CARLISLE, PA. — The United Parcel Service (UPS) has purchased LogistiCenter at Carlisle, a distribution center located at 1 Ames Drive in Carlisle. Dermody Properties sold the 595,000-square-foot center for an undisclosed price. The Class A bulk warehouse facility was built in 2015. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller in the transaction.
ALLENTOWN, BENSALEM AND HORSHAM, PA. — Brookwood Financial Partners has completed the disposition of three office properties totaling $22.7 million. In the first transaction, Infinera Corp., the sole tenant, acquired a 59,910-square-foot office building at 7360 Windsor Drive in Allentown for $12.4 million, or $207 per square foot. In the second deal, Police and Fire Federal Credit Union purchased One Greenwood Square, a 60,700-square-foot office property located in Bensalem, for $6.8 million, or $112 per square foot. In the third transaction, Pliner Properties acquired a 28,894-square-foot property located at 630 Dresher Road in Horsham for $3.5 million, or $122 per square foot. The buildings are part of a 29-building portfolio that Brookwood acquired in 2015 through its affiliates, Brookwood Philadelphia I and Brookwood Philadelphia II.
MACUNGIE AND PALMERTON, PA. — A joint venture between Care Investment Trust LLC and Inspirit Senior Living has acquired The Villages at Palmerton in Palmerton and The Willow in Macungie for $13 million. Both towns are located in the Lehigh Valley, north of Philadelphia and west of New York City. The sellers are LifeCare Holdings LLC and The Weston Group Inc. The new owners will rebrand the properties as “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit Senior Living Community.” Both communities were built between 2002 and 2003 and were approximately 90 percent occupied at closing. The properties offer a combined 111 units of assisted living and memory care. Care and Inspirit plan to spend approximately $850,000 to refurbish the communities. Affiliates of Inspirit will operate and manage the communities. Care Investment Trust is a seniors housing real estate investor and wholly owned subsidiary of Tiptree Inc. (NASDAQ: TIPT). Inspirit is a seniors housing owner-operator that, following this acquisition, now operates four communities in Tennessee, Virginia and Pennsylvania. The company was founded in 2015.
MORRISTOWN, PA. — NorthMarq Capital has arranged $2.5 million in supplemental financing for Castle Club Apartments in Morristown. The property features 158 multifamily units. Robert Ranieri of NorthMarq secured the six-year loan, which features a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.
PHILADELPHIA — Healthcare Transactions Group Inc. has arranged the sale of the operations of an eight-location, 1,906-bed skilled nursing portfolio in Pennsylvania. Mid-Atlantic Health Care LLC of Maryland sold the operations to Mima Healthcare, which is based in New Jersey. Of the properties, six are in the greater Philadelphia area and two are in Central Pennsylvania. The portfolio produces annual revenue in excess of $205 million. The sales price and names of facilities were not disclosed. A national REIT will continue to retain ownership of the real estate involved in the transaction. Mark Davis of Healthcare Transactions Group initiated the transaction for the seller.
PHILADELPHIA — Cushman & Wakefield has arranged the sale of a vacant and foreclosed 58-acre land parcel located at 7777 State Road in Philadelphia. Morris Iron & Steel Co., a local recycling company, acquired the site from 7777 State PA Philadelphia Loan Associates LLC for an undisclosed price. Prior to acquisition, the site was rezoned from residential/mixed-use to industrial use. Brian Hilger and Ned Franke of Cushman & Wakefield handled the transaction.
Pittsburgh retail can be summed up in three words: location, location, location — and the original definition of great real estate has never been more pronounced than it is today in the Pittsburgh retail market. According to some publications, retail and retailers appear to be struggling almost everywhere for many different reasons, including online sales, too many stores, market conditions and oversaturation of product. However, as of year-end 2016, CoStar indicated that the overall Pittsburgh retail market occupancy rate was 96.8 percent. Pittsburgh has natural barriers to entry for retail due to its topography, which includes numerous hills and valleys, making it often times impossible to build a “newer, bigger, better” retail property across the street. As a result, many developers have successfully repurposed older centers through adaptive reuse, converting them in keeping with the latest and greatest retail trends. Other older centers have successfully withstood the test of time, replacing outdated retail concepts with today’s current concepts at significantly lower costs than building a new center. Adaptive reuse of Pittsburgh retail started decades ago when the May Company relocated Kaufmann’s Department Stores from four freestanding locations into the dominant regional malls, leaving one- and two-story 200,000-square-foot boxes vacant. Local …
WARMINSTER, PA. — J.G. Petrucci Co. has developed Jacksonville Station, a 151-unit apartment community located at 375 Jacksonville Road in Warminster. The property features 74 one-bedroom and 77 two-bedroom apartment units with modern amenities, including stainless steel kitchen appliances, quartz countertops and full-size washer/dryers in each unit. Situated on 10 acres, the community features on-site surface parking, a fitness center, a swimming pool and a clubhouse. Minno & Wasko designed the property.
LEWISBERRY, PA. — Cushman & Wakefield has brokered the sale of Fairview Industrial Park, a six-building industrial park located in Lewisberry. Richmond, Va.-based Allegiancy sold the 270,168-square-foot park to Louisville, Colo.-based Real Capital Partners for $11.7 million. The buildings are located at 509, 515 and 540 Industrial Drive and 621, 629 and 631 Distribution Plaza. Gerry Blinebury, Robert Yoshimura, Joseph Hill Jr. and Pat McBride of Cushman & Wakefield represented the seller in the deal.
EXTON, PA. — A joint venture between Pembroke IV and Ten Capital Management has acquired Valley Creek Corporate Center, an office complex located in Exton. A California-based real estate investment management and advisory company sold the three-building asset for $45.3 million. Located at 220, 222 and 224 Valley Creek Blvd., the 259,163-square-foot property was 95.2 percent leased at the time of sale. Doug Rodio, Brett Segal, Ben Appel and Jose Cruz of HFF represented the seller in the deal. Additionally, Ryan Ade and Neil Campbell of HFF secured a 10-year, fixed-rate acquisition loan through Barclays Capital for the buyer.
