REBusinessOnline

Pennsylvania

CBRE Brokers $30.2M Sale of Office Building in Metro Philadelphia

KING OF PRUSSIA, PA. — CBRE has brokered the sale of the Triad office building in King of Prussia for $30.2 million. Zamir Equities purchased the four-story, 184,118-square-foot property, which is located at 2200 Renaissance Blvd. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, Kairos Real Estate Partners. Built in 1985, the Triad building underwent renovations in 2014 including the addition of a café, conference center and fitness center. The lobbies and common..

March 22, 2017

Cronheim Secures $12M Financing for Holiday Inn Express & Suites in Metro Philadelphia

KING OF PRUSSIA, PA. — Cronheim Hotel Capital has secured $12 million in financing for a Holiday Inn Express & Suites in King of Prussia, a suburb of Philadelphia. The 10-year, non-recourse CMBS loan includes a fixed interest rate.

March 21, 2017

Natixis Provides $102.8M Loan to Transform Historic Office Building in Philadelphia into Luxury Apartments

PHILADELPHIA — Natixis has provided a $102.8 million first mortgage loan to Post Brothers, which will use the capital to redevelop the historic Atlantic Building in Philadelphia as a 268-unit luxury apartment complex. The Atlantic Building is a 330,000-square-foot, 21-story office building located at 260 S. Broad St. in Philadelphia’s Center City submarket. World-renowned architect Rafael Viñoly designed the building, which was completed in the 1920s. Post Brothers will rename the..

March 21, 2017

Pennsylvania Supreme Court Takes Up Issue of Reverse Property Tax Appeals Across State

By Gregory Schaffer Pennsylvania property owners and tenants, who pay some of the highest property taxes in the nation, are no doubt aware of the annual deadline to file a property tax appeal. After all, one look at a new tax bill is often enough to make even the most seasoned tax manager scramble to contact their local tax counsel. However, very few taxpayers are aware that the assessment they may have accepted as favorable could easily trigger a reverse appeal filed by the local school..

March 16, 2017

M&M Brokers $3.8M Sale of 58 Apartment Units in Philadelphia

PHILADELPHIA — Marcus & Millichap has brokered the sale of 58 apartment units in the Germantown neighborhood of Philadelphia. The contiguous properties, Wissahickon Apartments and 5228-5232 Laurens St., sold for $3.8 million. The buyer plans to renovate and reposition the properties. Fred Paisley and Jonathan Massaro of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Paisley secured and represented the buyer. Wissahickon Apartments includes 52..

March 14, 2017

Philadelphia Magazine to Occupy 15,786 SF at The Curtis in Philadelphia

PHILADELPHIA — Philadelphia Magazine has signed a long-term lease for 15,786 square feet at The Curtis, a mixed-use office property in Philadelphia. Keystone Property Group owns the property, which is located at 601 Walnut St. in the Washington Square area. Colliers International’s Sandy Richardson and Liz Morrow represented Keystone Property Group in the transaction. Josh Haber of Binswanger Co. represented Metrocorp, the publisher of Philadelphia Magazine.

March 13, 2017

Colliers Arranges $7.4M Sale of Multi-Building Retail Parcel in Metro Philadelphia

SPRINGFIELD, PA. — Colliers International has arranged the $7.4 million sale of a multi-building, 5.5-acre retail parcel located at 5202 Baltimore Pike in Springfield. BET Investments bought the property, which is situated on a signalized corner at Baltimore Pike and Oak Avenue. Burlington Stores Inc. was the seller. Plans call for the site to be redeveloped for retail uses. The Colliers retail team of Todd Sussman and Josh Goldfine represented Burlington Stores. Colliers’ Rich Weitzman..

March 9, 2017

Ridgeline Property Group to Develop 1.5 Million SF Logistics Campus in Allentown, Pa.

ALLENTOWN, PA. — Ridgeline Property Group (RPG) will redevelop a former Kraft facility site located at 7352 Industrial Boulevard into a Class A rail-accessible logistics campus. RPG has acquired the 92-acre site and will build two distribution facilities totaling up to 1.5 million square feet. The project, known as Park 100 Logistics Center, will be located approximately one mile from the Route 100/I-78 Interchange. Demolition of the Kraft facility has commenced. The initial phase of Park..

March 8, 2017

Keystone Property Group Signs 66,000 SF of New Leases at 5 Sentry Park in Metro Philadelphia

BLUE BELL, PA. – Keystone Property Group has signed three new leases totaling 66,000 square feet at 5 Sentry Park, a recently renovated two-building office property in Blue Bell. The transactions include a 33,200-square-foot lease with Linde Engineering North America, a 15,700-square-foot lease with Physician Recommended Nutriceuticals (PRN) and a 15,700-square-foot lease with Veterinarian Recommended Solutions (VRS). After acquiring the 133,000-square-foot office property, Keystone completed..

March 6, 2017

TIER REIT Sells 561,000 SF Office Building in Philadelphia’s Center City for $95M

PHILADELPHIA — Dallas-based TIER REIT has completed the sale of Three Parkway, an office building located in Philadelphia’s Center City district. An unrelated third party acquired the property for $95 million. The building features 561,000 square feet of office space. The sale marks TIER REIT’s exit from the Philadelphia market.

March 3, 2017