Pennsylvania

Gladstone Commercial Acquires 300,000 SF Industrial Building in Philadelphia

by Amy Works July 27, 2017

PHILADELPHIA — Gladstone Commercial has purchased a single-tenant industrial building in Philadelphia. PNC Realty Investors, as investment advisor to the AFL-CIO Building Investment Fund, sold the 300,000-square-foot facility for an undisclosed price. The National Archives and Records Administration has leased the building through 2032, with a termination option beginning in 2027. The property is located on a 30.3-acre site with the ability to accommodate future expansion. Michael Hines, Brian Fiumara, Brad Ruppel, Lauren Dawicki and Jeffrey Shell of CBRE represented the seller in the transaction.

July 27, 2017

Northeast Office Pennsylvania

CBRE Arranges Sale of 1.8 MSF Office Complex in Philadelphia

by Amy Works July 26, 2017

PHILADELPHIA — CBRE Capital Markets has brokered the sale of Centre Square, a two-building, 1.8 million-square-foot office complex located at 1500 Market St. in Philadelphia. An affiliate of Nightingale Properties acquired the complex for an undisclosed price. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Chicago-based Equity Commonwealth, in the transaction. Built in 1974, the complex consists of a 36-story East Tower, a 43-story West Tower, a 450-vehicle parking garage and 41,000 square feet of retail space. The University of Pennsylvania Health System, Towers Watson, PHMC, Saul Ewing, Dilworth Paxson and Radian are tenants at the complex.

July 26, 2017

Multifamily Northeast Pennsylvania

High Real Estate Group Acquires 412-Unit Multifamily Portfolio in Central Pennsylvania

by Amy Works July 26, 2017

LANCASTER, ELIZABETHTOWN AND LEBANON, PA. — High Real Estate Group has purchased a four-property, value-add multifamily portfolio in Central Pennsylvania from Equus Capital Partners for an undisclosed price. The portfolio comprises the 112-unit Greenview Terrace and 85-unit Barrcrest Manor in Lancaster, the 128-unit Village Green in Elizabethtown and the 87-unit Lebanon Court in Lebanon. Mark Thomson, Carl Fiebig, Francis Coyne, Jose Cruz and Matthew Lawton of HFF represented the seller in the transaction. High Real Estate acquired the portfolio free and clear of debt.

July 26, 2017

Multifamily Northeast Pennsylvania Student Housing

Campus First Student Living to Develop 152-Bed Student Housing Expansion in Slippery Rock, Pennsylvania

by Amy Works July 26, 2017

SLIPPERY ROCK, PA. — Campus First Student Living is developing the second phase of University Village at Slippery Rock in Slippery Rock. Located in close proximity to Slippery Rock University, the second phase will include five buildings totaling 44 units and 152 beds. The unit mix will include two-bed/two-bath, three-bed/three-bath and four-bed/four-bath layouts. All residences will feature stainless steel, high-efficiency appliances, new furniture packages and granite counter tops. Construction is slated to begin by June 2018. The first phase of the property consists of 200 units and 632 beds in two-bed/two-bath and four-bed/four-bath layouts.

July 26, 2017

212-Church-Road-Upper-Gwynedd-Township-PA

Northeast Pennsylvania Retail

NKF Brokers $3.7M Sale of Commercial Building in Suburban Philadelphia

by Amy Works July 20, 2017

UPPER GWYNEDD TOWNSHIP, PA. — Newmark Knight Frank (NKF) has arranged the sale of a commercial building located at 212 Church Road in Upper Gwynedd Township, approximately 30 miles north of Philadelphia. Patriarch VIII, a part of Patriarch Management, sold the one-story building to Gorman & Co. for $3.7 million. The buyer plans to convert the 94,000-square-foot building into a high-end, climate-controlled self-storage facility. Neil Shupak and Justin Bell of NKF represented the seller in the transaction.

July 20, 2017

Northeast Pennsylvania Retail

PREIT Repositions 614,000 SF Capital City Mall Near Harrisburg with New Tenants

by Amy Works July 18, 2017

CAMP HILL, PA. — PREIT is repositioning Capital City Mall near Harrisburg with multiple new tenants, including the Dick’s Sporting Goods to replace Sears. The company has executed leases with Fine Wine & Good Spirits, Dick’s Sporting Goods and Dave & Buster’s to remerchandise the 614,000-square-foot mall, located at 3506 Capital City Mall Drive in Camp Hill. The 11,500-square-foot Fine Wine & Good Spirits will be adjacent to the Dick’s Sporting Goods space, which is already under construction. Both tenants are slated to open this fall. Additionally, Dave & Buster’s will open a 28,000-square-foot location — its first in the region — at the property in fall 2018. Current tenants at the property include JCPenney, Macy’s, DSW, Old Navy, Field & Stream, Forever 21, Victoria’s Secret, Kay Jewelers, Bath & Body Works, Buckle, H&M and Build-A-Bear Workshop.

July 18, 2017

Civic Northeast Pennsylvania

Broomall Fire Co. Selects Bernardon as Architect for New Fire Station in Broomall, Pennsylvania

by Amy Works July 14, 2017

BROOMALL, PA. — Broomall Fire Co. has selected Bernardon as architect for a new fire station in Broomall. Situated on the former Marple School site, the 25,000-square-foot building will accommodate the current station’s apparatus, improve functionality and optimize response time. Primary funding for the project comes from the Commonwealth of Pennsylvania through a $3.25 million Redevelopment Assistance Capital Program grant. The new firehouse is slated for completion in early spring 2019.

July 14, 2017

Northeast Office Pennsylvania

CBRE Arranges Sales of Four Office Buildings in Pennsylvania Totaling $6.9M

by Amy Works July 13, 2017

MEDIA, FAIRLESS HILLS AND LANGHORNE, PA. — CBRE has brokered the sales of four office buildings in Media, Fairless Hills and Langhorne for a combined sale price of $6.9 million. Stephen Marzullo and Adam Silverman of CBRE represented the seller, Penguin Real Estate Investors, in each transaction. In the first transaction, 53 Baltimore Pike LLC purchased a three-story, 35,902-square-foot office building located at 53 W. Baltimore Pike in Media. Constructed in 2002, the property is currently 53 percent leased to two tenants, Connect America and Apacheta Corp. In the remaining transactions, Olymbec acquired a 51,384-square-foot office building, located at 430-450 Lincoln Highway in Fairless Hills, and two office buildings at 2050 and 2080 Cabot Blvd. West in Langhorne. The Fairless Hills property is anchored by the Social Security Administration. At the time of sale, the property was 52 percent leased. The two buildings in Langhorne, which total 69,417 square feet, are currently 61 percent occupied. Dentaurum Inc., Sperry Van Ness, TPG Telemanagement, Clear Employer Service and Stief Gross Sagoskin Cassetti occupy the buildings. This three-building acquisition by Olymbec marks the Canada-based firm’s entry into the Greater Philadelphia office market.

July 13, 2017

Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers $3.8M Apartment Building in Doylestown, Pennsylvania

by Amy Works July 13, 2017

DOYLESTOWN, PA. — Marcus & Millichap has arranged the sale of Oak Gardens, an apartment building located at 355 North St. in Doylestown. An undisclosed buyer acquired the property for $3.8 million. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal. Constructed in 1950, the three-story building features 30 one- and two-bedroom apartment units.

July 13, 2017

Industrial Northeast Pennsylvania

Endurance, CenterSquare Acquire Property for Warehouse Redevelopment in Pennsylvania

by Amy Works July 12, 2017

SHIREMANSTOWN, PA. — An affiliate of Endurance Real Estate Group partnered with CenterSquare Investment Management to acquire a 712,000-square-foot former manufacturing, distribution and office facility located at 485 St. Johns Church Road in Shiremanstown. Endurance plans to demolish approximately 500,000 square feet of manufacturing, office and low-bay warehouse sections of the property to redevelop the asset into 456,810 square feet of Class A bulk warehouse and distribution space. The redeveloped project will include the renovation and expansion of the existing East Warehouse section to total 246,135 square feet with 28-foot clear heights, renovated office space and supplemental loading dock positions, and a slab-up reconstruction of a 210,675-square-foot West Warehouse section, with 32-foot clear heights and 38 loading docks. The East Warehouse is slated for delivery in April 2018 and the West Warehouse is scheduled for completion in July 2018. The property was owned and occupied by the Quaker Oats Co. through the early 2000s.

July 12, 2017

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