NEWTOWN SQUARE, PA. — The Henderson Group has purchased five office buildings located in Newtown Square from Brandywine REIT for $42 million. The five properties are located on Campus Boulevard at the intersection of West Chester Pike and Route 252. All but one of the buildings, 17 Campus Blvd., are currently occupied. The buyer is actively pursuing new tenants for the two-story, 50,000-square-foot office building.
GARNET VALLEY, PA. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $4 million loan for Naamans Creek Country Manor, a 90-bed skilled nursing facility in Garnet Valley, located near the Delaware border between Philadelphia and Wilmington. An affiliate of The Guardian Foundation, a nonprofit owner-operator, owns the property. The fixed-rate HUD loan pre-pays the property’s existing 30-year, tax-exempt bonds. The loan also funded a capital reserve and escrows for future repairs. The loan-to-value ratio was only 50 percent on the new loan, which features a 30-year maturity. The transaction lowers Naamans’ annual debt service by approximately $130,000. With over $360,000 in a reserve fund for replacements, Guardian can address future capital needs that will maintain Namaans’ competitiveness.
ALLENTOWN, PA. — MCR has acquired the Hilton Garden Inn Allentown West, located at 230 Sycamore Road in Allentown, for $15 million. The 111-room hotel features an indoor pool, a fitness center, free Wi-Fi, 1,330 square feet of meeting space, The Great American Grill, a 24-hour business center and a 24-hour Pavilion Pantry. Guest rooms offer spacious work areas, 42-inch flat-screen televisions and coffeemakers. The name of the seller was not released.
MONROEVILLE, PA. — Ten Capital Management has sold its limited partnership interest in Miracle Mile Retail Center in Monroeville, located 13 miles east of Pittsburgh. M&J Wilkow in a joint venture with ALTO Real Estate Funds acquired the interest in the 299,894-square-foot regional power center. At the time of sale, the property was 98 percent occupied by a variety of tenants, including LA Fitness, Marshalls, PNC Bank, DSW, Old Navy and OfficeMax. The general partner in the interest partnership is an affiliate of Pearson Partners.
ALLENTOWN, PA. — Markward Group has brokered the sale of an industrial building located at 1400 N. Irving St. in Allentown. Evergreen Cos., a full-service landscaping and horticultural service company, acquired the property for $1.2 million. The buyer plans to use the 11,114-square-foot property as a storage and dispatch facility. Amy Hawley of Markward Group represented the undisclosed seller and buyer in the transaction.
PHILADELPHIA — Greystone has provided $20.1 million in Freddie Mac financing for West Village, an apartment community located in West Philadelphia. The three separate Freddie Mac Small Balance Loans feature 10-year terms and interest-only payments for three years with 30-year amortization schedules. West Village features 86 units in a mix of three-, four- and five-bedroom layouts. Community amenities include parking, roof decks for some units and a community courtyard. Jason Yuen of Greystone originated the financing for the borrower, West Village Group.
COLLEGEVILLE, PA. — HFF has arranged $32.9 million in financing for Global Data Center, a purpose-built, Tier III+ data center facility located at 1000 Black Rock Road in Collegeville. The borrower, GI Partners, will use the financing to acquire the property. Kevin MacKenzie, Ryan Ade, Jamie Kline and Christian Tober of HFF arranged the three-year, floating-rate loan through Wells Fargo Bank for the borrower. Completed in 2009, the 203,702-square-foot facility features an available power load of 4.6 MW and the capacity to be expanded to 7 MW with additional capital investment.
FAIRLESS HILLS, PA. — Cronheim Mortgage has arranged a $33.5 million mortgage loan for Fairless Hills Towne Center, a retail center located in Fairless Hills. The borrower is a joint venture between Larken Associates and Red Starr Investment. The loan was placed with an investment bank and structured with a seven-year term and 30-year amortization schedule after an 18-month interest-only payment period. The permanent loan refinanced the bridge loan used to acquire and reposition the property. The borrowers acquired the 294,000-square-foot center, which is anchored by Giant Food/Pharmacy, in 2015.
DUNMORE, PA. — Hinerfield Commercial has arranged the sale of an industrial property located at 150 Grove St. in Dunmore. A coffee manufacturer from New Jersey acquired the property for an undisclosed price. The buyer plans to move its operations to the 166,499-square-foot facility. The facility was originally constructed in 1919 as a silk mill. The name of the seller and acquisition price were not released.
JESSUP AND WILKES-BARRE, PA. — Cushman & Wakefield has arranged the sale of a three-building industrial portfolio located in Jessup and Wilkes-Barre. Endurance Real Estate Group sold the 544,974-square-foot portfolio to NorthPoint Development for an undisclosed price. The buildings are located at 7 and 17 Alberigi Drive in Jessup and 32 Earth Conservancy Drive in Wilkes-Barre. Originally developed as part of a joint venture partnership between MetLife and Chicago-based Versus Development, the buildings feature 30-foot clear height ceilings, T-5 light and the potential to expand car and trailer parking, as well as loading positions. Gerard Blinebury, Gary Gabriel, Jeffrey Williams and Daniel Walsh of Cushman & Wakefield represented the seller in the deal.