The price is undisclosed, but, on condition of anonymity, a Main Line broker tells GlobeSt.com it was slightly less than $5.7 million, or close to $227 per sf. The two- and three-story side-by-side buildings are at 223, 227 and 229 Lancaster Avenue.
Steve Marzullo, senior vice president in the West Conshohocken office for Trammell Crow Co., represented the seller and procured the buyer. "There was very competitive bidding," Marzullo tells GlobeSt.com. "This represented a rare opportunity to acquire commercial property along the Main Line. Stoltz has been acquiring assets here for its own family fund, versus its large national fund, and this is particularly attractive, because it's historically well-tenanted, fronts Lancaster Avenue and has lots of parking, which is difficult to obtain here."
The trio is now 80% leased "because a couple of the long-time dental and medical occupants recently retired," Marzullo says. The rent rate is $29 per sf, full service, "relatively high," he says, "which reflects not only the location, but also the buildings' medical fit-outs."
Weichert Realtors occupies the entire 229 building and Continental Bank occupies the ground floor at 227. The other tenants are medical and dental professionals. Primarily in joint venture with institutional partners, Stoltz and its affiliates own, lease and manage a national portfolio of more than 70 properties, encompassing all commercial real estate sectors and aggregating more than 10 million sf.
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