PHILADELPHIA — GM Global LLC has purchased a manufacturing and warehouse facility located at 9999 Global Road in Philadelphia. 9999 Global LLC sold the property for $1 million. The 22,900-square-foot facility features a two-story office area, two tailgate loading doors and one drive-in door. Sean Durkin of Roddy Inc. represented the seller in the deal.
DEERFIELD, ILL. AND CAMP HILL, PA. — Walgreens Boots Alliance (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) have agreed to sell 865 Rite Aid stores and some assets related to store operations to Fred’s (NASDAQ: FRED) for $950 million in an all-cash transaction. The agreement came about due to concerns by the Federal Trade Commission (FTC) in its review of Walgreens Boots Alliance’s proposed acquisition of Rite Aid, which was announced in October 2015. That transaction is scheduled to close in early 2017. The 865-store sale would make Fred’s one of the largest drugstore chains in the United States, with a significant presence in the South and on the East and West coasts. If the sale is approved, Fred’s will continue to employ all store associates and certain field and regional associates related to the operations. The stores will also continue to operate under the Rite Aid banner. Fred’s has also agreed to purchase additional Rite Aid stores if the FTC mandates additional divestments for the proposed merger. BofA Merrill Lynch acted as Walgreens Boots Alliance’s financial adviser. Sidley Austin LLP acted as legal counsel on transaction legal matters and Weil, Gotshal & Manges LLP acted as its legal …
MEDIA, PA. — BET Investments Inc. has broken ground on West End Flats, a multifamily building located at the corner of Baltimore Pike and Brooke Street in Media. Slated for completion in 2018, the property will feature 162 apartments, common area social space and a covered parking garage. On-site amenities will include an outdoor swimming pool and lounge area, virtual spin and yoga classes, an aerobic and free-weight fitness center, social gathering areas with fireplaces, 24-hour concierge, and game/media room with pool table, shuffle board and HD television.
ALLENTOWN, PA. — Markward Group has brokered the sale of an industrial building located at 171 Lloyd St. in Allentown. MGC Partners, which currently occupies the building, acquired the 4,000-square-foot property for an undisclosed price. Amy Hawley of Markward Group represented the undisclosed seller and the buyer in the deal.
PITTSBURGH — Ten-X has closed the $14.1 million sale of Comfort Inn & Suites Pittsburgh, located at 180 Gamma Drive in Pittsburgh. Additionally, the company arranged $10.5 million in financing through Deutsche Bank for the buyer, an individual investor. The hotel features 223 guest rooms with complimentary wired and wireless internet access, an indoor pool, fitness center and 24-hour business center. Paramount Lodging Advisors was engaged as the exclusive broker of behalf on the undisclosed seller and partnered with the Ten-X Commercial platform to sell the property.
UPPER PROVIDENCE, PA. — Skanska USA Building has signed a contract to renovate GlaxoSmithKline’s (GSK) laboratory and office space in Upper Providence. The project includes the demolition of four floors of existing laboratory space and a new build out of about 100,104 square feet of SMART Lab space, supporting GSK R&D’s Upper Providence facility investments. Construction is slated to begin in December with completion scheduled for October 2017. The contract is worth $45 million and will be included in the order bookings for Skanska USA Building in the fourth quarter.
PHILADELPHIA — Arrow Real Estate Services has joined TCN Worldwide Real Estate Services as the newest member of the international real estate services organization. Founded in 2012 with four people, Arrow Real Estate Services has grown to a more than 40-person company with more than 3 million square feet of listings and over 20 local, regional and national retail clients. Serving the greater Philadelphia area, the firm provides real estate brokerage and consulting services, including retailer representation, project leasing, site selection, property dispositions, consultation, property management, and office, medical and industrial representation.
BENSALEM, MEDIA AND LIONVILLE, PA. — ECHO Realty Partners has acquired a portfolio of three grocery-anchored shopping centers located in metropolitan Philadelphia for an undisclosed sum. The properties are the 88,500-square-foot Giant Marketplace at Bensalem, anchored by Giant; the 71,000-square-foot Media Shopping Center, anchored by Acme; and the 79,000-square-foot Lionville Station. The name of the seller was not released.
MECHANICSBURG, PA. — HFF has secured a $6.1 million loan for a vacant industrial warehouse property located at 4500 Westport Drive in Mechanicsburg. The borrower was a joint venture between Foxfield Ventures and Novaya Real Estate Ventures. Ready Capital Structured Finance provided the non-recourse, interest-only payment loan that features a two-year term and a one-year extension option with flexible pre-payment. The loan facilitated both the acquisition and future funding needs to implement a light capital improvement program at the 178,000-square-foot property. Situated on 11.2 acres, the property features 2,500 square feet of office space, 20 dock doors and 35-foot ceiling heights. Ryan Ade of HFF led the firm’s debt placement team that arranged the financing for the borrower.
MARSHALL TOWNSHIP, PA. — The Waters, a Minneapolis-based seniors housing developer and manager, has purchased an 18-acre site in the Pittsburgh suburb of Marshall Township. The company plans to construct The Waters of Wexford, a 143-unit seniors housing community on the plot. Units will be split between independent living, assisted living and memory care. The developer plans to break ground before the end of 2016 for a scheduled opening in May 2018. Development costs are estimated at $38 million. The project is the first outside the Midwest for The Waters, which operates eight communities in Minnesota and is developing two more in Minneapolis and Milwaukee. “Through extensive research we identified Pittsburgh has a great opportunity nearly four years ago,” says Kyle Didier, president of The Waters. “Over the next three years we hope to bring at least four or five new senior living communities to the greater Pittsburgh area.” Aron Will of CBRE secured a $27.1 million, five-year, floating-rate construction loan with 42 months of interest-only payments from a regional bank to fund the upcoming development.
