TOTOWA, N.J., AND BETHLEHEM, PA. — G.S. Wilcox & Co. has arranged $13.8 million in financing for two separate properties in New Jersey and Pennsylvania. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing in both transactions. In the first transaction, the firm secured a $7 million loan for a 252,000-square-foot former manufacturing facility in Totowa. The borrower, The Hampshire Cos., will be convert the property into a 383,000-square-foot single-tenant warehouse distribution facility. Provident Bank provided the financing for the borrower. In the second loan, the company arranged $5.8 million in financing for an office call center in Bethlehem. Thrivent Financing provided the financing for the borrower, J.G. Petrucci Co.
SLATINGTON, PA. — Marcus & Millichap has arranged the sale of Victory Estates, a multifamily property located in Slatington. A private investor acquired the property for $3.6 million, or $62,069 per unit. Constructed in 1977, the property features 58 apartments in a mix of two-and three-bedroom townhomes and garden-style units. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the seller, a private partnership, while Mark Krantz and Derrick Dougherty, also of Marcus & Millichap, represented the buyer in the deal. Brenton Baskin of Marcus & Millichap was the broker of record in Pennsylvania.
PHILADELPHIA — Eastern Union Funding has arranged a $19 million loan for the refinancing of a data center, located at 2401 Locust St. in Philadelphia. Built in 1928 as a manufacturing facility, the four-story 44,015-square-foot property is now used as a mission-critical data facility. Meir Kessner of Eastern Union represented the borrower, CRCO Phil LP, in the transaction.
PITTSBURGH — A fund advised by CBRE Global Investors has acquired Liberty Center, a 27-story Class A office property located in Pittsburgh’s central business district, for an undisclosed price. The property features 529,289 square feet of office space. The buyer plans to enhance the property through implementation of its proprietary 5-Star worldwide service and amenity program.
ETTERS, PA. — Vastgood Properties has acquired Newberry Commons, a 246,000-square-foot grocery-anchored retail center located at 10 Newberry Commons in Etters. Newberry Commons LLC sold the property for $17 million. Constructed in 1987, the center underwent an extensive $2 million renovation in 2014. Rite Aid Pharmacy occupies approximately 130,000 square feet of the property. At the time of sale, the property was 95 percent leased. Andy Stape and Vito Lupo of KLNB Retail represented the seller and procured the buyer.
STATE COLLEGE, PA. — Colliers International has arranged $12 million in financing for the acquisition and completion of Blue Course Commons, a 276-bed student housing complex in State College. John Banas and Kris Wood of Colliers Philadelphia Capital Markets arranged a three-year, fixed-rate loan with a two-year interest-only payment period for the undisclosed borrower.
PHILADELPHIA — GM Global LLC has purchased a manufacturing and warehouse facility located at 9999 Global Road in Philadelphia. 9999 Global LLC sold the property for $1 million. The 22,900-square-foot facility features a two-story office area, two tailgate loading doors and one drive-in door. Sean Durkin of Roddy Inc. represented the seller in the deal.
DEERFIELD, ILL. AND CAMP HILL, PA. — Walgreens Boots Alliance (NASDAQ: WBA) and Rite Aid Corp. (NYSE: RAD) have agreed to sell 865 Rite Aid stores and some assets related to store operations to Fred’s (NASDAQ: FRED) for $950 million in an all-cash transaction. The agreement came about due to concerns by the Federal Trade Commission (FTC) in its review of Walgreens Boots Alliance’s proposed acquisition of Rite Aid, which was announced in October 2015. That transaction is scheduled to close in early 2017. The 865-store sale would make Fred’s one of the largest drugstore chains in the United States, with a significant presence in the South and on the East and West coasts. If the sale is approved, Fred’s will continue to employ all store associates and certain field and regional associates related to the operations. The stores will also continue to operate under the Rite Aid banner. Fred’s has also agreed to purchase additional Rite Aid stores if the FTC mandates additional divestments for the proposed merger. BofA Merrill Lynch acted as Walgreens Boots Alliance’s financial adviser. Sidley Austin LLP acted as legal counsel on transaction legal matters and Weil, Gotshal & Manges LLP acted as its legal …
MEDIA, PA. — BET Investments Inc. has broken ground on West End Flats, a multifamily building located at the corner of Baltimore Pike and Brooke Street in Media. Slated for completion in 2018, the property will feature 162 apartments, common area social space and a covered parking garage. On-site amenities will include an outdoor swimming pool and lounge area, virtual spin and yoga classes, an aerobic and free-weight fitness center, social gathering areas with fireplaces, 24-hour concierge, and game/media room with pool table, shuffle board and HD television.
ALLENTOWN, PA. — Markward Group has brokered the sale of an industrial building located at 171 Lloyd St. in Allentown. MGC Partners, which currently occupies the building, acquired the 4,000-square-foot property for an undisclosed price. Amy Hawley of Markward Group represented the undisclosed seller and the buyer in the deal.