P ENNSYLVANIA
S HOPPING C ENTERS
Section C of the Mid Atlantic Real Estate Journal
Trades include a 37-unit complex in Bala Cynwyd and 14-unit property in Yardley Gebroe-Hammer Associates completes two multifamily sales totaling $4.94 Million
B
A L A C Y NW Y D / YARDLEY, PA — Ge- broe-Hammer Asso-
Court at 25 Old Lancaster Rd. in Bala Cynwyd, PA., traded for $4.05 million, equating to more than $109,400 per unit. Lo- cated in the heart of suburban Philadelphia’s historical Main Line region, the property con- sists of three, three-story brick buildings with five studio, 27 one-bedroom and five two-bed- room apartments. St. Joseph’s University and shopping and dining destinations are nearby. Units offer hardwood floors, screened porches, brick-en- closed patios, sun rooms and keyed entry doors with an intercom system. “Edge Hill Court provides a value-add opportunity result- ing from upgraded kitchens and baths that have netted a premium in asking rents,” said Brecher. In the second transaction, the 14-unit 41North Delaware
Ave. in Yardley, PA, has been sold for $890,000. Located on the Delaware River in Lower Bucks County, the property is close to SEPTA Regional Yardley station with service to Philadelphia, and provides easy access to I-95. It consists of 14 two-bedroom units, provides on-site parking and has on- premises laundry facilities. “Multi-family assets continue to provide one of the stron- gest commercial real estate investment opportunities in southeastern Pennsylvania,” said Brecher. “Both of these offerings attracted a great deal of interest. With its location between New York and Wash- ington, D.C., this bi-state Penn- sylvania/New Jersey region continues to experience high tenant demand and occupancy rates, which is driving investor interest.” ■
ciates has orchestrated the sale of two multi-family prop- erties in southeastern Penn- sylvania, totaling a combined 51 units that sold for $4.94 million. The Livingston, NJ based firm’s managing direc- tor Joseph Brecher and se- nior vice president Eli Rosen represented the sellers and procured the buyers in both transactions. In the larger of the two trans- actions, the 37-unit Edge Hill
JUNE 14 - 27, 2013
HI-LIGHTS Swope Lees Comm’l. RE negotiates $1.56m office sale
Edge Hill Court
WP Realty acquires 149,016 s/f multi-tenant center located in the Parkway West retail corridor
PITTSBURGH, PA — WP Realty announced the acqui- sition of Plaza at the Pointe located in Pittsburgh, Penn- sylvania. Plaza at the Pointe is a 149,016 s/f, multi-tenant retail center located in the Parkway West retail corridor, approxi- mately 5 miles from the Pitts- burgh International Airport and 10 miles from the Pitts- burgh central business district. The Parkway West corridor is one of the strongest retail submarkets in the Pittsburgh MSA and is defined by the cluster of retail and office space located at the interchanges of Interstate 376, U.S. Route 60, and U.S. Routes 22/30. Developed in 1998, Plaza at the Pointe is anchored by Bed, Bath & Beyond, Old Navy, La-Z-Boy, and Party City and boasts a compelling mix of na- tional and regional retailers. The center is shadow anchored by Latitude 40, a recently redeveloped 60,000 s/f enter- tainment center. The property is surrounded by many of the nation’s top retailers. The center, with excellent
Landmark Comm’l.’s Heller & Bobincheck arrange $4.6m sale 3C
Plaza at the Pointe
visibility, large regional mar- ket draw, and solid following
within the trade area, creates an excellent opportunity to
lease the remaining 21,556 s/f anchor space. ■
William Penn Commons Bethlehem Township, PA
8C
• Retail and Office Space Available • Excellent location 1⁄4 mile away from Route 33 • Close Proximity to the New St. Luke’s Anderson Campus and LVIP VI • Signalized - High-volume entrance • In-line & Stand-alone pads available for sale/lease 610.332.9900 www.alt-realty.net
SPOTLIGHT Central Pennsylvania 5-12C
ALSO INSIDE
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