WHITEHALL, PA. — 1788/Riverside Business Center, an affiliate of 1788 Holdings, has acquired Riverside Business Center, a 423,900-square-foot single-story light industrial building in Whitehall for $11.7 million. Located at 1139 Lehigh Ave., the Class B light industrial property was 87 percent leased at the time of acquisition. Constructed in 1910, the building has been improved and renovated multiple times, most recently in 2006 when the property was converted from a single-user..
PENNSYLVANIA AND MARYLAND — Pillar Financial has originated more than $20 million in fixed-rate, full interest-only 10-year terms through Fannie Mae for the refinancing of a manufactured housing community portfolio. The portfolio consists of three properties in Pennsylvania and one in Maryland. Cullen O’Grady of Pillar sourced the portfolio through Michael Cordes of Columbia National Real Estate Finance. The three Pennsylvania-based properties, The Chesapeake Estates at Grantville,..
YEADON, PA. — Tryko Partners has acquired ManorCare Health Services at Mercy Fitzgerald Hospital, a 52,000-square-foot skilled nursing facility at 600 S. Wycombe Ave. in Yeadon, a suburb of Philadelphia. A $2.5 million renovation is planned by Marquis Health Services, Tryko’s healthcare affiliate. The facility has been renamed the Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. Built in 1995, the facility sits adjacent to Mercy Fitzgerald Hospital, which is part of..
PHILADELPHIA — US Storage Centers has acquired a 107,606-square-foot facility in Philadelphia from Philly Self Storage. The 1,545-unit self-storage facility is located at 1910 S. Christopher Columbus Blvd. in Pennsport, directly off Interstate 95. The property is the first US Storage Centers location in Pennsylvania and will be rebranded as a US Storage Centers self-storage facility. Terms of the sale were not disclosed.
YORK, PA. — Cushman & Wakefield has arranged the sale of 57 Grumbacher Road, a 278,582-square-foot, one-story industrial property in York. STAG Industrial Inc. purchased the single-tenant, functional distribution facility from High Street Realty Co. LLC for $18 million. Located in the Interstate 83 Industrial Park, the property provides access to Interstate 83 via the exit 24 interchange, which is home to nearly 10 million square feet of industrial and manufacturing facilities.
PHILADELPHIA — On behalf of a family office investor, JOSS Realty Partners has purchased a mixed-use building in the Fishtown neighborhood of Philadelphia for $6.3 million. Rittenhouse Realty Advisors brokered the sale and Leopard Point LLC was the seller. The 14,500-square-foot property, located on 18-20 W. Girard Ave., includes 15 new apartment units above a street-level commercial space occupied by Sherwin Williams. The fully leased building offers one- and two- bedroom apartments as well..
KING OF PRUSSIA, PA. — HFF has arranged $14.5 million in preferred equity for the development of Skye 750, a 248-unit, midrise apartment community located 20 miles northwest of Philadelphia in King of Prussia. HFF worked on behalf of the developer, LeCesse Development Corp., to arrange the equity from Parse Capital. Slated for completion in 2020, Skye 750 will feature a resort-style clubhouse with fitness center, a cyber café, juice bar, private movie theater, game room, sauna, fire pit and..
CARNEGIE, PA. - NorthMarq Capital has arranged a $9 million loan for the refinancing of Washington Gardens, a mid-rise apartment complex located at 834 Washington Ave. and 133 Lee. St. in Carnegie, a suburb of Pittsburgh. The property features 179 apartment units. Gary Cohen of NorthMarq arranged the financing, which features a 10-year term with two years of interest-only payments on a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.
DUNMORE, PA. — JLL has brokered the sale of Key Market Distribution Center, a two-building industrial portfolio located at 1026-28 Reeves St. in Dunmore. An affiliate of Equilibrium Equities sold the portfolio to The Silverman Group for $14.3 million. Situated on 21.1 acres, the 445,751-square-foot portfolio offers units ranging in size from 13,000 square feet to 210,000 square feet. At the time of sale, the property was fully occupied by a variety of tenants. John Plower, James Galbally,..
PHILADELPHIA — Hunt Mortgage Group has provided a $5.5 million Freddie Mac Small Business Loan to finance the acquisition of Reach Lofts Apartments, an affordable multifamily property located at 1701-1707 Tulip St. in Philadelphia. The borrower is MM Equity Partners Philly LLC. The seven-year fixed-rate loan features an 84-month overall term with the first two years as interest-only payments followed by seven years of 30-year amortization and a yield management prepayment schedule. The..