Warminster, PA — Marcus & Millichap announced the sale of The Learning Experience, a 10,000 s/f net-leased property located in Warminster, for $2.95 million, according to Brian Hosey, regional manager of the firm's New Jersey office. Ben Sgambati, Alan Cafiero and Chip Collins, investment specialists in Marcus & Millichap's New Jersey office, had the listing to market the property on behalf of the seller, a private investor. The team secured and represented the buyer, also a private investor. Mark Taylor, broker, assisted in closing this transaction.
The Learning Experience is located at 886 York Rd. The 10,000 s/f facility was newly constructed in 2011 and sits on almost two acres of property.
BLUE BELL, PA — Marcus & Millichap announced the sale of Sentry Park East, a 24,000 s/f office property located in Blue Bell. The asset commanded a sale price of $2.175 million.
Eric Grad, associate, Scott Caliguire, analyst, Dana Newton, senior associate, of Marcus & Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller. Grad and Newton also secured the buyer. The broker of record for this transaction is Brenton James Baskin.
“This acquisition represented the buyer’s first venture into the office segment,” said Newton, “We have a unique platform which caters to bringing capital from different product types to maximize proceeds for our seller.” Sentry Park East is located at 1710 Walton Rd., a three-story building with five condominium units. This sale represented one of the five office buildings within the condominium association. The tenants of the office building are a mix of accounting, consulting and staffing firms with 76% occupancy. The property is strategically located with ease of access to the PA Tpke., situated in the Blue Bell office submarket. Blue Bell is one of the most prosperous areas in Montgomery County. “The buyer who was ultimately chosen was in a 1031 tax deferred exchange which allowed us to compress timelines, closing this transaction in 35 days,” Grad concluded.