Here’s a roundup of some recent real estate transactions from across the region.
Equus Capital Partners Ltd. sold Madison Willowyck, a 308-unit apartment community at One Marlbrook Lane in Upper Gwynedd, for $63.5 million to Friedman Realty Group of Gibbsboro, N.J. The property was 96 percent occupied at the time of sale. The seller was represented by Erin Miller and Marybeth Farris of Jones Lang LaSalle. An affiliate of Equus acquired Madison Willowyck in 2007 from UBS and spent around $4 million making upgrades to the property.
Wynnewood Park, an apartment community comprised on 227 units in 33 buildings at 150 E. Wynnewood Road in Wynnewood, has been put up for sale. It was developed by the Pedley family in 1939 and has been in the family ever since. The complex, which sits on 10 acres, has an occupancy in the mid-90s. Seldom does a property of this scale come on the market along the Main Line, said Corey Lonberger of Rittenhouse Realty Advisors, who is marketing it along with Mark Duszak and Ken Weller. The family has decided this is the right time to sell, said Lonberger, who has 80 tours lined up for the property. No asking price has been set.
Three leases totaling 18,300 square feet were arranged in the Cast Iron building at 718 Arch St. in Philadelphia. Visions For Equality renewed its lease on 10,000 square feet, LISC renewed its lease on 3,900 square feet and the Philadelphia Education Fund leased 4,400 square feet in the building. The Philadelphia Education fund was represented by Joe Viturello of PernaFrederick Commercial Real Estate. Tom Kramer of TDK Commercial Advisors represented the landlord and was the sole broker in the other two deals.
Post Brothers paid $2.4 million for a 115,835-square-foot former storage building at 780 S. 52nd St. in the University City neighborhood of Philadelphia. The property, referred to as Apple Lofts, has sat vacant for more than 10 years. It was sold by Iron Stone and is approved for a residential conversion. Post Brothers plans to develop 153 units in the building. Ken Wellar and Mark Duszak of Rittenhouse Realty Partners arranged the sale.
FD Stonewater, an Arlington, Va., real estate firm, paid $30.5 million for 1000 River Road, a four-story, 169,163-square-foot office building in Conshohocken. Buccini/Pollin Group Inc. was the seller. The building is fully occupied by Reimbursement Technologies Inc., which has been in the property since 1999 and recently extended its lease. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Inc. represented the seller.
Sosh Architects, an Atlantic City firm, has expanded into Philadelphia and leased 3,274 square feet on the 10th floor of the Curtis Center at 601 Walnut St. It is occupying temporary space in the building while the new office is being built out and will move during the first quarter. Ken Zirk and Matthew Knowles of CBRE Inc. represented the tenant while Colliers International represented the landlord, Keystone Property Group.
An affiliate of Maguire Hayden Real Estate Co. paid $7.5 million for a 261,410-square-foot industrial building at 1800 Ogletown Road in Newark, Del. The seller was LNR Partners, a special servicer. The property was 32 percent occupied at the time of the sale with AB Group Packaging and Norkol as tenants. Carl L. Neilson and Charles R. Brown of Colliers International represented LNR Partners.