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.
PHILADELPHIA — A joint venture between The Goldenberg Group, Hines and ASB Real Estate Investments has announced the structural topping out of 1213 Walnut, a residential tower located in Philadelphia’s Center City. The 26-story, 300,000-square-foot building will feature 322 for-rent luxury apartment units, 7,200 square feet of retail space, 11,000 square feet of amenity space, a 3,000-square-foot fitness center, rooftop deck, dog park and bicycle storage. Preleasing will begin in April, with occupancy slated for July.
SCRANTON, PA. — Hinerfield Commercial Real Estate has arranged the acquisition of an industrial building located at 501 S. Washington Ave. in Scranton. MTM Real Estate Co. sold the 158,200-square-foot building to Wyoming Avenue Development for an undisclosed price. Banko Northeast currently occupies the property, which offers dry and wet warehouse distribution space and 13,000 square feet of office space. Dave Daris of Mericle Commercial Real Estate represented the seller, while John Cognetti of Hinerfield represented the buyer in the deal.
LANSDALE, PA. —Marcus & Millichap has arranged the sale of Gwynedd Square Nursing Center, a 181-bed skilled nursing facility in the Philadelphia suburb of Lansdale. Gwynedd Square was built in 1980 on approximately six acres. The facility was 96 percent occupied at the time of sale. The purchase price was not disclosed. Joshia Jandris, Mark Myers, Charles Hilding and Andrew Hilding of Marcus & Millichap represented the seller, a private owner/operator, in the transaction.
DOUGLASSVILLE, FLEETWOOD AND EPHRATA, PA. — Senior Living Investment Brokerage has arranged the sale of Keystone Villa, a portfolio of seniors housing properties in the northwestern Philadelphia suburbs of Douglassville, Fleetwood and Ephrata. Capital Health Group, a seniors housing private equity firm, purchased the properties for an undisclosed price. The seller was a private ownership group that originally developed and operated the properties, but was looking to exit the seniors housing industry. Keystone Villa totals 509 units of Class A independent living, assisted living and memory care. The properties were built in phases between 2004 and 2014. Following the sale, Milestone Retirement Communities LLC will manage the portfolio. Bradley Clousing, Toby Siefert and Jeff Binder of Senior Living Investment Brokerage negotiated the transaction.
PHILADELPHIA — Marcus & Millichap has brokered the sale of a two-building mixed-use property located at 4343-4345 Main St. in Philadelphia’s Manayunk neighborhood. An undisclosed buyer acquired the property for $2 million, or $231,666 per unit. The asset features eight studio, one- and two-bedroom apartments and one retail unit, which is leased to Chabaa Thai and Binto. Phil Sharrow and Jonathan Massaro of Marcus & Millichap represented the undisclosed seller and secured the buyer. Additionally, Sharrow and Massaro worked with Matthew Rosenberg of Marcus & Millichap Capital Corp. to arrange a 10-year acquisition loan for the buyer.
MONACA, PA. — PREIT has sold Beavery Valley Mall, located at 570 Beaver Valley Mall Blvd. in Monaca, for $24.2 million. Boscov’s, J.C. Penney and Dick’s Sporting Goods anchor the approximately 1.1 million-square-foot property. The name of the buyer was not released.
BETHLEHEM, PA. — Berger-Epstein Associates has arranged an office lease at 2820-2830 Emrick Blvd. in Bethlehem. United Electric Supply Co. will occupy 8,180 square feet of office space at the property. Founded in 1965, United Electric Supply Co. is a general-line distributor of electrical supplies to local industrial, commercial and construction customers. Jonathan Epstein of Berger-Epstein Associates represented the undisclosed landlord in the deal.
KING OF PRUSSIA, PA. — Gladstone Commercial has acquired an office building, located at 935 First Ave. in King of Prussia, in a sale-leaseback transaction for $25.5 million. Radial Inc. sold the property and will continue to lease the four-story, 103,334-square-foot facility, which serves as the company’s headquarters, for 15 years. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller in the deal.
