BENSALEM, PA. — Roddy Inc. has arranged the sale of an industrial facility located at 633 Dunksferry Road in Bensalem. Nytef Bensalem LLC sold the 101,747-square-foot property to Liberty Bell Properties LLC for $4.8 million. Situated on 11.1 acres, the property will be partially occupied by EDA Contractors, with 32,500 square feet of space available for lease. Robert Olender of Roddy Inc. represented the seller in the deal.
WHITEHALL, PA. — PH Retail, an affiliate of a Post Brothers, has completed the sale of a restaurant property, located at 2610 MacArthur Road in Whitehall, for an undisclosed price. The 4,815-square-foot property is occupied by Chick-fil-A under a triple-net lease. The name of the buyer was not released. PH Retail originally acquired the property in February 2015 after it had fallen into disrepair following the departure of a prior restaurant. The company led the demolition of the existing structure and secured approvals for the development of the new freestanding Chick-fil-A building.
PHILADELPHIA — Berkadia, on behalf of Casa Farnese Inc. and PRD Management, has secured $11.1 million in financing for Casa Farnese, Philadelphia’s first affordable housing community for seniors. Proceeds of the loan were used to renovate the property in advance of its upcoming 50th anniversary. Kevin Kozminske and Brian Campbell of Berkadia arranged two loans through the firm’s partnership with HUD: a $7.04 million loan under section 207/223(f) and a $4.11 million loan under section 241(a) to finance improvements to the community. The non-recourse loans provide 90 percent loan-to-cost financing and 35-year amortization schedules. The financing enables the owners to complete a $9.7 million rehabilitation effort on the property, while also meeting the first mortgage’s payment terms. Gilbane Building Co., serving as general contractor, finalized the renovations to the 18-story, 288-unit building in March.
PHILADELPHIA — WinnDevelopment, the development arm of WinnCompanies, has completed a $14.7 million rehabilitation of Breslyn House, a 60-unit affordable housing community in Philadelphia. The renovation effort included energy efficiency and environmental improvements, exterior restoration, and enhancement of community spaces, including a new ADA-compliant community room and expanded laundry facilities. Each apartment underwent kitchen and bathroom renovations, including the installation of new cabinetry, appliances and fixtures. The U.S. Department of Housing and Urban Development (HUD), the Pennsylvania Housing Finance Agency (PHFA), Bank of America and Citi Community Capital financed the project.
PITTSBURGH — Pittsburgh-based HFF has arranged $210 million in first lien financing for a 10-property retail portfolio totaling 973,985 square feet in Arizona, California, Kansas, North Carolina and Texas. Kevin MacKenzie, Jim Curtin, Cory Fowler, Jamie Kline and Lauren LaFever of HFF worked on behalf of the borrower, Westwood Financial Corp., to place a 10-year, $110 million, fixed-rate portfolio loan with a life insurance company and a $100 million senior credit facility with Wells Fargo Bank’s Real Estate Capital Markets Group. The loans were secured in correlation with Westwood’s recent $1.2 billion consolidation and reorganization. The $110 million loan was secured against six retail assets including the 79,575-square-foot Village Plaza in Phoenix; the 65,054-square-foot Plaza Del Rio in San Juan Capistrano, Calif.; the 103,124-square-foot Stateline Village in Prairie Village, Kan.; the 46,789-square-foot Hebron Parkway Plaza in Carrollton, Texas; the 226,414-square-foot Old Town Shopping Center in Dallas; and the 79,226-square-foot Steelecroft Shopping Center in Charlotte, N.C. Tenants at the 91 percent-leased portfolio include Harris Teeter, Sprouts, Hy-Vee, Tom Thumb, Vons, PetSmart, LA Fitness and Michaels. The assets included in the Wells Fargo credit facility included the 77,031-square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix; the 89,506-square-foot Mercado Del Rancho …
PHILADELPHIA — Greysteel, a national commercial real estate investment services firm, has arranged the sale of the Cliveden Apartments in Philadelphia’s Mount Airy neighborhood to a private local owner on behalf of Wexford Property Management for $2.9 million. The property, located at 4549 East Cliveden Street, was constructed in 1925 and totals 40 units. Amenities include laundry facilities and elevator service, with most units featuring hardwood floors, stainless steel appliances, and updated kitchens and bathrooms. Ari Firoozabadi and Caleb Brown of Greysteel arranged the transaction.
PHILADELPHIA — Breslin Realty Development Corp. has announced the opening of a new 58,980-square-foot ShopRite Supermarket at 330 Oregon Ave. in south Philadelphia. The store occupies a former Pathmark store and is operated by Colligas Family Markets, members of the Keasbey, N.J.-based Wakefern Food Corp., a co-operative of more than 250 independently owned stores. The store is located at Whitman Plaza, which has recently undergone an $8 million renovation. The new supermarket was renovated to include a fresh bake shop; full-service meat and seafood departments; prepared foods and catering; and grab-and-go meals such as sandwiches, heat-and-eat entrees and Asian cuisine. The store also features a specialty cheese department, an in-store café, and a shop-at-home delivery service. It employs around 300 workers. Other tenants at the community shopping center include Burlington Coat Factory, Ross Dress for Less, Pet Valu, PennDOT, Club Metro USA, Citizens Bank, Rainbow Shoppes, GameStop, GNC, Payless Shoe Source, and Party City. Breslin Realty Development Corp. manages the center, which was built in 1980 by the Breslin organization, and was previously renovated in 2003. It now sports a new façade and more than 20,000 square feet of updated interior space. Frankie Campione of CREATE Architecture Planning & Design …
PITTSBURGH — The Law Firm Group of Fischer has represented law firm Burns White LLC in its relocation to a new headquarters space in Pittsburgh. Burns White will fully occupy a new build-to-suit 108,392-square-foot property starting in March 2017. The Burns White Center will be a five-story freestanding building with parking located in Pittsburgh’s Strip District at the intersection of 26th Street and Railroad Street. Scott Fabean of Fischer was the lead in representing Burns White. Joe Tosi and Mike Daniels of Oxford Realty Services represented the landlord, Three Crossings Riverfront East LP.
WASHINGTON, PA. — Gaming and Leisure Properties Inc. has completed the previously announced acquisition of The Meadows Racetrack and Casino in Washington, a suburb of Pittsburgh. Cannery Casino Resorts sold the property for $440 million, inclusive of $10 million previously paid by the buyer to the seller, plus other transaction-related fees and expenses. Concurrently, Gaming and Leisure Properties closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment Inc. for $138 million and entered into a 29-year, triple-net lease agreement, with initial annual rent of $25.4 million per year. Gaming and Leisure Properties funded the real estate transaction, net of proceeds received from the sale of the operating assets to Pinnacle, through a combination of cash on hand, proceeds from the company’s at-the-market equity program and borrowings from its revolving credit facility. The transaction was approved by the Pennsylvania Gaming Control Board on Sept. 7 and the Pennsylvania Harness Racing Commission in August 2016.
NORTH WALES, PA. — CBRE Capital Markets has arranged the sale and acquisition financing of The Solana Horsham, a 76-unit assisted living and memory care community in North Wales. A joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners sold the property to an undisclosed buyer for $31.5 million, or $414,474 per unit. Located at 1419 Horsham Road, the property was 95 percent occupied at the time of closing. Lisa Widmier and Matthew Whitlock of CBRE’s San Diego office represented the seller. Additionally, CBRE originated the five-year, non-recourse floating-rate acquisition loan, which features three years of interest-only payments, for an undisclosed amount for the buyer. Aaron Will of CBRE’s Houston office secured the loan for the borrower.
