HERSHEY, PA, October 10, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Lehman Street Townhomes, a 28-unit apartment property located in Hershey, PA, according to Brenton Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $1,975,000.
Clarke Talone, Ridge MacLaren, Dana Newton, Fahd Malik and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “The seller of this property recognized the strength of the apartment market and took the opportunity to reposition their portfolio,” noted Talone.
Lehman Street Townhomes is located at 1750 Lehman Street in Hershey, PA. The property is a townhouse community that was constructed in 1988, with a unit mix consisting of 12 two-bedroom townhouses, and 16 three-bedroom townhouses. The marketing campaign yielded a motivated 1031 exchange buyer, who utilized new bank debt with excellent terms. The transaction closed approximately 2 weeks after the contract was signed. “Our marketing process yielded several property tours to local and regional investors. The ultimate buyer realized the stability of the rental market and was able to utilize attractive financing. They wasted no time in bringing the transaction to a successful closing and executed a smooth, quick transaction. The seller was ecstatic about our results, as well as our ability to execute a smooth transaction.” added Malik.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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