Pennsylvania

Marcus & Millichap Brokers $4.6M Sale of Office Property in Harrisburg

by Alex Patton July 12, 2019

HARRISBURG, PA. — Marcus & Millichap has brokered the $4.6 million sale of a 73,289-square-foot office building in Harrisburg. The four-story property is located on the corner of Cameron and Walnut streets, and is leased to a mix of community-based, service and nonprofit organizations. Craig Dunkle and Mark O’Shea of Marcus & Millichap’s Philadelphia office represented the seller, investment firm Brickbox Enterprises Ltd. Dunkle also represented the buyer, Halzlucha LLC, a private investment group based in Muncie, New York.

July 12, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Negotiates $3.9M Sale of Office Property in Camp Hill, Pennsylvania

by Alex Patton July 9, 2019

CAMP HILL, PA. — Marcus & Millichap has negotiated the sale of a 26,541-square-foot office property in Camp Hill, Pennsylvania. The property is located at 355 N. 21st St and Cumberland Blvd. The sales price was $3.9 million. The building offers 16 office suites leased to tenants in an array of industries, including medicine, finance and law. Craig Dunkle of Marcus & Millichap’s Philadelphia office represented the seller, 355 N. 21st Camp Hill Associates, as well as the buyer, Thank You Hashem, in the transaction.

July 9, 2019

Acquisitions Industrial Northeast Pennsylvania

Trout Daniel Arranges Sale of 175,000 SF Industrial Complex in Lancaster, Pennsylvania

by Taylor Williams July 5, 2019

LANCASTER, PA. — Maryland-based Trout Daniel & Associates (TDA) has arranged the sale of the historic Stehli Silk Mill, a two-building, 175,000-square-foot industrial facility in Lancaster, one of the oldest inland towns in the United States. The two-building facility is situated on nearly 11 acres at 701 Martha Ave. At the time of its original construction in 1897, the silk mill was the largest of its kind in the world. Gary Olschansky of TDA represented the buyer, Rhode Island-based developer Union Box Co., which plans to convert the existing structures into multifamily and commercial uses.

July 5, 2019

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Negotiates Sale of 447-Unit Self-Storage Facility in Pittsburgh

by Taylor Williams July 5, 2019

PITTSBURGH — Marcus & Millichap has negotiated the sale of Camp Horne Self Storage, a facility in Pittsburgh that includes 52,344 square feet of net rentable space across 447 units. The property was built in 2004 on 4.4 acres and was 94 percent occupied at the time of sale. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and buyer, both of which were undisclosed limited liability companies, in the transaction. Sean Beuche, a regional manager with Marcus & Millichap, assisted in closing the deal.

July 5, 2019

Riverwalk-at-Millenium-Conshohocken-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania

HFF Arranges Sale of 375-Unit Apartment Community in Metro Philadelphia

by Taylor Williams July 3, 2019

CONSHOHOCKEN, PA. — HFF has arranged the sale of Riverwalk at Millennium, a 375-unit multifamily community in Conshohocken, a northwestern suburb of Philadelphia. Built on 7.9 acres, the transit-served property offers one- and two-bedroom units averaging 923 square feet with plank flooring and individual washers and dryers. Amenities include a pool with a sundeck and grill area, fitness center with on-demand classes and a resident clubhouse. Mark Thomson, Carl Fiebig, Francis Coyne and Jose Cruz of HFF represented the seller, a joint venture between Boston-based Long Wharf Capital and Scully Co., which acquired the property in 2015. Ryan Ade and Jamie Leachman of HFF arranged an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Relative Properties. The property was built in phases in 2005 and 2010.

July 3, 2019

Acquisitions Hospitality Northeast Pennsylvania

Gehr Hospitality Acquires 129-Room Hyatt Place Hotel in King of Prussia

by Taylor Williams July 3, 2019

KING OF PRUSSIA, PA. — A partnership between two Los Angeles-based firms, Gehr Hospitality and Oakhurst Advisors LLC, has acquired the 129-room Hyatt Place hotel in King of Prussia, a northwestern suburb of Philadelphia. The hotel, which was renovated in 2018, is located near numerous employment hubs as well as the King of Prussia Mall, Valley Forge National Historical Park and Valley Forge Casino Resort. The Plascencia Group represented the undisclosed seller in the transaction. Thuong Luong and Molly Caccamo of Gehr Hospitality represented the buyer on an internal basis. Wells Fargo provided acquisition financing for the deal, the sales price of which was not disclosed.

July 3, 2019

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

All of a Sudden, Pittsburgh Multifamily Trades Increase in Velocity

by Taylor Williams July 3, 2019

After a brief increase in the overall vacancy rate in the Pittsburgh region in 2017, the market has rebounded nicely and is back in the 4 to 5 percent range. But what has been more eye-opening is the increased velocity in the acquisition market that has investors from outside of Pittsburgh more focused on the Western Pennsylvania market than ever before. Multifamily Sales Market Multifamily sales in the Pittsburgh region over the last 10 years have been rather anemic. Sales velocity was slow due to various factors, including the reluctance of long-time local ownership groups to sell a property in a market where few options existed for a 1031 tax-deferred exchange transaction. There was also very little new construction to attract outside capital. In general, not much attention was paid to the Pittsburgh metro. However, developers recently had an epiphany and noticed that there was much old multifamily product scattered throughout the region, and that the time was right to break ground on new projects. Now that a significant amount of new construction projects have been delivered over the last six or so years, Pittsburgh has become a target for many investment firms from outside Western Pennsylvania. Some of the …

July 3, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

Sims Mortgage Provides $5.3M HUD Loan for Affordable Seniors Housing Property in Pennsylvania

by Taylor Williams July 2, 2019

MIDDLETOWN, PA. — Sims Mortgage Funding, a subsidiary of Connecticut-based lender HJ Sims, has provided a $5.3 million HUD-insured loan for Middletown Interfaith Apartments, a 125-unit affordable seniors housing community located outside of Harrisburg. The property was built in the early 1980s. Sims Mortgage secured the financing through the HUD 223(f) loan program, which is often used to finance affordable housing projects. The loan, a portion of which will be used to fund capital improvements, was structured with a 35-year term.

July 2, 2019

Development Industrial Northeast Pennsylvania

Endurance, DWS to Develop 352,000 SF Warehouse in York County, Pennsylvania

by Taylor Williams June 26, 2019

SPRINGETTSBURY TOWNSHIP, PA. — A partnership between affiliates of locally based developer Endurance Real Estate Group LLC and asset manager DWS Group will develop a 352,000-square-foot warehouse and distribution center in Springettsbury Township, located in York County. Construction began recently with the demolition of the existing structures on the 28.1-acre, rail-served site, which is located less than half a mile from I-83. Delivery is slated for the first quarter of 2020. Building features will include 36-foot clear heights, an ESFR sprinkler system, a 185-foot truck court and ample space for automobile and trailer parking.

June 26, 2019

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Attention Industrial Investors: Here’s Why You Should Consider Pittsburgh

by Taylor Williams June 26, 2019

Industrial properties have experienced unprecedented growth in demand over the past several years as both new and old companies seek to find space. This shift has benefited industrial assets in many metros across the country, although investors may unintentionally limit their focus to the markets with the most outsized gains. Smaller cities can provide equally compelling investment opportunities due to some unique advantages. Multiple factors combine to create such a scenario in Pittsburgh. The city is home to several prominent educational institutions, healthcare providers and technology companies that are fueling job growth, thus dropping the unemployment rate to its lowest in two decades. Opportunities in these high-wage industries are bolstering the metro’s median household income and improving retail sales. Consumer spending is projected to jump 4.4 percent in 2019, about 100 basis points more than last year. As shopping activity expands, the need for distribution centers is becoming more acute. Together with an established manufacturing sector, both sources of demand are supporting the absorption of industrial space. More tenants moving in are enabling properties to perform at a greater level. The metro’s vacancy rate has declined 400 basis points since 2009 and is now under 6 percent. Availability is lowest …

June 26, 2019

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