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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 25 Issue 21 November 8 - 21 , 2013 DelMarVa Ind./Dist. Centers

Gilbert, SIOR reps. tenant, Hofrichter of Tack Development reps. landlord Exton, PA’s KW Commercial inks $75m, 45 year land lease on Long Island, NY

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by Blair Gilbert, SIOR of KWCommercial , Exton, PA. The landlord was represented by Peter Hofrichter of T ack Development , Farmingdale, NY. “The site was previously home to varied recreational uses however the new project increases the properties eco- nomical value exponentially”, said Gilbert. “Negotiations surrounding the transaction lasted over two years, but the end result was definitely worth the wait. We’re continu- ing to roll out the Restaurant Row project on a national basis and hopefully the re- maining sites won’t be quite as tedious” he continued. ■

ONG ISLAND, NY — RRDHC, LLC has leased 13 acres at 1024

Broadhollow Rd., Farming- dale, Long Island for an initial 45 year period with an aggre- gate lease value in excess of $75 million. RRDHC is developing the assembly as part of their national expansion of Res- taurant Row, a destination location dining concept. This site is the third location in the launch process and it is planned to include a hospi- tality component as well as a mixed-use component pat- terned in part after Celebra- tion, FL. The tenant was represented

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Co. of the Month Keast & Hood

1024 Broadhollow Rd.

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Purchaser represented by Kelin, Esq. of Feinstein, Raiss, Kelin & Booker, LLC. Wiener & Friedman of Kislak complete $42.2 million Section 1031 Exchange

Lenders Directory Spotlight

PHILADELPHIA & BRIS- TOL, PA — The Kislak Company, Inc. announced the $42,225,000 sale of two Pennsylvania properties that marked the successful comple- tion of a Section 1031 like-kind exchange. The transactions included the $16,125,000 sale of Ashley Court Apartments, a 254-unit apartment commu- nity located at 10900 Bustleton Ave. in Philadelphia; and the $26,100,000 sale of Levittown Trace Apartment Homes, a 617-unit apartment commu- nity located at 3000 Ford Rd. in Bristol.

Ashley Court Apartments

Levittown Trace Apartment Homes

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Holland, president and co- managing director. “Since last year alone, our eastern Penn- sylvania sales total more than $200 million. This was also the second time that Kislak sold both properties, and the trans- actions highlight our long term relationship with two outstand- ing clients. These sales marked our 26th transaction with the seller of Ashley Court and our 60th transaction with the seller of Levittown Trace.” “The seller of Ashley Court owned the property since 1985 and for tax purposes sought to exchange it into a larger property of greater value,” said Wiener. “Levittown Trace was the perfect fit. These were

excellent deals for all parties involved.” “Given the strong Philadel- phia rental market, the pur- chaser was looking to expand its portfolio and local presence,” said Friedman. Financing was provided by Customers Bank . The seller was represented by Edward Bortz, Esq. and the purchaser was represented by Richard Kelin, Esq. of Feinstein, Raiss, Kelin & Booker, LLC . At the time of closing, the prop- erty was approximately 97% occupied. As part of the sale, the pur- chaser assumed the seller’s first mortgage with Freddie Mac . ■

The properties were market- ed on behalf of long-time clients with co-managing director Jef- frey Wiener leading Kislak’s assignments. Vice president Jacob Friedman represented the purchaser of Ashley Court Apartments and Wiener also represented the purchaser of Levittown Trace Apartment Homes. “Each sale represented an extraordinary opportunity to acquire a large, desirable and established multifamily as- set in the Philadelphia MSA, in which we have a strong presence and successful track record of sales,” said Robert

Directory

DelMarVa ................................................. 7-16A Financial Digest ................................... Section B New Jersey .......................................... Section C Central New Jersey ................................... 7-12C Pennsylvania ....................................... Section C PA Premiere Properties............................. 5-12C

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