PITTSBURGH — ALTO Fund II, in a joint venture with M&J Wilkow Ltd., has acquired Plaza at the Pointe, a 149,943-square-foot community shopping center located in Pittsburgh’s Parkway West Corridor. The 94-percent occupied center includes tenants Bed Bath & Beyond, Party City and Old Navy. The name of the seller and sales price were not released.
ALLENTOWN, HAWLEY, DURYEA AND HAMLIN, PA. — Eastern Union Funding has arranged a $12.2 million loan for America’s Realty LLC’s acquisition of a five-property shopping center portfolio in northeastern Pennsylvania. Totaling approximately 332,000 square feet, the portfolio includes Eastside Plaza and Boulevard Plaza in Allentown, Lords Valley Plaza in Hawley, Duryea Plaza in Duryea and Hamlin Plaza in Hamlin. Marc Tropp and Barry Dollman of Eastern Union arranged the financing through Peapack Gladstone Bank for the Pikesville, Md.-based owner/operator. Paul Rumley of Metro Commercial Real Estate represented the seller, a California-based family trust, in the sales transaction.
PHILADELPHIA — TD Bank has invested a total of $20.6 million to convert the long-vacant Spring Garden School in Philadelphia into a 49-unit affordable community for seniors and homeless veterans. The investment includes $11.6 million in tax credit equity and a $9 million construction loan. When completed, the conversion will offer 37 units for low-income seniors and 12 units for homeless veterans. Spring Garden School was built in 1927 and added to the National Register of Historic Places in 1986. The property has been vacant for nearly 40 years. The project will include restoring the interior and exteriors of the building, while intentionally preserving some of the graffiti. HELP USA, a national homeless service provider and low-income housing developer, is developing the project.
EPHRATA, PA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has acquired Ephrata Commons Shopping Center, located at 385 N. Reading Road in Ephrata. An undisclosed seller sold the property for $6.1 million. Tenants at the 54,810-square-foot shopping center include Redner’s Warehouse Market, Tokyo Asian Cuisine, RadioShack, Cecilia’s Beauty Salon, Wild Wings Pizza & Things and Gehman Jewelers.
PITTSBURGH — QuickLiquidity has purchased a partnership interest in a $25 million neighborhood shopping center in the Pittsburgh metropolitan area. The partnership owns a 275,000-square-foot retail property anchored by Giant Eagle. The property is more than 95 percent occupied by a variety of tenants, including Dollar General, PNC Bank, Chick-fil-A, Starbucks Coffee, MedExpress, Aaron’s and Mattress Firm. The name of the seller was not released.
PITTSBURGH — HREC Investment Advisors has brokered the sale of La Quinta Inn & Suites Pittsburgh North McKnight, located at 4859 McKnight Road in Pittsburgh. Buffalo, N.Y.-based Hamister Group acquired the 145-room hotel for an undisclosed price. Ketan Patel and Ted Anka of HREC represented the seller in the transaction.
LANGHORNE, PA. — STAG Industrial Holdings Inc. has purchased an industrial property located within Bucks County Business Park at 121 Wheeler Court in Langhorne. A Boston-based pension fund advisor sold the 172,647-square-foot property for an undisclosed price. The building is leased to Silgan Plastics Corp. Joseph Hill, Robert Yoshimura and Eric Mattson of Cushman & Wakefield arranged the sale.
PHILADELPHIA — An affiliate of Coretrust Capital Partners has acquired controlling interests in Two Liberty Place, an office and residential tower located in Philadelphia’s Center City, for an undisclosed price. Coretrust Capital Partners will own the 940,000-square-foot office portion, floors one to 37, of the property. The 57-story tower features 1.2 million square feet of office and residential condominium space. The office space is currently 89 percent leased to Cigna, Buchanan Ingersoll & Rooney and Eckert Seamans. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets represented the undisclosed selling partnership in the deal.
HORSHAM, PA. — CBRE has brokered the sale of a Citizens Bank property, located at 822 Welsh Road in Horsham. An undisclosed buyer acquired the 3,500-square-foot asset for $7.5 million. Marc Mandel, Matthew Gorman and Michael Shover of CBRE represented the undisclosed seller in the deal. Citizens Bank currently has 15 years remaining on its long-term ground lease of the property.
PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.