PHILADELPHIA — Rittenhouse Realty Advisors has sold Chester Hall Apartments, a 40-unit student housing community located in the University City neighborhood of Philadelphia. The property is located near the University of Pennsylvania, Drexel University and University of the Sciences. The undisclosed buyer plans to implement a small-scale renovation at the property, which is over 98 percent leased for the current school year.
CANONSBURG, PA. — Monticello Asset Management LLC has provided $9 million in first lien debt financing to Greenery Realty Group LLC, which will use the capital to acquire and renovate a skilled nursing facility in the Pittsburgh suburb of Canonsburg. The financing is a bridge-to-HUD loan for Greenery, a skilled nursing operator. The 140-bed facility was built in 1985 and renovated in 1995. Upon closing, the borrower implemented an initial construction project of $1.2 million and is currently in the process of making more capital expenditures. The property consists of a 52,909-square-foot, single-story skilled nursing building, a 1,700-square-foot maintenance building and a 4,000-square-foot, two-story medical office building.
PHILADELPHIA — J.G. Petrucci Co. has received a $25 million loan for The Station at Manayunk, a multifamily property located at 1 Parker Road in Philadelphia’s Manayunk neighborhood. Jon Mikula of HFF arranged the 15-year loan with Principal Real Estate Investors. Loan proceeds were used to refinance the construction loan on the property. Completed in 2014, the property features 149 units with open-concept floor plans, nine-foot ceilings, walk-in closets, private patios or balconies, washers and dryers, faux wood flooring and gourmet kitchens. Community amenities include a fitness center, bike share program and outdoor spaces with grilling stations.
YARDLEY, PA. — Yardley Hospitality Holdings has purchased Hampton Inn & Suites Newtown, located at 1000 Stony Hill Road in Yardley. MLMT 2005-CIP1 Stony Hill Lodging Limited Partnership, an entity managed by LNR Partners, sold the 137-room hotel for $10.7 million. The buyer plans to implement a property improvement plan that will extend the Hilton-brand license for 15 years. Situated within Lower Makefield Corporate Center, the three-story hotel was constructed in 1999.
PHILADELPHIA — HFF has arranged permanent financing for the retail portion of Rodin Square, a 79,233-square-foot newly built mixed-use property in Philadelphia’s Center City. Ryan Ade, Chris Munley and Mark West of HFF secured the 20-year, fixed-rate loan through Principal Real Estate Investors for the borrower, a partnership between Rodin Group and Benenson Capital Partners. Whole Foods Market anchored the property, which is situated on 2.9 acres at 501 N. 22 St. Additional tenants include Thomas Jefferson Hospital, CVS/pharmacy and Santander Bank.
JESSUP, PA. — LBP Manufacturing has signed a lease for 101,935 square feet of industrial space at 7 Alberigi Drive in Jessup. The national food packaging manufacturer will occupy space at Endurance Real Estate Group’s three-building I-81/NEPA Bulk-Industrial Portfolio. Daniel Walsh and Gerry Blinebury of Cushman & Wakefield represented the landlord, an affiliate of Endurance, while Jason Webb, Lee Fittipaldi and Kris Bjorson of JLL represented the tenant in the deal.
EASTON, PA. — Phillips Edison has acquired Palmer Town Centre, a shopping center located in Easton, for $32.3 million. Anchored by Giant Foods Supermarket and Marshalls, the property offers 153,085 square feet of retail space. Colliers International represented the seller, Los Angeles-based The Festival Cos., in the deal.
EAST HEMPFIELD, PA. — Bennett Williams Commercial has brokered the sale of Wheatland Shopping Center, a retail center located at 1761-1835 Columbia Ave. in East Hempfield. Nico Wheatland LLC acquired the 70,692-square-foot property from Homewood Realty for an undisclosed price. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial represented the buyer, while Stine, Rohrbaugh and Gary Russell of Bennett Williams represented the seller in the deal.
NEW KENSINGTON, PA. — Kacin Cos. has completed the disposition of a warehouse facility located at 350 Alvin Drive in New Kensington. Broadstone Real Estate acquired the property for $15.5 million. Leedsworld Inc. occupies the 239,400-square-foot property, which was constructed in 2015 as a build-to-suit for the tenant. Donovan Mackey, Mark Taylor and Mitchell Cowan of Marcus & Millichap represented the seller, while Mackey also procured the buyer in the deal.
KING OF PRUSSIA, PA. — A joint venture between Ayer Capital Advisors, Ashwin Pandya and The Wankawala Organization has acquired a Holiday Inn Express & Suites in King of Prussia for an undisclosed price. The hotel features 155 guest rooms. Chatham, N.J.-based Cronheim Hotel Capital secured financing for the acquisition. The name of the seller was not released.
