Real estate brokerage firm Marcus & Millichap announced Thursday that it negotiated the sale of a 27,983-square-foot single-tenant office building in Harrisburg for $2.8 million.
BizNewsPA reported that Torio LLC purchased the property at 3101 N. Front St. from Central Dauphin Realty Partners LLC.
The building offers views of the Susquehanna River and is surrounded by popular retailers, historical buildings “and a quaint blend of urban and suburban development with lots of greener,” a release said. The area also offers convenient access to major highways and interstate travel.
The state “has proven great commitment to this site by being a tenant for nearly 30 years,” said Marcus & Millichap associate Nick DiPrimio. The building was constructed in 1968 and is occupied by the Pennsylvania Commission on Crime and Delinquency.
“State government office deals offer investors an investment grade credit guarantee, long-term occupancy histories, and appealing cap rates during a rising interest rate environment. Our team’s marketing process was able to generate multiple offers before ultimately closing with a group from out of state,” DiPrimio said.
In addition to DiPrimio, the team included Sean Beuche, regional manager and Pennsylvania broker of record; Craig Dunkle; and Mher Vartanian.