REBusinessOnline

Pennsylvania

JV Sells 1.55 MSF Capital Logistics Center in Middletown, Pennsylvania

MIDDLETOWN, PA. — A joint venture between Woodmont Industrial Partners and AEW Capital Management, on behalf of its closed-end opportunistic real estate fund AEW Partners VI, has completed the disposition of Capital Logistics Center in Middletown for undisclosed price. The partnership completed an extensive capital improvement program at the six-building, 1.55 million-square-foot industrial park. The joint venture constructed new industrial facilities to replace the antiquated structures..

July 7, 2017

HFF Secures $65M in Equity, Debt for 279-Unit Apartment Development in Philadelphia

PHILADELPHIA — HFF has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story apartment building located at 440 N. 15th St. in Philadelphia. Radnor Property Group is developing the 279-unit property, which is slated for completion in 2018. The Hamilton will feature studio, one- and two-bedroom layouts. HFF arranged a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from..

June 29, 2017

Partnership Breaks Ground on $17M Affordable Housing Redevelopment in Upper Dublin, Pennsylvania

UPPER DUBLIN, PA. — Montgomery County Housing Authority (MCHA) and Pennrose Properties have partnered to redevelop North Hills Manor, an affordable housing property in Upper Dublin. The $17 million project includes the demolition of the existing 50-unit public housing development, which was originally built in 1954, and the construction of 50 new apartments ranging from one- to four-bedrooms located in 17 residential buildings. Additionally, the development will feature a shared building..

June 28, 2017

CBRE Brokers Sale of 215,610 SF Power Center in Pottstown, Pennsylvania

POTTSTOWN, PA. — CBRE has arranged the sale of Town Square Plaza, a power center located at 1100 Town Square Road in Pottstown. Bluejay Management acquired the 215,610-square-foot property from Retail Properties of America for an undisclosed price. Built in 2004, the property was 98 percent occupied at the time of sale. A 134,574-square-foot Lowe’s Home Improvement Warehouse anchors the property. Other tenants include PetSmart, Michaels, Rite Aid Pharmacy, BB&T Bank, Mattress Firm, Hair..

June 27, 2017

TriGate Capital Sells 74,953 SF Shopping Center in Yardley, Pennsylvania

YARDLEY, PA. — TriGate Capital has completed the disposition of Lower Makefield Shopping Center, a shopping center located at 700 Stony Hill Road in Yardley. Inland Institutional acquired the 74,953-square-foot property for an undisclosed price. Giant Food Store, Rite Aid Pharmacy and First Choice Bank occupy the property. Brad Nathanson and John Colussi of CBRE represented both the seller and buyer in the transaction.

June 26, 2017

Marcus & Millichap Brokers Sale of Apartment Complex in Lehigh Valley

BETHLEHEM, PA. — Marcus & Millichap has arranged the sale of Bethlehem Apartments, located at 1872 Livingston St. in Bethlehem. An undisclosed buyer acquired the asset for $2 million. The 24-unit property features a mix of studio and two-bedroom layouts in eight buildings. Daniel Bernard, Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal.

June 22, 2017

UPS Acquires 595,000 SF Distribution Center in Carlisle, Pennsylvania

CARLISLE, PA. — The United Parcel Service (UPS) has purchased LogistiCenter at Carlisle, a distribution center located at 1 Ames Drive in Carlisle. Dermody Properties sold the 595,000-square-foot center for an undisclosed price. The Class A bulk warehouse facility was built in 2015. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller in the transaction.

June 20, 2017

Brookwood Sells Three Office Properties in Pennsylvania Totaling $22.7M

ALLENTOWN, BENSALEM AND HORSHAM, PA. — Brookwood Financial Partners has completed the disposition of three office properties totaling $22.7 million. In the first transaction, Infinera Corp., the sole tenant, acquired a 59,910-square-foot office building at 7360 Windsor Drive in Allentown for $12.4 million, or $207 per square foot. In the second deal, Police and Fire Federal Credit Union purchased One Greenwood Square, a 60,700-square-foot office property located in Bensalem, for $6.8..

June 20, 2017

Care Investment Trust, Inspirit Buy Two Seniors Housing Communities in Pennsylvania for $13M

MACUNGIE AND PALMERTON, PA. — A joint venture between Care Investment Trust LLC and Inspirit Senior Living has acquired The Villages at Palmerton in Palmerton and The Willow in Macungie for $13 million. Both towns are located in the Lehigh Valley, north of Philadelphia and west of New York City. The sellers are LifeCare Holdings LLC and The Weston Group Inc. The new owners will rebrand the properties as “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit..

June 20, 2017

NorthMarq Capital Arranges $2.5M in Financing for Apartments in Morristown, Pennsylvania

MORRISTOWN, PA. — NorthMarq Capital has arranged $2.5 million in supplemental financing for Castle Club Apartments in Morristown. The property features 158 multifamily units. Robert Ranieri of NorthMarq secured the six-year loan, which features a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.

June 20, 2017