1329 Lombard St., Philadelphia, PA 1329 Lombard St., Philadelphia, PA

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PHILADELPHIA, PA—PMC Property Group hasacquired a historic nine-building multifamily portfolio in CenterCity Philadelphia, PA, from the Leonard Stolkerfamily for $28 million. The buyer was identified byReal Capital Analytics, aproprietary research database that tracks  commercial realestate  transactions.

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An NAI Mertz team of JohnAdderly, executive vice president-managing director,Fred Meyer, SIOR, executive vicepresident-director of brokerage and corporate services, andRoy Kardon, SIOR, vice president,represented the Stolker Family in this complexreal estate transaction.

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Consisting of 100 apartment units, one commercial unit, and fourdedicated parking spaces, these unique properties are located at1329 Lombard Street; 415-417 S. 10th Street;1634-36-38 Lombard Street; and 1825, 1912and 2011 Spruce Street. The prime locations ofthese buildings around and within the Rittenhouse Square,Washington Square West and Avenue of the Arts submarkets, as wellas their stunning and atheistically pleasing features, brought morethan 75 property tours and generated more than 20 offers on theportfolio.

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In the early 1960s, Leonard Stolker, aPhiladelphia real estate broker, began assembling this portfolio bypurchasing small apartment buildings throughout the city. Hepurchased the American Baptist Publication Societybuilding, a historical landmark built in 1895 at Juniper andLombard Streets, and renovated it. Throughout the 1990s,Stolker continued to purchase historic brownstonesand buildings with character, as defined by their architecturaldistinctions, to complete the portfolio that was offered as part ofthis investment sale.

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After Stolker's passing, his family assumedoperational control of the assets and made significant capitalimprovements to the buildings, in excess of $3.5 million. Lastyear, the family decided to sell the portfolio in its entirety, oras individual sales, and called upon the NAI Mertzteam to exclusively represent and market the buildings.

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“We are honored to have represented the ownership in the processof selling these generational assets,” saysAdderly. “The interest in the portfolio wasstrong, which is a testament to the ownership, the properties, andthe strength of the overall Philadelphia market. We received stronginterest from buyers across the country for this portfolio.”

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The NAI Mertz team worked closely with theownership throughout the sales process. They provided servicesincluding creating marketing materials, underwriting of theportfolio, active involvement in solicitating bids; analyzing offerand counteroffers; contract negotiation; due diligence; and closingand post-closing matters.

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“The Stolker Family portfolio was exposed to thousands ofinvestors nationwide through our company database, as well as ourin-depth, comprehensive online and print marketing campaigns,”Meyer says. “We received over one hundred signedconfidentiality agreements—some for the entire portfolio ofproperties and some for portions of the portfolio—from investorsthroughout the country.”

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“This was an extremely exciting assignment, and it was an honorto represent the Stolkers in exclusively marketing these propertiesthat have been a part of the family since the 1960s,”Kardon says.

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“John and the whole team at NAI Mertz did anamazing job with this assignment,” says RobStolker. “They handled so many complicated aspects of thissale with true expertise and professionalism. Their communicationand diligence clearly separated them from other brokerage teams andgot this deal done. I was extremely pleased with the entire processand how John and the team delivered.”

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].