Monday, April 29, 2013

Recent CRE Deals

by Natalie Kostelni-Staff Writer, Philadelphia Business Journal

$15 million

Rotter Realty Group of Jenkintown paid $15 million, or just under $100,000 a unit, for Castle Club, a 158-unit complex at 254 W. Trenton Ave. in Morrisville, Bucks County. The property was 95 percent occupied at the time of sale and rents range from $900 to $1,200. Home Properties Inc. was the seller and had renovated the property, which was constructed in 1974. Jim Sheehan and Joe Verdejo, which formed IP Capital Advisors earlier this year, arranged the transaction.

39,674 sq. ft.

Crothall Services Group leased 39,674 square feet at 1500–1550 Liberty Ridge Drive with Liberty Property Trust in Chesterbrook Corporate Center in Wayne. Crothall was represented by David Morris and Dean Geis of NAI Geis Realty Group.

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