REBusinessOnline

Pennsylvania

Colliers Facilitates $2.2M Sale of Development Site in Philadelphia

PHILADELPHIA — Colliers International has arranged the sale of a development site located at 201-11 E. Allen St. in the Northern Liberties neighborhood of Philadelphia. A private investment group acquired the site from Exceptional Foods for $2.2 million. The buyer plans to redevelop the property into residential units. The site consists of a 15,300-square-foot industrial property and 17,350 square feet of land. Michael Barmash and Richard Gorodesky of Colliers were the sole brokers in the..

August 18, 2017

CBRE Arranges Sale of Shopping Center in North Wales, Pennsylvania

NORTH WALES, PA. — CBRE has brokered the sale of The Shoppes at English Village, a lifestyle center located at 1460 Bethlehem Pike in North Wales. MetLife Real Estate acquired the 103,188-square-foot property from Stanbery Development for an undisclosed price. Trader Joe’s, CorePower Yoga, CycleBar, Turning Point, Anthony Vince Nail Spa, Scout & Molly’s, Sephora and J. Crew Mercantile are tenants at the property. Brad Nathanson and John Colussi of CBRE represented the seller and procured..

August 17, 2017

KeyBank Secures $44.7M in Financing for Mixed-Use Assets in Philadelphia

PHILADELPHIA — KeyBank Real Estate Capital has provided a $44.7 million CMBS first mortgage loan for Rodin Place, a mixed-use building, and an adjacent retail property located in Philadelphia. Totaling 241,884 square feet, the assets include a single-story retail building, leased by Target, and one six-story office and retail building. John Christen of Key’s Commercial Mortgage Group arranged the financing with a 10-year term, five-year interest-only period and 30-year amortization..

August 16, 2017

Phillips Realty Capital Arranges $31.3M Equity Financing for Metro Philadelphia Apartment Complex

KING OF PRUSSIA, PA. — Phillips Realty Capital has arranged $31.3 million in equity financing for Woodfield Investments. The company provided the joint venture equity investment toward the acquisition and development of Woodfield Valley Forge, an apartment community in King of Prussia. Adam Bieber of Phillips Realty structured the equity financing. Woodfield Valley Forge will be a 320-unit apartment community located in The Valley at Valley Forge, a 122-acre, mixed-use development. The..

August 15, 2017

NKF Arranges $20.1M Sale of Two-Building Office Property in Philadelphia

PHILADELPHIA — Newmark Knight Frank (NKF) has arranged the sale of a two-building property located at 421 N. Seventh St. in Philadelphia. Arts & Crafts Holdings acquired the property from Callowhill Center Associates for $20.1 million. Situated on 2.4 acres, the property features 188,167 square feet and is the long-term home of The Electric Factory, an iconic 50-year-old concert promotion company. At the time of sale, the property was 38.2 percent occupied with small tenants and The Electric..

August 15, 2017

CBRE Facilitates $11.7M Sale of Retail Property in Metro Philadelphia

KING OF PRUSSIA, PA. — CBRE has brokered the sale of a retail property located at 611 W. Dekalb Pike in King of Prussia. Matrix Real Estate Holdings acquired the building from OneCorp for $11.7 million, or $652 per square foot. Bassett Furniture occupies the 18,000-square-foot property, which was constructed earlier this year. Matthew Gorman and Michael Shover of CBRE represented the seller in the deal.

August 15, 2017

Joint Venture Acquires 40,000 SF Office Building in Metro Philadelphia for $8.2M

KING OF PRUSSIA, PA. — A joint venture between Merion PHC Holdings LLC and Moreland Development LLC has acquired an office property located at 950 Pulaski Drive in King of Prussia, approximately 20 miles northwest of Philadelphia. Hemar Realty Co. sold the asset for $8.2 million. The 40,000-square-foot property is currently configured as physicians’ offices, exam rooms and labs. Gary Leone and Steven Gartner of CBRE represented the seller in the deal.

August 9, 2017

Hinerfield Commercial Arranges Sale of 51,000 SF Warehouse Building in Hazelton, Pennsylvania

HAZELTON, PA. — Hinerfield Commercial has brokered the sale of a showroom and warehouse facility located at 485 Susquehanna Blvd. in Hazelton. Bradley International acquired the 51,000-square-foot property for an undisclosed price. The building is occupied by Nathan’s Furniture Store, which originally purchased the property in 1983. Griff Keefer and John Cognetti of Hinerfield Commercial handled the sale negotiations.

August 7, 2017

Square Mile Originates $90.5M Loan for Office Building in Fort Washington, Pennsylvania

FORT WASHINGTON, PA. — Square Mile Capital Management has originated a $90.5 million loan secured by Fort Washington Technology Center, located at 1100 Virginia Drive in Fort Washington. The borrower was an entity owned by funds managed by Greenfield Partners, which acquired the property in 2013 as part of a multi-state office portfolio. Built in 1964, the 751,143-square-foot multi-tenant office building features a fitness center, basketball court, Starbucks Coffee shop and cafeteria. Jay..

August 3, 2017

Property Owners Celebrate Fair Taxation Ruling by Pennsylvania Supreme Court

Commercial property owners around the country are cheering a recent Pennsylvania Supreme Court decision that breathes new life into constitutional guarantees of uniformity in taxation. Overruling a decade of lower court decisions, the ruling reestablishes the primacy of constitutional uniformity protections to taxpayers in the strongest possible language, fittingly issued just one day after the July 4 holiday. Nearly every state constitution requires uniformity in taxation, meaning that two..

August 3, 2017