www.marejournal.com P ENNSYLVANIA S POTLIGHT E ASTERN PA Lonberger & Wellar rep both parties in $3.5m sale of Lexington Village Apartments Thomson, Pierce, Gorman & Shover of Marcus & Millichap brokers $9.8m sale W EST CHESTER, PA — Marcus & Millichap Real Es- Mid Atlantic Real Estate Journal — Pennsylvania — July 13 - 26, 2012 — 5C
sales price of $9,800,000 representing an approximate 7.0 Cap Rate. “West Chester is one of the most desirable locations to own real estate in the Philadelphia MSA and The Greentree Building is on the corner of Main and Main” says Mark Thomson, refer- ring to the building’s promi- nence on the bustling corner of High Street and Gay Street in downtown West Chester. NANTICOKE , PA — Mar- cus & Millichap Real Es- tate Investment Services an- nounced the sale of Lexington VillageApartments, a 55 unit apartment property located in Nanticoke, according to Spen- cer Yablon, regional manager of the firm’s Philadelphia of- fice. The asset commanded a sale price of $3,500,000. Corey Lonberger and Ken
Wellar, each associate vice president investments in Marcus & Millichap’s Phila- delphia office, had the ex- clusive listing to market the property on behalf of the seller, a limited liability com- pany. The buyer, a private investor, was also secured and represented by Lonberger and Wellar. Lexington Village Apart- ments is located at 1-75Agos- tina Drive. “The property had an excellent unit mix, with all units being two bedrooms with garages,” according to Lonberger. “The property also consisted of 4.8 acres of land where additional apartments could be developed,” noted Wellar. “It is our belief that the buyer intends to develop that land at the appropriate time,” he added. ■
tate Investment Services announced the sale of The Greentree Building: a 64- unit apartment building that includes 17,500 s/f of street level retail located at the cor- ner of High and Gay Streets in West Chester, according to Spencer Yablon, regional manager of the firm’s Phila- delphia office. Mark Thomson and Zachary Pierce, multi- family investment specialists in collaborationwithMatthew Gorman and Michael Shover, retail investment special- ists of Marcus & Millichap’s Philadelphia office facilitated the transaction for both par- ties. This marks the second West Chester deal that buyer David Della Porta of Corner-
The Greentree Building
stone Communities has closed with Mark Thomson and Zachary Pierce this year, the
first being the 32-apartment units of Northwyn Court. The asset commanded a
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