Newmark Knight Frank reps. seller in 5.23 acre shovel ready multifamily development transaction
BALA CYNWYD, PA — Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team comprising Mike Margolis, Dave Dolan and Dave Garonzik, along with local market expert, Jeff Mack, have completed the sale of 130 Monument Rd. in Bala Cynwyd. The team represented Roseland Residential Trust, a Mack-Cali Co., in the $8.94 million sale to Woodfield Development of Chevy Chase, MD. The 5.23-acre development was site plan approved and is pending only a building permit before construction can begin. The site is zoned and approved for the development of 205 multifamily units. As approved, the design features five stories of residential units over a podium. The building will be a mix of studio, one-bedroom and two-bedroom apartments, along with a parking garage and leasing office. The site sits directly on Monument Rd., providing unmatched regional connectivity with tremendous access to major Rd.ways such as City Ave., I-76, and US-1. Residents will be a short walk away from shopping and dining, along with nearby transportation from SEPTA’s regional rail station. Bala Cynwyd lies directly on the City Ave. Corridor, Philadelphia’s “Golden Mile.” Adjacent to Center City with thriving demographics, this location has evolved into a surging urban/suburban environment, with a large employment base, walkable amenities and a flourishing residential community.