Pennsylvania

Thor Equities Acquires 214,000 SF Office Space in Philadelphia for $41.8M

by Amy Works February 21, 2018

PHILADELPHIA — Thor Equities has entered the Philadelphia market with the acquisition of a three-story office condominium, located at 907 Market St. in Philadelphia, for $41.8 million. Health Partners Plans, a not-for-profit health maintenance organization, occupies the 214,000-square-foot property. The newly purchased property is located above Fashion District Philadelphia, a retail, residential and office development slated to open in fourth quarter 2018. The name of the seller was not released.

February 21, 2018

Mixed-Use Multifamily Northeast Pennsylvania Retail

Marcus & Millichap Negotiates $16.6M Sale of Apartment Building in Philadelphia

by Amy Works February 21, 2018

PHILADELPHIA — Marcus & Millichap has arranged the sale of Dynasty Court Apartments, an apartment building located at 1003-1011 Race St. in the Chinatown neighborhood of Philadelphia. A local partnership sold the property to a local development company for $16.6 million. The property features 56 apartments, five retail storefronts on Race Street and 21 parking spaces. Andrew Townsend, Ridge McLaren and Clarke Talone of Marcus & Millichap represented the seller, while Townsend, McLaren, Talone and Philip Sharrow, also of Marcus & Millichap, represented the buyer in the deal. Additionally, Matthew Rosenberg of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.

February 21, 2018

Industrial Northeast Pennsylvania

Avison Young Negotiates $6.6M Sale of Industrial Property in Metro Philadelphia

by Amy Works February 20, 2018

MALVERN, PA. — Avison Young has arranged the sale of an industrial property, located at 17 Lee Blvd. in Malvern, a suburb of Philadelphia. A private buyer acquired the building for $6.6 million. At the time of sale, the 58,594-square-foot flex building was fully leased by two tenants. Adam Gillespie and James Pasquarella of Avison Young brokered the transaction.

February 20, 2018

Loans Northeast Office Pennsylvania

HFF Facilitates $160M Sale, Financing of 1600 Market Street in Philadelphia

by Amy Works February 19, 2018

PHILADELPHIA — HFF has arranged the $160 million sale and financing of 1600 Market Street, a 39-story office tower located in Philadelphia’s central business district. An affiliate of American Real Estate Partners acquired the 825,968-square-foot building from Equity Commonwealth for $160 million. Ryan Ade and Cary Abod of HFF secured a three-year, floating-rate loan for the buyer for the acquisition of the property. Doug Rodio and Brett Segal of HFF represented the seller and procured the buyer in the transaction.

February 19, 2018

Northeast Pennsylvania Retail

M&J Wilkow, ALTO Real Estate Acquire 195,165 SF Retail Center in Metro Pittsburgh

by Amy Works February 19, 2018

CRANBERRY TOWNSHIP, PA. — M&J Wilkow, along with ALTO Real Estate Funds, has acquired Cranberry Square, a retail center located in Cranberry Township, outside of Pittsburgh. The property was acquired for $23.5 million. At the time of sale, the 195,165-square-foot property was fully occupied by a variety of tenants, including Field & Stream, Best Buy and Barnes & Noble. The name of the seller was not released.

February 19, 2018

Loans Mixed-Use Northeast Pennsylvania Retail

Silver Arch Capital Partners Secures $15M Acquisition Loan for Development Site in Philadelphia

by Amy Works February 16, 2018

PHILADELPHIA — Silver Arch Capital Partners has secured a $15 million land loan for the acquisition of two development sites, known as 1401 and 1401 R-S- Christopher Columbus Blvd. in South Philadelphia. The undisclosed borrower plans to develop up to 235 townhouses on the 22.9-acre site along the Delaware River, boat slips for owners’ watercraft, outdoor recreational activity areas and a riverfront cafe. Jeffrey Wolfer of Silver Arch Capital Partners arranged the financing for the borrower.

February 16, 2018

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Job Growth Bodes Well for Greater Philadelphia Market

by Taylor Williams February 14, 2018

Philadelphia’s office and industrial markets have been on a hot streak for the past year, with lower vacancy rates and greater rent growth than the national average. Office vacancies are enjoying far lower vacancy rates than regional and national averages for both Class A and Class B properties in the central business district and the suburbs. Flex and industrial vacancy rates are below 7 percent overall, well below regional and national averages, with average asking rents at about $5 per square foot. We see this upswing continuing in 2018 as demand keeps pace with or exceeds new development. Philadelphia has experienced seven years of uninterrupted job growth across all sectors, with 1.8 percent growth between August 2016 and August 2017 — outpacing the national average of about 1.5 percent, according to the U.S. Bureau of Labor Statistics. We saw job growth across the board, including the education, health, and leisure and hospitality sectors. But the biggest gain was in business and professional services, where Philadelphia added 16,700 jobs over 12 months. That represents a 3.6 percent year-over-year growth rate in high-end office jobs, compared to a national average of 3 percent. Manufacturing employment declined over the past 12 months, despite …

February 14, 2018

Northeast Office Pennsylvania

Laurus Corp. Sells 98,314 SF Office Building in Metro Pittsburgh

by Amy Works February 9, 2018

CANONSBURG, PA. — Laurus Corp., through its affiliate 501 Technology Partners LLC, has completed the disposition of an office building located at 501 Technology Drive within Southpointe Business Park in Canonsburg. The three-story property sold for an undisclosed price. At the time of sale, the 98,314-square-foot office building was fully occupied. The name of the buyer was not released.

February 9, 2018

Industrial Northeast Office Pennsylvania

Colliers Brokers $36M Sale of Five-Property Portfolio in Philadelphia

by Amy Works February 7, 2018

PHILADELPHIA — Colliers International/Philadelphia has arranged the sale of a five-property portfolio of office and industrial buildings located in the East Callowhill section of Philadelphia. Arts & Crafts Holdings purchased the portfolio for $36 million. Totaling more than 195,000 square feet, the portfolio includes 444 N. Third and 309-15 Callowhill Streets; 437-461 N. Third Street; 827 Spring Garden Street; 854-56 N. Third Street and 302-308 Poplar Street; and 600 Spring Garden Street. Michael Barmash and Michael Kahan of Colliers International/Philadelphia arranged the transaction. The properties were part of the Willow Management Corp.’s family-owned portfolio of industrial and office buildings.

February 7, 2018

Market Reports Multifamily Northeast Market Reports Pennsylvania

Philadelphia Suburbs Attract Apartment Construction, City Draws Investors

by Taylor Williams February 7, 2018

Suburban Philadelphia Update The suburban Philadelphia apartment market had a very successful 2017, with no slow down anticipated for 2018. Fundamentals remain strong with low interest rates and increased demand from outside buyers, which is compressing cap rates even further than historical lows. Some highlighted sales include Willowyck Apartments in Montgomery County, which sold at a sub-5 percent cap rate on trailing 12-month numbers, and Declan House in Ardmore, which recently sold at a pro forma cap rate of 5 percent. These are two of numerous transactions that have sold at historically low cap rates over the last 12 months in suburban Philadelphia. We are also seeing more newly constructed Class A, highly amenitized properties in suburban Philadelphia that are targeting rents at north of $2.75 per square foot. Some successes have included the Maybrook, a 250-unit newly constructed property in Narberth/Wynnewood, Pennsylvania. The complex opened for leasing in late 2017 and they have been achieving rents in the $2.75- to $3-per-square-foot range. Another new construction success story is the influx of more than 800 apartments located in close proximity to Towne Center in King of Prussia. The properties include Indigo 301 and Hanover Valley Forge, among others. Both properties …

February 7, 2018

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