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Tag: Marcus & Millichap

Riverfront office building in Harrisburg sells for $2.8M

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.

McSherrystown apartment complex sells for $7 million

West Park Apartments, a 69-unit apartment property located in McSherrystown. PHOTO/PROVIDED

West Park Apartments, a 69-unit complex at 65 North St., McSherrystown, Adams County, has sold for $7 million, according to Sean Beuche, regional manager of Marcus & Millichap’s King of Prussia office.

Clarke Talone, Andrew Townsend, Daniel Bernard and Ridge MacLaren, investment specialists in the King of Prussia office, along with Christopher Chadwick and Martin Mooradian from the Washington, D.C., office, listed the property on behalf of the seller, a limited liability company.

They also secured the buyer, a regional limited liability company. Beuche, Marcus & Millichap’s broker of record in Pennsylvania, helped close the transaction.

“Central Pennsylvania apartment market fundamentals remain extremely strong,” Talone said in a release. “West Park Apartments generated a tremendous amount of investor interest due to its large townhome-style units and value-add opportunity. The buyer was drawn to the property due to the significant upside in rents. They executed a smooth transaction and were able to close in less than two months from contract execution.”

Built in 1974, West Park Apartments includes 12 buildings, with updated roofs and flooring, on approximately 5.5 acres. There are 68 two-bedroom, one-bath townhome rentals and a single one-bedroom, one-bath unit.

According to the release, the property was “delivered free and clear of debt, allowing the buyer to capitalize on the strong financing market.

Harrisburg office property sells for $4.6M

(Photo: Submitted) –

A 73,289-square-foot building in Harrisburg, occupied by several nonprofits, recently sold for $4.6 million.

Craig Dunkle, senior associate for the Marcus & Millichap’s Philadelphia office, said he and Marcus & Millichap associate Mark O’Shea sold the property at 100 N. Cameron St. in Harrisburg on behalf of the seller, Brickbox Enterprises Ltd.

Dunkle also secured and represented the buyer, Halzlucha LLC.

The four-story building, at the corner of Cameron and Walnut streets, houses a mix of local, state, and national nonprofits as tenants.

Over the years, workers completely renovated the brick office building, which is compliant with Americans with Disabilities Act requirements and is within a federal opportunity zone, Dunkle added.

The property has vacant space on the third floor, consisting of two 7,500 square-foot suites.

Camp Hill office property sells for $3.9M

The property at 355 N. 21st St. in Camp Hill sold for $3.9 million. (Photo: Submitted)
The property at 355 N. 21st St. in Camp Hill sold for $3.9 million. (Photo: Submitted)

A 26,541-square-foot- office property in Camp Hill has changed hands at a price of $3.9 million, said commercial real estate firm Marcus & Millichap.

Craig Dunkle, senior associate for the firm’s Philadelphia office, said he marketed the property on behalf of the seller, 355 N. 21st Camp Hill Associates, who had owned the property since 2003. Dunkle also secured and represented the buyer, Thank You Hashem, an entity based in New York.

The property, at 355 N. 21st St., was on the market for fewer than 45 days, he added.

The property is 100 percent occupied, Dunkle said. Its 16 office suites include a mix of medical users, financial planners, law offices and others.

Dunkle said the seller made about $70,000 worth of capital improvements to the property, including a new roof and tenant fit out.
The new owner will make some additional improvements, such as upgrading bathrooms and repainting the exterior awnings, he said.

Garrett Rothman of RSR Realtors also worked on the transaction.

Marcus & Millichap real estate team hopes to plant midstate roots

Commercial real estate agent Craig Dunkle, right, is looking to grow his team and open a bigger satellite office in Central Pennsylvania for Marcus & Millichap. Joining him, from left, are Mark O’Shea, Mher Vartanian and Broc Chabaoui. (Photo: Submitted)

After brokering a string of commercial real estate deals in Central Pennsylvania, agent Craig Dunkle is looking to plunk down long-term business roots in the Harrisburg area.

Dunkle is hunting for a new satellite office to support his growing team at Marcus & Millichap, a national commercial real estate company with a regional office in Philadelphia.

“There is a huge amount of opportunity here,” said Dunkle, who recently helped a New York investment group ink a $33.5 million purchase of the Shoppes at Susquehanna Marketplace in Susquehanna Township.

Dunkle knows Central Pennsylvania. He grew up in Hampden Township and graduated from Cumberland Valley High School.

He also sold houses for two midstate brokers before joining Marcus & Millichap in summer 2015.

After striking a series of commercial deals in Central Pennsylvania, he would like to open a bigger office on the Carlisle Pike or near Harrisburg, hoping to raise his team’s profile in the region’s competitive commercial market.

Lot of activity

Since early 2018, Dunkle has handled several multimillion-dollar retail, office and multifamily sales in Central Pennsylvania.

They include Starbucks-anchored shopping centers in Dauphin and York counties. He also sold a Dollar General-anchored shopping center in Cumberland County, a townhouse community in York County and a large office building in Dauphin County.

Dunkle sees Central Pennsylvania as his primary market, though he also is focusing in the Lehigh Valley and working with investors across the Mid-Atlantic region.

Some of those investors may once have looked only at big cities like New York City and Philadelphia. But they are now flocking to smaller markets like the Harrisburg area in search of lower prices and higher returns.

So the 33-year-old has been beefing up his commercial team, dubbed Dunkle and Partners, with other investment specialists. He has hired Mark O’Shea, who previously worked in financial services, Mher Vartanian, who worked on another Marcus & Millichap team in Philadelphia, and new agent Broc Chabaoui.

The team is working out of Marcus & Millichap’s Philadelphia office but also leases a small office less than a quarter mile from the Carlisle Pike in Hampden Township.

With a growing workload, he wants to find and buy an office building near Harrisburg in hopes of adding staff.

“Within the next two years, we’ll probably get to 10 agents,” Dunkle said.

Indeed, he believes the region, especially fast-growing areas like Cumberland County, can sustain a bigger office for Marcus & Millichap. He also wants to tackle his own development projects or partner with other developers.

Dunkle initially got his real estate license to help pay for law school. But what started as supplemental income quickly became a full-time sales job.

“It just happened. I had a good work ethic and pushed forward,” he said.

He ended up working in residential real estate for about three years, spending time at Lawyers Realty LLC in Lemoyne and then Joy Daniels Real Estate Group in Susquehanna Township. Having previously worked as a technician for his father’s commercial security company in Carlisle, Dunkle also developed an interest in commercial real estate.

During his time at Joy Daniels, he was introduced to Mike Kushner, president of Omni Realty Group in Lower Paxton Township, who helped him get one of his first commercial listings in Dauphin County. Kushner also advised him on making the transition from selling homes.

“Craig has many of the attributes that will lead to success in commercial real estate sales: hard working, passionate, disciplined and a willingness to adopt new technology,” Kushner said.

Dunkle has already found some success.

He closed nearly $23 million in investment sales last year. The Shoppes at Susquehanna deal brought his total this year to about $41 million.

Dunkle hopes the volume will grow as his name gets out more and the team expands. He has seen his listings diversify to include restaurants and hotels, as well as apartment buildings, mixed-use buildings and empty lots that developers are eyeing for new hotels, offices and restaurants.

Shoppes at Susquehanna sold for $33.5M

Shoppes at Susquehanna Marketplace in Susquehanna Township has been sold for $33.5 million. (Photo: File)

The Shoppes at Susquehanna Marketplace in Susquehanna Township has changed hands for the second time in nearly four years.

According to Dauphin County deed records, an investment company from White Plains, New York, has paid $33.5 million to buy the 110,384-square-foot upscale shopping center off Interstate 81. The new owner is listed as 2547 Brindle Drive Owner LLC.

The Shoppes is home to several specialty fashion and restaurant tenants such as Susquehanna Harvest Seasonal Grill & Wine Bar, Romano’s Macaroni Grill, White House Black Market, Chico’s, Banana Republic and Williams-Sonoma.

Only one small vacancy existed in the center at the time of the deal.

In May 2015, Clarion Partners, a New York City-based real estate investment manager, paid $44 million for the property. Clarion purchased the center from Stanbery Development, which acquired the property for the center in 2003 for about $5.3 million. The center opened in 2004.

Craig Dunkle of Marcus & Millchap Inc. in Philadelphia represented the buyer in the latest deal, according to CoStar. Marcus & Millichap also listed the property.