4C — October 13 - 26, 2017 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania MacLaren, Townsend and Talone market property Marcus & Millichap handles $6.9 million multifamily sale
Feinberg Real Estate Advisors reps. buyer in 30,000 s/f sale
Allentown, PA – Cindy McDonnell Feinberg, CCIM of Feinberg Real Estate Advisors, LLC (FREA) rep- resented the buyer, IBEWLo- cal No. 375 , on the purchase of 101 S. 7th St., Allentown, a 30,000 s/f office building lo- cated one block from the PPL Center in the heart of Allen- town’s revitalized urban core. Joseph Genay of Sperry Van Ness Imperial Reality represented the seller, S & S Singh Partners. FREA demonstrated its unique ability to assist clients from contact to closing by providing brokerage service to help with identifying available properties, introducing IBEW to prospective lenders and
referrals to construction man- agement firms and architects. Gregg Feinberg of Feinberg Law Office provided legal ser- vices for the purchase, financ- ing, title insurance and closing of the selected property. IBEW 375 plans to use the new facility for administrative offices, a union hall, and an ap- prenticeship training center. This will be their first new home since December of 1998. “Cindy provided us with exceptional brokerage ser- vices over the past three years helping us evaluate over 22 properties, not stopping until we found the perfect property which was approved unani- mously by the members of Lo- cal 375,” said Paul Anthony , business manager. “Her focus and professionalism helped us through a lengthy search.” “Gregg Feinberg’s assistance made the entire acquisition process very easy,” Anthony said. n The Verrichia Company to begin dev. of Horsham Village Plaza Horsham, PA — The Verrichia Company (TVC) , a real estate company spe- cializing in commercial land development, leasing and management for national re- tailers, has acquired the final three parcels necessary to be- gin development of Horsham Village Plaza; a mixed use retail center that will include a Wawa convenience store with six fuel pumps, a CVS pharmacy with a drive-thru and three additional pad sites available for lease that will include a sit-down restaurants or specialty retailers. The 5,585 s/f “super” Wawa and 12,900 s/f CVS Pharmacy are expected to open in fall 2018. Located at the intersection of Rte. 611 (Easton Rd.) and Blair Mill Rd., Horsham Vil- lage Plaza offers access to the highway system in one of Montgomery County’s busiest residential and commercial corridors. The site is located in front of the Pennsylvania Business Campus, a 2.4M s/f corporate campus home to some of the region’s largest employers. “HorshamVillage Plaza pro- vides retailers with a unique opportunity to have a presence in one of the most desirable commercial corridors in Mont- gomery County,” said Thomas Verrichia, president / CEO of The Verrichia Co. n
ARRISBURG, PA — Marcus & Millichap announced the sale Ridge MacLaren, An- drewTownsend and Clarke Talone , investment special- ists in Marcus & Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller. The team of agents received over ten offers for the asset and ultimately procured an out- H of Eastridge Apartments, a 108-unit multifamily property located in Harrisburg. The as- set sold for $6.9 million.
“The seller had renovated the property in 2003 under the Low-Income Housing Tax Credit (LIHTC) program and received Pennsylvania Housing Finance Agen- cy (PHFA) weatherization grants in 2013.” “There is a tremendous amount of interest in well- maintained properties in strong locations, even second- ary markets,” added Talone. “Our client took advantage of strong agency debt and throughout the market debt is presently driving pricing.” n
of-market buyer, a private partnership that participated in a 1031 exchange. “The property features a 20-year family Housing As- sistance Payments (HAP) contract on 98% of the units expiring in 2024,” said Talone. Eastridge Apartments
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