1329 Lombard St., Philadelphia, PA
PHILADELPHIA, PA—PMC Property Group has acquired a historic nine-building multifamily portfolio in Center City Philadelphia, PA, from the Leonard Stolker family for $28 million. The buyer was identified by Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
An NAI Mertz team of John Adderly, executive vice president-managing director, Fred Meyer, SIOR, executive vice president-director of brokerage and corporate services, and Roy Kardon, SIOR, vice president, represented the Stolker Family in this complex real estate transaction.
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 generated more than 20 offers on the portfolio.
In the early 1960s, Leonard Stolker, a Philadelphia real estate broker, began assembling this portfolio by purchasing small apartment buildings throughout the city. He purchased the American Baptist Publication Society building, a historical landmark built in 1895 at Juniper and Lombard Streets, and renovated it. 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 Stolker's passing, his family assumed operational control of the assets and made significant capital improvements to the buildings, 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 to exclusively represent and market the buildings.
“We are honored to have represented the ownership in the process of selling these generational assets,” says Adderly. “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.”
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 says. “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.”
“This was an extremely exciting assignment, and it was an honor to represent the Stolkers in exclusively marketing these properties that have been a part of the family since the 1960s,” Kardon says.
“John and the whole team at NAI Mertz did an amazing job with this assignment,” says 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.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
