S.V.P. Matt Wolf & President Robert Holland Arrange Exclusive Sale of 95,000 S.F. Multi-Tenant Office Complex
Woodbridge, N.J., January 10, 2022 – The Kislak Company, Inc. announced the recent sale of Olde Liberty Square, a 95,000-square-foot multi-tenant office complex located at 4807-4815 Jonestown Road in Harrisburg, Dauphin County, Pennsylvania, for $16,000,000.
Kislak marketed the property on an exclusive basis with senior vice president Matt Wolf and president Robert Holland handling the assignment on behalf of the seller, Room One Corporation. Bo Mangam of Landmark Commercial represented the purchaser, Empire Liberty Square, LLC.
Olde Liberty Square is the second property that Kislak sold for the seller.
Mr. Wolf commented, “Cap rates have compressed significantly on asset classes such as multifamily that we are seeing a number of investors consider different product types that offer more attractive yields.”
Mr. Holland added, “This sale is a continuation of Kislak’s dominance and long history in the sale of investment properties in eastern and central Pennsylvania. In the last year alone, our sales there total more than $215,000,000.”
Olde Liberty Square is an approximately 90,000-square-foot multi-tenant office complex located on 4.66 acres. The two-story complex sits on four parcels and includes 61 office spaces and 310 parking spaces. Many tenants have long term leases with future rent increases.
Built in 1991 in the desirable Colonial Park neighborhood, the property offers high visibility along Jonestown Road. Over $1.5 million was invested in property improvements in the last five years.
At the time of closing, the property was approximately 98% occupied.
Matt Wolf joined Kislak in 2017 following over a decade of success in the commercial real estate industry focused on multifamily and other investment sales transactions in central and eastern Pennsylvania. In 2020, he earned the firm’s Jay I. Kislak Producer of the Year award after selling over 1,100 residential units valued at nearly $100 million. Mr. Wolf is a Certified Commercial Investment Member and also holds a Pennsylvania broker’s license. He was promoted to a senior vice president in 2022.
Robert Holland joined Kislak in 1984, is one of the firm’s all-time leading sales producers and became President in 2012. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties with a primary focus in central and eastern Pennsylvania.