S hopping C enters P ennsylvania F eaturing PA’ s E lite C ompanies
Moore of Patterson-Woods & Associates LLC represents buyer Feinberg Real Estate Advisors represents seller on $4.65m sale 1632-1656 West Allen St. Allentown A www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — 15B LLENTOWN, PA — Feinberg Real Estate Advisors, continue to add value to the new owner." Allen Square, LLC in the transaction.
hi-rise tower located at 7600 Stenton Ave. The property, which was acquired by the seller in 2012 for $17 million in a transac- tion also arranged by Gebroe- Hammer, was repositioned through capital improve- ments during the past three years. The 18-story property now features hardwood floor- ing, modern cabinetry and the addition of high-end finishes. It is close to the train, offer- ing a direct link to downtown Philadelphia. In addition to Chestnut Hill Tower, Rosen arranged the two separate sales of 64 units at Airy Avenue Apartments, a garden-apartment complex in East Mount Airy, and 40 units at Walnut Park Apart- ments in theWest Mount Airy neighborhood. “Rent ing rema ins the mass-majority preference of a tenant base that transcends three different generations – from millennials to retirees,” said the area market special- ist. “Apartment living is no longer dictated by income. It is a choice driven by a desire to avoid mortgage payments and home maintenance costs while having immediate ac- cess to job opportunities, mass transit, dining, arts and culture.” "It was a pleasure to com- plete this sale on behalf of Liberty Allen Square, LLC.," saidMcDonnell Fein- berg. “I had the pleasure of helping with my client’s acquisition of the property twelve years ago and ap- preciate being involved as the investment property will The single-tenant, triple net property is leased to Health Care and Retirement Corporation of America. Christopher Moore of Patterson-Woods & As- sociates LLC represented the buyer, Owl’s Nest Prop- erties, LLC.
Backed by an experienced, high-energy team, Fein- berg Real Estate Advisors specializes in commercial and industrial brokerage, investment sales, develop- ment consulting, govern- ment relations, real estate law, real estate closings and real estate title insurance throughout the Lehigh Val- ley. The principals use their knowledge and expertise to help investors, sellers, buyers and tenants achieve their real estate goals. Fein- berg Real Estate Advisors, LLC is associated with KW Commercial. n Rosen also noted another area in which Gebroe-Ham- mer has been active is the Temple University Hospital district, where he has sold 102 units in the past six months. The teaching hos- pital is a 728-bed general medical and surgical trauma center. It serves as the chief clinical training site for the Temple University School of Medicine. Additional transactions ar- ranged by the Rosen/Brecher team include the sale of 181 total units in Northeast Phila- delphia; the $20 million sale of several garden-apartment complexes in Montgomery County; and the trade of 120 units in Bucks County. Gebroe-Hammer is one of the most active multi-family investment sales brokerage firms within the Philadelphia/ New Jersey/New York State corridor. The firm’s broker- age activities concentrate on suburban and urban high- rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer alsomarkets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is a 10-time CoStar Power Broker. n
LLC and KW Com- m e r c i a l announced the comple- tion of the sale of an investment p r o p e r t y located at 1632-1656
Cindy McDonnell Feinberg
HI-LIGHTS AUGUST 14 - 27, 2015 West Allen St., Allentown. The 3-story 43,420 St. nurs- ing facility sold for $4.65 million. Landmark Comm’l. Realty brokers $12.1 million multifamily
1632-1656 West Allen St.
and KW Commercial repre- sented the seller, Liberty
Cindy McDonnell Feinberg of Feinberg Real Estate Advisors
Gebroe-Hammer Associates records Philadelphia multi-family sales totaling 1,070 Units/$97.63+m
increase in effective rents with record-breaking growth every quarter since the first quarter of 2010. Monthly effective rents are now at about 4% over last year alone, with some neighborhoods like Center City performing better than ever.” The Center City submarket, which dominates the city’s skyline, is widely acknowl- edged as one of the most vibrant downtowns in the United States with a residen- tial population that is second only to Midtown Manhattan. According to REIS, Center City’s year-over-year effec- tive rent increase was 5.3%. Its numerous neighborhoods have evolved dramatically from an industrial haven into a creative, hip enclave for re- cent college graduates putting down roots in the city as well as millennials and retirees. Similarly, Northwest Phila- delphia also has undergone a multi-family boom laying the groundwork for neighborhood gentrification, noted Rosen. Recent multi-family transac- tion highlights include the $24.5 million sale of Chestnut Hill Tower. Rosen, along with managing director Joseph Brecher , recently represent- ed the seller and buyer in the trade of the 240-unit modern
PHILADELPHIA, PA — Philadelphia’s multi-family housing stock is performing at
a year-over- year hi gh for effective r e n t s / l ow for vacancy rates while also record- ing strong absorption o f n e w
product metrowide, according to the brokerage professionals at Gebroe-Hammer Associ- ates . As a result, investment appetite is skyrocketing in the city where the firm, led by Senior vice president Eli Rosen , has arranged the trades of over 1,070 units dur- ing the past six months. Sales totaled in excess of $97.63 million. “Philadelphia is a melting pot of property classes, rang- ing from newly constructed luxury hi-rise buildings to existing post-World War II mid-rise buildings that have been renovated through the years and are poised for re- positioning,” said Rosen, who represents prominent inves- tors and developers through- out the metro Philadelphia market and its outlying sub- urbs. “The city as a whole has experienced an annual
Colliers’ Susanin, Hilbert & Richardson brokers office lease
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