Alan Shuman - Commercial Real Estate Showcase

Alan Shuman Property Listings
Shuman Development Group
50 N Fifth St
Reading, PA 19601-3437

801 - 847 N 9th Street - Reading Outlet Center - Reading Outlet Center

Reading, PA 19604-2400 - Berks County Submarket

Property Type:Retail Sub Type:Storefront Retail/Residential Status:Under Renovation, delivers October 2016 Year Built:1975
Building Size:330,000 SF Land Area:2.4 AC (104,544 SF)
For Sale Price:For Sale Price/SF:-
Cap Rate:-
Parking:25 Covered spaces are available
Features:Center Temp Tenant

This property is in the process of being converted into a Residential building with 140+ units. There will also be a portion of the building meant for Commercial tenants. Part of this building will be demolished in order to create a parking garage.

Sale Notes:

Building needs complete renovation, or sell off parts to demo and build new. $40 million of development within two blocks is very successful. Prior owner was the 1990's rock band known as LIVE that planned a $36,000,000.00 restoration, but they got bogged down in a fiber optic project and turned it back over to lender. They had purchased it for $1,800,000.00. They had planned on partial demolition of the existing buildings so sold some of the decking for over $100,000.00. Building contains a huge amount of maple flooring, douglas fir decking, and yellow pine heartwood columns. There is also about $100,000.00 of 4x16x18 custom cut douglas fir heartwood that is brand new and stacked in the courtyard. Sales price has purchaser assuming existing mortgage (600,000.00 balance at 4% simple interest with one annual payment. Last payment of $74k was made in May) and assumption of about $85k of other misc. liens. Mortgage and liens are all non-recourse. Property is a Keystone Opportunity Zone through 2020 so can be exempt from most local and state taxes. Was also submitted for KOZ extension through 2030.

Shuman Development Group
Alan Shuman
(610) 736-9393

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