PHILADELPHIA — Pearl Properties has completed development of The Harper, a 183-unit mixed use building in Philadelphia. The 280,000-square-foot property includes office and retail space, as well as a ground-floor restaurant, co-working lounges and a fitness center with an indoor basketball court. An outdoor rooftop area features a heated pool, lounge and grilling area. DAS Architects designed the building.
NEWARK, N.J. — Walker & Dunlop has arranged a $14 million loan for the acquisition and redevelopment of a 191-room Holiday Inn in Newark. The property is situated across the street from Newark Liberty International Airport, and amenities include a fitness center, self-laundry and cocktail lounge. The borrower, a hotel investor, plans to extensively renovate and reposition the property over the next few years. A regional bridge lender provided the non-recourse, fixed-rate bridge loan at 77.5 percent loan to cost. Jeff Baik of Walker & Dunlop arranged the loan, the term of which was undisclosed.
KINGSTON, N.Y. — Jacobson Properties and Pyramid Brokerage, two New York-based firms, have arranged the $13.6 million sale of a Benedictine Cancer Center, a medical office building in Kingston. The 36,479-square-foot facility, located about 50 miles south of Albany, is 100 percent leased to HealthAlliance Hospital: Mary’s Avenue Campus. Lisa Menin of Jacobson Properties and Leo Jones of Pyramid Brokerage represented the undisclosed seller in the transaction. The buyer was a private equity investor.
LIMERICK, PA. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged a $34 million construction loan for Arcadia at Limerick Pointe, a seniors housing development in Limerick, approximately 30 miles northwest of Philadelphia. Vantage Pointe Retirement Living is the borrower. Upon completion, the property will feature 160 units of independent living, assisted living and memory care. BB&T provided the funds. The Grandbridge team leading the transaction included Richard Thomas, Meredith Davis and Kim Huffstutler.
NEW YORK CITY and KING OF PRUSSIA, PA. — The Escape Game has selected Sachse Construction to build two new concepts in a project totaling approximately $4.5 million. One concept will be located in New York City and the other in King of Prussia, a northwestern suburb of Philadelphia. The Escape Game is a popular interactive puzzle game with national locations, and construction will include movie-like sets. The construction timeline was undisclosed.
WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired 880 and 890 Winter Street, a two-building, 392,600-square-foot office complex in Waltham, a suburb of Boston. The all-cash deal fetched a sales price of $106 million. The complex was 82 percent leased at the time of sale to 24 tenants in the healthcare, technology and energy sectors. Amenities include a two cafés, an outdoor seating area, a fitness center and a conference center. The 28-acre property is situated adjacent to Bay Colony, Boston Properties’ 1 million-square-foot business park. Following this acquisition, Boston Properties owns more than 4 million square feet of Class A office space in Waltham. The company owns and manages more than 5 million square feet of commercial space along the Route 128/Interstate 95 corridor in the Boston suburbs. “Waltham continues to be one of the region’s most desirable urban edge locations for organizations that want to attract and retain highly educated associates,” says Bryan Koop, executive vice president at Boston Properties. “The 880 and 890 Winter Street campus provides both location and amenities that offer long-term value for current and prospective tenants.” Boston Properties is one of the largest developers and owners of Class A office space, …
NEW YORK CITY — Davis & Gilbert LLP, a New York City-based law firm, has signed an 86,000 square-foot office lease at 1675 Broadway in Midtown. The lease comprises the 31st through 34th floor and a portion of the 35th floor in the 850,000-square-foot building. Lewis Miller, Scott Gottlieb, Brian Gell and Michael Wellen of CBRE represented Davis & Gilbert in the lease negotiations. Robert Steinman of Rudin Management Co. represented the landlord, The Rudin Family.
NORTHBOROUGH, MASS. — Steris Corp., a manufacturer of medical devices, has purchased a warehouse in Northborough, located about 30 miles west of Boston, for $6.8 million. The property, 425 Whitney St., is a 45,718-square-foot warehouse with office space. Steris already owns the neighboring property, 435 Whitney St. CBRE’s Bob Gibson, Rachel Marks and Chelsea Andre represented the seller, a fund managed by DRA Advisors LLC.
WOBURN and NORWOOD, MASS. — Cushman & Wakefield has arranged the sale of two seniors housing communities in the Boston suburbs. A joint venture between Benchmark Senior Living and Oz Real Estate sold Benchmark Senior Living at Woburn in Woburn as well as Benchmark Senior Living on Clapboardtree in Norwood. The communities offer a total of 177 assisted living and memory care units. Benchmark Senior Living will continue to manage the communities. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Tim Hosmer and Chris Remeika. The buyers and sales price were undisclosed.
CRANBERRY, PA. —Middletown Income Investors Cranberry LLC has purchased a single-tenant retail property in Cranberry, a northern suburb of Pittsburgh, for $14.1 million. A 24-hour Walmart Supercenter has fully occupied the property since 1999, and the retailer recently signed a 10-year lease extension. Patrick Luther of SRS, Phil Sambazis of Marcus & Millichap, along with Jeff Christian and Ryan Morita of First Street Brokerage, represented the seller, ACV Cranberry LLC, in the transaction. Zackary Hilgendorf of Quantum Real Estate Advisors represented Middletown.
