Pennsylvania

Gilbertsville-Shopping-Center-Gilbertsville-PA

Brixmor Property Group Sells 85,576 SF Shopping Center Near Philadelphia

by Amy Works November 10, 2017

GILBERTSVILLE, PA. — Brixmor Property Group has sold Gilbertsville Shopping Center, a grocery-anchored retail center located at 1050 E. Philadelphia Ave. in Gilbertsville, a suburb of Philadelphia. The Westover Cos. bought the property for an undisclosed price. Weis Markets anchors the 85,576-square-foot center, which was constructed in 1976. The 95.6 percent leased center is also home to Anytime Fitness, T-Mobile, Pet Valu, Dairy Queen, National Auto Stores, Great Clips, Quest Diagnostics, KeyBank and Fine Wine & Good Spirits. Chris Munley, Michael DiCosimo and Jose Cruz of HFF represented the seller in the deal.

November 10, 2017

Industrial Northeast Pennsylvania

STAG York Buys 390,000 SF Industrial Facility in York, Pennsylvania, for $19M

by Amy Works November 9, 2017

YORK, PA. — STAG York, a wholly owned subsidiary of STAG Industrial, has acquired an industrial facility located at 2925 E. Market St. in York. Alliance Partners HSP sold the property for $19 million. Stauffers Biscuit Co. occupies 255,000 square feet of the 390,000-square-foot facility. The buyer has engaged Cushman & Wakefield to market the remaining 135,000 square feet of the property, which is suited for warehousing and distribution. Prior to selling, Alliance completed capital improvements at the property including a new roof, upgraded loading docks and enhanced truck circulation. Gerard Blinebury, Joseph Hill Jr., Pat McBride and Robert Yoshimura of Cushman & Wakefield represented the seller in the deal.

November 9, 2017

Mixed-Use Northeast Pennsylvania Top Stories

Brandywine Realty, Drexel University Break Ground on Phase I of $3.5B Schuylkill Yards Project in Philadelphia

by John Nelson November 9, 2017

PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN), in partnership with Drexel University, has broken ground on Phase I of the mixed-use, master-planned Schuylkill Yards Innovation Community in West Philadelphia’s University City district. The first phase of the $3.5 billion development will include a 1.3-acre community park at the corner of 30th and Market streets known as Drexel Square, which will be situated directly across from Amtrak’s 30th Street Station. Other components of Phase I include 4.6 acres of entrepreneurial space, educational facilities, research laboratories, corporate offices, residential and retail spaces, hotels and open public spaces. SHoP Architects and West 8 Landscape Architects designed Drexel Square, which represents the first swath of the 6.5 acres of green space planned for Schuylkill Yards. Brandywine and Drexel plan to deliver Drexel Square by the fourth quarter of 2018. “We are proud that our first project in Schuylkill Yards will deliver a green public gathering space where the community can connect, interact and share experiences,” says Jerry Sweeney, president and CEO of Philadelphia-based Brandywine Realty Trust. Later phases of Schuylkill Yards will include the redevelopment of the former Bulletin Building, and the development of two towers at 3003 and 3025 JFK Blvd. In conjunction …

November 9, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes $14.4M Expansion at Seniors Housing Property in Pennsylvania

by Amy Works October 31, 2017

OXFORD, PA. — Presbyterian Senior Living has completed a $14.4 million expansion at Ware Presbyterian Village, a continuing care retirement community (CCRC) in Oxford, located midway between Philadelphia and Baltimore. The project added a 61-unit building named Westminster Place to the property. Of the new units, 31 have income restrictions set by the Pennsylvania Housing and Financing Administration. Based in nearby Dillsburg, Pa., Presbyterian Senior Living is a nonprofit seniors housing provider with 30 locations in the Mid-Atlantic region.

October 31, 2017

Loans Multifamily Northeast Pennsylvania

Berkadia Secures $32.5M in Financing Multifamily Property in Shippensburg, Pennsylvania

by Amy Works October 30, 2017

SHIPPENSBURG, PA. — Berkadia has arranged $32.5 million in financing for Deerfield Commons, a multifamily property located at 100 Deerfield Commons in Shippensburg. Deerfield Commons LP is the borrower. Brian Campbell, Jeremy Lynch and Jake Adoni of Berkadia secured the permanent refinancing loan through the firm’s Fannie Mae program for the borrower. The 10-year fixed-rate, non-recourse loan represented a 75 percent loan-to-value ratio and included two years of interest-only payments followed by a 30-year amortization schedule. The property, which was 95 percent leased at the time of financing, features one-, two- and three-bedroom floor plans. On-site amenities include a fitness center, swimming pool, business center, ponds and wildlife areas.

October 30, 2017

Industrial Northeast Pennsylvania

Woodmont Industrial Partners Sells 437,446 SF Industrial Building in Pittston, Pennsylvania

by Amy Works October 30, 2017

PITTSTON, PA. — Woodmont Industrial Partners has completed the disposition of an industrial building located at 1 Commerce Road in Pittston. The name of the buyer and acquisition price were not disclosed. Woodmont Industrial Partners completed an extensive capital improvement plan at the 437,446-square-foot building, which was formerly a Penguin Random House distribution center. The renovation program included additional loading docks, natural gas conversion, upgraded lighting and power. Additionally, the property features a high-bay section offering 48-foot to 54-foot clear height with racking in place, a 269-car parking lot and a rail line behind the building.

October 30, 2017

Loans Multifamily Northeast Pennsylvania

Colliers Arranges $26.1M in Financing for Two-Property Multifamily Portfolio in Pennsylvania

by Amy Works October 23, 2017

LANCASTER AND HERSHEY, PA. — Colliers International has arranged two loans, totaling, $26.1 million, for the refinancing of two multifamily properties: Pioneer Woods in Lancaster and Rosedale Apartments in Hershey. Built in 1974, Pioneer Woods is situated on 34 acres and features 45 one-bedroom units, 71 two-bedroom units, 28 three-bedroom apartments and 16-two-bedroom townhouse units. At the time of financing, the property was 95 percent occupied. Rosedale Apartments was built in 1972 and features 80 one-bedroom apartments and 80 two-bedroom units, ranging from 566 square feet to 1,070 square feet. The property is currently 99 percent occupied. John Banas, Kris Wood, Chad Levitt and Jordan Canino of Colliers secured the five-year, fixed-rate financing with five-year resets for the properties.

October 23, 2017

Loans Northeast Pennsylvania Retail

CBRE Negotiates Sale, Arranges Acquisition Financing for 100,250 SF Retail Center in Easton, Pennsylvania

by Amy Works October 19, 2017

EASTON, PENN. — CBRE has arranged the sale of Fork Town Center, a shopping center located at 301 Town Center Blvd. in Easton. Retail Properties of Americas sold the 100,250-square-foot property to a joint venture between Triple Crown Corp. and J.C. BAR Properties. Thomas Gorman of CBRE’s Debt & Structured Finance procured $18 million in acquisition financing for the buyer. Brad Nathanson and John Colussi of CBRE represented the seller and identified the buyer in the deal. Built in 2002, Forks Town Center was 98 percent occupied at the time of sale. A 66,792-square-foot Giant Food Store anchors the center, which is also features two pad sites occupied by PNC Bank and Dunkin’ Donuts.

October 19, 2017

Multifamily Northeast Pennsylvania Seniors Housing

The Waters Begins Pre-Leasing 143-Unit Community in Pennsylvania

by Amy Works October 18, 2017

WEXFORD, PA. — The Waters Senior Living has started pre-leasing for The Waters of Wexford, a 143-unit independent living, assisted living and memory care community in Wexford, approximately 15 miles north of Pittsburgh. The community is scheduled to open in June 2018. Once completed, it will feature 114 apartments for independent living with assisted living services available, as well as 29 memory care studios. The property is located on an 18-acre plot that The Waters acquired in November 2016. Development costs at that time were estimated at $38 million. The Waters of Wexford will be the 10th senior living community developed by The Waters Senior Living and the first in Pennsylvania. All of the companies’ current properties are in the its home state of Minnesota.

October 18, 2017

Multifamily Northeast Pennsylvania Student Housing

Goldenberg Group Breaks Ground on $199M Student Housing Community Near Temple University

by Amy Works October 12, 2017

PHILADELPHIA — The Goldenberg Group has broken ground for a $199 million student housing development located on the edge of Temple University’s campus at 12th Street and Cecil B. Moore Avenue in Philadelphia. The 470,000-square-foot property will feature 984 beds within one-, two-, three- and four-bedroom units. All 368 units are fully furnished with flat-screen televisions, stainless steel appliances, quartz countertops, dishwashers, icemakers and garbage disposals. Community amenities include a 24-hour concierge; a coffee bar; fitness center with rooms for fitness on-demand, yoga and spin; an outdoor rooftop terrace; a social activities area; a business center; study and conference areas; a package locker system; sky lounge; indoor bicycle storage and on-site resident parking, including dedicated car sharing spaces and electric charging spaces. Additionally, the property will offer 30,000 square feet of ground-level retail, restaurant and commercial space opening to a plaza with seating, green space and activity areas. The project is designed to complement The View at Montgomery, the company’s existing 832-bed student housing property. This is the second and final phase of Goldenberg’s master-planned redevelopment of the 4.6-acre site of the former John Wanamaker High School. The first phase opened in August 2014. The new development is slated for completion …

October 12, 2017

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