Pennsylvania

Bellwether Enterprise Secures $85M Loan for Warehouse Portfolio in California, Pennsylvania

by Amy Works December 10, 2018

LOS ANGELES COUNTY, CALIF. — Bellwether Enterprise Real Estate Capital has arranged $85 million in permanent financing for s five-building warehouse portfolio. Totaling 1.1 million square feet, three buildings are located in Los Angeles County, one in the Inland Empire West area and one in Central Pennsylvania’s Lehigh Valley submarket. Each building is a concrete tilt-up warehouse building with minimal office build-out and clear heights ranging from 24 feet to 36 feet. Additionally, each building is leased to a single tenant. Shelley Magoffin and Max Sauerman of Bellwether Enterprise secured the loan with one of the company’s correspondent life insurance companies and Thrivent Financial.

December 10, 2018

Acquisitions Industrial Northeast Pennsylvania

NAI Mertz Brokers Sale of 84,400 SF Industrial Facility in Philadelphia

by David Cohen December 7, 2018

PHILADELPHIA — NAI Mertz has brokered the sale of an 84,400-square-foot industrial facility in Philadelphia. The sales price was undisclosed. Located at 3601 Island Ave., the property features six-inch reinforced concrete floors, six tailgates, 14 covered van-high loading positions and ceiling heights ranging from 15 to 23 feet. Jonathan Klear of NAI Mertz represented the buyer, seafood supplier Ocean Kingdom Inc., in the transaction. The seller was undisclosed. Ocean Kingdom will utilize a portion of the building for its own purposes and will also serve as landlord of the property to two existing tenants.

December 7, 2018

Acquisitions Northeast Pennsylvania Retail

HFF Orchestrates $1.7M Sale of Retail Building Near Philadelphia

by David Cohen December 6, 2018

SPRINGFIELD, PA. — HFF has arranged the $1.7 million sale of a 2,034-square-foot retail building in Springfield. The property is located at 40 E. Woodland Ave., approximately 10 miles from Philadelphia. The building is fully leased to Citizens Bank. Marc Mandel and Steve Schrenk of HFF represented the seller, 9th and Highland LLC, in the transaction. The buyer was an affiliate of California-based investor Chipster Properties.

December 6, 2018

Loans Multifamily Northeast Pennsylvania

New York Life Provides $45M Refinancing for Apartment Building in Philadelphia

by David Cohen December 3, 2018

PHILADELPHIA — New York Life Real Estate Investors has provided a $45 million loan to refinance The Versailles, a 113-unit apartment building in the Rittenhouse Square section ofPhiladelphia. Located at 530 Locust St., the property was built in the 1920s and was recently renovated. New York Life Real Estate Investors, whose parent company is New York Life Insurance Co., provided the 12-year, fixed-rate loan for the borrower, Philadelphia-based family office Spring Creek.

December 3, 2018

Loans Multifamily Northeast Pennsylvania

Hunt Real Estate Capital Secures $35.2M Refinancing for Multifamily Portfolio in Pennsylvania

by David Cohen November 30, 2018

READING, PA. — Hunt Real Estate Capital has secured a $35.2 million cash-out refinance for a four-property multifamily portfolio in Reading. The properties include a 161-unit multifamily community built in 1960; a 97-unit apartment complex built in 1969; a 77-unit, garden-style apartment complex built in 1968 and a 156-unit, garden-style apartment complex built in 1950. The Fannie Mae multifamily loans have a 12-year term and 30-year amortization schedule. The borrower was undisclosed.

November 30, 2018

Development Industrial Northeast Pennsylvania

Trammell Crow to Build 1 MSF Distribution Facility in Scranton

by David Cohen November 29, 2018

SCRANTON, PA. — Trammell Crow Co. has acquired a 90-acre site at the Valley View Business Park in Scranton. The company plans to build a 1 million square-foot speculative distribution facility on the site. The sales price was undisclosed. The building is scheduled for completion in the third quarter of 2019 and will feature 40-foot clear heights, 311 trailer parking spots, 277 car parking spots, 159 dock positions and ESFR fire protection. Trammell Crow purchased the site from the Scranton Lackawanna Industrial Building Co., the industrial development affiliate of the Greater Scranton Chamber of Commerce. CBRE Allentown was given the leasing assignment for the project.

November 29, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Larken Associates Purchases 102,000 SF Mixed-Use Building in Pennsylvania

by David Cohen November 28, 2018

BETHLEHEM, PA. — Larken Associates has acquired Pinnacle @ 65, a 10-story, 102,000-square-foot, mixed-use building in Bethlehem. The sales price was undisclosed. Located at 65 E. Elizabeth Ave., the property includes 48 residential units as well as 38,000 square feet of office and retail space. The building underwent a full renovation in 2017, including upgrades to the exterior façade, windows and common area corridors. Amenities include laundry and dry cleaning pick-up and drop-off, private storage units, and a package concierge system. Larken Associates acquired the property from Post Road Management.

November 28, 2018

Development Features Northeast Northeast Feature Archive Pennsylvania

Five Reasons to Use Virtual Reality in Design

by David Cohen November 28, 2018

By Michael Prifti Technology is moving quickly across many different industries. Architects are now using emerging technology like virtual reality (VR) to improve experience for clients, tenants and the general public. An architecture firm can use VR to accomplish many different goals. VR can be used as both a design tool and a marketing tool. As a design tool, one can create impressive virtual mockups with the technology. To be used as a marketing tool, it is important to figure out the overall goals of the project, such as how interactive and immersive the VR models need to be. For example, higher quality VR models require higher computer processing power. In general, VR sets have become much more affordable, and jumping into this emerging technology doesn’t necessarily require a large investment. Today, VR headsets can be found for under $500, and the software has become so intuitive that nearly anyone can be taught how to produce very basic VR ready models in about 15 minutes. While two-dimensional renderings will likely never disappear, the use of virtual reality is becoming more widespread throughout the industry. 2D drawings or 3D models can give you a general idea of a building’s scale, but VR …

November 28, 2018

Conference Coverage Features Northeast Pennsylvania

Standalone Memory Care Facilities Fraught With Challenges, Says InterFace Panel

by David Cohen November 27, 2018

PHILADELPHIA — Standalone memory care facilities were the darling of seniors housing three to five years ago, but more recently this property segment has been tagged as the dog of the industry amid overbuilding concerns and lease-up challenges. “They get bashed at every conference,” says J.P. LoMonaco, president of Valuation & Information Group headquartered in Culver City, California. The conventional wisdom is that many investors and lenders have soured on the product. Not so fast, says Wendy Nowokunski, president of Northbridge Cos., who cautions against making blanket statements about this specialized niche within seniors housing. “Actually, standalone memory care is our darling.” The private company based in Burlington, Massachusetts, operates 17 seniors housing communities serving over 2,000 residents across New England. Five properties in Northbridge’s portfolio are standalone memory care communities, including three in Maine and two in Massachusetts, each ranging in size from 60 to 70 units. “Those communities run at 100 percent occupancy all the time. We have waiting lists,” says Nowokunski, who adds that Northbridge has established partnerships with local hospitals to meet the needs of seniors with memory issues. “It all comes down to programming and knowing the disease process, and having the right people in the …

November 27, 2018

Development Healthcare Northeast Pennsylvania

IMC Construction Breaks Ground on Medical Center Near Philadelphia

by David Cohen November 21, 2018

RADNOR, PA. — IMC Construction has broken ground on Penn Medicine Radnor, a four-story, 250,000-square-foot medical center in Radnor. Located at 145 King of Prussia Road, the center will house a heart and vascular center, cancer care, women’s health, orthopedic and rehabilitation medicine, neurosciences and other medical subspecialties. An outpatient surgery suite will include six surgical and four endoscopy rooms, along with radiology and laboratory services. Brandywine Realty Trust will purchase and serve as the designated developer and manager of the site, and develop an adjacent office space and a hotel on property. The outpatient center is expected to be complete in Spring 2020.

November 21, 2018

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