Marcus & Millichap (NYSE: MMI), has announced the sale of The Madison, a 113,300 sf. office property located in the heart of Downtown Reading, PA. According to Sean Beuche, Regional Manager of the firm’s Philadelphia office, the asset was sold for $2,500,000 ($22.06 psf.). The building sold at 97% vacancy and will be redeveloped into class A luxury apartments.
Craig Dunkle, Jackson Day, and Mher Vartanian of The Dunkle Group, 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 buyer, an out-of-state developer, was also secured and represented by Dunkle, Day, and Vartanian.
“Amid a global pandemic, we once again had to use creative approach to facilitate the disposition of this historic asset” says Dunkle, “the team worked hand in hand with both the buyer and the city of Reading to ensure that this asset will benefit not only the developer, but the city of Reading overall.”
The Madison, a once fully-occupied office building consisting of mostly government-backed tenants, has been a focal point of the Reading skyline since it’s construction in 1927. Towering more than 150 ft. in the air, the 12-story L-shaped, steel-frame building sits on roughly 1.10 acres of land, making it a prime piece of real estate for the buyer. The subject property is also ideally located within walking distance to many of the city’s finest restaurants and nightlife.
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.
