Printer Friendly

Grubb & Ellis completes sale of three auctioned properties.

The sales of three properties in New Jersey and Pennsylvania auctioned last December have been finalized for a total of $15.75 million, it was announced by Alfred W. Schwacke, executive vice president and head of the Philadelphia office of Grubb & Ellis, brokers for the transactions.

According to Schwacke, the properties were sold in a national auction of FDIC-owned properties conducted by Grubb & Ellis/Ross-Dove Company Real Estate Auction Partnership on Dec. 1&2, 1992. At what turned out to be the largest real estate auction in U.S. history, 221 properties in 30 states were sold for $420 million. The auction, according to Arthur F. Lorentzen, Jr., associate director of the FDIC's Division of Liquidation, "accomplished our objective of returning a large number of properties to the private sector. We are very pleased with the results."

According to Schwacke, the three local properties are --

* The Mount Laurel Corporate Center, Route 73 and New Jersey Turnpike, Mount Laurel, New Jersey. The four-story, 105,000-square-foot Class A office building, with an additional 71 acres approved for development of 670,000 square feet, was sold to a local developer for $9.65 million

* The Mallard Corporate Center, 75 and 95 James Way, Southampton, Pennsylvania. The two buildings -- a two-story, 33,193 office bulding and a one-story, 52,000-square-foot office/flex building -- were sold to a local real estate investor for $3 million

* The Whitter Inn, a 197-room limited-service hotel on the Black Horse Pike, Egg Harbor, New Jersey, was sold to a local hotel investor for $3.1 million
COPYRIGHT 1993 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:in New Jersey and Pennsylvania
Publication:Real Estate Weekly
Date:Mar 17, 1993
Words:257
Previous Article:Broker team joins ESG.
Next Article:Phase I leasing completed at 2 Main Street.
Topics:


Related Articles
Matrix buys office park.
Grubb & Ellis Company.
NJ welcomes Curtiss-Wright.
Grubb & Ellis cites active property management division.
Grubb & Ellis extends agreement with CT-based Aetna for 3 years. (Technology Update).
Grubb & Ellis awarded 7 consulting jobs.
United Technologies Corporation selects Grubb & Ellis.
Happy together.
Tech firm signs Jersey's largest lease in 05'.
Grubb & Ellis Company.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters