P ennsylvania
S hopping C enters
Observing an influx of buyers from NY, down to Washington D.C. Rittenhouse Realty Advisors sells 46 student housing units, totaling 111 beds for $6.4 million U www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — Section C niversity City, PA — Rittenhouse Real ty Advi sors
HI-LIGHTS June 12 - 25, 2015 announced the sale of three student housing properties, consisting of 46 units and 111 beds, for more than $6.4 mil- lion in total consideration. The sales consisted of three differ- ent properties, one located near St. Joseph’s University and two located in University City, providing housing for students at both UPENN and Drexel. Two of the three properties were excellent value-add oppor- tunities that were purchased by the same buyer. Those
The Lancaster
4519-4525 Pine St.
properties, located at 6355 Lancaster Ave. and 4519-4525 Pine St., had rents significantly under market. With renova- tions to kitchens and baths the buyer plans to increase rents 10%-15%. Vince Tagliente , who represented the seller in the 4519 Pine St. transaction, said, “We continue to see a high
demand for value-add rental properties in University City given the continued growth in the immediate area.” The third property, a new- ly constructed, 28-bedroom building located at North 40th and Wiota Sts., held the ad- vantage of being Drexel Uni- versity approved off-campus
student housing. “University City continues to be one of the hottest districts for investment properties in Philadelphia. We’re seeing a massive influx of buyers from NY, down to Washington DC, all looking to enter the established student housing market,” said David Greenhalgh , an associate at
RRA. “With offices in New York, Philadelphia and Delaware we are able to identify buyers for these assets who may not have otherwise been aware of the excellent opportunities in the student housing market,” said Ken Wellar , a managing partner at RRA. n
Central PA
SPOTLIGHT 5-7C Frank Roddy of Roddy Inc. reps. buyer in $8.53m sale
Newmark Grubb Knight Frank completes two industrial sales over $7 million
Court Partners LLC with the purchase of 7625 Suffolk Ave. The building was purchased for a class A East Coast food “dinner kit” processing and distribution facility. The same NGKF industrial team of Wolfington and Kutzler represented the seller Pennock Company at 3601 Island Ave., where they sold the 84,471 s/f building to Sixt Rent A Car for $3.4 million. Sixt is a high- end car rental organization that has locations at many major airports and popular tourist destinations across the U.S. With this acquisition, the company plans to open its first Philadelphia location. The proximity to the airport and numerous tourist attractions, as well as the large parking capacity, made this building an ideal location for Sixt. n
Philadelphia, PA — Newmark Grubb Knight Frank (NGKF) announced that senior managing direc- tor Eustace Wolfington and director Chris Kutzler have recently closed two industrial sales transactions totaling more than $7 million near the Philadelphia International Airport. The Philadelphia International Airport area draws the attention of many distribution businesses because of its close proximity to Center City Philadelphia, Dela- ware, and Southern NJ, as well as major highways (I-95, I-76, I-476) and the Philadelphia International Airport for ship- ping and receiving goods. This location was a perfect fit for the two businesses that purchased 7625 Suffolk Ave., a 104,000 s/f warehouse that
4C
KarMar Realty Group inks five sales totaling $2 million
7625 Suffolk Ave.
5C
ALSO INside
People on the Move................... 10C CREW Lehigh Valley Chapter .12-13C www.marejournal.com
3601 Island Ave.
sold for $3.475 million and the 84,471 s/f warehouse sold at 3601 Island Ave. for $3.4
million. Wolfington and Kutzler rep- resented the buyer Powers
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