Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm, has announced the sale of GWYNEDD OFFICE PARK, a 50,427-square foot portfolio of three properties located in Lower Gwynedd, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $6,873,000 or $136.30 per square foot.
Craig Dunkle, investment specialist in Marcus & Millichap’s Philadelphia office secured the buyer for the transaction, a limited liability company out of Rockland County, NY. The seller, also a limited liability company, was represented by Craig Fernsler, VP Investment Services, KW Commercial Real Estate and Joshua Levin, Broker of Record, Levin Commercial Real Estate.
Gwynedd Office Park, located at 714, 716 & 768 Bethlehem Pike in Lower Gwynedd, PA, is highlighted by a mix of professional and medical service-oriented tenants that serve the local community. Even though COVID-19 pandemic resulted in state ordered shutdowns of all non-essential businesses, all parties were able to work together to facilitate and close the transaction. There are many tenants in the Gwynedd Office Park that are considered essential and made the necessary accommodations to adhere to safety guidelines and keep their employees and clients protected,
The properties were built in 1980 and renovated in 2019 and sit on +6.36 acres. At the time of sale, the properties were 98% occupied with an in-place CAP rate of 8.66%. Financing was provided by Centric Bank based of Enola, PA.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap 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.
