PHILADELPHIA — Pembrook Capital Management has provided a $9.1 million loan for the construction of a 70-unit multifamily project in the Kensington neighborhood of Philadelphia. Located at 1427 Germantown Ave., the 53,575-square-foot property will also include ground-floor retail. Pembrook provided the financing to the undisclosed borrower, who plans to build smaller, more affordable rental housing at the project than is common in the nearby Northern Liberties and Fishtown neighborhoods.
GIBSONIA, PA. — Marcus & Millichap has brokered the sale of Route 8 Self Storage, a 91,740-square-foot self-storage facility in Gibsonia, approximately 15 miles north of Pittsburgh. The sales price was undisclosed. Located at 5301 North Pioneer Road, the facility includes 670 units across 16 buildings. The property is currently 89 percent occupied. Brett R. Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a a limited liability company.
PHILADELPHIA — Equity Commonwealth (NYSE: EQC) is under contract to sell BNY Mellon Bank Center, a 55-story, 1.3 million-square-foot office building located at 1735 Market St. in downtown Philadelphia. The price is $451.6 million. The buyer was undisclosed, though multiple media outlets report that a partnership between New York-based Silverstein Properties Inc. and Philadelphia-based Arden Group is acquiring the building. Proceeds after credits for capital costs, contractual lease costs, and rent abatements are expected to be approximately $435.6 million. The sale is slated to close by March 27. The asset is the fourth-largest building in Philadelphia. Amenities include The Lounge at 1735, a 19,000-square-foot space offering a 100-person classroom-style conference facility, fireplaces, wine lockers and TVs; Pyramid Club, a lounge on the 52nd floor offering a 360-degree view of Philadelphia, a bistro bar and a sit-down restaurant; the Philadelphia Sports Club, a 25,000-square-foot, two-story fitness center offering a sauna, rowing machine, group fitness classes, and massage therapy; and covered bike parking. BNY Mellon Bank Center was built in 1990 and designed by Kohn Pedersen Fox Associates. The building is situated less than a mile from Philadelphia City Hall and Logan Square, and less than two miles from the Liberty Bell. Chicago-based …
UPPER DUBLIN, PA., — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has purchased 7.9 acres in Upper Dublin for the development of a 250-unit seniors housing community. Located approximately 20 miles north of Philadelphia, Sage at Mattison Estates will be a four-story structure offering 156 independent living units, 62 assisted living units and 32 memory care units. Groundbreaking is scheduled for February 2019 for an expected delivery in spring 2021. Locally based SageLife will manage the community upon completion.
HARRISBURG, PA. — CBRE has brokered the $8 million sale of a two-building, 50-acre office campus in Harrisburg. Located at 100 and 200 Amp Drive, the 250,000-square-foot property includes a full-service cafeteria and electric car charging stations. 100 Amp Drive totals 170,000 square feet while 200 Amp Drive totals 80,000 square feet. Michael Curran, William Krisztal and Nicholas Westley of CBRE’s Los Angeles South Bay office represented the seller, TE Connectivity Corp., in the transaction. Garrett Rothman of RSR Realtors represented the buyer, D&H Distributing Co., which will relocate its headquarters to the property.
ALLENTOWN, PA. — Markward Group has arranged the $1.4 million sale of a 29,200-square-foot industrial property in Allentown. Located at 2811 Emmaus Ave., the building is currently partly occupied by Jack Williams Tire & Auto Service Center. Ann E. Kline of Markward Group represented the seller, Keller Moving and Storage, in the transaction. The buyer was S.J. Williams Family Partnership.
BENSALEM, PA. — Endurance Real Estate Group has acquired 450 Winks Lane, a 430,373-square-foot warehouse and distribution center in Bensalem for $23.7 million. The property is currently 97 percent leased to three tenants, National Refrigeration Inc., Rolled Metal Products Inc. and Brenner Aerostructures LLC. Gerry Blinebury, Gary Gabriel, Kyle Schmidt and Jonas Skovdal of Cushman & Wakefield represented the seller, Ivy Realty LLC, in the transaction. Built in 1973 and renovated in 2018, the property includes clear heights of up to 40 feet, LED lighting, 38 dock-high loading doors and six drive-in doors. National Refrigeration, Rolled Metal Products and Brenner Aerostructures utilize the facility for manufacturing, warehousing and distribution.
NORRISTOWN, PA. — Institutional Property Advisors (IPA) has brokered the $17.5 million sale of a 102,894-square-foot office building in Norristown. Located at 1000 Madison Ave., five tenants fully occupy the three-story property, including the Commonwealth of PA, which occupies 37 percent of the building. The property was constructed in 1990 and includes 469 surface parking spaces. John Abuja and Robert Filley of IPA along with David Beyel, Lawrence Gariano and Robert Bechtel of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was a regional investor.
BETHLEHEM, PA. — Markward Group has negotiated the sale of a 32,000-square-foot flex facility in Bethlehem. The sales price was undisclosed. Located at 2147 Ave. C, the property consists of a 30,500-square-foot heated warehouse and 1,500 square feet of office space. Michael Capobianco of Markward Group represented both the buyer, J.G. Petrucci, and the undisclosed seller in the transaction.
BETHLEHEM TOWNSHIP, PA. — Colliers International has arranged the sale of a 29-acre development site in Bethlehem Township. The sales price was not disclosed. The parcel is located near Route 33, I-78 and Route 22. Future plans have not been finalized, but the property’s zoning allows for multiple uses. Kelly Berfield and Ryan Dietrick of Colliers International’s Allentown office represented the buyer, River Hills Estates, in the transaction. The seller was Joanne Turocy.