REBusinessOnline

RED Capital Group Secures $7.8M Construction Loan for Adaptive Reuse Multifamily Building in Pennsylvania

LANDISVILLE, PA. — RED Capital Group has secured a $7.8 million construction loan for Tobacco Road apartments, an adaptive reuse of a historic building in Landisville. The loan will be used to develop the currently vacant brick property into a 66-unit apartment community. The structure, a former tobacco warehouse, consists of four connected buildings and was built in the early 1900s. The property is listed on the National Register of Historic Places. RED Capital Group secured the financing on …

CCRC in Pennsylvania Breaks Ground on 52-Unit Independent Living Expansion

WORCESTER, PA. —Meadowood Senior Living, a nonprofit, independent continuing care retirement community, has broken ground on The Grove, a $30 million independent living expansion. Located in Worcester, approximately 25 miles northwest of Philadelphia, the project will add 52 new units to the 133-acre campus. The Grove will add four buildings to the Meadowood campus, and it will be completed in two phases of two new buildings each. While the first phase will finish in November 2019, Meadowood …

HFF Negotiates Sale of 299,809 SF Office Building in Suburban Philadelphia

MALVERN, PA. — HFF has negotiated the sale of a 299,809-square-foot office building in Malvern. The sales price was undisclosed. Located at 1400 Atwater Drive, the five-story property is approximately 30 miles southeast of Philadelphia. Built in 2013, the building is fully leased to Endo Pharmaceuticals as its North American headquarters. HFF represented the seller, Gramercy Property Trust, in the transaction. The buyer was Equus Capital

PB Warminster Plaza LLC Acquires 128,544 SF Shopping Center Near Philadelphia

WARMINSTER, PA. — PB Warminster Plaza LLC has acquired Warminster Plaza, a 128,544-square-foot shopping center in Warminster. The sales price was undisclosed. The property is located approximately 27 miles from Philadelphia and is home to a tenant roster that includes SMG SportsPlex at Warminster, AAA, Lee’s Hoagie House, YMCA of Buck’s County, Kid’s First Swim Schools, Pearle Vision Center and Grand Buffett. Chris Munley and Michael DiCosimo of HFF represented the seller, Liberty …

Marcus & Millichap Negotiates $1M Sale of Net Leased Retail Property in Pittsburgh

PITTSBURGH — Marcus & Millichap has negotiated the $1 million sale of a 1,900-square-foot retail building in Pittsburgh. The property, which is located at 2065 Ardmore Blvd., is currently occupied by Dunkin’ Donuts through a 15-year triple net lease agreement. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, limited liability company, in the transaction. The buyer was a private

STREAM Capital Brokers $23.7M Sale of Office Portfolio in Pennsylvania

HOMESTEAD AND DUBOIS, PENN. — STREAM Capital Partners has brokered the $23.7 million sale of a three-building office portfolio in Pennsylvania. The 113,000-square-foot portfolio is located at 385 and 395 E. Waterfront Drive in Homestead and 203 W. Weber Ave. in DuBois. Phil DiGennaro, Ryan Smeele, Jordan Shtulman and Jonathan Wolfe of STREAM Capital represented the undisclosed seller in the transaction. The undisclosed buyer was in a 1031 exchange. The portfolio is currently net leased to GAI …

FPA Multifamily Acquires Apartment Community in Suburban Philadelphia for $42.5M

GLENMOORE, PA. — FPA Multifamily LLC has acquired Stone Rise, a 216-unit apartment community in Glenmoore for $42.5 million. Glenmoore is approximately 41 miles northwest of Philadelphia. Located 900 Selwyn Place, the eight-building property is set on 21 acres and features a unit mix of one- and two-bedroom apartment homes. Mark Thomson, Ed Coco, Carl Fiebig and Fran Coyne of HFF represented the seller, a subsidiary of Preferred Apartment Communities Inc., in the

RAL Development Services Breaks Ground on 624,575 SF Mixed-Use Property in Philadelphia

PHILADELPHIA — RAL Development Services has broken ground on 1300 Fairmount, a 14-story, 624,575-square-foot mixed-use property in Philadelphia. The project will include 478 apartment units as well as 58,759 square feet of retail space. Cope Linder Associates is serving as designer on 1300 Fairmont. RAL Development is the developer. Nobel Learning Communities Inc., a national network of 200 private schools throughout the country, has pre-leased 12,488 square feet at the property and plans to …

UC Funds Provides $20.5M Construction Loan for Mixed-Use Project in Philadelphia

PHILADELPHIA — UC Funds has provided a $20.5 million construction loan for Phase II of Liberty Square, a mixed-use project in Philadelphia. Located at 236 W. Thompson St., the full build-out will include 191 residential units and 6,700 square feet of ground-floor retail space. The loan will fund the construction of 89 of the residential units and all of the retail space. Amenities will include an underground parking garage, fitness center and a landscaped plaza with dog park. The borrower was …

HFF Negotiates Sale of 68,737 SF Medical Office Building Near Philadelphia

HAVERTOWN, PA. — HFF has negotiated the sale of the Crozer-Keystone Medical Office and Surgery Center, a 68,737-square-foot building in Havertown. The sales price was undisclosed. Located at 2010 and 2050 West Chester Pike, the medical office building is 92.5 percent leased and is anchored by Crozer-Keystone Health System. Havertown is approximately 10 miles northwest of Philadelphia. HFF represented the undisclosed seller in the transaction. The buyer was Anchor Health

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