12:27 PM
Newmark announced today that Neil Shupak and Justin Bell, of Newmark’s suburban Philadelphia office, represented the seller, Patriarch VIII, LP, a part of Patriarch Management, LP in the sale of 212 Church Road for $3,700,000. The 94,000 square foot one-story building is situated on 8.5 acres adjacent to the Pennbrook Business Center. Gorman & Company, the new owner, has plans to convert the building into a high-end, climate controlled self-storage facility. The building’s attractive exterior façade, large parking field, ceiling height and proximity to a densely populated residential market make it ideal for a conversion to self-storage.
Patriarch Management, the seller, owns several other buildings in and around the Pennbrook Business Center, including the building next door that the previous tenant of 212 Church Road, ICON Clinical Research, now occupies. In addition, Patriarch owns high-end office, warehouse, a neighborhood convenience center and multifamily communities in Pennsylvania.
Tony Imbesi a partner at Patriarch said, “We purchased this building at auction a little over a year ago and Neil and Justin were extremely helpful throughout the entire process. We have worked with them previously and have always been impressed with their guidance and knowledge of the market.”
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Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
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