Portfolio located in Center City Philadelphia NAI Mertz arranges $28 million sale of historic nine-building multifamily
ISSUE HIGHLIGHTS Volume 31, Issue 8 April 26 - May 9, 2019
HILADELPHIA, PA — NAI Mertz an- nounced the sale of an historic nine-building multi- family portfolio in Center City Philadelphia. The NAI Mertz team of John Adderly , ex- ecutive VP-managing director, Fred Meyer, SIOR , executive VP-director of Brokerage & Corporate Services, and Roy Kardon, SIOR , VP, represent- ed the ownership, The Stolker Family, in this complex real estate transaction. The sale price was $28 million. Consisting of 100 apartment units, one commercial unit, and four dedicated parking spaces, these properties are located at 1329 Lombard St.; 415-417 S. 10th St.; 1634-36-38 Lombard St.; and 1825, 1912 and 2011 Spruce St. The prime locations of these buildings around and within the Rittenhouse Square, Washington Square West and Avenue of the Arts submarkets, as well as their stunning and atheistically pleasing features, brought more than 75 property tours and received more than 20 offers on the portfolio. “We are honored to have P
some for the entire portfolio of properties and some for portions of the portfolio— from investors throughout the country,” he added. “This was an extremely excit- ing assignment, and it was an honor to represent the Stolker’s in exclusively marketing these properties that have been a part of the family since the 1960s,” Kardon added. In the early 1960s, Leonard Stolker, a highly regarded real estate broker in Philadel- phia, began assembling this portfolio by purchasing small apartment buildings through- out the city. He purchased the American Baptist Publication Society building, an historical landmark built in 1895 at Ju- niper and Lombard Sts., and renovated it into the amazingly beautiful building it is today situated at 1329-39 Lombard St. Throughout the 1990s, Stolker continued to purchase historic brownstones and build- ings with character as defined by their architectural distinc- tions to complete the portfolio that was offered as part of this investment sale. 75 Ethel Rd. in Edison for $12.2 million. The 101,454 s/f building features a 22-foot clear height and is strategi- cally located along I-287 near Exit 10 of the New Jersey Tpke. Lou and Scott Belfer of CBRE were involved in the transaction. Liberty also purchased 115 Moonachie Ave., a “last-mile” property, in the Meadowlands for $39.6 million. The 168,800 s/f multi-tenant building is 100% leased and features 28- foot clear height. It is immedi- ately adjacent to three buildings Liberty previously acquired in two separate transactions in the Meadowlands. Liberty was represented by Tom Mona- han, Stephen D’Amato, and Larry Schiffenhaus along with Brian Fiumara of CBRE National Partners in the transaction.
1329 Lombard St.
represented the ownership in the process of selling these gen- erational assets. The interest in the portfolio was strong, which is a testament to the ownership, the properties, and the strength of the overall Philadelphia mar- ket. We received strong interest from buyers across the country for this portfolio,” said Adderly. The NAI Mertz team worked closely with the ownership throughout the sales process. They provided services in- cluding creating marketing materials, underwriting of the
portfolio, active involvement in solicitating bids; analyzing of- fer and counteroffers; contract negotiation; due diligence; and closing and post-closing matters. “The Stolker Family port- folio was exposed to thou- sands of investors nationwide through our company data- base, as well as our in-depth, comprehensive online and print marketing campaigns,” Meyer said. “We received over one hundred signed confidentiality agreements—
Dino Iuliano, Planned Companies
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Liberty Property Trust acquires two industrial buildings in NJ for a combined investment of $51.8 million
MT. LAUREL, NJ — Lib- erty Property Trust pur- chased two industrial buildings last month in New Jersey for a combined investment of $51.8 million.
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75 Ethel Rd.
“Given strong industrial mar- ket fundamentals in the region, we have strategically added seven well-located properties to our portfolio over the last year and a half,” said Michael Cohen , senior vice president of investments for Liberty. “These acquisitions deepen our pres- ence in the high-growth New
Jersey Turnpike corridor and we look forward to evaluating additional investment oppor- tunities through the balance of 2019.” Acquisitions expand New Jersey footprint Liberty added to its Central New Jersey portfolio with the sale leaseback acquisition of
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