Pennsylvania

CBRE Global Investor Fund Acquires King of Prussia Town Center for $183M

by John Nelson May 11, 2017

KING OF PRUSSIA, PA. — A fund advised by CBRE Global Investors has acquired King of Prussia Town Center, a newly constructed, open-air shopping center located at 155 Village Drive in King of Prussia, an affluent suburb of Philadelphia. The sales price and seller were undisclosed, but various media outlets have reported that the fund acquired the 263,423-square-foot project from developer JBG Cos. for $183 million. King of Prussia Town Center is the retail component of The Village at Valley Forge, a 122-acre master planned development by Realen Corp. that will feature nearly 3,000 residential units and 1 million square feet of commercial space upon completion. The development also features the newly opened Children’s Hospital of Philadelphia Specialty Care & Surgery, King of Prussia and a 130,000-square-foot Wegmans grocery store, which is owned by the same CBRE-backed fund. King of Prussia Town Center’s average traffic count is more than 360,000 vehicles daily, according to CBRE Global Investors. The development is situated near King of Prussia Mall, a 2.3 million-square-foot superregional mall owned and operated by Simon Property Group. King of Prussia Town Center was 87 percent leased at the time of sale to retailers including REI, LA Fitness, Muse Paintbar, …

May 11, 2017

Northeast Office Pennsylvania

Keystone Property Group Sells Metro Philadelphia Office Complex for $33.5M

by Haisten Willis May 10, 2017

WAYNE, PA. — A joint venture between Keystone Property Group and Argosy Real Estate Partners has sold Devon Square in Wayne. The two-building, 140,000-square-foot office complex is located at 724-744 W. Lancaster Ave. and sold for $33.5 million. Doug Rodio and Ben Appel of HFF represented the sellers in the transaction. After acquiring the property in 2005, Keystone conducted a capital improvement campaign updating the interiors and exteriors and remodeling common areas. The office buildings are 95 percent occupied with tenants including Merrill Lynch, Penn Liberty Bank, Keller Williams and Main Line Surgery Center. Situated on Route 30, the property is located near I-76, I-476, Route 202 and SEPTA train lines. Across Lancaster Avenue from Devon Square is Devon Village, a Whole Foods-anchored shopping center.

May 10, 2017

Industrial Northeast Pennsylvania

Colliers Brokers $1.7M Sale of Industrial Building in Bath, Pa.

by Haisten Willis May 5, 2017

BATH, PA. — Colliers International’s Allentown office has brokered the $1.7 million sale of a 39,064-square-foot industrial building on 6.3 acres located at 7 Allen St. in Bath. The buyer, Wade Property Holding Bath LLC, will use the facility as a furniture shipment location. Kelly Berfield and Ryan Dietrick of Colliers International represented the seller, Penn Bath Properties, in the transaction.

May 5, 2017

Healthcare Northeast Pennsylvania Top Stories

PennFIRST Designs $1.5B Hospital Pavilion for University of Pennsylvania

by Kristin Harlow May 5, 2017

PHILADELPHIA — PennFIRST is completing the planning and design process for the University of Pennsylvania’s new $1.5 billion hospital. The “Pavilion” will be situated on Penn Medicine’s West Philadelphia campus where it will create a new public square and a focal point for all surrounding buildings to anchor the health system. An official groundbreaking took place on Wednesday, May 3. The Pavilion will house inpatient care for the Abramson Cancer Center, heart and vascular medicine and surgery, neurology and neurosurgery, and a new emergency department. The project is slated for completion in 2021. Located on the former site of Penn Tower, the Pavilion will be home to about 500 new private patient rooms and 47 operating/interventional rooms in a 1.5 million-square-foot, 16-story facility. The Pavilion will be linked to the Hospital of the University of Pennsylvania and the adjacent Perelman Center for Advanced Medicine as well as the train station via a network of public bridges and walkways. Long-term flexibility was incorporated into the design so that patient rooms can be adapted and changed over time with minimal impact to the building fabric. The patient rooms will be equipped with in-room technologies to strengthen communication between patients, families and care …

May 5, 2017

Industrial Northeast Pennsylvania

Duke Realty Purchases 73 Acres in Bethel Township, Pa., for Industrial Project

by Haisten Willis May 3, 2017

BETHEL TOWNSHIP, PA. — The northeast regional office of Duke Realty Corp. has purchased 73 acres in Bethel Township for future development. The land, known as Central Logistics Park, fronts I-78 and can support the construction of a warehouse up to 832,000 square feet. Duke plans to develop a bulk warehouse on the site, which will be its fifth building in the Lehigh Valley area.

May 3, 2017

Loans Multifamily Northeast Pennsylvania

Eastern Union Funding Arranges $14.2M Acquisition Loan for Hawthorne Gardens in Lancaster, Pa.

by Haisten Willis May 1, 2017

LANCASTER, PA. — Eastern Union Funding has arranged $14.2 million in acquisition financing for Hawthorne Gardens Associates’ purchase of Hawthorne Gardens in Lancaster. Eastern Union’s David Metzger and Nate Hyman worked with Greystone on behalf of the New Jersey-based private investor, securing a 12-year, fixed-rate loan with six years of interest-only payments. Located at 99 Dickens Drive, Hawthorne Gardens includes six, three-story apartment buildings. All apartments are two-bedroom, two-bathroom units. The 144-unit community was built in 2014 and is 97-percent occupied. Robert Holland of The Kislak Co. represented the seller in the transaction.

May 1, 2017

Industrial Loans Northeast Pennsylvania

Cronheim Mortgage Secures $12M Financing for Industrial Park in Metro Philadelphia

by Haisten Willis May 1, 2017

HORSHAM TOWNSHIP, PA. — Cronheim Mortgage has secured $12 million in financing for a 562,000-square-foot industrial park located in Horsham Township. The 10-year loan includes a 20-year amortization schedule for the borrower, Heffernan and Partners. The loan was placed with American United Life Insurance Co., which Cronheim represented as correspondent and servicing agent. The subject property is Babylon Business Campus, a 15-building property constructed between 1972 and 1987 on 55 acres. There are over 50 tenants in the industrial park, with leases ranging from 600 square feet to more than 100,000 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim originated and placed the loan.

May 1, 2017

Northeast Pennsylvania Retail

Orchestra Premaman to Open First U.S. Store in King of Prussia, Pa.

by Haisten Willis May 1, 2017

KING OF PRUSSIA, PA. — CBRE has arranged a 4,405-square-foot lease for Orchestra Premaman at the King of Prussia Mall near Philadelphia. The store will be the first U.S. location for the French retailer. Orchestra Premaman, a children’s fashion and apparel store, operates more than 700 stores in 40 countries worldwide. The company opened its first location in 1995. CBRE’s John Krause and Matt Mandel assisted Orchestra in its overall market analysis, site selection process and negotiated on the company’s behalf. The store is scheduled to open May 15.

May 1, 2017

Northeast Office Pennsylvania

Cushman & Wakefield Brokers 68,846 SF Office Lease in Metro Harrisburg

by Haisten Willis April 25, 2017

CAMP HILL, PA. — Cushman & Wakefield has brokered a 68,846-square-foot office lease in the Harrisburg suburb of Camp Hill. St. Louis-based Centene Management Co., a healthcare services provider, is the new tenant at at 300 Corporate Center Dr. in the Camp Hill Corporate Center. Jason Sourbeer and Scott Bazoian led the Cushman & Wakefield teams in the transaction. Cushman & Wakefield represented both the tenant and landlord, LNR Partners, a division of Starwood Property Trust.

April 25, 2017

Loans Northeast Pennsylvania Retail

Cronheim Mortgage Closes $50.5M Financing for Retail Center in Easton, Pa.

by Haisten Willis April 19, 2017

EASTON, PA. — Cronheim Mortgage has secured $50.5 million in financing for Northampton Crossings, a 622,000-square-foot power center in Easton. The refinancing loan was structured with a 15-year fixed-rate, which was locked 11 months prior to closing. American General Life Insurance Co., The Variable Annuity Life Insurance Co., National Union Fire Insurance Co. and American Home Assurance Co. funded the loan. Northampton Crossings was constructed in 1995 and anchor tenants include Walmart, Sam’s Club, Kohl’s, Staples and a 14-screen Regal Cinemas. Inline tenants include Hobby Lobby, Lane Bryant, Starbucks, Sleepy’s, GameStop, Panera Bread, Sally Beauty Supply, GNC and Sears Hardware. Andrew Stewart, Dev Morris and Andrew Tsukamoto of Cronheim Mortgage originated the loan.

April 19, 2017

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