BETHLEHEM, PA. — Markward Group has brokered the sale of a 38,348-square-foot office building in Bethlehem. The sales price was undisclosed. Located at 90 Highland Ave., the property is currently occupied by tenants BB&T bank and Kafafian Group. Ann Kline of Markward Group represented the seller, BB&T Bank, in the transaction. BB&T will remain a tenant in the building. The buyer was 90 Highland LLC.
PHILADELPHIA — Hunt Real Estate Capital has secured a $5.85 million loan to refinance Terrace Lofts, a four-story, 32-unit multifamily building in the Manayunk neighborhood of Philadelphia. The property includes both one- and two-bedroom floor plans. Hunt Real Estate Capital secured a 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a local real estate investor. The lender was not disclosed.
SCRANTON, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a three-property skilled nursing portfolio in the Wyoming Valley region of Northeast Pennsylvania. Blueprint represented the sellers, a private investor and regional operator. A REIT, along with an operational partner with an existing presence in the state, acquired the properties for an undisclosed price. Located along a 25-mile stretch in the Scranton/Wilkes-Barre market, the portfolio consists of 416 licensed beds. Ownership recently completed substantial renovations. The facilities were 85 percent occupied and generating over $34 million in total revenue with improving operating margins. Christopher Hyldahl, Michael Segal and Gideon Orion of Blueprint handled the transaction.
CONSHOHOKEN, PA. — HFF has negotiated the $52 million sale of Millennium I, II and III, a three-building creative office complex in Conshohocken. Located at 20 Ash St. and 225 and 227 Washington St., the 196,769-square-foot complex was built between 2000 and 2003. Doug Rodio, Brett Segal and Tom Hall of HFF represented the seller, a fund managed by Stabilis Capital Management, in the transaction. The buyer was Morgan Properties Inc.
BRISTOL TOWNSHIP, PA. — Urban Outfitters has signed a 309,000-square-foot industrial lease at the Bristol Commerce Center in Bristol Township. The clothing retailer will occupy a new industrial facility on 20 of the industrial park’s 81 acres. Construction on the fabric warehouse began in December and is expected to be ready for occupancy by mid-year. Current tenants at the Bristol Commerce Center include XPO Logistics, AirGas Corp., Goodyear and PetValu.
PHILADELPHIA — Gebroe-Hammer has negotiated the $4.5 million sale of a 22-unit apartment building in the Francisville neighborhood of Philadelphia. Located at 909 Corinthian Ave., the five-story property consists of a mix of one- and two-bedroom apartments. Joseph Gehler and Eli Rosen of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was also undisclosed.
EDDYSTONE, PA. — HFF has secured $23.5 million in acquisition financing for Eddystone Industrial Park, a four-building industrial park in the Philadelphia suburb of Eddystone. Located at 1001 Industrial Highway, the park totals 465,680 square feet and is spread across more than 43 acres. The property features clear heights ranging from 18 to 60 feet as well as 52 dock doors and 16 drive-in doors. Michael Pagniucci and Ryan Ade of HFF worked on behalf of the borrower, Foxfield Industrial, to secure financing through a regional commercial bank. Terms of the financing were not disclosed.
PHILADELPHIA — Berkadia has secured a $45 million acquisition loan for Versailles Apartments, a high-rise multifamily property in Philadelphia. Located at 1530 Locust St., the property was originally built in the 1920s and fully rehabbed by Alterra Property Group over the past 36 months. Amenities at the community include a fitness center, yoga studio and roof deck. Matt Cullison of Berkadia’s Philadelphia office secured the financing on behalf of funds affiliated with Spring Creek, a Philadelphia-based family office. The lender was New York Life Insurance Co. Terms of the financing include five years of interest-only payments followed by a 30-year amortization schedule.
GLEN MILLS, PA. — LCB Senior Living has broken ground on The Residence at Chadds Ford, an independent living, assisted living and memory care community in Glen Mills, located west of Philadelphia and north of Wilmington, Del. Once completed, the community will offer 84 luxury apartment units. The Residence at Chadds Ford will be LCB’s flagship community in the area. The property is located near a variety of shopping and recreation. LCB’s portfolio includes properties in Massachusetts, New Hampshire, Rhode Island, Connecticut, Vermont and Pennsylvania.
EAST NORRITON, PA. — HFF has negotiated the $12.3 million sale of Norriton Medical Center, a 74,212-square-foot medical center in the Philadelphia suburb of East Norriton. Located at 160-190 W. Germantown Pike, the four-building complex is currently 92 percent leased and is anchored by Einstein Orthopedics and Moss Rehab. Ben Appel, Jim Cadranell, Doug Rodio and Brett Segal of HFF represented the seller, an indirect wholly owned subsidiary of Franklin Realty Development Corp., in the transaction. The buyer was undisclosed.
