Pennsylvania

HFF Negotiates Sale of 96,455 SF Shopping Center in Lancaster, Pennsylvania

by Taylor Williams May 31, 2019

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.

May 31, 2019

Development Hospitality Northeast Pennsylvania

Estia Group to Develop 14-Story Blu Ivy Hotel in Philadelphia

by Taylor Williams May 30, 2019

PHILADELPHIA — Locally based firm Estia Group will develop a 14-story Blu Ivy hotel at 122 S. 11th St. in Philadelphia. The 86-room property will house Anthos, a two-story restaurant that offers Mediterranean and Greek cuisine. Both the hotel and the restaurant, which will offer bar seating for 23 guests and floor seating for 198 patrons, are scheduled to be complete in fall 2020. The development team includes designer DAS Architects and structural engineer O’Donnell & Naccarato.

May 30, 2019

Jackson-Distribution-Center-Zelienople-Pennsylvania

Development Industrial Northeast Pennsylvania

Al. Neyer Breaks Ground on 220,000 SF Distribution Center Near Pittsburgh

by Taylor Williams May 28, 2019

ZELIENOPLE, PA. — Commercial developer and design/build firm Al. Neyer has broken ground on Jackson Distribution Center, a 220,000-square-foot industrial project in Zelienople, located north of Pittsburgh. The Class A facility, which is being developed as a joint venture project with Bell Properties, will feature 32-foot clear heights, at least 22 dock doors, T-5 light fixtures and an advanced sprinkler system. Jackson Distribution Center will be located near I-80 and I-79, State Route 19 and the Pennsylvania Turnpike, as well as within 30 minutes of downtown Pittsburgh and Pittsburgh International Airport. Approximately 27 percent of the space is preleased. Completion is scheduled for the fourth quarter of this year.

May 28, 2019

Acquisitions Healthcare Northeast Pennsylvania

HFF Negotiates $25.3M Sale of Healthcare Property in Metro Philadelphia

by Taylor Williams May 28, 2019

BROOMALL, PA. — HFF has negotiated the $25.3 million sale of a 57,320-square-foot cancer center and multi-specialty outpatient facility in Broomall, a western suburb of Philadelphia. At the time of sale, the facility was fully leased to healthcare provider Crozer-Keystone on an absolute triple-net basis. Ben Appel, Evan Kovac, Andrew Milne and Doug Rodio of HFF represented the seller, Pennsylvania-based investment firm Capital Solutions, in the transaction. The buyer was Anchor Health Properties, a full-service real estate firm focused exclusively on medical facilities. More than 330,000 people live within a five-mile radius of the property.

May 28, 2019

Anthology-of King-of-Prussia-Pennsylvania

Development Multifamily Northeast Pennsylvania Seniors Housing

CA Ventures Breaks Ground on 192-Unit Seniors Housing Project in Suburban Philadelphia

by Taylor Williams May 24, 2019

WAYNE, PA. — CA Senior Living LLC, the seniors housing arm of Chicago-based CA Ventures, has broken ground on Anthology of King of Prussia, a 192-unit community in Wayne, Pennsylvania, a northwestern suburb of Philadelphia. The 11-story building, which is slated for a late 2020 completion, will be located within the 122-acre The Village at Valley Forge mixed-use development. New York-based Perkins Eastman designed the property, which will consist of 97 independent living, 63 assisted living and 32 memory care residences. The independent and assisted living apartments range from 410-square-foot studios to 1,200-square-foot, two-bedroom units, all featuring modern kitchens with quartz countertops, tile backsplashes, stainless steel appliances, washers and dryers and walk-in closets in select units. Wellness amenities include a fitness center, indoor pool, physical therapy room and spa with salon services, while residents will also have access to walking paths and outdoor gathering spaces. Lancaster, Pennsylvania-based Wohlsen Construction Co. is serving as general contractor.

May 24, 2019

Acquisitions Multifamily Northeast Pennsylvania

Counter Capital Management Buys Apartment Building in Philadelphia for $19.1M

by Taylor Williams May 24, 2019

PHILADELPHIA — Counter Capital Management LLC, a joint venture between Connecticut-based Dalzell Capital Partners LLC and Florida-based Morning Calm Management, has acquired a 29-unit apartment building located at 1501 Locust St. in the Center City neighborhood of Philadelphia. The sales price was $19.1 million. The property was originally built in 1947 as a 10-story office building. In 2010, it was converted into a 29-unit apartment building with 5,000 square feet of commercial space. Units average 1,009 square feet and feature granite countertops, stainless steel appliances, European cabinetry and washers and dryers. The new ownership will invest in a capital improvement program that upgrades the lighting and paint jobs, as well as implements keyless entry systems and smart thermostats to each unit. The seller was not disclosed.

May 24, 2019

Acquisitions Development Industrial Northeast Pennsylvania

Endurance, Brasler Acquire 18.4-Acre Industrial Site Near Reading, Pennsylvania

by Taylor Williams May 23, 2019

MUHLENBERG TOWNSHIP, PA. — An affiliate of Radnor-based Endurance Real Estate Group and Philadelphia-based Brasler Properties has acquired Berks61, an 18.4-acre industrial land site in Pennsylvania located just outside of Reading. Shortly after acquiring the property, the new ownership secured a build-to-suit agreement with CarbonLITE Holdings LLC, a producer of plastic resins, for the construction of a 270,000-square-foot warehouse and manufacturing facility. The tilt-wall, rail-served building will feature 36-foot clear heights, an ESFR sprinkler system and three drive-in doors. Mark Chubb of Colliers International represented CarbonLITE in the deal. John Van Buskirk, Joel Kreider and Ed Skonecki of Lee & Associates represented the landlord. The partnership also has another project, this one speculative, under development in Berks County that will deliver two buildings totaling approximately 328,000 square feet.

May 23, 2019

Hampton-Inn-by-Hilton-Plymouth-Meeting-Pennsylvania

Hospitality Loans Northeast Pennsylvania

Virtua Credit Arranges $14M Loan to Refinance Hampton Hotel in Metro Philadelphia

by Taylor Williams May 23, 2019

PLYMOUTH MEETING, PA. — Commercial finance and investment advisory firm Virtua Credit has arranged a $14 million loan for the refinancing of the 136-room Hampton Inn by Hilton in Plymouth Meeting, located north of Philadelphia. Built in 1999 and renovated in 2017, the five-story hotel offers an outdoor pool, fitness center, onsite laundry facilities, meeting spaces and 204 parking spaces. The borrower and direct lender were not disclosed.

May 23, 2019

Hospitality Loans Northeast Pennsylvania

Meridian Capital Arranges $12.6M Acquisition Loan for Hotel in Easton, Pennsylvania

by Taylor Williams May 17, 2019

EASTON, PA. — Meridian Capital Group has arranged a $12.6 million acquisition loan for the 86-room TownePlace Suites by Marriott in Easton, located 17 miles northeast of Allentown. The four-story property is located in Lower Nazareth Township among major corporate entities including Amazon, BMW and Porsche, in addition to several medical centers and shopping centers. The hotel was built in 2009 and offers five king suites, 26 queen suites, nine one-bedroom suites and six two-bedroom suites. Morris Betesh, Philip Galligan and Alex Bailkin of Meridian Capital arranged the financing through a balance sheet lender on behalf of the borrower, Manhattan-based RiverBrook Equities. The 10-year loan includes a 25-year amortization schedule.

May 17, 2019

Acquisitions Hospitality Northeast Pennsylvania

Chatham Lodging Trust Sells Two Marriott-Branded Hotels in Western Pennsylvania for $10M

by Taylor Williams May 17, 2019

ALTOONA AND WASHINGTON, PA. — Florida-based hospitality REIT Chatham Lodging Trust has sold two Marriott-branded hotels in Western Pennsylvania for approximately $10 million. The properties include the 105-room Courtyard by Marriott in Altoona, about 100 miles east of Pittsburgh, and the 86-room SpringHill Suites by Marriott in Washington, located about 30 miles southwest of Pittsburgh. Chatham, which purchased the hotels in 2010 as part of a larger portfolio acquisition, sold the properties at a capitalization rate of 6 percent. The buyer was not disclosed. Chatham CEO Jeffrey Fisher noted that the revenue per available room (RevPAR) at both hotels did not meet the standards of his company’s portfolio, and that disposing of the properties saved the company roughly $4 million in renovation costs.

May 17, 2019

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