P ENNSYLVANIA
S HOPPING C ENTERS
Section C of the Mid Atlantic Real Estate Journal
Fedorko of the Pittsburgh office represents the seller & buyer Marcus & Millichap brokers the $12.9m sale of six-property MedExpress portfolio
P
ITTSBURGH, PA — Marcus & Millichap Real Estate Invest-
lot of attention and interest from private and institution- al investors,” says Fedorko. “The strength of the medical office and single-tenant prop- erty sectors, combined with MedExpress’s unique and attractive business model, make these assets an espe- cially attractive choice for long-term stabilized invest- ment.” “We exclusively marketed the portfolio on behalf of the seller, created a competitive bidding environment and closed the transaction in ap- proximately six weeks,” adds Fedorko. The properties are: • 3516 SawMill Run Blvd.,
Pittsburgh, PA - 6,000 s/f • 729 East State St . , Hermitage, PA - 6,656 s/f • 1139 Baltimore St., Hanover,PA - 5,747 s/f • 3876 Route 30, Latrobe, PA • 5,786 s/f • 6396 State Highway 819 South, Mt. Pleasant, PA - 5,460 s/f • 630 Fairmont Ave. , Fairmont, W. VA - 5,652 s/f All six facilities were con- structed in 2011 and all have new 10-year absolute- net leases. The tenant is responsible for the roof and structures. All operating expenses, including man- agement fees, are passed through. n
ment Services brokered the sale of six single-tenant net- leased MedExpress Urgent care healthcare centers in Pennsylvania and West Vir- ginia. The $12,986,929 sale price equates to $309 psf. Paul Fedorko, an associate inMarcus &Millichap’s Pitts- burgh office, represented the seller, MedExpress Urgent Care, and the buyer, National Retail Properties Inc. Ralph Nash of Old Spruce Realty in Lewisburg, W. Va. is Marcus & Millichap’s West Virginia broker of record. “The portfolio generated a
MedExpress Urgent healthcare center
Endow Properties LLC purchased the 30,000 s/f property RIDC announces the $2.75m sale of medical-focused comm’l. facility
JULY 13 - 26, 2012
HI-LIGHTS
PITTSBURGH, PA – The Regional Industrial Develop- ment Corporation (RIDC) of Southwestern Pennsylvania announced the sale of West Hills Commons, a 30,000 s/f flex industrial building on a 3.5 acre parcel of land located in the Township of East Franklin inArmstrong County. Endow Properties, LLC has purchased the building from RIDC for $2.75 million, a deal that was finalized on March 31 of this year. The new build- ing owner is an orthopedic surgeon who previously
NAI CIR negotiates $1.65m industrial transaction
Librandi Plating Inc. is opening an additional location in 42,877 s/f of space it has purchased at 3990 Paxton St., Harrisburg. The space will be used for industrial plating, machining and rack manufacturing. See page 2C.
West Hills Commons
ROCK Comm’l. represents both parties in $800,000 sale
leased space in the building. The building has been serv-
ing as a medically focused facility. n
The James Balliet Commercial Group “The Lehigh Valley’s Premier Full Service
Dennis and Sherry Weaver bought the 16,677 s/f mini- storage site for $800,000 at 3076 Carlisle Road in Dover. ROCK Commercial Real Estate represented both the buyer and the seller in this transaction. See page 3C.
Commercial Real Estate Company”
ALSO INSIDE:
• Shopping Center Sales & Leasing • Retail, Office, Medical & Industrial Properties • Distressed Property & Asset Management • Tenant Representation • Business Brokerage • Commercial Land Brokerage • Multi Unit Apartments KW Commercial | 40 S. Cedar Crest Blvd.| Allentown, PA 18104 610-435-4711 www.lehighvalleycommercial.com
E ASTERN PA S POTLIGHT ............................................... 5-13C P ROJECT OF THE M ONTH .....................................................8C GC OF THE M ONTH ...........................................................10C CREW L EHIGH V ALLEY ...................................................14C PA P ROJECT N EWS ...........................................................15C PA P EOPLE N EWS .............................................................16C
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