- For Immediate Release
- October 12, 2007 by Spencer Yablon
West Chester, PA
Marcus & Millichap Real Estate Investment Services Company, the nation's largest real estate investment services firm, has announced the sale of 1247 Ward Avenue in West Chester, PA.
"1247 Ward Avenue is an attractive 26,730 square foot Class A office property in the desirable, West Chester, PA submarket," advised Tom Gorman, senior associate at Marcus & Millichap's Philadelphia office who, along with Matt Gorman, associate at the same office, represented the seller, Kevin McMahon of Morristown, NJ. "The seller recognized that by pricing the property to generate tremendous interest, he would allow the market to set the ultimate value," Mr. Gorman continued. "With our ability to expose a property to the broadest pool of investors, the buyer knew this building would sell quickly, probably above list price."
As a result, he made an aggressive move and offered $200,000 above list price in an effort to take the property off the market immediately," added Matthew Pauls, an agent also out of Marcus & Millichap's Philadelphia office. Mr. Pauls secured the buyer, Mr. Lee Brahin of Philadelphia, who acquired the property for $4.9 million or $181 per sf.
With more than 1,000 investment professionals in offices nationwide, Encino, California based Marcus & Millichap is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. In 2005, the company closed nearly $21 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry's most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.