA — Procision Commercial Realty , an affiliate of Pr- ocision Business Brokers , represented Southampton Park, LLC in the acquisition of Southampton Office Park at 928 Jaymor Rd. in South- ampton. This 42,000 s/f Office Park features garden style corporate office spaces. At the time of closing, the Park was 60% occupied. The transaction price is undisclosed. Richard Shore , vice presi- dent of Procision Commercial Realty handled the negotia- tions on behalf of the buyer. S
Upon the purchase the Office Park had a strong core mix of professional users. “The ac- quisition is an excellent value added opportunity for the new owners to upgrade the Office Park during lease up of the remaining spaces. We are quite pleased to be the leasing agents
for the Property,” said Shore. Along with the leasing and management of the South- ampton Office Park, Procision is the exclusive leasing and management agent for over 500,000 s/f of commercial space in Pennsylvania and New Jersey. n located in Fredericktown, PA, according to Michael Glass , regional manager of the firm’s Cleveland office. This newly constructed build-to-suit asset sold for $1.48 million, which was over 98% of the list price. Craig Fuller, Erin Patton, and Scott Wiles , investment specialists in Marcus & Mil- lichap’s Cleveland and Colum- bus offices, had the exclusive listing to market the property on behalf of the seller, a local merchant developer. The as- set was purchased by an out of state 1031 exchange buyer who was also secured and represented by Fuller, Patton, and Wiles. Dollar General is located at 3220 National Pike in Fred- ericktown, PA. The property was constructed in 2016 and is bound by a 15-year absolute triple-net lease. The purchaser secured new financing and closed on the deal within 50 days from contract signing. n HFF closes $25.775 mi l l ion sale of Franklin Marketplace PHILADELPHIA, PA — August 24, 2016 – Holli- day Fenoglio Fowler, L.P. (HFF) has closed the $25.775 million sale of Franklin Mar- ketplace, a 223,434 s/f retail power center near Philadel- phia Mills in northeastern Philadelphia. HFF marketed the prop- erty on behalf of the seller, Benbrooke. PAG Invest- ments purchased the asset free and clear of existing debt. The HFF team represent- ing the seller was led by managing director Chris Munley and senior man- aging director Jose Cruz , managing director Kevin O’Hearn and associate di- rector Michael DiCosimo . n
Marcus & Millichap inks the sale of 9,100 s/f
PITTSBURGH,PA — Mar- cus & Millichap announced the sale of Dollar General, a 9,100 s/f net-leased property
Southampton Office Park
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