READING, PA — Marcus & Millichap has announced the sale of The Madison, a 113,300 s/f. office property located in the heart of Downtown Reading. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset was sold for $2.5 million ($22.06 psf.). The building sold at 97% vacancy and will be redeveloped into class A luxury apartments.
Craig Dunkle, Jackson Day, and Mher Vartanian of The Dunkle Group, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an out-of-state developer, was also secured and represented by Dunkle, Day, and Vartanian. “Amid a global pandemic, we once again had to use creative approach to facilitate the disposition of this historic asset” said Dunkle, “the team worked hand in hand with both the buyer and the city of Reading to ensure that this asset will benefit not only the developer, but the city of Reading overall.”