Pennsylvania

NKF Capital Markets Arranges $355M Refinancing for Three Office Buildings in Philadelphia

by Camren Skelton June 28, 2018

PHILADELPHIA — NKF Capital Markets has arranged two loans totaling $355 million to refinance three office buildings in Philadelphia’s Central Business District. The portfolio includes 1500 Spring Garden, 1635 Market Street and 1835 Market Street. Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loans on behalf of the borrowers, Nightingale Properties and Wafra Capital Partners. TPG Real Estate Finance Trust provided the financing for 1500 Spring Garden, and KKR & Co. LP provided the loan for 1635 and 1835 Market Street. Nightingale acquired the 1.1 million-square-foot 1500 Spring Garden in 2013. Upon acquisition, the company implemented a $10 million capital improvement program to upgrade the lobby, elevators, restrooms and newly leased spaces. Nearly one-third of the property is leased to data center tenants. Nightingale acquired 1635 and 1835 Market Street in 2014. The buildings total 286,000 square feet and 800,000 square feet, respectively. Since acquisition, Nightingale has invested more than $15 million in capital improvements at 1635 Market Street, signing more than 220,000 square feet of new leases. Over the past three years, the company has signed more than 275,000 square feet of new and renewed leases at 1835 Market Street, taking the …

June 28, 2018

Acquisitions Northeast Pennsylvania Retail

HFF Arranges $13.8M Sale of Retail Property in Suburban Pittsburgh

by David Cohen June 26, 2018

WEXFORD, PA. — HFF has arranged the $13.8 million sale of a 53,000-square-foot, single-tenant retail property in Wexford, approximately 17 miles north of Pittsburgh. Marc Mandel, Steve Schrenk, Coler Yoakam, Mark West and Michael George of HFF represented the seller, a REIT, in the transaction. A private East Coast buyer purchased the asset. Additionally, HFF secured an $8.5 million, 20-year, fixed-rate loan with Protective Life Insurance Company for the buyer. Levin Furniture occupies the building under a triple net lease that expires in 20 years.

June 26, 2018

Acquisitions Northeast Pennsylvania Retail

The Stro Companies Acquires 26,500 SF Retail Building in New Jersey

by David Cohen June 20, 2018

LODI, N.J. — The Stro Companies has acquired 240 Route 17, a 26,500-square-foot retail building in Lodi for $4 million. The property was home to a local party good store for decades but was vacant at the time of the sale. Stro purchased the property from the former owner occupant and has plans to upgrade and reposition the asset. The Bank of New Jersey provided acquisition financing.

June 20, 2018

Acquisitions Industrial Northeast Pennsylvania

MRP Industrial, Cabot Purchase 23-Acre Industrial Development Site in Quakertown, Pennsylvania

by David Cohen June 20, 2018

QUAKERTOWN, PA. — A joint venture of MRP Industrial and Cabot Properties has purchased a nearly 23-acre site in Quakertown for the development of a speculative two-building industrial facility that will total more than 260,000 square feet. Quakertown is approximately 47 miles north of Philadelphia and 14 miles south of Allentown. Known as Park 309, the facility is expected to be completed in late 2018. Brian Knowles and Andrew Komisor of Lee & Associates brokered the transaction on behalf of the joint venture. Building I is a 114,400-square-foot warehouse and building II is 145,800 square feet. Both buildings feature 32-foot clear heights and two drive-in doors.

June 20, 2018

Acquisitions Multifamily Northeast Pennsylvania Student Housing

HFF Brokers $30M Sale of Student Housing Portfolio at Lehigh University

by David Cohen June 19, 2018

BETHLEHEM, PA. — HFF has brokered the $30 million sale of a 71-building, 383-bed student housing portfolio at Lehigh University in Bethlehem. HFF represented the seller, Campus Apartments, in the transaction. A private investment vehicle managed by Hong Kong-based Beacon Assets purchased the property free and clear of existing debt. The portfolio has achieved close to 99 percent occupancy during the last two academic years. Lehigh University has an enrollment of more than 7,000 students.

June 19, 2018

Acquisitions Industrial Northeast Pennsylvania

Phoenix Investors Acquires 402,000 SF Flex Building in Northeast Pennsylvania

by David Cohen June 19, 2018

ATHENS, PA. — An affiliate of Phoenix Investors has acquired a 402,000-square-foot industrial and office building located at 101 N. Main St. in Athens, about two miles from the New York state line. The sales price was not disclosed. The property, which was built in 1910, is a vacant former Ingersoll Rand manufacturing plant. Phoenix intends to fully renovate the facility. Phoenix Investors is a national private commercial real estate firm headquartered in Milwaukee.

June 19, 2018

Loans Multifamily Northeast Pennsylvania

G.S. Wilcox & Co. Secures $25.5M Financing for Multifamily Community in Suburban Philadelphia

by David Cohen June 14, 2018

WARMINSTER, PA. — G.S. Wilcox & Co. has secured $25.5 million in permanent financing for the Jacksonville Station Community, a recently constructed 151-unit, eight-building apartment community in Warminster. The financing was secured with a 10-year term and a 30-year amortization through lender Allianz. The undisclosed borrower was a repeat client of G.S. Wilcox. The community features 12 types of units with a clubhouse and in-ground pool and is located across the street from the Septa Rail Station, which provides direct connectivity to Philadelphia.

June 14, 2018

Development Northeast Pennsylvania

IMC Construction Breaks Ground on $32M Women’s Health Center in King of Prussia

by David Cohen June 12, 2018

KING OF PRUSSIA, PA. — IMC Construction has broken ground on a $32 million medical office building for Main Line Health in King of Prussia. The seven-story, 94,000-square-foot facility will be a specialty care center for women located in the Town Center mixed-use complex at the Village at Valley Forge. Services provided by the center will include primary care, heart health, obstetrics and gynecology, breast health, skin care, and emotional wellness. The team building Main Line Health includes construction manager IMC Construction, architect NELSON, development manager Anchor Health Properties, site/civil engineer Bohler Engineering,and design consultant Perkins Eastman Black.

June 12, 2018

Acquisitions Multifamily Northeast Pennsylvania

IPA Negotiates $61M Sale of Apartment Community in Metro Pittsburgh

by Jeff Shaw June 11, 2018

WEXFORD, PENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $61 million sale of Ascent Four Thirty, a 319-unit apartment community located in Wexford, roughly 15 miles north of Pittsburgh. A joint venture between Buligo Capital and Graycliff Capital acquired the asset from The NRP Group. Constructed in 2014, Ascent Four Thirty includes 17 three-story buildings and features a fitness center, resort-style swimming pool with a sundeck and a conference room. Joshua Wintermute, Michael Barron, Daniel Burkons and Victor Nolletti of IPA arranged the transaction on behalf of the seller, and procured the buyer.

June 11, 2018

Leasing Activity Northeast Office Pennsylvania

AmerisourceBergen Signs 400,000 SF Office Lease for New Corporate Headquarters in Conshohocken, Pennsylvania

by David Cohen June 8, 2018

CONSHOHOCKEN, PA.— AmerisourceBergen has signed a 400,000-square-foot office lease at Keystone Property Group’s SORA West site in Conshohocken for its new global headquarters. The site includes a 400,000-square-foot office building, 125-room hotel, 1,500-space parking garage, public spaces and restaurants. Binswanger represented AmerisourceBergen in the lease transaction. Currently headquartered in Chesterbrook, Pa., the company is ranked No. 12 on the Fortune 500 and serves as a partner in the pharmaceutical supply chain for thousands of healthcare providers, veterinary practices, livestock producers and global manufacturers. The new headquarters is expected to house around 1,500 employees.

June 8, 2018

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