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Thursday, November 20, 2008 Retail
Cavender Enterprise Leasing Family, LLC, a Memphis, Tenn.-based private investor, has purchased five bank-leased office buildings in Pennsylvania from New York-based Gramercy Capital Corp. The sale of the properties, which are all partly-occupied by Wachovia, was handled by Douglas Rodio and Peter Stevens of CB Richard Ellis. The properties are part of a national bank disposition portfolio which were inherited by Gramercy after it acquired American Financial Realty Trust. Wachovia holds leases on the properties through 2024 and plans to continue to operate them. The portfolio is comprised of the following properties: - 224 Broad St. in Milford, Pa. The two-story building was built in 1970 and contains 6,403 square feet. It is 66 percent occupied. - 23rd and Perkiomen Ave. in Mt. Penn, Pa. The two-story, multi-tenant property contains 8,707 square feet and was built in 1954. It is currently 54 percent occupied. - 401 E. High St. in Pottstown, Pa. The two-story building was built in 1968 and contains 6,232 square feet. It is 72 percent occupied. - 101 S. Main St. in Phoenixville, Pa. The three-story building contains 13,693 square feet and was built in 1925. It is over 64 percent occupied. - 1 S. Main St. in Pittston Bypass, Pa. The multi-tenant building built in the early 1900s contains 8,113 square feet. It was 55 percent occupied at the time of sale. Size: 43,000 square feet Built: 1900-1970 Filed Under: Retail E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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