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.
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.
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.
CLIFTON HEIGHTS, PA. — Cushman & Wakefield has arranged the sale of a 718-unit self-storage facility in Clifton Heights, a western suburb of Philadelphia. The property comprises 82,116 rentable square feet with 590 climate-controlled units and 128 non-climate-controlled units. Units range from 18 to 320 square feet. Mike Mele, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, an affiliate of Vertical Fields Capital LLC, in the transaction. The buyer and sales price were not disclosed. CubeSmart has been retained as a third-party manager. More than 200,000 people with an average household income in excess of $80,000 live within a three-mile radius of the property.
BETHLEHEM, PA. — Wind Creek Hospitality (WHC), an authority of the Poarch band of Creek Indians, a federally recognized tribe in Alabama, has acquired the Sands Casino Resort in Bethlehem, Pennsylvania, for $1.3 billion. The property, located in the Lehigh Valley region, will be rebranded as Wind Creek Bethlehem. Sands Casino Resort consists of a 282-room hotel and a 183,000-square-foot casino with 3,000 slot machines, 200 gaming tables and multiple restaurants. The property also features a 150,000-square-foot retail mall and an event center. The new ownership plans to invest $340 million in updating and expanding the property to include two new hotels totaling 700 to 750 rooms and a 300,000-square-foot adventure and water park. The seller was not disclosed.
NEW YORK CITY — Global asset manager Investcorp, which is based in Bahrain and has its U.S. office in New York City, has acquired 11 multifamily properties totaling 2,615 units across the United States. The sales price was $370 million. The properties are located throughout six primary markets: Orlando, Tampa, Raleigh, Atlanta, Philadelphia and St. Louis. Madison Apartment Group, an affiliate of the seller, Philadelphia-based Equus Capital Partners, will continue to manage the communities after overseeing capital improvement programs at each property. The portfolio was approximately 95 percent leased at the time of sale with an average construction date of 1994 and an average unit size of 1,020 square feet. Equus acquired the properties between 2013 and 2015 and collectively spent about $20 million upgrading them. “The portfolio is positioned to deliver an attractive, stable and predictable cash flow for the new venture with Investcorp, while at the same time the markets continue to support further enhancement opportunities and ability to push rents higher,” says Christopher Locatell, senior vice president and director of dispositions for Equus. Investcorp executives noted that the deal marked the firm’s largest real estate acquisition in the United States in the last decade, and was appealing …
PECKVILLE, PA. — Marcus & Millichap has brokered the sale of Peckville Shopping Center, a 62,506-square-foot retail property, located just outside of Scranton in the northern part of the state. The sales price was $5.1 million. A 20,045-square-foot Planet Fitness anchors the center, which was built in 1953 and renovated in 2004. Total occupancy at the property at the time of sale was 76 percent. Christopher Burnham, Dean Zang, David Crotts and Steven Siegel of Marcus & Millichap represented the seller, a New York City-based investment bank, in the transaction. The group also procured the undisclosed buyer.
KING OF PRUSSIA, PA. — The Discovery Labs has unveiled plans for a $500 million healthcare, life sciences and technology coworking campus at the 1 million-square-foot GlaxoSmithKline (GSK) Upper West Merion campus and the 640,000-square-foot Innovation at Renaissance Campus. The two campuses, which are located across the street from each other in the Philadelphia suburb of King of Prussia, will be known as The Discovery Labs. The collaborative lab, office and lifestyle space, will span 1.6 million square feet. The Discovery Labs called the campus the “world’s largest coworking community” in a press release. “The Discovery Labs is 20 times larger than the average coworking space, and provides the mission critical infrastructure needed to operate healthcare, life sciences and technology-enabled companies,” says Audrey Greenberg, chief financial officer of The Discovery Labs. “The size of each Discovery Labs enables enterprise level companies to work side by side with startup and emerging companies and enjoy the benefits of the coworking phenomenon.” IQ Connect, Discovery Labs’ 100,000-square-foot incubator project developed in partnership with The Pennsylvania Biotechnology Center, will sit at the center of the campus. The purpose of IQ Connect is to “bring together researchers, entrepreneurs and product development startups, along with human …
LANCASTER, PA. — HFF has negotiated the sale of Chelsea Square, a 96,455-square-foot, grocery-anchored shopping center in Lancaster, located roughly midway between Philadelphia and Harrisburg. Regional grocer Weis serves as the anchor tenant alongside Talbots, Jos. A. Bank, M&T, Domino’s Pizza and Great Clips. Built on 10.6 acres, the property is located along the Manheim Pike, a retail corridor with a daily traffic count of approximately 46,000 vehicles. Chris Munley and Carl Fiebig of HFF represented the seller, Boston-based Beacon Communities, in the transaction. The buyer was Pennsylvania-based Goodman Properties. The sales price was not disclosed.