PHILADELPHIA — HFF has negotiated the sale of a 50,000-square-foot medical office building located at 1740 South St. in the Rittenhouse Square submarket of Philadelphia. The property, which was 97 percent leased at the time of sale, is situated adjacent to the Penn Medicine Rittenhouse campus, which includes a 96-bed hospital. Ben Appel, Evan Kovac, Andrew Milne and Zachary Drozda of HFF represented the seller, a partnership between Tennessee-based Chestnut Funds and investment firm Anchor Health Properties.
NEW YORK CITY — Restaurateur Todd Leong, owner of Lucky Rice as well as Leaf Bar & Lounge, will open The Beer Assembly, a 3,550-square-foot beer garden at Tangram. The 1.2 million-square-foot mixed-use development is located in Flushing. Developed by F&T Group and Shanghai Construction Group (SCG), Tangram features residential, office, retail and hospitality uses, including a 24,000-square-foot food hall that will be positioned adjacent to the beer garden. The opening is slated for early 2020.
PHILADELPHIA — Developer Chris Todd is nearing completion of The View at Old City, a 216-unit multifamily project in Philadelphia that is valued at $90 million. Located at the corner of Fourth and Race streets, the community is being developed at the site of the former home of Francis Hopkinson, a signer of the Declaration of Independence who designed the first official American flag and first U.S. coin. The property will offer a variety of different types of pet-friendly, open floor plans, from studios to two-bedroom units ranging from 441 square feet to 1,257 square feet. Amenities will include a pool, fitness center with a yoga studio, media room, outdoor grilling area, package locker service and a dog park. The View at Old City is expected to be available for occupancy in August.
NEW JERSEY — Seagis Property Group, an industrial investment firm based in metro Philadelphia, has acquired four assets in northern New Jersey totaling 274,000 square feet. The seller and sales price were not disclosed. The properties, which were fully leased at the time of sale, include 100 Frontage Road in Newark (180,000 square feet), 400 County Avenue in Secaucus (45,000 square feet), 27 Engelhard Avenue (26,000 square feet) in Avenel and 360 Allwood Road (23,000 square feet) in Clifton. Seagis now owns 32 buildings totaling 4.7 million square feet throughout Northern New Jersey.
NEW YORK CITY — Commercial brokerage firm TerraCRG has arranged the sale of 1000 Dean Street, a 150,000-square-foot office building in the Crown Heights area of Brooklyn, for approximately $55.9 million. Asher Abehsera, founder and CEO of LIVWRK, was the buyer of the historic building, which was originally constructed in 1920 as a service station for Dodge and Plymouth vehicles. LIVWRK is a real estate company focused on mixed-use urban development. The seller, a joint venture that included the Goldman Sachs Urban Investment Group, purchased the building in 2012 and converted it into an office property that is now home to more than 90 media companies, nonprofit organizations, tech start-ups and manufacturers. Ofer Cohen, Dan Marks and Daniel Lebor of TerraCRG brokered the deal.
SYRACUSE, N.Y. — Hampshire Venture Partners LLC has purchased a 134,444-square-foot retail building in Syracuse that was formerly occupied by Sam’s Club The purchase price was roughly $5.6 million. The new ownership plans to convert the building, which sits on 14.2 acres at 2649 Erie Blvd., into a self-storage facility. Phil Marshall of O,R&L Commercial represented Hampshire in the sale. Bill Anninos of CBRE represented the seller, Sam’s Real Estate Business Trust. No timeline for the building conversion was provided.
MONROE, CONN. — Urstadt Biddle, a publicly traded REIT based in Connecticut, has sold a 10,100-square-foot retail property in Monroe for $3.6 million. The deal closed at a capitalization rate of 6.9 percent. Tenants at the property, which Urstadt Biddle acquired in 2007, include Starbucks Coffee and M&T Bank. The buyer was an undisclosed, locally based investor.
FRAMINGHAM, MASS. — An affiliate of DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Jefferson Hills Apartments, a 1,020-unit multifamily community in the western Boston suburb of Framingham. The property is situated on 27 acres and consists of four six-story apartment buildings and a clubhouse. The unit mix comprises 180 studio units, 551 one-bedroom apartments and 289 two-bedroom residences. Unit features include stainless steel appliances, quartz countertops, walk-in closets and private balconies. Communal amenities include a pool with a sundeck, fitness center, turf soccer field, basketball and tennis courts, a dog park, internet café, business center, game room and a children’s play area. The seller and sales price were not disclosed.
PHILADELPHIA — JLL’s Capital Markets group has arranged an undisclosed amount of permanent financing on behalf of Alliance Partners HSP, which owns the leasehold interest in the SoNo commercial building in Philadelphia. Located at 456 N. Fifth St., the 186,000-square-foot former warehouse property was fully leased at the time of the loan closing to tenants such as Yards Brewing Co. (70,000 square feet), the City of Philadelphia Archives Dept. (68,000 square feet) and Target (48,000 square feet). Tristate Capital Bank provided the loan to Alliance, which acquired the property in 2015 and recently completed its redevelopment in 2017. Chad Orcutt of JLL placed the debt.
BENSALEM, PA. — NAI Mertz has negotiated the sale of a 7,140-square-foot building in Bensalem, Pennsylvania, located northeast of Philadelphia. The property is located along the Bristol Pike and includes office, retail and industrial space. Joe Sternberg, Adam Lashner and Jeffrey Licht of NAI Mertz represented the seller, Medimpex Holdings LLC, in the transaction. The buyer was not disclosed.