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Deals & Dealmakers

ON THE SCENE: This week’s middle market sales

SAM KUPERSMITH

CBRE arranged the sale of a 30-unit apartment complex located at 1623 W. Venango Street in the Nicetown–Tioga neighborhood of Philadelphia. Twin Lakes Realty acquired the multifamily asset for $6,050,000. The CBRE greater Philadelphia multifamily capital markets team comprised of Samantha Kupersmith, Spencer Yablon, John McFadden, Robert Miller, Sam Zell and Brad Megay represented the seller, LaCorte Properties. LaCorte Properties also owns two additional lots on Venango Street and has plans to build an additional 60-units. The modular built property, which delivered in August, is located adjacent to Temple University’s Health Sciences Campus.

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Charity Realty International announced the sale of two industrial properties totaling 35,000 s/f on 8-acres to developer Commerce Park Investors, LLC . The Roxbury transaction included former PRC Laser Corporation buildings 350 & 360 North Frontage Road, a vacant 16,200 s/f office-warehouse facility and a 18,670 s/f industrial/flex building in Landing, NJ. The package traded for $1,900,000. The free-standing industrial buildings in Morris County are visible from Interstate 80, have tailboard and dive-in loading, heavy power distribution, backup gas-fired generators and are 100 percent air conditioned. They became available after the purchase of PRC Laser by seller, Coherent Tios Inc. James Costanzo, president of Charity Realty International, announced the trade. Coherent Tios Inc. was represented by a brokerage team from Colliers International NJ lead by associate Jack Callahan. In accordance with Charity Realty International’s charity pledge, a grant for $4,750 was gifted to the Mental Health Association of Essex & Morris.

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NAI James E. Hanson negotiated the sale of a 20,000 s/f industrial building at 130 Wesley Street in South Hackensack, NJ, (pictured top) Darren Lizzack and Randy Horning represented the seller, Wesley Lab, LLC. Friedberg Properties represented the buyer, PPF Jersey, LLC. Team Lizzack-Horning has also been retained by Wesley Lab, LLC to assist in identifying an acquisition opportunity to complete a 1031 exchange. 130 Wesley Street is located immediately off of Exit 65 on Interstate 80 West and less than a quarter of a mile from Interstate 80 East in the Central Bergen industrial submarket.

DAVID SIMON

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NAI DiLeo-Bram & Co. announced that David Simon closed the sale of a 6,156 s/f office building located at 654 Springfield Avenue in Berkeley Heights, NJ. Simon represented the seller. The building is within walking distance to the Berkeley Heights train station and offered the buyer the ability to accommodate its medical practice while also presenting its principals with an ideal investment opportunity. Situated in close proximity to I-78 and Route 22, 654 Springfield Avenue is located less than 30 miles from New York City. The two-story office building has been well maintained and a number of the existing tenants have occupied the property for several decades.

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