Pennsylvania

Square Mile Originates $91M Loan for High-Rise Multifamily Property in Philadelphia Suburb

by Amy Works June 6, 2017

JENKINTOWN, PA. — Square Mile Capital Management has originated a $91 million whole loan for Metropolitan Properties of America. The loan is secured by 100 York, a 588-unit high-rise multifamily property located in Jenkintown. The property features a tennis court, outdoor swimming pool and an 8,000-square-foot amenity center with a fitness center, aerobics/yoga studio, cardiovascular room, billiards and game rooms, business center, theater and resident lounge. The Boston-based borrower recently renovated the property to Class A standards. Brad Johnson of CBRE arranged the financing.

June 6, 2017

Industrial Northeast Pennsylvania

Cushman & Wakefield Brokers $76.1M Sale of Capital Logistics Center in Middletown, Pennsylvania

by Haisten Willis June 2, 2017

MIDDLETOWN, PA. — Cushman & Wakefield has brokered the $76.1 million sale of Capital Logistics Center in Middletown. An affiliated entity of Dermody Properties purchased the five-building industrial portfolio from a joint venture partnership of Woodmont Industrial Partners and AEW Capital Management. Cushman & Wakefield’s Gerry Blinebury and Gary Gabriel represented the seller. The buyer was represented in-house. Capital Logistics Center totals 1.3 million square feet and is 74 percent occupied. An additional 133,800 square feet remains available for development. The property is located near I-81 and the Pennsylvania Turnpike.

June 2, 2017

Hospitality Mixed-Use Northeast Office Pennsylvania Restaurant Retail

Zoning Approved for Mixed-Use Development in Metro Philadelphia

by Haisten Willis June 1, 2017

CONSHOHOCKEN, PA. — Keystone Property Group has received zoning approvals for the development of SORA West a transit-oriented mixed-use development in the Philadelphia suburb of Conshohocken. Upon completion, SORA West will include a central plaza surrounded by a 250,000-square-foot office building, retail and dining space, a 171-key hotel, the existing Conshohocken Firehouse and a 950-space parking structure. The project will be located adjacent to the Conshohocken SEPTA train station, near Route 76 and Route 476. Keystone is now in the process of finalizing the plans and pursuing land development approvals. In addition to office, retail, hotel and community uses, the developer is assessing the viability of adding a residential component to the property. Keystone is headquartered in SORA East, which is located one block away from SORA West.

June 1, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

Sims Secures $98M Financing for Senior Housing Facility in Lancaster, Pennsylvania

by Haisten Willis June 1, 2017

LANCASTER, PA. — HJ Sims has secured $98 million in financing for Brethren Village, a continuing care retirement community in Lancaster. In 2016, Brethren hired Sims to serve as senior managing underwriter for the proposed refinancing of 2008 bonds on the facility. Sims worked with Brethren Village’s independent municipal advisor to pair the refinance with financing to develop an independent living expansion project known as Northside Court. The financing consists of fixed-rate refunding bonds structured with serial and term bonds, a 25-year maturity and level annual debt service. The 2017 refunding bonds include optional redemption provisions of 10 years to enable Brethren to repay the bonds prior to maturity. The Northside Court project financing was structured as a variable rate, tax-exempt direct placement with one bank. The term of the bank commitment is 10 years with a 25-year principal amortization.

June 1, 2017

department-of-veterans-affairs-health-care-center-butler-pennsylvania

Healthcare Northeast Pennsylvania

Cambridge Healthcare Solutions Completes VA Healthcare Center in Butler, Pennsylvania

by Haisten Willis June 1, 2017

BUTLER, PA. — Cambridge Healthcare Solutions has completed development of a Department of Veterans Affairs (VA) healthcare center in Butler. Cambridge teamed with Stantec for design and Mascaro Construction for construction of the building. The VA accepted the facility on May 26, and Cambridge will remain as asset manager throughout a 20-year lease. The 251,000-square-foot facility is located on 46 acres on Duffy Road and valued at approximately $110 million. The healthcare center is expected to open in late August will provide outpatient primary care, specialty services, mental health, dental, physical rehabilitation and women’s health care, augmenting services offered at an existing VA campus in Butler.

June 1, 2017

Northeast Office Pennsylvania

CBRE Arranges Sale of 238,000 SF Office Building in Philadelphia

by Haisten Willis May 30, 2017

PHILADELPHIA — CBRE has arranged for the sale of a 238,000-square-foot office building at One Crown Way in Philadelphia. CBRE’s Michael Kane represented the buyer, One Crown Properties LLC, during the negotiations, while CBRE’s Carl Gersbach represented the seller, Crown Cork & Seal USA. Crown Cork plans to lease back the building for the short term while seeking a site for a new headquarters property. Ballinger designed the property, which was built in 1996, and Nason and Cullen was the construction manager. The corporate campus environment sits on 40 acres and also includes a cafeteria, fitness center, underground parking and a walking trail.

May 30, 2017

Healthcare Northeast Pennsylvania

Construction Begins on Center for Healthcare Technology in Philadelphia

by Haisten Willis May 25, 2017

PHILADELPHIA — Penn Medicine and IMC Construction have broken ground on the new Center for Healthcare Technology in Philadelphia. Located on Civic Center Boulevard, the first phase of the project will be a 250,000-square-foot, eight-story office building. The facility will be used for information technology and human resources. A second phase of the project will add an additional 10 stories totaling 290,000 square feet, bringing the tower to a total height of 18 stories and 540,000 square feet.

May 25, 2017

Industrial Northeast Pennsylvania

NAI Mertz Arranges Trio of Industrial Leases in Metro Philadelphia

by Haisten Willis May 24, 2017

BRISTOL, HATBORO & PHILADELPHIA, PA. — Joe Sternberg of NAI Mertz has arranged three industrial leases totaling over 19,000 square feet in metro Philadelphia. The lease agreements include: A 5,000-square-foot warehouse lease at 200 Rittenhouse Circle in Bristol on behalf of Stiles Machinery. Stiles Machinery manufactures equipment, serving the woodworking, plastics and composites industries and markets. Whitesell Co. owns the facility. A 9,460-square-foot warehouse and office lease at 3235 Sunset Lane in Hatboro. Mike Borski Jr. of the Flynn Co. represented the tenant, Express 4X4 Truck Rental. NAI Mertz represented the building owner. A 5,000-square-foot warehouse and office lease on behalf of Capitol Adjustment Co.at 12285 McNulty Road in Philadelphia.

May 24, 2017

Northeast Office Pennsylvania

Second-phase Renovations Planned at One Oxford Centre in Pittsburgh

by Haisten Willis May 23, 2017

PITTSBURGH — Shorenstein Properties has unveiled plans for phase two of its renovations at One Oxford Centre in downtown Pittsburgh. Permits have been issued and construction is set to commence later this month on the 45-story office tower. The second phase will include a facelift to the lobby, atrium and tenant amenities. Shorenstein has already invested over $10 million on mechanical updates including HVAC replacement, elevator control modernization, exterior window repairs and parking garage work. Future exterior work will include upgraded LED lighting and façade work.

May 23, 2017

Northeast Office Pennsylvania

Markward Group Brokers Sale of Office Building in Bethlehem, Pennsylvania

by Haisten Willis May 23, 2017

BETHLEHEM, PA. — Markward Group has brokered the sale of a 47,070-square-foot office building on 4.1 acres located at 236 Brodhead Road in Bethlehem. Matt Macdonald and Ann Kline of Markward Group represented the seller, BB&T Bank. The building was the former data and operations center for National Penn Bank. Mike Capobianco of Markward Group represented the buyer, 236 Brodhead Road LLC. The buyer plans to remodel the lobby and common areas, and to repave the parking lot. ABEC is the lead tenant in the building.

May 23, 2017

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