P ennsylvania S potlight S outheastern PA
Real Estate Journal — Southeastern PA — April 14 - 27, 2017 — 5C Marcus & Millichap broker sale of 711 portfolio
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M id A tlantic
Rosenzweig joins Retail Capital Markets team CBRE’s Fahey, Kranzel & Hannan arrange $30.2m sale
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ing of Prussia, PA — CBRE Group, Inc . (CBRE) ar -
ranged the sale of the class A Triad office building in King of Prussia for a purchase price of $30.2 million. The four-story, 184,118 s/f property, located at 2200 Renaissance Blvd., was acquired by Zamir Equities, LLC. Robert Fahey , Jerry Kranzel and Erin Hannan of CBRE Capital Markets’ Institutional Properties team represented the seller, Kairos Real Estate Partners, LLC during the transaction. “Triad was pursued by a series of local and regional investors,” said Fahey. “They were attracted to the first-class renovation completed by the Kairos team, the strong tenant roster, long-term leases and durable in-place cash flow that Triad had to offer.” CBRE’s Steven Doherty and Nick Harris of the Debt & Structured Finance group secured the acquisition loan on behalf of the purchaser for an undisclosed amount. In other CBRE news, Adam Rosenzweig has joined the Whitehall, PA — Hol- liday Fenoglio Fowler, L.P. (HFF) has closed the sale of MacArthur Towne Centre, a 151,418 s/f community retail power center in the Lehigh Valley community of White- hall. The property was purchased by an affiliate of Abrams Re- alty & Development . Anchored by Jo-Ann Fabrics and Craft, American Signa- ture Furniture and 2nd & Charles, the 94.5% leased and Kmart shadow-anchor the property. Situated on 24 acres at 2524-2590 MacArthur Rd., the power center’s location places it along the dominant MacArthur Rd. retail corridor in the Lehigh Valley, currently one of the foremost growing economies in PA. The HFF team representing
into the successful closing of all nine assets.” “These locations have stood the test of time and are well-po- sitioned for continued success,” adds Derrick Dougherty , first VP investments in the firm’s Philadelphia office. “The stores and gas stations con- tained in this portfolio have op- erated successfully for decades in strong and well-established markets.” Taylor, Dougherty, and David Becattini , associate, represented the seller and pro- cured the buyer. Bryn Merrey , senior vice president and divisionmanager in Marcus & Millichap’s Wash- ington, D.C. office is the firm’s broker of record in Virginia. n
PHILADELPHIA, PA — Marcus & Millichap an- nounced the sale of a nine- property portfolio leased to 7-Eleven Inc. The stores are located throughout the Tidewa- ter region of Virginia. The total sales price is $23.625 million. “The portfolio was at one time part of a large convenience store chain and according to the chain’s founder, these stores were the best,” said Mark Taylor , a senior managing di- rector investments inMarcus & Millichap’s Wynnewood office. “We presented the opportunity to buyers from throughout the investment spectrum locally, regionally and nationally, and then transformed the signifi- cant interest that we generated
200 Renaissance Blvd.
firm’s Conshohocken office as a first vice president of retail capital markets. Rosenzweig brings more than 17 years of commercial real es- tate experience to CBRE, most recently serving as senior vice president of leasing & asset management at The Golden- berg Group. In his role at The Goldenberg Group, Adam was responsible for directing the leasing team and the asset management division, while also playing an integral role in advising the finance team. Prior to joining The Gold-
enberg Group, Rosenzweig worked for both private and publicly traded companies on both the Tenant and Landlord sides of business. In addition to having created, implemented and administered comprehen- sive budgets for more than 35 properties exceeding 10 million s/f, Adam’s wide-ranging and competitive real estate skill set has resulted in over 2 million s/f of successfully negotiated leases for big box, specialty, and in-line retail tenants cre- ating value totaling more than $600 million. n
HFF’s Munley, DiCosimo & Cruz close sale of 151,418 s/f community retail power center in PA’s Lehigh Valley
Chris Munley
Michael DiCosimo
Jose Cruz
MacArthur Towne Centre
the seller was led by manag- ing director Chris Munley , associate director Michael DiCosimo and senior manag- ing director Jose Cruz . “The Lehigh Valley is a strong consumer market, which is reflected by consecu- tive years of job growth and strong medical and industrial sectors,” Munley said. “Ma- cArthur Towne Centre drew a large audience of investors due
to its strategic location and long-term value prospects.” In a second transaction, HFF announced that it has closed the $6.4 million sale of Pleasant Valley, a 41-unit, affordable housing community in the Philadelphia suburb of Conshohocken. HFF marketed the property on behalf of PV Associates, which was sold free and clear of existing debt.
Pleasant Valley is situated on 1.12 acres at 107 East Hec- tor St. The property has 41 one, two and three-bedroom units, 40 of which are Project- Based Section 8 (HAP) units. The HFF investment sales team representing the seller was led by associate direc- tor Carl Fiebig along with managing director Doug Childers , senior managing
director Mark Thomson and associate director Fran Coyne . “Pleasant Valley is represen- tative of the power of HFF’s national platform,” Fiebig said. “The Philadelphia office worked in conjunction with the national affordable housing team to market the property to local and regional private groups.” n
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