Pennsylvania

HFF Arranges $210M Financing for 10-Property Retail Portfolio

by Katie Sloan September 23, 2016

PITTSBURGH — Pittsburgh-based HFF has arranged $210 million in first lien financing for a 10-property retail portfolio totaling 973,985 square feet in Arizona, California, Kansas, North Carolina and Texas. Kevin MacKenzie, Jim Curtin, Cory Fowler, Jamie Kline and Lauren LaFever of HFF worked on behalf of the borrower, Westwood Financial Corp., to place a 10-year, $110 million, fixed-rate portfolio loan with a life insurance company and a $100 million senior credit facility with Wells Fargo Bank’s Real Estate Capital Markets Group. The loans were secured in correlation with Westwood’s recent $1.2 billion consolidation and reorganization. The $110 million loan was secured against six retail assets including the 79,575-square-foot Village Plaza in Phoenix; the 65,054-square-foot Plaza Del Rio in San Juan Capistrano, Calif.; the 103,124-square-foot Stateline Village in Prairie Village, Kan.; the 46,789-square-foot Hebron Parkway Plaza in Carrollton, Texas; the 226,414-square-foot Old Town Shopping Center in Dallas; and the 79,226-square-foot Steelecroft Shopping Center in Charlotte, N.C. Tenants at the 91 percent-leased portfolio include Harris Teeter, Sprouts, Hy-Vee, Tom Thumb, Vons, PetSmart, LA Fitness and Michaels. The assets included in the Wells Fargo credit facility included the 77,031-square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix; the 89,506-square-foot Mercado Del Rancho …

September 23, 2016

Multifamily Northeast Pennsylvania

Greysteel Brokers the $2.9 Million Sale of the Cliveden Apartments in Philadelphia

by Jaime Lackey September 21, 2016

PHILADELPHIA — Greysteel, a national commercial real estate investment services firm, has arranged the sale of the Cliveden Apartments in Philadelphia’s Mount Airy neighborhood to a private local owner on behalf of Wexford Property Management for $2.9 million. The property, located at 4549 East Cliveden Street, was constructed in 1925 and totals 40 units. Amenities include laundry facilities and elevator service, with most units featuring hardwood floors, stainless steel appliances, and updated kitchens and bathrooms. Ari Firoozabadi and Caleb Brown of Greysteel arranged the transaction.

September 21, 2016

Northeast Pennsylvania Retail

New ShopRite Opens At Renovated Whitman Plaza in Philadelphia

by Jaime Lackey September 19, 2016

PHILADELPHIA — Breslin Realty Development Corp. has announced the opening of a new 58,980-square-foot ShopRite Supermarket at 330 Oregon Ave. in south Philadelphia. The store occupies a former Pathmark store and is operated by Colligas Family Markets, members of the Keasbey, N.J.-based Wakefern Food Corp., a co-operative of more than 250 independently owned stores. The store is located at Whitman Plaza, which has recently undergone an $8 million renovation. The new supermarket was renovated to include a fresh bake shop; full-service meat and seafood departments; prepared foods and catering; and grab-and-go meals such as sandwiches, heat-and-eat entrees and Asian cuisine. The store also features a specialty cheese department, an in-store café, and a shop-at-home delivery service. It employs around 300 workers. Other tenants at the community shopping center include Burlington Coat Factory, Ross Dress for Less, Pet Valu, PennDOT, Club Metro USA, Citizens Bank, Rainbow Shoppes, GameStop, GNC, Payless Shoe Source, and Party City. Breslin Realty Development Corp. manages the center, which was built in 1980 by the Breslin organization, and was previously renovated in 2003. It now sports a new façade and more than 20,000 square feet of updated interior space. Frankie Campione of CREATE Architecture Planning & Design …

September 19, 2016

Northeast Office Pennsylvania

Fischer Represents Law Firm in 108,000 SF Pittsburgh Relocation

by Jaime Lackey September 16, 2016

PITTSBURGH — The Law Firm Group of Fischer has represented law firm Burns White LLC in its relocation to a new headquarters space in Pittsburgh. Burns White will fully occupy a new build-to-suit 108,392-square-foot property starting in March 2017. The Burns White Center will be a five-story freestanding building with parking located in Pittsburgh’s Strip District at the intersection of 26th Street and Railroad Street. Scott Fabean of Fischer was the lead in representing Burns White. Joe Tosi and Mike Daniels of Oxford Realty Services represented the landlord, Three Crossings Riverfront East LP.

September 16, 2016

Northeast Pennsylvania Retail

Gaming and Leisure Properties Completes $440M Acquisition of The Meadows Racetrack and Casino in Pennsylvania

by Amy Works September 13, 2016

WASHINGTON, PA. — Gaming and Leisure Properties Inc. has completed the previously announced acquisition of The Meadows Racetrack and Casino in Washington, a suburb of Pittsburgh. Cannery Casino Resorts sold the property for $440 million, inclusive of $10 million previously paid by the buyer to the seller, plus other transaction-related fees and expenses. Concurrently, Gaming and Leisure Properties closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment Inc. for $138 million and entered into a 29-year, triple-net lease agreement, with initial annual rent of $25.4 million per year. Gaming and Leisure Properties funded the real estate transaction, net of proceeds received from the sale of the operating assets to Pinnacle, through a combination of cash on hand, proceeds from the company’s at-the-market equity program and borrowings from its revolving credit facility. The transaction was approved by the Pennsylvania Gaming Control Board on Sept. 7 and the Pennsylvania Harness Racing Commission in August 2016.

September 13, 2016

Loans Multifamily Northeast Pennsylvania Seniors Housing

CBRE Arranges Sale, Financing of Assisted Living/Memory Care Community in Suburban Philadelphia

by Amy Works September 13, 2016

NORTH WALES, PA. — CBRE Capital Markets has arranged the sale and acquisition financing of The Solana Horsham, a 76-unit assisted living and memory care community in North Wales. A joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners sold the property to an undisclosed buyer for $31.5 million, or $414,474 per unit. Located at 1419 Horsham Road, the property was 95 percent occupied at the time of closing. Lisa Widmier and Matthew Whitlock of CBRE’s San Diego office represented the seller. Additionally, CBRE originated the five-year, non-recourse floating-rate acquisition loan, which features three years of interest-only payments, for an undisclosed amount for the buyer. Aaron Will of CBRE’s Houston office secured the loan for the borrower.

September 13, 2016

Maryland Multifamily North Carolina Northeast Pennsylvania South Carolina Southeast Top Stories

Morgan Properties Buys Four-State, 11-Property Multifamily Portfolio for $316M

by Nellie Day September 12, 2016

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina. The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit. Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades. Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller. The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills. Morgan Properties owns and manages 132 apartment …

September 12, 2016

Northeast Pennsylvania Retail

Bennett Williams Negotiates $1.4M Sale of Retail Building in Pennsylvania

by Amy Works September 7, 2016

YORK, PA. — Bennett Williams Commercial has arranged the sale of a retail building located at 575 Maryland Ave. in York. SJK LLC purchased the property from 1221 Associates Inc. for $1.4 million. Denny Neiman of Bennett Williams Commercial represented the buyer, while Neiman and Keith Kahlbaugh of Bennett Williams represented the seller.

September 7, 2016

Northeast Office Pennsylvania

Accesso Partners Increases Occupancy to 92.3 Percent at 1515 Market Street in Philadelphia

by Amy Works September 6, 2016

PHILADELPHIA — Accesso Partners has increased the occupancy at 1515 Market Street from 82 to 92.3 percent within the past 18 months. The Hallandale, Fla.-based real estate investment manager acquired the 20-story, 502,000-square-foot office tower in 2014 and implemented an upgrade and renovation plan to increase occupancy. The plan included adding a conference center on the ninth floor and upgrading the lobby, elevator cabs, underground concourse entrance, common corridors and bathrooms. Approximately 47,081 square feet of office space leases were executed in the first half of this year and leases totaling another 10,000 square feet of space are out for signature. Current tenants include Sage Acquisitions; the law firm of Steven L. Chung Esq.; McMahon Engineering; GZA Geoenvironmentalists; HDR Engineers and Architects; Manley Deas Kochalski; Brainard Partners; Walker Nell; Cavo; O’Brian, Rulis and Bochicchio; Wade, Clark Mulchay; Legal Search; R-T Specialty; the administrative office of the Pennsylvania Supreme Court; Temple University; and Temple University’s Café Bookstore, operated by Barnes & Noble. Alex Breitmayer, Joshua Sloan and Drew McGowan of JLL are leasing agents for the property.

September 6, 2016

Northeast Pennsylvania Retail

Unison Realty Partners Buys 132,000 SF Portion of 355,000 SF Shopping Center in Harrisburg

by Amy Works September 2, 2016

HARRISBURG, PA. — Unison Realty Partners has acquired 100 percent ownership interest in the 132,000-square-foot non-anchor portion of High Pointe Commons, a 355,000-square-foot regional shopping center located in Harrisburg, for $33.8 million. The 132,000-square-foot acquisition includes retail space occupied by Christmas Tree Shops, Chili’s Bar & Grill, Famous Footwear, Lane Bryant, Sleepy’s and Petco. Built in 2006, the property is anchored by an independent 125,000-square-foot Target and a 98,000-square-foot JCPenney, which were not included in the sale. High Pointe Commons is currently 99 percent leased. Brad Nathanson of CBRE represented the seller, a joint venture between High Real Estate Group and CBL & Associates. Thomas Gorman, also of CBRE, represented the buyer in arranging financing for the acquisition.

September 2, 2016

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