Pennsylvania

Carson Companies Acquires Eight-Building Industrial Portfolio in Bristol, Pennsylvania

by Amy Works November 3, 2016

BRISTOL, PA. — Carson Companies has purchased an eight-building industrial portfolio in Bristol for an undisclosed price. Located within Keystone Industrial Parks, the assets, totaling 475,910 square feet, are 2530 and 2578 Pearl Buck Road, 2524 and 2554 Ford Road, 160, 171 and 219 Rittenhouse Circle, and 130 Wharton Road. Ranging from 31,000 square feet to 112,000 square feet, the properties were collectively 40 percent occupied at the time of sale. Tenants include FedEx, Philadelphia Media Network, Vivint Solar and Autopark International. Gerry Blinebury, Jeff Williams and Robert Yoshimura of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

November 3, 2016

Connecticut Loans Massachusetts New Hampshire New York Northeast Pennsylvania Retail Rhode Island

HFF Arranges Financing for a Portfolio of 154 Northeast Convenience/Gas Station Sites

by Amy Works November 2, 2016

DALLAS — The Dallas office of HFF has arranged post-acquisition financing for a portfolio of 154 convenience and gas station sites totaling 97.8 acres in the Northeast. The loan was provided by a consortium of lenders led by Capital One and BMO Harris. Andy Scott and Michael George of HFF’s Dallas office arranged the five-year, floating rate acquisition financing with 18 months of interest-only payments for the borrower, a subsidiary of a private real estate investment fund advised by Crow Holdings Capital-Real Estate. The portfolio comprises 88 sites in New York, 45 sites in Massachusetts, 11 sites in Connecticut, seven sites in New Hampshire, two Rhode Island sites and one site in Pennsylvania. All properties are subject to an absolute net lease for 20 years with a subsidiary of Petroleum Marketing Group. The amount of the loan was not released.

November 2, 2016

Northeast Office Pennsylvania

Hollwich Kushner Opens Innovation Center at University of Pennsylvania in Philadelphia

by Amy Works October 28, 2016

PHILADELPHIA — Hollwich Kushner, serving as architect, has opened Pennovation Center, the centerpiece of the new 23-acre development at the University of Pennsylvania in Philadelphia dedicated to innovation. The 69,314-square-foot project transformed a 20th century paint factory. The project team includes KSS Architects, Land Collective, Bruce Mau Design, Ballinger, Atelier Ten, Pennoni Associates, Focus Lighting and Hunter Roberts.

October 28, 2016

Industrial Northeast Pennsylvania

J.G. Petrucci Co. Acquires 49,000 SF Industrial Building in Bethlehem, Pennsylvania

by Amy Works October 27, 2016

BETHLEHEM, PA. — J.G. Petrucci Co. has acquired a fully-occupied industrial building located at 1990 Highland Ave. within Lehigh Valley Industrial Park IV in Bethlehem, for an undisclosed price. Hygrade Components sold the property for $2.7 million in a sale-leaseback transaction. In 1996, J.G. Petrucci Co. completed the design/build of the property for Hygrade Components, which has signed a long-term lease for the property.

October 27, 2016

Loans Multifamily Northeast Pennsylvania

HFF Negotiates $12.7M Sale, $9.5M Loan for Apartment Property in Philadelphia

by Amy Works October 25, 2016

PHILADELPHIA — HFF has arranged the sale of Lennox Apartments, a mid-rise apartment building located at 232-242 W. Walnut Lane in Philadelphia’s Mount Airy neighborhood. Premier Properties sold the 156-unit property to a New York-based private group for $12.7 million. At the time of sale, the studio, one-, and two-bedroom property was 94 percent leased. Carl Fieberg and Mark Thomson of HFF represented the seller in the deal. Additionally, James Conley of HFF secured $9.5 million in acquisition financing for the buyer, which purchased the property free and clear of existing debt.

October 25, 2016

Northeast Pennsylvania Retail

HFF Assists REIT in Sale of 169,856 SF Retail Center in Elizabethtown, Pennsylvania, to Nassimi Realty

by Amy Works October 20, 2016

ELIZABETHTOWN, PA. — HFF has arranged the sale of Market Street Square, a grocery-anchored retail center located at 1605-1641 S. Market St. in Elizabethtown. Nassimi Realty LLC acquired the property free and clear of existing debt for an undisclosed sum. Situated on 18.6 acres, the 169,856-square-foot center is anchored by Weis Markets, Kmart and Dollar General. Additional tenants include Sleepy’s, Sherwin-Williams, Subway and Fulton Bank. Chris Munley, Jose Cruz and Michael DiCosimo of HFF represented the seller, a publicly traded REIT, in the transaction.

October 20, 2016

Industrial Northeast Pennsylvania

Eldorado Stone Leases 432,000 SF Build-to-Suit Industrial Building in Antrim Township, Pennsylvania

by Amy Works October 17, 2016

ANTRIM TOWNSHIP, PA. — Eldorado Stone has signed a lease for a 432,000-square-foot build-to-suit industrial building at Antrim Commons Business Park in Antrim Township. The company, which manufactures architectural stone veneer, plans to consolidate two operations currently located in Greencastle, Pa., and Hagerstown, Md., into the facility. The company plans to invest nearly $7 million into the new location. The joint venture ownership between Atapco Properties and Chesapeake Real Estate Group plans to construct the new facility on a 25.4-acre parcel of land on Antrim Commons Drive within the business park. The property is slated for delivery in summer 2017. Antrim Commons Business Park is configured to support up to 6 million square feet of industrial and commercial space. Eldorado Stone received a $250,000 Pennsylvania First Program grant and $114,000 in Job Creation Tax Credits that will be distributed after the new jobs are created.

October 17, 2016

Multifamily Northeast Pennsylvania Top Stories

Milhaus Breaks Ground on $100M Mixed-Use Development Near Pittsburgh

by Nellie Day October 17, 2016

PITTSBURGH — Milhaus Development has broken ground on Phase I of a residential and retail development in Lawrenceville, a suburb northeast of Pittsburgh. The development, called Arsenal 201, will encompass an entire block from 39th to 40th streets. The first phase will contain 243 apartment units and 19,000 square feet of retail. Development costs will total more than $100 million upon completion. Arsenal 201 will be situated on the original site of Allegheny Arsenal, which was the largest arsenal in the Union during the Civil War. The name is in homage to the site’s history, with the numbers being the last three digits in the Lawrenceville zip code. Amenities include Arsenal Alley (a pedestrian walkway), Canteen Resident Lounge, Ammunition Fitness/Wellness Center, a courtyard with hammocks that serves as an outdoor entertainment area called the Fort, and Cannonball Deck and Pool. Arsenal Alley will connect Butler Street to a new one-acre public park and existing riverfront amenities. The first apartments will be available for pre-lease in summer 2017. CBRE’s Jason Cannon, Chad Kosanovic and Carey Miklos are handling the retail leasing. Milhaus Development is an Indianapolis-based developer of multifamily-focused mixed-use properties, specializing in Class A, urban projects. — Nellie Day

October 17, 2016

Northeast Office Pennsylvania

Workspace Property Trust Closes on $969M Acquisition of 108-Building Office/Flex Portfolio

by Amy Works October 6, 2016

HORSHAM, PA. — Horsham-based Workspace Property Trust has completed the its previously announced acquisition of 108 office and flex buildings, along with 26.7 acres of land, in five markets. Liberty Property Trust sold the portfolio for $969 million. The acquisition was made in partnership with Safanad, a global principal investment firm, and affiliates of Square Mile Capital Management, a diversified real estate investment firm. The portfolio includes 14 buildings and 18.1 acres in Arizona, 45 buildings and 8.6 acres in Florida, 19 properties in Minnesota and 30 facilities in Pennsylvania. FTI Consulting, Eastdil Secured and JMP Securities served as advisors to Workspace Property Trust, while J.P. Morgan Securities served as advisor to Liberty in the transaction.

October 6, 2016

Multifamily Northeast Pennsylvania Seniors Housing

The Woda Group Opens 50-Unit Affordable Seniors Housing Property in Pennsylvania

by Amy Works October 5, 2016

LEBANON, PA. — The Woda Group Inc., as developer, has opened Kreider Commons, an affordable seniors housing development located at 631 N. Eight St. in Lebanon. An adaptive reuse of a six-story manufacturing/warehouse building, the property features 50 one- and two-bedroom rental apartments for independent seniors aged 62 or older. Additionally, the building features all new systems, two elevators, drive-up entry, on-site parking, a community room with kitchen, library, computer room, grandchild room and crafts rooms. The project team includes Kinsley Construction, Marks Thomas Architects, Steckbeck Engineering, and Woda Management and Real Estate LLC. Financing for the development was provided by PNC Bank, Pennsylvania Housing Finance Agency, Lebanon County, Pennsylvania Department of Community and Economic Development and Federal Home Loan Bank of Pittsburgh.

October 5, 2016

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