When it comes to the Philadelphia real estate market, the retail industry is the hot topic for many commercial real estate agents. Per a Center City district report released in early December of 2016, the city has experienced a $1 billion surge in retail spending. Subsequently, prime retail rents in Philadelphia have risen by almost 90 percent in the past five years — second to only Miami when compared to cities across the nation. Sales of retail centers in center city peaked in late 2016 at over 18 percent higher than their former top-most numbers, seen in 2008. Popular Philadelphia areas such as Walnut and Chestnut streets have been subject to high-end retail rush. The retail spending increase is thought to be a direct result of the Philadelphia metropolitan area’s new job positions. Going into the fourth quarter, the city increased its jobs by 2.2 percent compared to the previous year’s numbers. Philadelphia’s local rate of employment stood at over half a percent higher than the national employment rate in late 2016. Many of the new positions — created in well- paying, upper-echelon employment sectors — have facilitated a rise in the median household income, and subsequently the disposable income, …
PHILADELPHIA — RED Mortgage Capital, the mortgage banking arm of RED Capital Group, has closed a $31.7 million FHA Section 221(d)(4) loan and RED Capital Markets, the investment banking arm of RED Capital, underwrote $39.7 million of tax-exempt bonds for the rehabilitation of Courtyard at Riverview in Philadelphia. The borrower, The Michaels Organization, is redeveloping the multifamily property in partnership with the Philadelphia Housing Authority. The transaction was arranged in conjunction with the Rental Assistance Demonstration (RAD) program and is one of the largest RAD projects in Pennsylvania. Situated on 13 acres, the 470-unit complex features a 26-story high-rise building with 165 seniors housing units and 37 two-story townhouse buildings totaling 305 modern low-rise units.
LANSDALE, PA. — CBRE has arranged $10 million in financing for the acquisition of Spring Meadows of Lansdale, a 120-unit assisted living and memory care community in the Philadelphia suburb of Lansdale. A joint venture between Care Investment Trust and Greenfield Senior Living purchased the community and will change the name to Greenfield of Lansdale. The five-year, floating-rate loan includes 12 months of interest-only payments. A regional bank provided the capital. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing. Care Investment Trust is a seniors housing-focused real estate investment company and a wholly owned subsidiary of Tiptree Inc. Greenfield Senior Living is a seniors housing operator based in Virginia with 1,300 residents in six states.
BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of One Grande Commons, an office building located at 400 Route 22 East in Bridgewater. American Equity Partners acquired the 200,000-square-foot property from Mack-Cali for an undisclosed price. The three-story building features a full-height atrium lobby with seating area and is home to pharmaceutical, engineering and law firms. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Andrew Schwartz and Frank DiTommaso of Cushman & Wakefield brokered the transaction.
PHILADELPHIA — Rittenhouse Realty Advisors has sold Chester Hall Apartments, a 40-unit student housing community located in the University City neighborhood of Philadelphia. The property is located near the University of Pennsylvania, Drexel University and University of the Sciences. The undisclosed buyer plans to implement a small-scale renovation at the property, which is over 98 percent leased for the current school year.
MOORESTOWN, N.J. — Markeim Chalmers has arranged the sale of an office building located at 505 S. Lenola Road in Moorestown. The estate of Edna Ravikio sold the property to SFA 505 South Lenola Rd LLC for $2.3 million. The building features 48,000 square feet of office space and was 90 percent occupied at the time of sale. Fred Berlinsky, Kevin Burns and Adam Dembo of Markeim Chalmers represented the seller and buyer in the deal.
HAUPPAUGE, N.Y. — CBRE has arranged the sale of an office property located at 150 Motor Parkway in Hauppauge. UA Properties acquired the building from RA 150 Motor Parkway, an entity controlled by RNY Property Trust, for $21 million as part of a 1031 exchange. The 201,258-square-foot building features a theater-style media room and boardroom, café, health club and bank branch with drive-through ATM. Jeffrey Dunne, David Gavin, Travis Langer and Philip Heilpern of CBRE represented the seller and procured the buyer in the deal.
HINGHAM, MASS. — NGKF Capital Markets has arranged the sale of Lincoln Plaza, a retail center located Hingham. Trustees of Curtlo LLC sold the property to an undisclosed buyer. A 68,087-square-foot Stop & Shop and a 31,882-square-foot Marshalls anchor the property, which also includes two freestanding retail pads occupied by 99 Restaurant and Rockland Trust. Geoffrey Millerd, Justin Smith, Paul Penman and Matthew Waisnor of NGKF Capital Markets represented the seller in the deal. The acquisition price was not released.
TOTOWA, N.J. — Tulfra Real Estate has received a $9.5 million loan for the refinancing of an industrial building located at 930 N. Riverview Drive in Totowa. Jon Mikula and Michael Klein of HFF arranged the five-year, fixed-rate loan through Lakeland Bank for the borrower. The property features 91,297 square feet of light industrial space.
CANONSBURG, PA. — Monticello Asset Management LLC has provided $9 million in first lien debt financing to Greenery Realty Group LLC, which will use the capital to acquire and renovate a skilled nursing facility in the Pittsburgh suburb of Canonsburg. The financing is a bridge-to-HUD loan for Greenery, a skilled nursing operator. The 140-bed facility was built in 1985 and renovated in 1995. Upon closing, the borrower implemented an initial construction project of $1.2 million and is currently in the process of making more capital expenditures. The property consists of a 52,909-square-foot, single-story skilled nursing building, a 1,700-square-foot maintenance building and a 4,000-square-foot, two-story medical office building.