YORK, PENN. — Advanced Industrial Services Inc. has acquired a 42,683-square-foot industrial property in York, located approximately 25 miles south of Harrisburg. The sales price was $2.3 million. Located at 3250 North Susquehanna Trail, the property was constructed in 1994 and offers convenient access to Interstate 83 and State Route 30. Ted Turnbull and Jason Turnbull of Rock Commercial Real Estate represented the undisclosed seller in the transaction. The team also procured Advanced Industrial as the buyer.
PHILADELPHIA — Newmark Knight Frank has arranged a $163 million floating-rate loan for the acquisition and refinancing of a 12-property industrial portfolio located in various markets across the United States. A partnership of CIT Group and BlackRock provided the loan. The borrower, Philadelphia-based Arden Group, will use the proceeds to acquire assets located in Texas, Georgia and Ohio and to refinance assets located in Pennsylvania and North Carolina. Dustin Stolly and Jordan Roeschlaub led an NKF team that arranged the loan. The seller of the portfolio was California-based investment firm Avistone LLC.
ATLANTIC CITY, N.J. — Eldorado Resorts has temporarily closed its 2,379-room Tropicana Atlantic City casino and hotel in New Jersey. In an effort to limit the spread of COVID-19, the disease caused by the coronavirus, the company is complying with an order from the governments of New Jersey, New York and Connecticut to temporarily close movie theaters, gyms and casinos in the Tri-State area. The property features 125,935 square feet of casino space, 20 restaurants, 18 bars and amenities including a fitness center, indoor and outdoor pools and full-service spa.
YORK, PA. — Rock Commercial Real Estate has brokered the sale of a 46,640-square-foot industrial property in York, approximately 25 miles south of Harrisburg. Located at 560 Maryland Ave., the property offers convenient access to Harrisburg International Airport, the Port of Baltimore and the Emons Logistics Services railroad. Greg Finkelstein and Jason Turnbull of Rock Commercial represented the buyer, Frasier-Campbell Properties LLC, in the transaction. The team also procured the buyer, 4300 NESC LLC.
KINGSTON, PA. — Arbor Realty Trust Inc. has provided a $3.4 million Fannie Mae loan for the refinancing of Chapin Apartments, a 60-unit multifamily property in Kingston, located approximately 65 miles north of Allentown. The loan has a seven-year term and a 30-year amortization schedule. Chapin Apartments is a garden-style community that is located at 151 East Walnut St and features a fitness center, resident lounge, storage lockers and a covered parking garage across the street. Ryan Duff of Arbor originated the loan.
READING, PA. — The Boulder Group has negotiated the $1.6 million sale of a single-tenant retail property net-leased to Dunkin in Reading, located approximately 60 miles northwest of Philadelphia. The property is located at 1350 Carbon St. in close proximity to the 910,000-square-foot Berkshire Mall, as well as a Walmart Supercenter, Home Depot and Best Buy. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the Pennsylvania-based seller in the transaction. The buyer was a private investor. Both parties requested anonymity.
NEW YORK CITY — Amazon has acquired the Lord & Taylor office building in Midtown Manhattan for $1.15 billion, according to the New York Post. The e-commerce giant will use the 660,000-square-foot building at 424-434 Fifth Ave as its New York City headquarters, which will house several thousand employees. A partnership of investors including WeWork-owner Rhone Capital and Saks Fifth Avenue-owner Hudson’s Bay Co. sold the building. The Post reports that as part of the agreement, Amazon will pay $750 million in construction loans that WeWork borrowed to renovate the building. The acquisition follows Amazon’s scrapped plan to open a 4 million-square-foot HQ2 headquarters in Queens, which would have housed 25,000 employees.
PARSIPPANY, N.J. — JLL has brokered the sale of Morris Corporate Center 1 & 2, two Class A office buildings totaling 550,000 square feet in Parsippany, located approximately 30 miles west of New York City. The properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the 31-acre Morris Corporate Center and feature four atrium lobbies, two cafés, two conference rooms and a 5,000-square-foot fitness center with locker rooms and a yoga studio. At the time of sale, the properties were 67 leased to tenants including Zurich Insurance, York Risk Services and market research company Ipsos. Jose Cruz, Kevin O’Hearn and Mark Mahasky led a JLL team that represented the seller, an affiliate of Brookwood Financial Partners LLC. The team also procured the buyer, P3 Properties. The sales price was undisclosed.
NEW YORK CITY — Full-service real estate firm Savills has acquired New York City-based project management firm Macro Consultants. The acquisition expands Savills’ existing advisory and management services platforms, which previously consisted of 50 professionals across the United States and Canada. At the time the deal closed, Macro Consultants, which was led by former managing principal Michael Glatt, employed more than 85 professionals across several major cities in the U.S., including New York City and Philadelphia. Along with those professionals, Glatt has joined Savills as vice chairman and North American head of project management. Additional terms of the deal were not disclosed.
SPARTA, N.J. — NAI James Hanson has negotiated the sale of 2 and 4 Aaron Way, two adjacent industrial development sites totaling 31.5 acres in Sparta, located approximately 60 miles northwest of New York City. The buyer, a Morris County-based developer, plans to construct a 30,000-square-foot speculative warehouse on the property. The sites are located within White Lake Commerce Park, which consists of 12 lots that are all expected to be sold by late March. Several different developers plan to construct speculative industrial buildings ranging in size from 10,000 to 30,000 square feet on the lots. John Schilp of NAI Hanson represented the seller, Berardi Developers, in the transaction. The sales price was undisclosed.