CLOSED September 2013: Mill at McKeesport | McKeesport, PA
MCKEESPORT, PA, October 1, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Mill at McKeesport, a 70-unit apartment property located in McKeesport, PA, as well as the sale of Hill Café, a 27-unit apartment property located in Harrisburg, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The assets sold for $1,685,000 and $500,078, respectively.
Clarke Talone, Andrew Townsend and Ridge MacLaren from Marcus & Millichap’s Philadelphia office, along with Charles Krushansky from the Pittsburgh office, had the exclusive listing to market Mill at McKeesport on behalf of the seller, a government agency. MacLaren, Talone, and Townsend also arranged the sale of Hill Café in between the seller, and the buyer, a local partnership.
The Mill at McKeesport is located at 551 6th Street in McKeesport, PA. Constructed in 1972, the property features 70 one-bedroom and two-bedroom units in five buildings. The property has recently undergone extensive interior and exterior renovations, and boasts a strong occupancy. “This was a difficult transaction due to the depressed McKeesport economy,” stated Talone. “The buyer of the asset recognized the strong current operations in the building and will be rewarded with yields not available in other submarkets for multifamily product.”
Hill Café is located at 1249 Market Street in Harrisburg, PA. This 27-unit building was built in 1900. It is located just one mile from the Pennsylvania State Capitol Building, as well as the shopping, dining and entertainment of Strawberry Square. “Hill Café was an asset in downtown Harrisburg that needed significant renovation,” noted MacLaren. “The buyers plan to reposition the property to provide needed workforce housing to the Harrisburg community.”
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
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