Pennsylvania

4815-Hanoverville-Road-Lower-Nazareth-PA

TCC, Clarion Partners Acquire 90-Acre Site, Break Ground for Industrial Trade Center in Lehigh Valley

by Amy Works March 15, 2016

LOWER NAZARETH, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have acquired a 90-acre site located at 4815 Hanoverville Road in Lower Nazareth for the development of Lehigh Valley Trade Center. Construction is slated to begin later this month for two Class A speculative warehouse/distribution buildings totaling more than 1.2 million square feet. Building A will comprise 947,000 square feet with cross-dock loading, 36-foot clear heights, the capacity for more than 240 loading dock doors, and ample car and trailer parking. The second building will total 297,000 square feet and will feature rear loading and 32-foot clear heights. Clarion Partners acquired the property on behalf of a commingled fund that it manages.

March 15, 2016

Loans Multifamily Northeast Pennsylvania

Radnor Property Group Receives $53.4M in Equity, Construction Financing for 16-Story Apartment Property in Philadelphia

by Amy Works March 11, 2016

PHILADELPHIA — Radnor Property Group has received $53.4 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story apartment property located on Drexel University’s campus in Philadelphia’s University City neighborhood. HFF arranged $18 million in preferred equity from a commingled fund managed by American Realty Advisors and secured a $35.3 million construction loan for the newly created partnership through the Santander Commercial Real Estate office in Philadelphia. Slated for completion in 2017, the high-rise property will feature 164 one- and two-bedroom residential units, averaging 680 square feet, and 13,837 square feet of ground-floor commercial space, which will be occupied by Nobel Learning Communities, a childcare operator. Ryan Ade and Mark Thomson of HFF arranged the financing and equity for the borrower.

March 11, 2016

Northeast Pennsylvania Restaurant Retail

Colliers Negotiates $2.1M Sale of Restaurant Building in Pennsylvania

by Amy Works March 10, 2016

HANOVER, PA. — Colliers International has brokered the sale of a restaurant property located at 81 Wilson Ave. in Hanover. An undisclosed 1031 buyer acquired the 5,437-square-foot property for $2.1 million. The property is double-net corporate-leased to Buffalo Wild Wings on a 15-year basis. Larry Kostelac, William Aiello, George Lulos of Colliers were the sole brokers in the transaction. The name of the seller was not disclosed.

March 10, 2016

Multifamily Northeast Pennsylvania

CCIC to Develop 67-Unit Strata II at City Center Lehigh Valley in Pennsylvania

by Amy Works March 9, 2016

ALLENTOWN, PA. — City Center Investment Corp. (CCIC) is developing Strata II, a 67-unit residential complex at City Center Lehigh Valley, a mixed-used development in downtown Allentown. Designed by WRT with engineering work by T&M Associates, the five-story, 100,000-square-foot building will feature one- and two-bedroom market-rate apartment units and a variety of amenities, including a game room, movie theater and private courtyard. Additionally, the project will feature eight arts-related retail spaces on the first floor, including a co-op gallery. Slated to open in spring 2017, the $23 million residential property will join the 170-unit Strata Flats residential property that opened in July 2015. The project team includes Cityline Construction as project manager of the building’s commercial portion; T&M Associates as engineer; and Harkins Builders as general contractor.

March 9, 2016

Northeast Office Pennsylvania

Joint Venture Buys 12-Building Office Park in Pennsylvania

by Amy Works March 9, 2016

WAYNE, PA. — PDC-Old Eagle LLC and Long Wharf Real Estate Partners have partnered to acquire Evolve IP Corporate Center, a 12-building office park located at 983-999 Old Eagle School Road in Wayne. The partnership secured a $29.6 million five-year, fixed-rate acquisition loan for the 376,303-square-foot property. Situated on 49.9 acres, the office park is 80.2 percent occupied by 95 tenants, including Evolve IP LLC, McBee Associates, Administrative Concepts Inc., YSC Academy, Prosoft Software and North American Specialty Products. Jim Cadranell of HFF arranged the joint venture equity and debt financing for the buyers. John Schonborn of HFF represented Long Wharf Real Estate Partners and Pat McNulty, also of HFF, represented PDC-Old Eagle in the joint venture transaction.

March 9, 2016

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Industrial Demand and Development in the Philadelphia region

by Jaime Lackey March 9, 2016

Metro Philadelphia’s industrial market saw strong demand, developer confidence and declining vacancy rates in 2015. Asking rents averaged $4.43 per square foot for the region, a 4 percent increase from 2014. The overall vacancy has decreased to 7.7 percent as demand kept pace with 5.7 million square feet of completed spec development. The only submarket that is posting greater than 10 percent vacancy is New Castle County, Delaware; however, New Castle’s vacancy rate was trending downward at the end of 2015. We continue to see healthy demand for industrial space in 2016. There could be some impact from global uncertainties, but these will be offset by continued on-shoring of manufacturing requirements and last-mile delivery expansion. Companies seeking between 25,000 to 80,000 square feet have seen limited availability in most submarkets, particularly for purchase. Due to strong demand and reduced availability for modern, net-leased, single-tenant buildings, some investors must consider lesser-quality assets and/or secondary locations. Sale prices and rents have increased. It is not unusual for modern bulk facilities with long-term leases in place to trade in the $90-per-square-foot range. In one recent deal, a private investor paid more than $78 per square foot for the leaseback transaction of an 85-year-old …

March 9, 2016

Loans Northeast Office Pennsylvania

PCCP Provides $43.4M Loan to Refinance 253,985 SF Office Building in Suburban Philadelphia

by Amy Works March 7, 2016

WEST CONSHOHOCKEN, PA. — PCCP has provided a $43.4 million senior loan to Arden Group for the refinancing of an office building located at 100 and 200 Four Falls Corporate Center in West Conshohocken, a suburb of Philadelphia. Arden Group acquired the 253,985-square-foot asset in late 2013 and has since invested $2.5 million in renovations, including upgrades to the lobby, corridors and terraces, as well as a new conference center and other projects. The office building features two distinct six-story wings linked by a recently renovated six-story atrium lobby. Additionally, the building features 22,000-square-foot floor plates, a third-party managed conference facility, a full-service café, a substantial lobby and a multi-level subterranean parking garage. The building is currently 69 percent occupied by 27 tenants.

March 7, 2016

Northeast Pennsylvania Retail

Marcus & Millichap Arranges $1M Ground Lease Sale in Pennsylvania

by Amy Works March 3, 2016

CANONSBURG, PA. — Marcus & Millichap has arranged the sale of a Dunkin’ Donuts ground lease at 105 Casavina Drive in Canonsburg. A private investor acquired the 2,653-square-foot net-leased property for $1 million. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a partnership, and secured and represented the buyer in the transaction.

March 3, 2016

Mixed-Use Northeast Pennsylvania Top Stories

Drexel, Brandywine Realty Trust Partner on Philadelphia’s $3.5B Schuylkill Yards Development

by John Nelson March 3, 2016

PHILADELPHIA — Drexel University and Brandywine Realty Trust (NYSE: BDN) will co-develop the Schuylkill Yards mixed-use community on a 14-acre site in Philadelphia. The development costs weren’t disclosed, but the Philadelphia Business Journal estimates total costs will reach $3.5 billion. Initial phases of the projected 20-year innovation development plan will consist of 5 million square feet of mixed-use real estate on a 10-acre site next to Drexel’s main campus and adjacent to Amtrak’s 30th Street Station. The master-planned neighborhood within Philadelphia’s University City submarket will feature entrepreneurial spaces, educational facilities and research laboratories, corporate offices, residential and retail spaces, hospitality, cultural venues and public open spaces. “Drexel University and Brandywine’s shared vision for the continued renaissance of University City provides a strong foundation for a long-term partnership. Together, we will create a dynamic and world-class innovation hub to attract the brightest minds to our region,” says Gerard Sweeney, president and CEO of Brandywine Realty Trust. “Schuylkill Yards will transform Philadelphia’s skyline as new towers rise on the west side of the Schuylkill River,” he continues. “Brandywine’s existing Cira Centre, EVO and FMC Tower at Cira Centre South projects in University City will provide a synergistic connection to Schuylkill Yards, creating …

March 3, 2016

Industrial Northeast Pennsylvania

Dermody Properties Leases 500,400 SF of Industrial Space in Pennsylvania

by Amy Works February 29, 2016

BETHEL, PA. — Dermody Properties and Granite Real Estate Investment Trust leased 500,400 square feet of industrial space at Berks Park 78 in Bethel to a global consumer electronics company. The company will move into the facility in April and use the space for the distribution of its consumer home appliances. Gerry Blinebury and Adam Campbell with Cushman & Wakefield represented Dermody Properties in the lease, while Vincent Ranalli and John Schumacher of CBRE represented the tenant in the transaction.

February 29, 2016

Newer Posts

Older Posts