Pennsylvania

Colliers Arranges $4.1M Sale of Former Red Bell Brewery in Philadelphia

by Amy Works February 5, 2018

PHILADELPHIA — Colliers International has brokered the sale of the former Red Bell Brewery site, located at 1500 N. 31st St. in Philadelphia. MM Partners LLC purchased the site for $4.1 million. The buyer plans to redevelop the property into residential apartment units with ground-floor retail space. Situated on 2.2 acres, the vacant building consists of three sections that total 204,276 square feet of interior building space. Red Bell Brewery was constructed in the 1890s for the F.A. Poth & Sons Brewing Co. Later it was owned by Abe L. Brewery LP. The property has been vacant for 20 years. Michael Barmash of Colliers International/Philadelphia brokered the transaction.

February 5, 2018

Loans Northeast Pennsylvania Retail

Cole Schotz PC Advises Procida Funding for $56M Loan to Restore Philadelphia Met Opera House

by Amy Works January 30, 2018

PHILADELPHIA — Cole Schotz PC has advised Procida Funding on a $56 million loan for the restoration of the Philadelphia Metropolitan Opera House, which originally opened in 1908 at 858 N. Broad St. in Philadelphia. Procida Funding provided the financing in conjunction with Fulton Bank, PIDC and an equity investment from New Orleans-based Enhanced Capital. The financing will help reopen the 39,200-square-foot theater as a Philadelphia concert venue for Live Nation. Developer Eric Blumenfield anticipates an opening as early as December. The restoration will include renovating the entire building, including the roof, ceilings, floorings, lighting, proscenium and exterior masonry. Leo Leyva, Rab Nalavala, Alan Rubin and Danielle Pasquariello of Cole Schotz advised on the financing.

January 30, 2018

Multifamily Northeast Pennsylvania

Marcus & Millichap Arranges $1.7M Sale of Apartment Building in Drexel Hill, Pennsylvania

by Amy Works January 30, 2018

DREXEL HILL, PA. — Marcus & Millichap has brokered the sale of Yorkshire Court, an apartment building located at 740 Burmont Road in Drexel Hill. An undisclosed buyer purchased the property for $1.7 million. The 30-unit community features a mix of studio units and 24 one-bedroom/one-bath units. Clarke Talone, Daniel Bernard, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the seller in the deal. Matthew Rosenberg, also with Marcus & Millichap, arranged acquisition financing for the transaction. The non-recourse, seven-year loan was structured with a fixed 3.65 percent interest rate and a 30-year amortization schedule.

January 30, 2018

Evo-at-Cira-Centre-South-Philadelphia-PA

Multifamily Northeast Pennsylvania Student Housing

Harrison Street, Brandywine Realty Sell 850-Bed Community in Philadelphia’s University City for $197.5 Million

by Amy Works January 29, 2018

PHILADELPHIA — A joint venture between Harrison Street Real Estate Capital and Brandywine Realty Trust has sold Evo at Cira Centre South, an 850-bed student housing community located in Philadelphia’s University City neighborhood, for $197.5 million. The property was built in 2014, and is the tallest purpose-built student housing tower in the U.S., serving students at the University of Pennsylvania and Drexel University. The community offers one-, two-, three- and four-bedroom units. Shared amenities include a rooftop infinity pool and lounge; 11 two-story study lounges; free weekly studio fitness classes including Zumba, yoga and Pilates; a 24/7 two-story fitness center; and a business and print center. The buyer’s name was not disclosed.

January 29, 2018

Multifamily Northeast Pennsylvania Student Housing Top Stories

Harrison Street, Brandywine Sell 850-Bed Student Housing Property in Philadelphia for $197M

by Taylor Williams January 29, 2018

PHILADELPHIA — A joint venture between Chicago-based investment firm Harrison Street Real Estate Capital LLC and Pennsylvania-based REIT Brandywine Realty Trust (NYSE: BDN) has sold Evo at Cira Centre South, an 850-bed student housing property in Philadelphia. The sales price was roughly $197 million, according to The Philadelphia Inquirer. The buyer was not disclosed. Built in 2014 and located in the University City area, the 33-story Evo at Cira Centre South is the tallest purpose-built student housing tower in the country. It provides residences for students attending both the University of Pennsylvania and Drexel University. The property offers a mix of one-, two-, three- and four-bedroom units. Communal amenities include a two-story fitness center, two-story study lounges, a business and print center, as well as a rooftop pool and lounge. Following this transaction, Harrison Street’s student housing portfolio totals more than 73,000 beds across the U.S. and Europe. The stock price of Brandywine, which owned a 50 percent interest in the asset, closed at $17.88 per share on Friday, Jan. 26, up from $16.22 per share a year ago. — Taylor Williams

January 29, 2018

Northeast Pennsylvania Retail

EXP Realty Advisors Arranges $12.2M Sale of Retail Property in Quakertown, Pennsylvania

by Amy Works January 26, 2018

QUAKERTOWN, PA. — EXP Realty Advisors has brokered the sale of a retail property located at 616 N. West End Blvd. in Quakertown. A New York City-based real estate investor acquired the property for $12.2 million in a 1031 exchange. BJ’s Wholesale Club occupies the 85,000-square-foot property. Andrew Greenberg and Daniel de Sa’ of EXP Realty Advisors brokered the transaction.

January 26, 2018

Features Multifamily Northeast Pennsylvania Seniors Housing Southeast Top Stories

Berkadia Forecast: Southeast to Garner Bulk of Multifamily Investment, Financing Activity in 2018

by John Nelson January 25, 2018

AMBLER, PA. — Mortgage bankers and investment sales brokers alike expect multifamily markets in the Southeast to record more investment and financing activity than any other region in 2018. In Berkadia’s inaugural poll of nearly 150 staffers across 60 offices, the company reveals that more than one-third (36 percent) of its respondents predict the Southeast would see the most deals take place this year. “Population influx, continued job growth and significant development stabilization will make the Southeast a destination for commercial real estate growth and investor appetite in the coming months,” says Ernie Katai, executive vice president and head of production at Ambler-based Berkadia. For example, the Atlanta metro area is on track to add 2.5 million people over the next 25 years, the equivalent of adding the entire metro Charlotte population, according to the Atlanta Regional Commission. This type of population growth is attractive for employers looking for a new base of operations. This week French car manufacturer Groupe PSA announced that it chose Atlanta for its North American headquarters, and media outlets are reporting that Facebook is interested in building a massive data center complex in the metro area. Atlanta recently made the short list for Amazon’s second …

January 25, 2018

Northeast Office Pennsylvania

CBRE Arranges $12.5M Sale of Office Plaza in West Chester, Pennsylvania

by Amy Works January 24, 2018

WEST CHESTER, PA. — CBRE has brokered the sale of West Chester Office Plaza, a five-building office portfolio located at 790 E. Market St. in West Chester. High Associates sold the complex to Maguire Hayden Real Estate Co. for $12.5 million. Situated on 8.3 acres, the 116,621-square-foot complex is currently 90 percent occupied by 48 tenants, including American Precision Industries, ESCFederal, Women’s Health Care Group of PA and BackOffice Thinking and Kinetic Prosthetics. Stephen Marzullo and Adam Silverman of CBRE represented the seller in the transaction.

January 24, 2018

Multifamily Northeast Pennsylvania

Westrum Development Adds Final Phase to Luxor Apartment Complex in Norristown, Pennsylvania

by Amy Works January 23, 2018

NORRISTOWN, PA. — Westrum Development Co. has completed Luxor Building II, the final phase of the revitalization and transformation of 770 Sandy Street into Luxor Lifestyle Apartments in Norristown. Located at the renamed 800 Luxor Lane address, Luxor Building II features 38 apartment units and complements the 157-unit main building at the Luxor complex. Amenities at the community include an open-air courtyard with bocce, grilling and fire pits, an infinity pool, a bar, a fitness center and panoramic views of Norristown and Philadelphia’s skyline. For more than a decade before Westrum Development Co. acquired the property, 770 Sandy Street was embroiled in construction, legal and financial turmoil that cost Norristown taxpayers up to $4 million for repairs and legal expenses.

January 23, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Group Closes $23M HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works January 23, 2018

PENNSYLVANIA — Capital Funding Group, a Baltimore-based lender, has provided a $23 million HUD loan for a 324-bed skilled nursing facility in Pennsylvania. The name and location of the facility were not disclosed. Capital Funding is the sole lender, and also provided the initial bridge acquisition loan in 2014. The new loan converts the existing debt into HUD financing.

January 23, 2018

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