CHALFONT, PA. — Marcus & Millichap has brokered the sale of Grey Friars at Chalfont, a 78-unit apartment complex in Chalfont, about 30 miles north of Philadelphia. The property, which is located at 4106 Grey Friars Terrace, sold for $10.6 million. The buyer and seller were undisclosed. The garden-style apartment complex is comprised of eight two-story buildings set on nearly nine acres and includes 26 one-bedroom and 52 two-bedroom units.
MECHANICSBURG, PA., NEW HAVEN, CONN. — Wilder Cos., in partnership with an institutional retail real estate fund, has acquired Silver Spring Square in Mechanicsburg and the Marketplace at Hamden in New Haven. The sales prices in the separate transactions were not disclosed. Together, the two shopping centers total 800,000 square feet of space. The 570,000-square-foot Silver Spring Square is home to the only Wegmans in the Harrisburg trade area and is shadow anchored by a Target and Kohl’s. The Marketplace at Hamden, which was purchased in partnership with Silver Peak Real Estate Partners, features 235,000 square feet of retail space. Current tenants include T.J. Maxx, Staples, Old Navy, Petco, Pier One Imports, and TGI Fridays.
PITTSBURGH — Marcus & Millichap has brokered the sale of the former 223-room Embassy Suites Pittsburgh Airport hotel in Coraopolis for $25 million. Coraopolis is located about five miles north of Pittsburgh International Airport. The hotel, which was built in 1990, closed in early 2018. Jerry Swon and Daniel Zagoria represented the seller, NHH CMS Pittsburgh LP, in the transaction. The buyer was a private developer. The Pittsburgh Post Gazettehas reported that the building will be repurposed into a 220-unit assisted living and memory care facility called Tapestry Senior Living at Moon Township. The property is located on a hilltop and is highly visible from the intersection of Coraopolis Heights Road and Cherrington Parkway.
KING OF PRUSSIA, PA. — An affiliate of Endurance Real Estate Group and Thackeray Partners has signed Cambria Company to a 60,486-square-foot industrial lease at 780 Third Avenue in King of Prussia. Cambria, which specializes in the production of engineered quartz surfaces, will occupy the entire building. The location will be used as a showroom serving the Mid-Atlantic region. Doug Fulton and Peter Greenhalgh of Avison Young represented Cambria in the lease negotiations. Endurance was represented by Paul Touhey and Andrew Green of CBRE. The building is part of a 292,769-square-foot portfolio that was purchased by Endurance in 2017.
PHILADELPHIA — SSH Real Estate and Young Capital, in partnership with the real estate arm of Quilvest Private Equity, have announced a $100 million recapitalization of the 880,000-square-foot 123 South Broad Street and Witherspoon Building complex in Philadelphia’s central business district. Currently, the property is 95 percent leased, with Wells Fargo as the anchor tenant renting 225,000 square feet of space across multiple floors. The complex was previously split into two condominium units with separate ownership. Unit 1 comprised of 255,000 square feet from the basement through the fifth floor of both 123 South Broad Street and the Witherspoon Building. Unit 2 comprised floors six through 30 of 123 South Broad Street and six through 11 of the Witherspoon Building, totaling 625,000 square feet. SSH Real Estate and Young Capital partnership acquired Unit 1 earlier this year, and with Quilvest’s investment in Unit 2, the 725,000-square-foot 123 South Broad office building will be under common ownership for the first time in 20 years. As part of the transaction, the partnership secured a loan facility from Guggenheim Commercial Real Estate Finance, which includes capital to complete leasing and capital improvements for the building. HFF served as the broker for the financing. Additionally, …
PENNSBURG, PENN. – Colliers International has arranged the sale of a commercially zoned land located at the southwest corner of Pennsylvania Route 663 and Northgate Boulevard in Pennsburg. PB Northgate purchased the 7.2-acre property, which is approximately 17 miles south of Allentown, for $2.1 million. The buyer plans to develop a medical office building and retail pad site on the land parcel. Derek Zerfass of Colliers International’s office in Allentown, Penn., represented the undisclosed seller, while Markward Group represented the buyer in the transaction.
HARRISBURG, PENN. – Institutional Property Advisors (IPA), a division of Marcus & Millichap, has been retained as the exclusive advisor for the sale of The Shoppes at Susquehanna Marketplace, a 110,365-square-foot shopping center in Harrisburg. The property is listed at $38.2 million. Bill Rose, Mark Taylor and Rick Lechtman of IPA are representing the seller, an institutional advisor. The Shoppes at Susquehanna is home to tenants such as Athleta, Banana Republic, Chico’s, J. Crew, JoS A. Banks, Harvest Seasonal Grill & Wine Bar, Loft, Ramano’s Macaroni Grill, Talbots, White House Black Market and Williams-Sonoma.
HAMPTON, PA. – Marcus & Millichap has arranged the sale of a retail property located at 5161 William Flynn Highway in Hampton. A private investor acquired the property from a developer for $2.3 million. Dunkin’ Donuts and Heartland Dental occupy the 4,200-square-foot property. Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller, while David Cafiero, Sgambati and Cafiero represented the buyer in the deal.
MECHANICSBURG, PA. — CBRE has arranged the sale of Silver Spring Square, a 342,600-square-foot, grocery-anchored retail center in Mechanicsburg, eight miles west of Harrisburg. CBRE represented the seller, DDR Corp. The buyer was The Wilder Companies. The sales price was not disclosed. Built in 2007, the shopping center is anchored by a 126,240-square-foot Wegmans supermarket and includes a 139,377-square-foot Target as well as an 87,000-square-foot Kohl’s. Other retail tenants include Best Buy, Ross, Bed Bath & Beyond, Petco, Lane Bryant and Ulta. The property was 98 percent occupied at the time of closing.
WILLOW GROVE, PA. — J.G. Petrucci Co. has acquired five properties totaling six acres in Willow Grove in separate transactions brokered by CBRE. The sales price was not disclosed. Willow Grove is located about 13 miles north of Philadelphia. The developer plans to build a new $75 million mixed-use development on the site, which will be called Station at Willow Grove. Patrick McCabe of CBRE represented the buyer in all five transactions. The project will include 275 new apartment units and 30,000 square feet of commercial and retail space. Located across from the Willow Grove Southeastern Pennsylvania Transportation Authority train station, the development fits J.G. Petrucci’s penchant for transit-oriented residential projects. Construction is scheduled to begin on April 19 and is expected to be completed in the second quarter of 2019.
