20B — October 16 - 29, 2020 — Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
P ennsylvania
The Madison sells for $2.5 million in Reading, PA The Dunkle Group of Marcus & Millichap arranges the sale of a 113,300 s/f office building R
EADING, PA — Mar- cus & Millichap has announced the sale of The Madison, a 113,300 s/f. office property located in the heart of Downtown Reading. According to Sean Beuche , regional manager of the firm’s Philadelphia office, the as- set was sold for $2.5 million ($22.06 psf.). The building sold at 97% vacancy and will be re- developed into class A luxury apartments. Craig Dunkle, Jackson Day , and Mher Vartanian of The Dunkle Group , invest- ment specialists in Marcus &
The Madison
Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an out- of-state developer, was also secured and represented by Dunkle, Day, and Vartanian. “Amid a global pandemic, we once again had to use creative approach to facilitate the disposition of this historic asset” said Dunkle, “the team worked hand in hand with both the buyer and the city of Reading to ensure that this asset will benefit not only the developer, but the city of Read- ing overall.” The Madison, a once fully- occupied office building con- sisting of mostly government- backed tenants, has been a focal point of the Reading skyline since it’s construction in 1927. Towering more than 150 ft. in the air, the 12-story L-shaped, steel-frame building sits on roughly 1.10 acres of land, making it a prime piece of real estate for the buyer. The subject property is also ideally located within walk- ing distance to many of the city’s finest restaurants and nightlife. In a seperate transaction, Marcus & Millichap has an- nounced the sale of 297 Care Street, a 28,075 s/f. flex prop- erty located in the Colonial Park neighborhood of Harris- burg. According to Beuche, the asset was sold for $1 million ($35.62 psf). The building was sold vacant and will be occu- pied by the new owner. Dunkle had the listing to market the property on behalf of the seller, a Harrisburg based limited liability com- pany. The buyer, also a Har- risburg base limited liability company, was secured and rep- resented by NAI-CIR . MAREJ
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