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"Pad sites continue to experience a strong investor demand because of their location, access, visibility, and customer base,” says Marcus & Millichap's Mark Krantz.
“Two-tenant buildings with smaller spaces around 15,000 to 24,000 square feet are desirable sizes, and it can be challenging to find similar facilities,” says Kelly Joyce of Colliers.
The Reading multifamily loans are backed by a local sponsor and management company, whose real estate portfolio consists of 2,000 multifamily units in 15 multifamily properties.
The financing deal was announced by Square Mile Capital Management LLC, which originated the loan for Goldman Sachs Urban Investment Group and BRP Companies.
The acquisition includes three multifamily properties in the Houston metro area totaling 1,392 units; two properties in Tampa, FL totaling 1,231 units and a 253-unit property in Salt Lake City, UT.