Pennsylvania

Legoland Discovery Center Opens at Plymouth Meeting Mall in Metro Philadelphia

by Haisten Willis April 10, 2017

PLYMOUTH MEETING, PA. — Legoland Discovery Center Philadelphia has opened at Plymouth Meeting Mall in Plymouth Meeting, a suburb of Philadelphia. The attraction is a first-to-portfolio tenant for Pennsylvania Real Estate Investment Trust (PREIT), a publicly traded real estate investment trust focused on retail properties. Legoland Discovery Center is the only Legoland location in Pennsylvania and the ninth nationally. The 33,000-square-foot attraction features a LEGO-themed ride, cinema and miniature replica of landmarks in Philadelphia. It complements tenants at Plymouth Meeting Mall including Whole Foods Market and Dave & Buster’s.

April 10, 2017

Northeast Pennsylvania Retail

New Saks Fifth Avenue OFF 5TH Store to Open in Metro Philadelphia

by Haisten Willis March 30, 2017

KING OF PRUSSIA, PA. — A new Saks Fifth Avenue OFF 5TH retail store will open on April 6 in metro Philadelphia. The 42,000-square-foot store will be located at the Overlook at King of Prussia. The store will include more than 800 brands offering luxury designer fashion.

March 30, 2017

Northeast Office Pennsylvania

CBRE Brokers $30.2M Sale of Office Building in Metro Philadelphia

by Haisten Willis March 22, 2017

KING OF PRUSSIA, PA. — CBRE has brokered the sale of the Triad office building in King of Prussia for $30.2 million. Zamir Equities purchased the four-story, 184,118-square-foot property, which is located at 2200 Renaissance Blvd. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, Kairos Real Estate Partners. Built in 1985, the Triad building underwent renovations in 2014 including the addition of a café, conference center and fitness center. The lobbies and common areas were also redesigned and upgraded. The building is 96 percent leased with tenants including Liberty Mutual Insurance Co., ASI Business Solutions and Telerx Marketing. CBRE’s Steven Doherty and Nick Harris secured an acquisition loan on behalf of the purchaser; the amount of the loan was not disclosed.

March 22, 2017

Hospitality Northeast Pennsylvania

Cronheim Secures $12M Financing for Holiday Inn Express & Suites in Metro Philadelphia

by Haisten Willis March 21, 2017

KING OF PRUSSIA, PA. — Cronheim Hotel Capital has secured $12 million in financing for a Holiday Inn Express & Suites in King of Prussia, a suburb of Philadelphia. The 10-year, non-recourse CMBS loan includes a fixed interest rate.

March 21, 2017

Multifamily Northeast Pennsylvania Top Stories

Natixis Provides $102.8M Loan to Transform Historic Office Building in Philadelphia into Luxury Apartments

by Jeff Shaw March 21, 2017

PHILADELPHIA — Natixis has provided a $102.8 million first mortgage loan to Post Brothers, which will use the capital to redevelop the historic Atlantic Building in Philadelphia as a 268-unit luxury apartment complex. The Atlantic Building is a 330,000-square-foot, 21-story office building located at 260 S. Broad St. in Philadelphia’s Center City submarket. World-renowned architect Rafael Viñoly designed the building, which was completed in the 1920s. Post Brothers will rename the building The Atlantic. Once the redevelopment is complete, amenities will include a business lounge with conference rooms, clubhouse, fitness center including yoga studio, rooftop swimming pool, roof deck with dog park and grilling areas, and a three-story, 205-space parking garage. “The Atlantic will be another premier residential building that will be similar to previously delivered first-class Post Brothers buildings and will take full advantage of the vibrant and growing Center City market,” says Greg Murphy, head of Natixis Real Estate Finance Americas. Post Brothers acquired the building in 2012 for $27 million, according to the Philadelphia Business Journal. The Philadelphia-based multifamily developer and operator attempted to sell the building to Jefferson Apartments for $50 million in 2014, but decided to proceed with the apartment redevelopment project when that deal …

March 21, 2017

Features Industrial Multifamily Northeast Northeast Feature Archive Office Pennsylvania Retail Top Stories

Pennsylvania Supreme Court Takes Up Issue of Reverse Property Tax Appeals Across State

by Haisten Willis March 16, 2017

By Gregory Schaffer Pennsylvania property owners and tenants, who pay some of the highest property taxes in the nation, are no doubt aware of the annual deadline to file a property tax appeal. After all, one look at a new tax bill is often enough to make even the most seasoned tax manager scramble to contact their local tax counsel. However, very few taxpayers are aware that the assessment they may have accepted as favorable could easily trigger a reverse appeal filed by the local school district. Assessment appeals filed by the taxing entities, often referred to as reverse appeals, are increasingly common as cash-strapped school districts seek to fill their coffers. Just as a tax manager might view an inflated assessment as a reason to appeal, more and more school districts see potentially under-assessed properties as a much-needed source of additional revenue. To the bane of many taxpayers, this tactic has now reached the city of Philadelphia. Despite undergoing a citywide property revaluation for the 2014 tax year, with another currently slated for 2018, the Philadelphia School District recently decided to begin filing reverse appeals against properties it feels are under-assessed. On Sept. 15, 2016, for the first time, …

March 16, 2017

Multifamily Northeast Pennsylvania

M&M Brokers $3.8M Sale of 58 Apartment Units in Philadelphia

by Haisten Willis March 14, 2017

PHILADELPHIA — Marcus & Millichap has brokered the sale of 58 apartment units in the Germantown neighborhood of Philadelphia. The contiguous properties, Wissahickon Apartments and 5228-5232 Laurens St., sold for $3.8 million. The buyer plans to renovate and reposition the properties. Fred Paisley and Jonathan Massaro of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Paisley secured and represented the buyer. Wissahickon Apartments includes 52 one-, two- and three-bedroom units located at 5215 Schuyler St. The historically registered property was constructed in 1910 and operated as a hotel before renovations in the mid-1980s.

March 14, 2017

Multifamily Northeast Pennsylvania

Philadelphia Magazine to Occupy 15,786 SF at The Curtis in Philadelphia

by Haisten Willis March 13, 2017

PHILADELPHIA — Philadelphia Magazine has signed a long-term lease for 15,786 square feet at The Curtis, a mixed-use office property in Philadelphia. Keystone Property Group owns the property, which is located at 601 Walnut St. in the Washington Square area. Colliers International’s Sandy Richardson and Liz Morrow represented Keystone Property Group in the transaction. Josh Haber of Binswanger Co. represented Metrocorp, the publisher of Philadelphia Magazine.

March 13, 2017

Northeast Pennsylvania Retail

Colliers Arranges $7.4M Sale of Multi-Building Retail Parcel in Metro Philadelphia

by Haisten Willis March 9, 2017

SPRINGFIELD, PA. — Colliers International has arranged the $7.4 million sale of a multi-building, 5.5-acre retail parcel located at 5202 Baltimore Pike in Springfield. BET Investments bought the property, which is situated on a signalized corner at Baltimore Pike and Oak Avenue. Burlington Stores Inc. was the seller. Plans call for the site to be redeveloped for retail uses. The Colliers retail team of Todd Sussman and Josh Goldfine represented Burlington Stores. Colliers’ Rich Weitzman represented BET Investments.

March 9, 2017

Industrial Northeast Pennsylvania

Ridgeline Property Group to Develop 1.5 Million SF Logistics Campus in Allentown, Pa.

by Haisten Willis March 8, 2017

ALLENTOWN, PA. — Ridgeline Property Group (RPG) will redevelop a former Kraft facility site located at 7352 Industrial Boulevard into a Class A rail-accessible logistics campus. RPG has acquired the 92-acre site and will build two distribution facilities totaling up to 1.5 million square feet. The project, known as Park 100 Logistics Center, will be located approximately one mile from the Route 100/I-78 Interchange. Demolition of the Kraft facility has commenced. The initial phase of Park 100 Logistics Center, a 730,080-square-foot distribution facility, is slated for completion in the first quarter of 2018. Jake Terkanian, Joe McDermott and Vincent Ranalli of CBRE’s Philadelphia office will market the property. Park 100 Logistics Center will feature 36-foot clear heights, a cross-docked loading configuration, four drive-in doors per building, 56-foot by 50-foot column spacing, 70-foot speed bays, early suppression fast response (ESFR) fire sprinklers, parking for 982 cars/light trucks and 376 trailer storage stalls.

March 8, 2017

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