Just Closed: Mixed-Use Asset in Lansdale
LANSDALE, Pa., June 30, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 303-305 West Main Street and 306 Madison Avenue, a 20,100-square foot mixed-use asset located in Lansdale, Pa.
Daniel Bernard and Philip Sharrow, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. The pair along with Andrew Townsend, first vice president investments, procured the buyer. Brenton Baskin served as Marcus & Millichap’s broker of record in Pennsylvania.
“This was a win-win for our buyer and seller,” says Sharrow. “The seller took advantage of the market’s cap rate compression due to the low interest rate environment. The seller will now complete a 1031 exchange and ultimately double his cash flow. The buyer bought into Lansdale’s progressive submarket that and will capture the appreciation that adjacent developments will drive.”
The sale included 303-305 West Main Street and 306 Madison Avenue in downtown Lansdale, Pa., totaling 14 apartments and four commercial spaces. In 2013 the owner completed the 306 Madison Avenue addition, adding ten apartments and one commercial unit. Following the addition, half of the older apartments were extensively renovated. The new and renovated units feature stainless steel appliances, granite counter tops, in unit washer/dryer combinations and hardwood flooring. The buyer plans to continue the renovation process to increase cash flow.
“Lansdale is experiencing a revitalization with several new developments in the pipeline,” adds Bernard. “Investors see the demand for an urban lifestyle in downtown Lansdale. Tenants seek luxury apartments, restaurants, shops and entertainments within a walkable city.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com