REBusinessOnline

Pennsylvania

Colliers Brokers $1.7M Sale of Industrial Building in Bath, Pa.

BATH, PA. — Colliers International’s Allentown office has brokered the $1.7 million sale of a 39,064-square-foot industrial building on 6.3 acres located at 7 Allen St. in Bath. The buyer, Wade Property Holding Bath LLC, will use the facility as a furniture shipment location. Kelly Berfield and Ryan Dietrick of Colliers International represented the seller, Penn Bath Properties, in the transaction.

May 5, 2017

PennFIRST Designs $1.5B Hospital Pavilion for University of Pennsylvania

PHILADELPHIA — PennFIRST is completing the planning and design process for the University of Pennsylvania’s new $1.5 billion hospital. The “Pavilion” will be situated on Penn Medicine’s West Philadelphia campus where it will create a new public square and a focal point for all surrounding buildings to anchor the health system. An official groundbreaking took place on Wednesday, May 3. The Pavilion will house inpatient care for the Abramson Cancer Center, heart and vascular medicine..

May 5, 2017

Duke Realty Purchases 73 Acres in Bethel Township, Pa., for Industrial Project

BETHEL TOWNSHIP, PA. — The northeast regional office of Duke Realty Corp. has purchased 73 acres in Bethel Township for future development. The land, known as Central Logistics Park, fronts I-78 and can support the construction of a warehouse up to 832,000 square feet. Duke plans to develop a bulk warehouse on the site, which will be its fifth building in the Lehigh Valley area.

May 3, 2017

Eastern Union Funding Arranges $14.2M Acquisition Loan for Hawthorne Gardens in Lancaster, Pa.

LANCASTER, PA. — Eastern Union Funding has arranged $14.2 million in acquisition financing for Hawthorne Gardens Associates’ purchase of Hawthorne Gardens in Lancaster. Eastern Union’s David Metzger and Nate Hyman worked with Greystone on behalf of the New Jersey-based private investor, securing a 12-year, fixed-rate loan with six years of interest-only payments. Located at 99 Dickens Drive, Hawthorne Gardens includes six, three-story apartment buildings. All apartments are two-bedroom,..

May 1, 2017

Cronheim Mortgage Secures $12M Financing for Industrial Park in Metro Philadelphia

HORSHAM TOWNSHIP, PA. — Cronheim Mortgage has secured $12 million in financing for a 562,000-square-foot industrial park located in Horsham Township. The 10-year loan includes a 20-year amortization schedule for the borrower, Heffernan and Partners. The loan was placed with American United Life Insurance Co., which Cronheim represented as correspondent and servicing agent. The subject property is Babylon Business Campus, a 15-building property constructed between 1972 and 1987 on 55 acres...

May 1, 2017

Orchestra Premaman to Open First U.S. Store in King of Prussia, Pa.

KING OF PRUSSIA, PA. — CBRE has arranged a 4,405-square-foot lease for Orchestra Premaman at the King of Prussia Mall near Philadelphia. The store will be the first U.S. location for the French retailer. Orchestra Premaman, a children’s fashion and apparel store, operates more than 700 stores in 40 countries worldwide. The company opened its first location in 1995. CBRE’s John Krause and Matt Mandel assisted Orchestra in its overall market analysis, site selection process and negotiated..

May 1, 2017

Cushman & Wakefield Brokers 68,846 SF Office Lease in Metro Harrisburg

CAMP HILL, PA. — Cushman & Wakefield has brokered a 68,846-square-foot office lease in the Harrisburg suburb of Camp Hill. St. Louis-based Centene Management Co., a healthcare services provider, is the new tenant at at 300 Corporate Center Dr. in the Camp Hill Corporate Center. Jason Sourbeer and Scott Bazoian led the Cushman & Wakefield teams in the transaction. Cushman & Wakefield represented both the tenant and landlord, LNR Partners, a division of Starwood Property Trust.

April 25, 2017

Cronheim Mortgage Closes $50.5M Financing for Retail Center in Easton, Pa.

EASTON, PA. — Cronheim Mortgage has secured $50.5 million in financing for Northampton Crossings, a 622,000-square-foot power center in Easton. The refinancing loan was structured with a 15-year fixed-rate, which was locked 11 months prior to closing. American General Life Insurance Co., The Variable Annuity Life Insurance Co., National Union Fire Insurance Co. and American Home Assurance Co. funded the loan. Northampton Crossings was constructed in 1995 and anchor tenants include Walmart,..

April 19, 2017

Metro Commercial Brokers Leases for Save-A-Lot Locations in Philadelphia, New Jersey

PAULSBORO, N.J., AND PHILADELPHIA — Metro Commercial Real Estate has brokered leases for four new Save-A-Lot locations in Philadelphia and Paulsboro. Michael Murray of Metro Commercial represented Save-A-Lot in the following leases: 2101 W. Lehigh Ave., Philadelphia, at Hope Plaza Shopping Center. The 17,500-square-foot store will open this spring. 545 W. Broad St., Paulsboro, at Paulsboro Plaza Shopping Center. The 17,795-square-foot store will open this spring. 400 W. Allegheny..

April 19, 2017

Teen Retailer rue21 to Close 400 Stores, Focus on Online Sales

WARRENDALE, PA. — Teen clothing retailer rue21 is set to close about one-third of its stores nationwide as it shifts its focus to e-commerce. The privately held company will shutter 400 stores, according to reports by The Associated Press, leaving more than 700 rue21 locations in 48 states. The retailer confirmed upcoming closures in a Facebook post, stating that “it was a difficult but necessary decision.” A spokeswoman for rue21 recently alluded to the retailer’s unfavorable..

April 18, 2017