MANCHESTER TOWNSHIP, PA. — Bennett Williams Commercial has arranged the sale of a 2.64-acre land parcel located at 1400 Toronita St. in Manchester Township. Clearview Associates purchased the property from Round the Clock Diner & Coffee Shop Inc. for $1 million. Keith Kahlbaugh of Bennett Williams represented the buyer in the deal.
IRVING, TEXAS AND PHILADELPHIA — C-III Capital Partners LLC, a commercial real estate investment manager and property services firm, has agreed to purchase Resource America Inc. (NASDAQ: REXI), an asset management company that specializes in commercial real estate and credit investments. Under the terms of the agreement, Resource America stockholders will receive $9.78 per share in cash, for a total of approximately $207 million. Resource America’s board of directors unanimously approved the agreement. The price per share represents a 51 percent premium over Resource America’s closing price on May 20. “Having undertaken a thorough strategic review, during which we evaluated a wide variety of options, the board has unanimously concluded that partnering with C-III is the best way to maximize value,” says Jonathan Cohen, president and CEO of Resource America. “C-III is a highly regarded real estate services and investment management organization with outstanding leadership.” Philadelphia-based Resource America is the external manager of one publicly traded REIT, four non-traded REITS and two other registered investment companies and focuses on capital-raising activities through the independent broker-dealer network. Irving-based C-III Capital Partners currently manages $3.8 billion on behalf of institutional investors in both debt and equity funds, a separate account and several …
CHALFONT, PA. — J.G. Petrucci Co. is breaking ground on Patriot Station at Chalfont, a luxury apartment community located at 14 Park Ave. at Chalfont. Slated to open in spring 2017, the property will feature 69 one- and two-bedroom apartment units with stainless steel kitchen appliances, quartz countertops and full-size washers and dryers in each unit. Additionally, the complex will feature on-site surface parking and a state-of-the-art fitness center. Minno & Wasko is serving as architect for the project.
JONESTOWN, PA. — Ridgeline Property Group has broken ground on Crossroads Logistics Center, a speculative industrial building located on MSC Drive in Jonestown. Expandable to 450,000 square feet, the 398,250-square-foot building will feature 36-foot clear heights, 85 dock doors in a cross-docked configuration, four drive-in doors, 55-foot by 56-foot column spacing, ESFR sprinkler systems, 206 auto parking spaces and 116 trailer storage stalls. Completion is slated for December. CBRE has been retained to market the property for lease.
HANOVER, PA. — Colliers International has arranged the sale of a retail property located at 61 Wilson Ave. in Hanover. The asset sold for $2.5 million, with a cap rate of 4.95 percent. Situated on 1.1 acres, the 3,950-square-foot freestanding property is absolute NNN fully-leased to Fulton Bank. Larry Kostelac, William Aiello, George Lulos of Colliers’ Harrisburg, Pa., office were the sole brokers in the transaction. The names of the buyer and seller were not released.
HARRISBURG, PA. — Macy’s has opened its new Backstage concept within 25,000 square feet of space on the first level of Harrisburg Mall, located on Paxton St. in Harrisburg. The new off-price brand is designed to elevate the neighborhood off-price experience. Featuring a dedicated entrance from the outside, Macy’s Backstage will feature an array of men’s, women’s and children’s apparel, shoes, accessories, housewares and home textiles. Additionally, each Backstage store will feature a Sunglass Hut section and a branded eatery. Macy’s intends to outfit 10 stores with the Backstage configuration and construct an additional 50 stand-alone configurations of the concept for a total of 60 locations.
POTTSTOWN AND READING, PA. — CBRE Group Inc. has arranged the sale of North End Shopping Center in Pottstown and Madeira Plaza in Reading. Medipower Overseas Co. acquired the two-property shopping center portfolio from SIN Ventures for $26.5 million. At the time of closing, the 103,905-square-foot North End Shopping Center was 94 percent occupied by Redner’s Warehouse Market, CVS/pharmacy, Dollar General and PA Wine & Spirits. The 164,917-square-foot Madeira Plaza was fully occupied at the time of sale by Redner’s Warehouse Market, Big Lots, OfficeMax, Rite Aid and Dollar General. Brad Nathanson of CBRE represented the seller and identified the buyer in the transaction.
ALLENTOWN, PA. — City Center Investment Corp. is developing a 12-story Class A office building at Sixth and Hamilton streets at City Center Lehigh Valley in downtown Allentown. Named Tower 6, the 145,000-square-foot building is slated to open in early 2018. Constructed of glass and steel, the tower will feature upscale retail space on the first floor and 360-degree views from floors six through 12. City Center Lehigh Valley, a mixed-use development transforming downtown Allentown, is currently home to three Class A office buildings offering cutting-edge, efficient environmental control systems, customized access-control systems and a professional property management team.
PLYMOUTH MEETING, PA. — PCCP LLC has provided a $30.8 million senior loan to Arden Group for the refinancing of DoubleTree Suites Philadelphia, a full-service hotel located at 640 Fountain Road, 15 miles northwest of Philadelphia in Plymouth Meeting. Built in 1987 and situated on 7.9 acres, the 253-key hotel was recently renovated with upgrades to the lobby, restaurant, bar, guest suites and elevators. The property features 195 king suites, 53 double-double suites, two food and beverage locations, 8,100 square feet of meeting space, a fitness center and an indoor swimming pool. John Randall of PCCP arranged the financing for the borrower.
CHAMBERSBURG, PA. — Bennett Williams Commercial has brokered the sale of Gateway Center, a shopping center located at 400-498 Gateway Ave. in Chambersburg. Gateway Ventures Inc. sold the 49,882-square-foot property to 400 Gateway Associates Inc. for $7.4 million. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial represented the seller in the transaction.