PENNSYLVANIA — Happy Home Communities (HHC), the mobile home park and RV park investment arm of Los Angeles-based Gelt Inc., has acquired a mobile home park portfolio in central and northeast Pennsylvania for $13 million. HHC acquired the three-property 439-space portfolio from Horizon Land Company. Jonathon McClellan of Marcus & Millichap brokered both sides of the transaction. The company plans to bring in affordable manufactured homes to fill approximately 48 empty lots and will..
TELFORD, PA. — HJ Sims has completed a $32.1 million refinancing of Lutheran Community at Telford (LCT), a continuing care retirement community in Telford, approximately 35 miles north of Philadelphia. The financing enables LCT to reduce interest rates and debt service, extend the duration of the bank credit commitment on its financing, and raise capital to provide $2 million of initial funding for a planned expansion project. Of $35.4 million of total debt, LCT had approximately $19.3..
PHILADELPHIA —Morris Iron & Steel Co. has acquired a 58.12-acre industrial waterfront site and a 13-acre site in Philadelphia. The properties are located at 7777 State Road and 7777R State Road. Morris Iron & Steel is a family-owned, fourth-generation company that has operated since 1938. The company serves the scrap metal and recycling needs of the eastern part of Pennsylvania and plans to use 10 acres of the land for barge loading. Chris Pennington of Binswanger represented the..
PHILADELPHIA — The University of Pennsylvania has completed the $80 million renovation of Hill College House, a 261-unit on-campus residence hall. The five-story, 195,000-square-foot property offers student lounges, seminar rooms and a 300-seat dining area. Mills + Schnoering Architects of Princeton, N.J., led the design and construction team for the project. The property was originally designed by Eero Saarinen and built in 1960 as a women’s dormitory. Renovations at the property included..
CARLISLE, PA. — In Carlisle, Goodman Group has preleased 1 million square feet of logistics space to syncreon. The third-party logistics company is leasing space at one of two industrial facilities at the Goodman Logistics Center Carlisle, which offers direct access to Interstate 81. syncreon is scheduled to take occupancy of the building in early 2018. The seven-year lease was negotiated by Lauren Scarpace and Michael Hess of CBRE and is the first lease at the logistics center. The second..
MALVERN, PA. — KeyBank has provided a $49.3 million CMBS first-mortgage loan for the acquisition of Great Valley Commerce Center, a Class A office property in Malvern. The two-building property totals 356,223 square feet. The buildings were constructed in 1968 and 1975 and were renovated in 2010 and 2011. Current tenants include DaVita, Unisys Corp. and HERE Holding. John Christen of KeyBank arranged the 10-year loan, which has an amortization schedule of 30 years. KeyBank will also originate..
PHILADELPHIA — Colliers International has arranged the sale of a development site located at 201-11 E. Allen St. in the Northern Liberties neighborhood of Philadelphia. A private investment group acquired the site from Exceptional Foods for $2.2 million. The buyer plans to redevelop the property into residential units. The site consists of a 15,300-square-foot industrial property and 17,350 square feet of land. Michael Barmash and Richard Gorodesky of Colliers were the sole brokers in the..
NORTH WALES, PA. — CBRE has brokered the sale of The Shoppes at English Village, a lifestyle center located at 1460 Bethlehem Pike in North Wales. MetLife Real Estate acquired the 103,188-square-foot property from Stanbery Development for an undisclosed price. Trader Joe’s, CorePower Yoga, CycleBar, Turning Point, Anthony Vince Nail Spa, Scout & Molly’s, Sephora and J. Crew Mercantile are tenants at the property. Brad Nathanson and John Colussi of CBRE represented the seller and procured..
PHILADELPHIA — KeyBank Real Estate Capital has provided a $44.7 million CMBS first mortgage loan for Rodin Place, a mixed-use building, and an adjacent retail property located in Philadelphia. Totaling 241,884 square feet, the assets include a single-story retail building, leased by Target, and one six-story office and retail building. John Christen of Key’s Commercial Mortgage Group arranged the financing with a 10-year term, five-year interest-only period and 30-year amortization..
KING OF PRUSSIA, PA. — Phillips Realty Capital has arranged $31.3 million in equity financing for Woodfield Investments. The company provided the joint venture equity investment toward the acquisition and development of Woodfield Valley Forge, an apartment community in King of Prussia. Adam Bieber of Phillips Realty structured the equity financing. Woodfield Valley Forge will be a 320-unit apartment community located in The Valley at Valley Forge, a 122-acre, mixed-use development. The..