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ALTOONA, PA-Daniel Lawruk, a locally based Central Pennsylvania developer, has sold a parcel at 800 Logan Blvd. to a Chicago private investor for $1.6 million. S&T Bank has a 20-year ground lease on the land and is constructing a 13,000-sf branch at the site.

The bank’s investment nearly matches the land cost at slightly more than $1.6 million, “and the building eventually reverts to the land owner,” says Matthew Gorman of the Philadelphia office of Marcus & Millichap. “The cap rate was 6.5%,” he tells GlobeSt.com, “And the buyer has a guaranteed income stream. The 20-year lease carries increases every five years and also includes options to extend,” he adds.

Gorman and his brother, Thomas Gorman, of the same office were listing agents for the property and also secured the buyer. Brian Parmacek and Stephen Rachman of Marcus & Millichap’s Chicago office represented Lawruk in the negotiations.

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