Philadelphia

JLL arranged the $8.7 million sale on behalf of Brixmor Property Group.

Kelly Berfield and Ryan Dietrick of Colliers International's Allentown office facilitated both sales.

"Our new space is a dramatic renovation of a turn-of-the-century former industrial facility," says Diane Smith, GR8 People's CEO.

“This is a stabilized office investment property with zero vacancy, occupied by strong credit tenants with long-term leases,” says John Abuja, IPA senior director.

“Although the financial markets were highly unpredictable, commercial real estate performed the way it has for most of the past several years – with steady growth supported by strong fundamentals,” says Jason Wolf, founder and managing principal of WCRE.

The property sales included 24 bank branches, 15 discount stores, 15 day cares and 14 restaurants across 15 states.

Scott Henderson comes to Duke Realty after four years as senior vice president with Nappen & Associates, a privately held Philadelphia-based industrial real estate development firm.

Despite the rising rents, vacancy rates remained stable at about 14.5%, CBRE's research says, although class A vacancy rates declined from the third quarter.