14A — January 17 - 30, 2020 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marej.com
P ennsylvania 130 Monument Road development site sells for $8.94 million
Newmark Knight Frank reps. seller in 5.23 acre shovel ready multifamily development transaction
ALA CYNWYD, PA — Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik , along with local market expert, Jeff Mack, have completed the sale of 130 Monument Rd. in Bala Cynwyd. The team rep- resented Roseland Residential Trust, a Mack-Cali Co., in the $8.94 million sale to Woodfield Development of Chevy Chase, MD. The 5.23-acre development was site plan approved and is pending only a building B
apartments, along with a parking garage and leasing office. The site sits directly on Monument Rd., providing un- matched regional connectivity with tremendous access to ma- jor Rd.ways such as City Ave., I-76, and US-1. Residents will be a short walk away from shopping and dining, along with nearby transportation from SEPTA’s regional rail station. Bala Cynwyd lies directly on the City Ave. Cor- ridor, Philadelphia’s “Golden Mile.” Adjacent to Center City with thriving demographics, this location has evolved into a surging urban/suburban
CBRE net lease team closes 2019 with sales volume up 31% 2018 PHILADELPHIA , PA — CBRE announced that Matthew Gorman, Michael Shover, Thomas Finnegan and Robert Thompson —the Philadelphia-based arm of CBRE’s Net-Lease Properties team— closed 62 properties in 2019, totaling more than $329 million, which is a 31% increase in dollar volume over 2018. The team is well-positioned to have another milestone year in 2020, with over 60 properties currently on the market and nine under contract, equaling nearly $240 million. Completed 2019 transac- tions, most of which are clas- sified as “net lease,” were a mix of restaurants, conve- nience stores/gas stations, multi-tenant centers, discount stores, auto parts stores, bank branches and drug stores, spanning across 13 states. The property sales included 13 gas/ convenience and auto stores, 10 discount stores and 11 res- taurants. Noteworthy transac- tions included the $24 million sale of the Wawa and Davita located in the Public Ledger Building in Philadelphia; LA Fitness in Fort Washington, PA which sold for more than $9 million; and a $4.2 million McDonald’s sale in Wyomiss- ing, PA. “The net lease market had a sluggish start in 2019 due to higher interest rates in comparison to today,” said Gorman, senior vice president, CBRE. “2020 is starting in a much better position, so we’re very optimistic about this year.” 130 Monument Rd. will ex- perience an accelerated lease- up period and the investor will be able to garner premium rents due to the heavy sup- ply-constrained location. At $43,416 per unit, 130 Monu- ment Rd. was one of the high- est price-per-unit development sales in the last seven years among suburban multifam- ily land sale comparables, emphasizing the demand for luxury apartments in one of Philadelphia’s premiere live, work, play environments. environment, with a large employment base, walkable amenities and a flourishing residential community.
130 Monument Rd.
permit before construction can begin. The site is zoned and ap- proved for the development of 205 multifamily units. As
approved, the design features five stories of residential units over a podium. The building will be a mix of studio, one- bedroom and two-bedroom
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