Pennsylvania

Morgan Properties Buys Four-State, 11-Property Multifamily Portfolio for $316M

by Nellie Day September 12, 2016

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina. The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit. Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades. Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller. The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills. Morgan Properties owns and manages 132 apartment …

September 12, 2016

Northeast Pennsylvania Retail

Bennett Williams Negotiates $1.4M Sale of Retail Building in Pennsylvania

by Amy Works September 7, 2016

YORK, PA. — Bennett Williams Commercial has arranged the sale of a retail building located at 575 Maryland Ave. in York. SJK LLC purchased the property from 1221 Associates Inc. for $1.4 million. Denny Neiman of Bennett Williams Commercial represented the buyer, while Neiman and Keith Kahlbaugh of Bennett Williams represented the seller.

September 7, 2016

Northeast Office Pennsylvania

Accesso Partners Increases Occupancy to 92.3 Percent at 1515 Market Street in Philadelphia

by Amy Works September 6, 2016

PHILADELPHIA — Accesso Partners has increased the occupancy at 1515 Market Street from 82 to 92.3 percent within the past 18 months. The Hallandale, Fla.-based real estate investment manager acquired the 20-story, 502,000-square-foot office tower in 2014 and implemented an upgrade and renovation plan to increase occupancy. The plan included adding a conference center on the ninth floor and upgrading the lobby, elevator cabs, underground concourse entrance, common corridors and bathrooms. Approximately 47,081 square feet of office space leases were executed in the first half of this year and leases totaling another 10,000 square feet of space are out for signature. Current tenants include Sage Acquisitions; the law firm of Steven L. Chung Esq.; McMahon Engineering; GZA Geoenvironmentalists; HDR Engineers and Architects; Manley Deas Kochalski; Brainard Partners; Walker Nell; Cavo; O’Brian, Rulis and Bochicchio; Wade, Clark Mulchay; Legal Search; R-T Specialty; the administrative office of the Pennsylvania Supreme Court; Temple University; and Temple University’s Café Bookstore, operated by Barnes & Noble. Alex Breitmayer, Joshua Sloan and Drew McGowan of JLL are leasing agents for the property.

September 6, 2016

Northeast Pennsylvania Retail

Unison Realty Partners Buys 132,000 SF Portion of 355,000 SF Shopping Center in Harrisburg

by Amy Works September 2, 2016

HARRISBURG, PA. — Unison Realty Partners has acquired 100 percent ownership interest in the 132,000-square-foot non-anchor portion of High Pointe Commons, a 355,000-square-foot regional shopping center located in Harrisburg, for $33.8 million. The 132,000-square-foot acquisition includes retail space occupied by Christmas Tree Shops, Chili’s Bar & Grill, Famous Footwear, Lane Bryant, Sleepy’s and Petco. Built in 2006, the property is anchored by an independent 125,000-square-foot Target and a 98,000-square-foot JCPenney, which were not included in the sale. High Pointe Commons is currently 99 percent leased. Brad Nathanson of CBRE represented the seller, a joint venture between High Real Estate Group and CBL & Associates. Thomas Gorman, also of CBRE, represented the buyer in arranging financing for the acquisition.

September 2, 2016

101-195-Franklin-Mills-Blvd-Philadelphia-PA

Northeast Pennsylvania Retail

Benbrooke Sells 223,434 SF Retail Power Center in Philadelphia for $25.8M

by Amy Works August 26, 2016

PHILADELPHIA — Benbrooke has completed the disposition of Franklin Marketplace, a retail power center located at 101-195 Franklin Mills Blvd. in northeastern Philadelphia. PAG Investments acquired the asset free and clear of existing debt for $25.8 million. The 223,434-square-foot center was 88.6 percent leased to a variety of national and regional tenants, including Kaplan, Big Lots, Dollar Tree, Retro Fitness, Harbor Freight Tools and Citizens Bank. Chris Munley, Jose Cruz, Kevin O’Hearn and Michael DiCosimo of HFF represented the seller in the transaction.

August 26, 2016

Industrial Northeast Pennsylvania

VYC Tires Leases 61,157 SF of Warehouse Space in Pennsylvania

by Amy Works August 26, 2016

ALLENTOWN, PA. — VYC Tires Inc., commonly known as bestusedtires.com, has leased 61,157 square feet of warehouse space at 7072 Snowdrift Road in Allentown. The Allentown-based, family-owned company provides quality used tires to customers across the continental United States. Ethan Medgie of Markward Group represented the tenant, while landlord DCT Industrial Trust was self-represented in the transaction.

August 26, 2016

Hospitality Northeast Pennsylvania

Vine Street Matthews Develops 51-Story, Dual-Branded Hotel in Philadelphia

by Amy Works August 23, 2016

PHILADELPHIA — Vine Street Matthews, a joint venture between Matthews Southwest and Vine Street Developers, is developing a dual-branded hotel facility located at 15th and Chestnut streets in Philadelphia. Designed by Cope Linder Architects, the 51-story project will feature the 295-room W Philadelphia and the 460-room Element Philadelphia Hotel, both operated by Starwood Hotel & Resorts Worldwide. Slated to open in 2018, the 773,500-square-foot property will feature panoramic city views, an outdoor pool bar and terrace, meeting and banquet facilities, food and beverage venues, prime retail space and parking for 171 cars. The property is owned by Chestlen Development, an entity controlled by Brook Lenfest. The project team also includes O’Donnell & Naccarato and Tutor Perini Building Corp.

August 23, 2016

Northeast Pennsylvania Retail

Simon Opens 155,000 SF Expansion at King of Prussia Mall Near Philadelphia

by Amy Works August 22, 2016

KING OF PRUSSIA, PA. — Simon has completed a 155,000-square-foot expansion at King of Prussia Mall, a shopping center located about 25 miles northwest of Philadelphia in King of Prussia. The project, which broke ground in summer 2014, adds 50 new retail and dining storefronts and increases the mall’s footprint to 2.9 million square feet. The expansion involved connecting the five-anchor, 1.7 million-square-foot plaza and the two-anchor, 902,000-square-foot court, which were separated by a roadway since initial construction. The expansion is also bringing first-to-market brands and new dining and retail options to the mall, including Altar’d State, Calligaris, Cartier, CH Carolina Herrara, Club Monaco, David Yurman, Diane von Furstenberg, Gap, Jimmy Choo, MCM, Robert Graham, Stuart Weitzman, Superdry, Vince Hai Street Kitchen, Nicoletta and Shake Shack.

August 22, 2016

Loans Multifamily New Jersey Northeast Pennsylvania Seniors Housing

Meridian Capital Group Arranges $135.5M Refinancing for Six-Property Skilled Nursing Portfolio

by Amy Works August 19, 2016

NEW YORK CITY — Meridian Capital Group, a debt broker based in New York, has arranged $135.5 million in loans for Continuum Healthcare to refinance a six-property portfolio of skilled nursing homes in New Jersey and Pennsylvania. The four-year, bridge-to-HUD loan provided by a balance sheet and mezzanine lender, features six months of interest-only payments. The skilled nursing communities total 920 beds and include: · The Wanaque Center for Nursing and Rehab, Haskell, N.J. · Galloway Nursing and Rehab, Galloway, N.J. · Barnegat Rehab and Nursing, Barnegat, N.J. · The Health Center at Bloomingdale, Bloomingdale, N.J. · Majestic Oak Nursing Home and Rehab, Warminster, Pa. · Highland Manor Rehab and Nursing, Exeter, Pa. Meridian’s Ari Adlerstein, Ari Dobkin and Josh Simpson negotiated the transaction. Continuum Healthcare and its affiliate companies own and operate skilled nursing facilities and pediatric day care centers. Continuum also owns properties and leases them to independent operators.

August 19, 2016

Northeast Pennsylvania Retail

PREIT Sells Washington Crown Center in Pennsylvania for $20M

by Amy Works August 17, 2016

WASHINGTON, PA. — PREIT has completed the sale of Washington Crown Center, a shopping mall located at 1500 W. Chestnut St. in Washington, a city approximately 30 miles south of Pittsburgh. An undisclosed buyer acquired the property for $20 million, or $313 per square foot. The approximately 63,897-square-foot property had a non-anchor occupancy of 87.4 percent at the time of sale. Anchor tenants include Bon-Ton, Macy’s, Gander Mountain and Sears.

August 17, 2016

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