Pennsylvania

HFF Brokers Sale of 15-Story Apartment Building in Downtown Philadelphia

by David Cohen April 16, 2019

PHILADELPHIA — HFF has brokered the sale of The Commonwealth, a 15-story, 98-unit apartment building in Philadelphia. The sales price was undisclosed. Located at 1201 Chestnut St., the high-rise was built in 1906 and was fully renovated in 2012. The residential component is currently 99 percent occupied and the retail component is fully leased to 7-Eleven and Mitchell & Ness Nostalgia Co., which is the American sports clothing company’s only brick-and-mortar location. Mark Thomson, Carl Fiebig and Francis Coyne of HFF represented the seller, global real estate investment manager Invesco Real Estate, in the transaction. The buyer was a joint venture partnership between The Carlyle Group and Alterra Property Group.

April 16, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Tapestry Senior Living to Open 224-Unit Senior Living Community Near Pittsburgh

by David Cohen April 16, 2019

CORAOPOLIS, PA. — Tapestry Senior Living has announced it will open Tapestry Moon Township in June. Located in Coraopolis, approximately 12 miles northwest of Pittsburgh, the community will offer 93 units of memory care and 131 units of assisted living. The community is currently accepting deposits ahead of its upcoming opening.

April 16, 2019

Leasing Activity Northeast Office Pennsylvania

CBRE Arranges 112,481 SF Office Lease in Pittsburgh

by David Cohen April 16, 2019

PITTSBURGH — CBRE has arranged a 112,481-square-foot, full-building office lease at Park Place Corporate Center Two in Pittsburgh on behalf of the owner, FAC Park Place Two LLC. Located at 2000 Commerce Drive, the property was fully renovated in 2010. Nick Francic of JLL represented the tenant, energy company Williams Field Services Group, in the transaction.

April 16, 2019

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Orchestrates $1M Sale of Net-Leased Retail Property in Pennsylvania

by David Cohen April 15, 2019

GREENSBURG, PA. — Marcus & Millichap has arranged the $1 million sale of a 2,160-square-foot net-leased retail property in Greensburg. Located at 800 E. Pittsburgh St., the property is occupied by KeyBank. Jeremie Johnson and Nathan D. Whalen of Marcus & Millichap’s Indianapolis office represented the seller, a private investor, in the transaction. The buyer was a local investor.

April 15, 2019

Leasing Activity Northeast Office Pennsylvania

CBRE Arranges 20,000 SF Office Lease for Urban League of Greater Pittsburgh

by Kristin Harlow April 10, 2019

PITTSBURGH — CBRE has arranged a 20,000-square-foot office lease for the Urban League of Greater Pittsburgh at Warner Centre, located at 332 Fifth Ave. in downtown Pittsburgh. The agency will occupy the entire fourth floor of the building. CBRE’s Christopher Koch, leasing agent for Warner Centre, negotiated the lease on behalf of the building’s owner, JJ Operating Inc., a family-owned real estate investment and management company based in New York City. The Urban League of Greater Pittsburgh, which recently celebrated its 100th anniversary, plans to occupy Warner Centre this summer. The move will provide the agency with the efficiency of operating on a single floor versus multiple floors at its existing Wood Street location. Warner Centre is situated in the center of downtown Pittsburgh, located next to the newly completed Point Park Playhouse. The landlord recently made improvements to the lobby of Warner Centre and plans to make upgrades to the elevators beginning this year. The mission of the Urban League is to enable African Americans to secure economic self-reliance, parity and power, and civil rights. The HUD-certified housing counseling agency offers a wide variety of programs.

April 10, 2019

Leasing Activity Northeast Office Pennsylvania

CBRE Arranges Office Lease in Pittsburgh for Kennametal Inc.

by David Cohen April 9, 2019

PITTSBURGH, PA. — CBRE has arranged an office lease for Kennametal Inc. at an office tower in Pittsburgh’s central business district. Located at 525 William Penn Place, the 900,000-square-foot, 41-story office property is owned by investment group FAC 525. The tower is Pittsburgh’s fourth-largest office building in the CBD. Major capital improvements are nearing completion as part of a rebranding and redevelopment initiative at the property, including a complete lobby renovation, fitness center and reserved tenant parking.CBRE represented FAC 525 in the deal. Avison Young represented Kennametal in the lease transaction, the size of which was not disclosed.

April 9, 2019

Acquisitions Multifamily Northeast Pennsylvania

One Wall Partners Purchases 996-Unit Apartment Portfolio in Lehigh Valley

by David Cohen April 2, 2019

LEHIGH VALLEY, PA. — One Wall Partners has acquired a portfolio of 996 rental apartments in the Lehigh Valley of Pennsylvania for an undisclosed price. The portfolio, which is currently 98 percent occupied, features garden-style complexes as well as a rental townhome community. Amenities include outdoor pools, fitness centers and clubhouses. One Wall Partners plans to spend more than $500,000 on energy efficient upgrades and deferred maintenance on the properties. One Wall Partners was represented in-house, in the transaction. The undisclosed seller was represented by CBRE.

April 2, 2019

Acquisitions Loans Multifamily Northeast Pennsylvania Seniors Housing

BHI, Contemporary Healthcare Capital Arrange $9.5M Acquisition Loan for Skilled Nursing Facility in Pennsylvania

by David Cohen March 29, 2019

CANONSBURG, PA. — BHI and Contemporary Healthcare Capital have arranged $9.5 million in acquisition financing for a 118-bed skilled nursing facility. The property is located in Canonsburg, approximately 18 miles southwest of downtown Pittsburgh. The borrower is Townview Realty LLC. BHI provided a $7.9 million senior loan that includes a $600,000 line of credit. The lender also has guaranteed a $2.1 million earnout feature based on pre-determined performance metrics. Contemporary Healthcare provided the $1.6 million mezzanine portion of the financing. Proceeds of the loans were used for the acquisition and operation of the facility, as well as to pay customary closing costs. This was the first joint loan transaction between BHI and CHC.

March 29, 2019

Acquisitions Industrial Northeast Pennsylvania

Colliers, Max Spann Auctioneers Negotiate $6.5M Sale of 26-Acre Industrial Facility in Philadelphia

by David Cohen March 29, 2019

PHILADELPHIA — Colliers International, in conjunction with Max Spann Auctioneers, has negotiated the $6.5 million sale of an industrial facility in the Nicetown-Tioga section of Philadelphia. Located at 2450 Hunting Park Ave., the property is the former home of metal fabricator Budd Co. The site has been vacant for more than a decade. The property is comprised of six buildings totaling 1,871,911 square feet. Rich Weitzman of Colliers represented the undisclosed seller in the transaction. The buyer was New York-based private equity and development firm Plymouth Group.

March 29, 2019

Development Northeast Pennsylvania Retail

Comcast Spectator to Build $50M Esports Arena in Philadelphia

by David Cohen March 26, 2019

PHILADELPHIA — Comcast Spectator and partner The Cordish Cos. have unveiled plans to build a $50 million Esports Arena in South Philadelphia. The sports facility will serve as the home arena for the Philadelphia Fusion of the international Overwatch League. The arena will be constructed near the city’s other major sports stadiums. The 60,000-square-foot building will include seating for 3,500 and will contain 10,000 square feet set aside for training facilities and team offices. Construction is expected to begin this summer and be completed in 2021. Kansas City-based firm Populous will serve as lead architect.

March 26, 2019

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