M id A tlantic Real Estate Journal — Pennsylvania — October 21 - November 17, 2022 — 17B P ennsylvania
www.marej.com
Company secures an all-cash buyer using a 1031 exchange RRA, a member of GREA sells 24 luxury units in Old City Philadelphia for $9,950,000
P
izes in offering design-focused hotel stays in destinations across the globe. The property was newly con- structed in 2021 with high-end finishes, oversized windows, and well-appointed common areas. It is located within walking distance to major tourist attractions including the Liberty Bell, the Betsy Ross House, and Indepen- dence Hall, along with bou- tique shopping, restaurants and cafes. It is also convenient to public transportation and major highways. This property was sold with
six and half years left on the master lease. “We were able to secure an all-cash buyer using a 1031 exchange to ac- quire The Edison,” said Ken Wellar , managing partner at RRA/GREA. “This is the second building we have sold recently that was fully leased by Sonder.” Rittenhouse Realty Advisors is a commercial real estate and brokerage company in Philadelphia providing advi- sory services to private capital and institutional investors throughout the Northeast Region.
HILADELPHIA, PA — Rittenhouse Realty Advisors, a
memb e r of GREA announced the sale of The Edi- son, twenty- four luxury units in the historic Old City neigh-
Ken Wellar
borhood of Philadelphia. The property, located at 312 N. 2nd Street, has a master lease with Sonder, an international hospitality group that special- ROCK sells York lab/manufacturing facility
The Edison
CLOSED 2022 YTD $680± million IN TOTAL CONSIDERATION
101 Sinking Springs Ln.
YORK, PA — ROCK Commercial Real Estate , one of the industry leaders in South Central Pennsylva- nia, announced that Hercon Pharmaceuticals, LLC sold 101 Sinking Springs Ln. in Emigsville, PA to CKT Hold- ings, LLC for $2,700,000. The 61,250 s/f pharmaceutical laboratory and manufactur- ing facility includes a 33,000 s/f research and develop- ment area and a 28,500 s/f warehouse. The sale in- cluded furniture, fixtures, and equipment. Jason Turnbull, CCIM, SIOR and Kevin Hodge, CCIM , of ROCK Commercial Real Estate, represented the seller. Jeffrey Herr , of Ben- nett Williams Realty, Inc. represented the buyer. “Through our broad mar- keting strategy, we were able to maximize the sale by identifying a buyer who could utilize the features of this specialized pharmaceu- tical building.” said Kevin Hodge. “We are happy to see the property bring back, and hopefully expand, high skilled STEM jobs in York.” ROCK focuses on broker- age advisory, property man- agement, lease administra- tion, and consulting. MAREJ
4,472 TOTAL UNITS
6
59
TOTAL TRANSACTIONS
STATES
KEN WELLAR MANAGING PARTNER 215-454-2879
COREY LONBERGER MANAGING PARTNER 215-454-2878 ALAN KRAWITZ SENIOR ASSOCIATE 267-323-4803
MANDO DE ARMAS FL BK3111661DE 786.486.9462 DOUGLAS SITT STUDENT HOUSING 917-297-1552
MARK DUSZAK DIRECTOR 215-454-2884 KYLE MCSHANE ASSOCIATE 215-454-2921
LUKE DELUCA VICE PRESIDENT 215-989-4440
View our available listings at www.rittenhouserealty.com & www.grea.com
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