Pennsylvania

The Garibaldi Group Brokers 483,990 SF Warehouse/Distribution Lease in Pennsylvania

by Amy Works April 21, 2016

BETHLEHEM, PA. — The Garibaldi Group has arranged the lease of an industrial spec building located at 4770 Hanoverville Road in Bethlehem. Stitch Fix, an online subscription and personal shopping service, leased the single-tenant 483,990-square-foot warehouse facility to use a distribution center as it expands its user base on the East Coast. Developed and owned by Prologis, the building features 4,250 square feet of office space, 75 dock high doors and two grade-level positions. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Meg Buffington and Bill Bumber of Prologis, represented the landlord, while Kim Meincke Jacobsen and Paul Torosian of JLL represented the tenant in the transaction.

April 21, 2016

Industrial Northeast Pennsylvania

CBRE Arranges Sale of 85,113 SF Industrial Facility in Pennsylvania

by Amy Works April 21, 2016

SCHUYLKILL HAVEN, PA. — CBRE Group has arranged the sale of an industrial facility located at 3 Earl St. in Schuylkill Haven. The 85,113-square-foot facility sold for an undisclosed sum. At the time of sale, the property was fully occupied by M&Q Packaging Corp. on a long-term basis. Constructed in phases between 1969 and 2003, the facility is located 12 to 13 miles from both 78 and 81 interstates. Stephen Marzullo, Adam Silverman, Paul Touhey and Drew Green of CBRE brokered the transaction. The names of the seller and buyer were not released.

April 21, 2016

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

JV Receives $45M Loan for 180-Unit Mixed-Use Apartment, Retail Tower in Philadelphia

by Amy Works April 18, 2016

PHILADELPHIA — Scully Co., Alterra Property Group and Spring Creek Investment Management have received $45 million in refinancing for Avenir, a 180-unit mixed-use apartment and retail tower in Philadelphia’s Center City. Ryan Ade and Jim Cadranell of HFF arranged the seven-year, fixed-rate loan through Webster Bank for the borrower. Loan proceeds will replace the existing construction loan on the property. Located at 1501-1515 Chestnut St., the 16-story building was converted from office space to 101,628 square feet of residential space and 8,887 square feet of ground-floor retail space. On-site amenities include a fitness center, screening room, conference and business suites, resident lounge, indoor bike storage and cycle stations, and a 24-hour concierge service.

April 18, 2016

Multifamily Northeast Pennsylvania

MCHA, Pennrose Properties to Redevelop Public Housing Community in Pennsylvania

by Amy Works April 13, 2016

WILLOW GROVE, PA. — Montgomery County Housing Authority (MCHA) has partnered with Pennrose Properties to redevelop Crest Manor, a public housing community in Willow Grove that was originally built in 1963. The $17.7 million revitalization includes rehabilitation of 15 of the existing two-story twin buildings, demolition of a two-story twin building with construction of a two-story building in its place, demolition of the existing maintenance facility and the construction of a two-story building in its place. Upon completion the community will feature 15 renovated twin buildings, three newly constructed multi-unit buildings and one newly constructed community and maintenance building, all totaling more than 49,492 square feet. The redeveloped community will provide 46 affordable housing units, ranging in size from one- to five-bedroom floor plans. Wallace Roberts & Todd LLC are serving as architect for the project, and Harkins Builders is the general contractor. The project was funded by Alden Torch Finance/JPMorgan Chase, low income housing tax credits allocated by Pennsylvania Housing Finance Agency (PHFA), PHFA PennHOMES, Montgomery County Housing Authority, Montgomery County Affordable Housing trust funds, Community Development Block Grant funds allocated by Abington Township, and Fulton Bank.

April 13, 2016

Northeast Pennsylvania Retail

PREIT Brings Dick’s Sporting Goods, Field & Stream to Viewmont Mall in Scranton

by Amy Works April 11, 2016

SCRANTON, PA. — PREIT has inked a deal to bring a dual-store format concept to Viewmont Mall in Scranton. Dick’s Sporting Goods and Field & Stream will replace the existing Sears location at the mall. Sears is scheduled to close in July, with the dual-store scheduled to open for business in fall 2017. Over the past few years, PREIT has been implementing an upgrade and improvement program at Viewmont Mall, which features more than 90 retailers, and has recently signed leases with Ulta, Buffalo Wild Wings, Forever 21 and Yankee Candle.

April 11, 2016

Lebanon-Valley-Distribution-Fredericksburg-PA

Industrial Northeast Pennsylvania

USAA, Trammell Crow Complete 874,126 SF Lebanon Valley Distribution Center in Pennsylvania

by Amy Works April 8, 2016

FREDERICKSBURG, PA. — USAA Real Estate Co., in partnership with Trammell Crow Co., has completed the development of Lebanon Valley Distribution Center in Fredericksburg. The 874,126-square-foot warehouse/distribution building features a cross-dock design with 36-foot clear heights, ESFR sprinklers, 123 dock doors, two drive-in doors and parking for 219 cars and 202 trailers. Additionally, the property is expandable to up to 1 million square feet, 155 dock doors, 870 car parking spots and 247 trailer stalls with the potential of an additional 385 remote stalls. The project is the third project in the region completed by USAA RealCo and Trammell Crow.

April 8, 2016

Northeast Pennsylvania Retail

PREIT Sells 834,600 SF Lycoming Mall in Pennsylvania for $26.3M

by Amy Works March 31, 2016

PENNSDALE, PA. — PREIT has completed the disposition of Lycoming Mall, an enclosed mall located at 300 Lycoming Mall Circle in Pennsdale. The 834,600-square-foot asset sold for $26.3 million to an undisclosed buyer. Constructed in 1978 and redeveloped in 1990, the property’s current tenant roster includes Macy’s, Sears, JCPenney, Bon-Ton, Dick’s Sporting Goods, Books-A-Million, Burlington Coat Factory, Old Navy, American Eagle Outfitters, Bath & Body Works, The Children’s Place, Gymboree, Hollister, Justice, maurices, PacSun, Shoe Dept., Victoria’s Secret and Yankee Candle. Outparcel tenants include Best Buy, Big Lots and Friendly’s.

March 31, 2016

Affordable Housing Loans Multifamily Northeast Pennsylvania

KeyBank Provides $5.4M Loan for Affordable Housing Property in Pennsylvania

by Amy Works March 31, 2016

CORAOPOLIS, PA. — KeyBank has provided a $5.4 million bridge loan for State Manor Apartments, a multifamily community located at 1020 State Ave. in Coraopolis, a suburb 12 miles northwest of Pittsburgh. SMA Cory PA LLC will use the loan to acquire the high-rise property, which features 104 affordable apartment units. Kelly Frank of Key’s Community Development Lending group arranged the financing for the borrower.

March 31, 2016

Loans Northeast Office Pennsylvania

Mission Capital Arranges $16.5M Loan for Valley Square Office Complex in Pennsylvania

by Amy Works March 30, 2016

BLUE BELL, PA. — Mission Capital Advisors has arranged a $16.5 million bridge loan for Valley Square, an office complex located at 512 Township Line Road in Blue Bell. Steven Buchwald and Lexington Henn of Mission Capital secured the loan for the borrower, Contrarian Capital Management. After acquiring the five-building, 289,194-square-foot complex in 2013 for $8.5 million, Contrarian and its operating partner, Corvest Realty Group, implemented millions of dollars of capital improvements at the property and substantially leased many of the upgraded buildings. Originally constructed in 1983, the property is located approximately 20 miles northwest of Philadelphia.

March 30, 2016

Massachusetts Northeast Pennsylvania Retail

Modell’s Sporting Goods Opens Two Locations in Boston and Philadelphia

by Amy Works March 22, 2016

BOSTON AND PHILADELPHIA — Modell’s Sporting Goods has opened locations in Boston and Philadelphia. Located at 480 Boylston St. in Boston’s Back Bay area and at 1608 Walnut St. in Philadelphia near Rittenhouse Square, the two 11,000-square-foot stores will be tailored to customers passionate about running, fitness and professional sports teams and will offer elite brands such as Brooks, Asics, The North Face, Nike, Under Armour and adidas.

March 22, 2016

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