HAVERTOWN, PA. — HFF has negotiated the sale of the Crozer-Keystone Medical Office and Surgery Center, a 68,737-square-foot building in Havertown. The sales price was undisclosed. Located at 2010 and 2050 West Chester Pike, the medical office building is 92.5 percent leased and is anchored by Crozer-Keystone Health System. Havertown is approximately 10 miles northwest of Philadelphia. HFF represented the undisclosed seller in the transaction. The buyer was Anchor Health Properties.
BREINIGSVILLE, PA. — Marcus & Millichap has brokered the $9.7 million sale of the Holiday Inn Allentown I-78 (Lehigh Valley), a 175-room hotel in Breinigsville. The three-story property is located approximately 11 miles southwest of Allentown. Jerry Swon, Tim McCaffrey, Dan Zagoria and Brian Whelan of Marcus & Millichap represented the seller, Meyer Jabara Hotels, in the transaction. A local buyer purchased the property.
COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.
UNIONTOWN, PA. — Marcus & Millichap has negotiated the $1.4 million sale of a net-leased retail property occupied by Olive Garden in Uniontown. Located at 517 W. Main St., the 7,500-square-foot property is situated in a corridor with nearby retailers that include Home Depot and Target. Michael Lombardi and Steven Schiavello of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
ALLENTOWN, PA. — Real estate development company City Center Investment Corp. has topped out Five City Center, a 13-story office tower in Allentown. The 300,000-square-foot building is located at Eighth and Hamilton streets and will feature an all-glass exterior with first-floor retail space. Payroll processing provider ADP has leased 243,241 square feet at Five City Center to house its regional sales division. The building is slated to open by Sept. 1, 2019.
PHILADELPHIA — Leviathan Capital has secured a $2 million refinancing for a net-leased Rite Aid pharmacy in Philadelphia. Andrew Schnissel and Joe Hach arranged the transaction on behalf of the undisclosed borrower. The five-year loan features a fixed rate of 4.92 percent and a 30-year amortization schedule. The lender was a money center bank.
ALLENTOWN, PA. — HFF has arranged the sale of an 11,900-square-foot retail building leased to CVS Pharmacy in Allentown. Located at 1601 Liberty St., the property is one of only two 24-hour CVS Pharmacies within a 30-mile radius. Marc Mandel and Steve Schrenk of HFF represented the seller, who was undisclosed, in the transaction. SVC Lehigh Valley 1 LLC purchased the asset in an off market transaction. The sales price was undisclosed.
YARDLEY, PA. — Cushman & Wakefield has secured $63 million in acquisition financing for the Lower Makefield Corporate Center in Yardley. John Alascio, Alexander Hernandez, Sridhar Vankayala and TJ Sullivan of Cushman & Wakefield secured financing on behalf of Rubenstein Partners through lender Rialto Capital Management. The eight-building, 467,000-square-foot office complex includes two campuses on Stony Hill and Township Line roads.
COLLEGEVILLE, PA. — Cushman & Wakefield has brokered the $32 million sale of Highview I & II, a 183,363-square-foot office portfolio in Collegeville. The two buildings, which are currently 93 percent leased, are home to tenants IQVIA, Fidelity Information Services and FirstService Residential. Highview I is located at 400 Campus Drive and totals 78,564 square feet. Highview II is located at 200 Campus Drive and totals 104,799 square feet. Cushman & Wakefield represented the seller, TA Realty, in the transaction. The buyer was Maguire Hayden Real Estate Co. Collegeville is 30 miles northwest of Philadelphia.
PHILADELPHIA — Campus Apartments, a student housing developer and operator based in Philadelphia, has opened four student housing developments totaling 1,643 beds. Development costs for the projects, which are within walking distance to University of Tennessee, University of Michigan and University of Pennsylvania, totaled over $220 million. “We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” says Daniel Bernstein, president and chief investment officer of Campus Apartments. “We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.” The new properties include TENN, a 603-bed, mixed-use community located near the University of Tennessee in Knoxville; The Yard, a 590-bed, mixed-use community located near the University of Michigan in Ann Arbor; Six11, a 350-bed student housing community also located in Ann Arbor; and The Simon at Founders Row located near the University of Pennsylvania in Philadelphia. TENN in Knoxville offers a mix of three-, four- and five-bedroom, fully furnished units. Shared amenities include a two-story clubhouse, fitness center, study lounge, putting green, resort-style swimming pool, fire pits and grill stations. The Yard in Ann Arbor offers studio, one-, two-, three-, four- …
