NAI Mertz Arranges $28 Million Sale of Historic Nine-Building Multifamily Portfolio in Center City Philadelphia
NAI Mertz, a leading full-service commercial real estate firm conducting business throughout the United States, and globally, from its regional offices in New Jersey, greater Philadelphia and northeastern Pennsylvania, recently announced the sale of an historic nine-building multifamily portfolio in Center City Philadelphia. The NAI Mertz team of John Adderly, Executive Vice President-Managing Director, Fred Meyer, SIOR, Executive Vice President-Director of Brokerage & Corporate Services, and Roy Kardon, SIOR, Vice President, represented the ownership, The Stolker Family, in this complex real estate transaction. The sale price was $28 million.
Consisting of 100 apartment units, one commercial unit, and four dedicated parking spaces, these unique properties are located at 1329 Lombard Street; 415 417 S. 10th Street; 1634-36-38 Lombard Street; and 1825, 1912 and 2011 Spruce Street. The prime locations of these buildings around and within the Rittenhouse Square, Washington Square West and Avenue of the Arts submarkets, as well as their stunning and atheistically pleasing features, brought more than 75 property tours and received more than 20 offers on the portfolio.
“We are honored to have represented the ownership in the process of selling these generational assets. The interest in the portfolio was strong, which is a testament to the ownership, the properties, and the strength of the overall Philadelphia market. We received strong interest from buyers across the country for this portfolio,” stated Adderly.
The NAI Mertz team worked closely with the ownership throughout the sales process. They provided services including creating marketing materials, underwriting of the portfolio, active involvement in solicitating bids; analyzing offer and counteroffers; contract negotiation; due diligence; and closing and post closing matters.
“The Stolker Family portfolio was exposed to thousands of investors nationwide through our company database, as well as our in-depth, comprehensive online and print marketing campaigns,” Meyer stated. “We received over one hundred signed confidentiality agreements—some for the entire portfolio of properties and some for portions of the portfolio—from investors throughout the country,” he added.
“This was an extremely exciting assignment, and it was an honor to represent the Stolker’s in exclusively marketing these properties that have been a part of the family since the 1960s,” Kardon added.
In the early 1960s, Leonard Stolker, a highly regarded real estate broker in Philadelphia, began assembling this portfolio by purchasing small apartment buildings throughout the city. He purchased the American Baptist Publication Society building, an historical landmark built in 1895 at Juniper and Lombard Streets, and renovated it into the amazingly beautiful building it is today situated at 1329-39 Lombard Street. Throughout the 1990s, Stolker continued to purchase historic brownstones and buildings with character as defined by their architectural distinctions to complete the portfolio that was offered as part of this investment sale. After Leonard’s passing, the family assumed operational control of the assets and made significant capital improvements to all of the buildings, totaling in excess of $3.5 million. Last year, the family decided to sell the portfolio in its entirety, or as individual sales, and called upon the NAI Mertz team of professionals to exclusively represent and market the buildings.
“John and the whole team at NAI Mertz did an amazing job with this assignment,” commented Rob Stolker. “They handled so many complicated aspects of this sale with true expertise and professionalism. Their communication and diligence clearly separated them from other brokerage teams and got this deal done. I was extremely pleased with the entire process and how John and the team delivered,” he added
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About NAI Mertz
Founded in 1980, NAI Mertz is a leading full-service commercial real estate firm conducting business throughout the United States, and globally, from its regional offices in New Jersey, greater Philadelphia and northeastern Pennsylvania. The company provides expert services in brokerage, leasing, sales, investments, property management, site selection and construction management in the industrial, office and retail sectors. NAI Mertz’s clients include Fortune 500 companies, financial institutions, private investors, large public corporations and small businesses. Its partnership with NAI Global, a top 5 commercial real estate brand, enables the firm to provide large-scale global real estate services. NAI Mertz has been recognized as Office of the Year for NAI Global selected from a pool of 400 NAI offices. NAI Global comprises more than 7,000 commercial real estate professionals and manages over 425 million square feet of space.
For more information on NAI Mertz, visit its web site at www.naimertz.com, or 800.520.7139.