REBusinessOnline

Marcus & Millichap Brokers Sale of 15-Unit Apartment Portfolio in Fishtown

PHILADELPHIA — Marcus & Millichap has brokered the $1.5 million sale of a 15-unit apartment portfolio in the Fishtown neighborhood of Philadelphia. The sales price equates to approximately $100,000 per unit. The portfolio is located at 1417-1419 E. Columbia Ave. and 1243 E. Susquehanna Ave. Andrew Townsend, Clarke Talone, Joseph Sutow and Ridge MacLaren of Marcus & Millichap represented the undisclosed seller in the transaction, which had owned the properties for more than a decade. …

Acquisitions, Multifamily, Northeast, Pennsylvania

Marcus & Millichap Negotiates $15.7M Sale of Apartment Building in Philadelphia

PHILADELPHIA — Marcus & Millichap has negotiated the $15.7 million sale of a 74-unit apartment building at 1217 Spring Garden St. in Philadelphia. The property also includes two retail spaces. Phil Sharrow and Jon Massaro of Marcus and Millichap represented the buyer, Arts & Crafts Holdings, in the transaction. The seller was Juniata Design Inc. The building is located in the Spring Arts neighborhood. The buyer plans to revitalize the nearby abandoned railway into a public park, …

Acquisitions, Northeast, Pennsylvania

CBRE Brokers Sale of Office Building in Philadelphia’s Navy Yard for $130.5M

PHILADELPHIA — CBRE has brokered the $130.5M sale of Five Crescent Drive, a 207,779-square-foot office building in Philadelphia’s Navy Yard. An affiliate of Korea Investment Management Co. purchased the property. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Liberty Property Trust, in the transaction. Built in 2013, the four-story property is one of only a few office buildings in the United States to achieve LEED Double Platinum status. …

Acquisitions, Northeast, Office, Pennsylvania

City Center Investment Opens Class A Office, Retail Tower in Allentown

ALLENTOWN, PA. — City Center Investment Corp. has opened Tower 6, a Class A office and retail building in downtown Allentown. Tower 6 is a 145,000-square-foot, 12-story, glass and steel building with floor-to-ceiling windows and is located at 600 Hamilton St. The building officially opened May 3. The building’s tenants include Bank of America Merrill Lynch, Avantor, Talen Energy, CrossAmerica Partners, NJR Energy Services, fedRFP and Morton Brown Family Wealth. The top of Tower 6 features …

Development, Northeast, Office, Pennsylvania

Marcus & Millichap Brokers $10.6M Sale of Apartment Complex in Suburban Philadelphia

CHALFONT, PA. — Marcus & Millichap has brokered the sale of Grey Friars at Chalfont, a 78-unit apartment complex in Chalfont, about 30 miles north of Philadelphia. The property, which is located at 4106 Grey Friars Terrace, sold for $10.6 million. The buyer and seller were undisclosed. The garden-style apartment complex is comprised of eight two-story buildings set on nearly nine acres and includes 26 one-bedroom and 52 two-bedroom

Acquisitions, Multifamily, Northeast, Pennsylvania

Wilder Acquires Two Shopping Centers in Pennsylvania and Connecticut Totaling 800,000 SF

MECHANICSBURG, PA., NEW HAVEN, CONN. — Wilder Cos., in partnership with an institutional retail real estate fund, has acquired Silver Spring Square in Mechanicsburg and the Marketplace at Hamden in New Haven. The sales prices in the separate transactions were not disclosed. Together, the two shopping centers total 800,000 square feet of space. The 570,000-square-foot Silver Spring Square is home to the only Wegmans in the Harrisburg trade area and is shadow anchored by a Target and Kohl’s. …

Acquisitions, Connecticut, Northeast, Pennsylvania, Retail

Marcus & Millichap Brokers Sale of Former Embassy Suites Pittsburgh Airport for $25M

PITTSBURGH — Marcus & Millichap has brokered the sale of the former 223-room Embassy Suites Pittsburgh Airport hotel in Coraopolis for $25 million. Coraopolis is located about five miles north of Pittsburgh International Airport. The hotel, which was built in 1990, closed in early 2018. Jerry Swon and Daniel Zagoria represented the seller, NHH CMS Pittsburgh LP, in the transaction. The buyer was a private developer. The Pittsburgh Post Gazettehas reported that the building will be …

Acquisitions, Hospitality, Multifamily, Northeast, Pennsylvania, Seniors Housing

Cambria Company Signs 60,486 SF Lease in King of Prussia

KING OF PRUSSIA, PA. — An affiliate of Endurance Real Estate Group and Thackeray Partners has signed Cambria Company to a 60,486-square-foot industrial lease at 780 Third Avenue in King of Prussia. Cambria, which specializes in the production of engineered quartz surfaces, will occupy the entire building. The location will be used as a showroom serving the Mid-Atlantic region. Doug Fulton and Peter Greenhalgh of Avison Young represented Cambria in the lease negotiations. Endurance was …

Leasing Activity, Northeast, Pennsylvania

SSH Real Estate, Young Capital, Quilvest Purchase Full Ownership of 880,000 SF Office Complex in Philadelphia

PHILADELPHIA — SSH Real Estate and Young Capital, in partnership with the real estate arm of Quilvest Private Equity, have announced a $100 million recapitalization of the 880,000-square-foot 123 South Broad Street and Witherspoon Building complex in Philadelphia's central business district. Currently, the property is 95 percent leased, with Wells Fargo as the anchor tenant renting 225,000 square feet of space across multiple floors. The complex was previously split into two condominium …

Acquisitions, Northeast, Office, Pennsylvania

Colliers Negotiates $2.1M Sale of 7.2-Acre Development Site in Pennsburg, Pennsylvania

PENNSBURG, PENN. - Colliers International has arranged the sale of a commercially zoned land located at the southwest corner of Pennsylvania Route 663 and Northgate Boulevard in Pennsburg. PB Northgate purchased the 7.2-acre property, which is approximately 17 miles south of Allentown, for $2.1 million. The buyer plans to develop a medical office building and retail pad site on the land parcel. Derek Zerfass of Colliers International's office in Allentown, Penn., represented the undisclosed …

Acquisitions, Healthcare, Mixed-Use, Northeast, Office, Pennsylvania, Retail

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