Pennsylvania

Colliers Negotiates $2.5M Sale of Retail Condominium in Philadelphia

by David Cohen July 13, 2018

PHILADELPHIA — Colliers International has negotiated the $2.5 million sale of a 5,170-square-foot retail condominium in Philadelphia’s central business district. Located on the first floor of 1228-1232 Arch St., the condominium was formerly occupied by CitiBank and will be converted into restaurant and other retail space. Todd Sussman, Josh Goldfine and Anna MacDonald of Colliers represented the seller, Independence Realty Arch Street, in the transaction. The property was purchased by Maitay LLC.

July 13, 2018

Development Multifamily Northeast Pennsylvania Seniors Housing

Pennrose Starts Construction of 160-Unit Affordable Senior Housing Community Near Philadelphia

by David Cohen July 13, 2018

CHERRY HILL, N.J. — Pennrose, a multifamily developer and operator, and the Jewish Federation of Southern New Jersey have broken ground on The Commons at Springdale, an affordable seniors housing community. The project is located in Cherry Hill, just across the Delaware River from Philadelphia. The first phase of development will include 80 units, followed by a second phase of another 80 units. Twenty percent of the total units will be designed to support individuals with special needs by creating four smaller cottages out of four one-bedroom units. The cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. All units are reserved for seniors or special needs adults earning at or below 60 percent of the area median income (AMI). At least 40 percent of the units are for those earning at or below 50 percent of AMI and at least 10 percent are for 30 percent of AMI. Phase one of the project is scheduled to open in the summer of 2019. Financing for the Springdale Road development came from a variety of sources, including $2.4 million in conventional financing, $1 million in Township Affordable Housing Trust Funds, …

July 13, 2018

Acquisitions Multifamily Northeast Pennsylvania

Rittenhouse Realty Advisors Arranges Sale of 16-Unit Apartment Building in Philadelphia

by David Cohen July 11, 2018

PHILADELPHIA — Rittenhouse Realty Advisors has arranged the sale of a 16-unit apartment building in the Northern Liberties neighborhood of Philadelphia. The property, which is located at 938-940 New Market St., features digitally controlled lights and locks as well as a video intercom system. The building is located near a grocery store, several healthcare providers, fitness studios and numerous popular bars, restaurants and cafes. Rittenhouse represented the seller, a local developer, in the transaction. JOSS Realty Partners represented the buyer, a family office investor who purchased the property for an undisclosed price.

July 11, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

HFF Secures $19.4M in Acquisition Financing for Lehigh University Student Housing Portfolio

by David Cohen July 10, 2018

BETHLEHEM, PA. — HFF has secured $19.4 million in acquisition financing for a student housing portfolio at Lehigh University in Bethlehem. A private investment vehicle managed by Hong Kong-based Beacon Assets acquired the 71-building, 383-bed portfolio. HFF secured the five-year, fixed-rate acquisition loan for the borrower through Natixis. During the last two academic years, the portfolio achieved close to 99 percent occupancy, according to HFF. Lehigh University has an enrollment of more than 7,000.NEWINGTON, CONN. — Colliers International has brokered the sale of 445 and 445A Willard Ave., a 9,760-square-foot office condominium in Newington. Nickerson Properties LLC purchased the property for $2 million. Terri Rockefeller of Colliers International represented the seller, Rotundo Developers LLC, in the transaction. The property is currently 100 percent occupied by a Davita Dialysis Center and Family Adult Day Care, a senior care facility.

July 10, 2018

Acquisitions Healthcare Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates Sale of Eight-Property Skilled Nursing Portfolio in Southeast Pennsylvania

by David Cohen July 5, 2018

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of the Lightning Portfolio, eight skilled nursing facilities in the Philadelphia metro area. The seller sought to divest the non-core assets, which featured a concentration of high-barrier-to-entry locations in the Philadelphia area. The buyer was a regional owner-operator looking for a growth opportunity. The portfolio totals 1,050 beds. The price and names of facilities were not disclosed. Blueprint’s Ben Firestone, Christopher Hyldahl, Michael Segal and Gideon Orion led the transaction

July 5, 2018

Acquisitions Northeast Pennsylvania

Colliers Arranges Sale of 17 Acres of Waterfront Property Near Philadelphia

by David Cohen July 5, 2018

CAMDEN, N.J. — Colliers International has arranged the sale of a 17-acre parcel of waterfront land at 75 Erie St. in Camden. A private developer purchased the land for $1.1 million. The seller was Agathon Realty. The site features waterfront views of Center City, Philadelphia and is located close to the billion-dollar Liberty Property Trust waterfront development project in Camden. No development plans have been disclosed for the land.

July 5, 2018

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

New Restaurants, Breweries Make Pittsburgh Culinary Destination

by David Cohen July 4, 2018

Pittsburgh was recently ranked among the “Top 100 Best Places to Live in 2018” by Livability.com, citing the region’s strong university presence, burgeoning craft beer industry and successful professional sports franchises as important factors. Home to more than 15 breweries and a variety of new restaurants garnering national critical acclaim, Pittsburgh has also added foodie town to its list of accolades. A mix of local ownership groups and national franchisees has been actively pursuing expansion opportunities and new concepts in the region. Among the most active are AMPD Group, a partnership that includes Local Bar + Kitchen, Steel Cactus and Social House 7, which has six new restaurants in the works in the coming months both in Pittsburgh and outside the region in Myrtle Beach, South Carolina. The owners behind a local gastropub, The Yard, are introducing a new concept call Stout Pub & Kitchen in the Airport Corridor submarket. This new concept will focus on a variety of cured and smoked meats coupled with local beers and spirits. The fifth location of The Yard, which specializes in craft beers and gourmet grilled cheese sandwiches, is under construction in the adjacent space. Full Menu of Food Options While full-service dining …

July 4, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Dalzell Capital Partners Acquires Mixed-Use Property in Philadelphia

by David Cohen July 2, 2018

PHILADELPHIA — Dalzell Capital Partners has acquired Waverly Court, a mixed-use property located in Center City, Philadelphia, for $21 million. Originally built in the early 1900s, the property includes 61 apartments and 2,800 square feet of commercial space. All residential units feature factory-style windows, exposed brick walls, 12- to 14-foot ceiling heights and stainless steel appliances. Dalzell acquired the mixed-use building from Yess Properties. Waverly Court is Dalzell Capital’s third acquisition in Center City in less than a year.

July 2, 2018

Acquisitions Northeast Office Pennsylvania

SVN Imperial Realty Negotiates $6.1M Sale of Office Building in Bethlehem

by David Cohen June 29, 2018

BETHLEHEM, PA. — SVN Imperial Realty has negotiated the sale of 95 Highland Ave., a three-story office building in Bethlehem. The 72,923-square-foot property was constructed in 1985 and is currently 75 percent occupied. Tom Skeans of SVN Imperial Realty represented the undisclosed seller, in the transaction. DLP Realty represented the undisclosed buyer. The property was sold through online CRE auction marketplace Ten-X.

June 29, 2018

Loans Northeast Office Pennsylvania Top Stories

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

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