"Pad sites continue to experience a strong investor demand because of their location, access, visibility, and customer base,” says Marcus & Millichap's Mark Krantz.
“Two-tenant buildings with smaller spaces around 15,000 to 24,000 square feet are desirable sizes, and it can be challenging to find similar facilities,” says Kelly Joyce of Colliers.
The Reading multifamily loans are backed by a local sponsor and management company, whose real estate portfolio consists of 2,000 multifamily units in 15 multifamily properties.
“Kevin is a respected and proven leader with deep experience in building long-term institutional relationships in the real assets market,” says CenterSquare's Todd Briddell.
"This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle,” says Brodie Ruland, ASB senior vice president and Northeast region head.