Pennsylvania

101-195-Franklin-Mills-Blvd-Philadelphia-PA

Benbrooke Sells 223,434 SF Retail Power Center in Philadelphia for $25.8M

by Amy Works August 26, 2016

PHILADELPHIA — Benbrooke has completed the disposition of Franklin Marketplace, a retail power center located at 101-195 Franklin Mills Blvd. in northeastern Philadelphia. PAG Investments acquired the asset free and clear of existing debt for $25.8 million. The 223,434-square-foot center was 88.6 percent leased to a variety of national and regional tenants, including Kaplan, Big Lots, Dollar Tree, Retro Fitness, Harbor Freight Tools and Citizens Bank. Chris Munley, Jose Cruz, Kevin O’Hearn and Michael DiCosimo of HFF represented the seller in the transaction.

August 26, 2016

Industrial Northeast Pennsylvania

VYC Tires Leases 61,157 SF of Warehouse Space in Pennsylvania

by Amy Works August 26, 2016

ALLENTOWN, PA. — VYC Tires Inc., commonly known as bestusedtires.com, has leased 61,157 square feet of warehouse space at 7072 Snowdrift Road in Allentown. The Allentown-based, family-owned company provides quality used tires to customers across the continental United States. Ethan Medgie of Markward Group represented the tenant, while landlord DCT Industrial Trust was self-represented in the transaction.

August 26, 2016

Hospitality Northeast Pennsylvania

Vine Street Matthews Develops 51-Story, Dual-Branded Hotel in Philadelphia

by Amy Works August 23, 2016

PHILADELPHIA — Vine Street Matthews, a joint venture between Matthews Southwest and Vine Street Developers, is developing a dual-branded hotel facility located at 15th and Chestnut streets in Philadelphia. Designed by Cope Linder Architects, the 51-story project will feature the 295-room W Philadelphia and the 460-room Element Philadelphia Hotel, both operated by Starwood Hotel & Resorts Worldwide. Slated to open in 2018, the 773,500-square-foot property will feature panoramic city views, an outdoor pool bar and terrace, meeting and banquet facilities, food and beverage venues, prime retail space and parking for 171 cars. The property is owned by Chestlen Development, an entity controlled by Brook Lenfest. The project team also includes O’Donnell & Naccarato and Tutor Perini Building Corp.

August 23, 2016

Northeast Pennsylvania Retail

Simon Opens 155,000 SF Expansion at King of Prussia Mall Near Philadelphia

by Amy Works August 22, 2016

KING OF PRUSSIA, PA. — Simon has completed a 155,000-square-foot expansion at King of Prussia Mall, a shopping center located about 25 miles northwest of Philadelphia in King of Prussia. The project, which broke ground in summer 2014, adds 50 new retail and dining storefronts and increases the mall’s footprint to 2.9 million square feet. The expansion involved connecting the five-anchor, 1.7 million-square-foot plaza and the two-anchor, 902,000-square-foot court, which were separated by a roadway since initial construction. The expansion is also bringing first-to-market brands and new dining and retail options to the mall, including Altar’d State, Calligaris, Cartier, CH Carolina Herrara, Club Monaco, David Yurman, Diane von Furstenberg, Gap, Jimmy Choo, MCM, Robert Graham, Stuart Weitzman, Superdry, Vince Hai Street Kitchen, Nicoletta and Shake Shack.

August 22, 2016

Loans Multifamily New Jersey Northeast Pennsylvania Seniors Housing

Meridian Capital Group Arranges $135.5M Refinancing for Six-Property Skilled Nursing Portfolio

by Amy Works August 19, 2016

NEW YORK CITY — Meridian Capital Group, a debt broker based in New York, has arranged $135.5 million in loans for Continuum Healthcare to refinance a six-property portfolio of skilled nursing homes in New Jersey and Pennsylvania. The four-year, bridge-to-HUD loan provided by a balance sheet and mezzanine lender, features six months of interest-only payments. The skilled nursing communities total 920 beds and include: · The Wanaque Center for Nursing and Rehab, Haskell, N.J. · Galloway Nursing and Rehab, Galloway, N.J. · Barnegat Rehab and Nursing, Barnegat, N.J. · The Health Center at Bloomingdale, Bloomingdale, N.J. · Majestic Oak Nursing Home and Rehab, Warminster, Pa. · Highland Manor Rehab and Nursing, Exeter, Pa. Meridian’s Ari Adlerstein, Ari Dobkin and Josh Simpson negotiated the transaction. Continuum Healthcare and its affiliate companies own and operate skilled nursing facilities and pediatric day care centers. Continuum also owns properties and leases them to independent operators.

August 19, 2016

Northeast Pennsylvania Retail

PREIT Sells Washington Crown Center in Pennsylvania for $20M

by Amy Works August 17, 2016

WASHINGTON, PA. — PREIT has completed the sale of Washington Crown Center, a shopping mall located at 1500 W. Chestnut St. in Washington, a city approximately 30 miles south of Pittsburgh. An undisclosed buyer acquired the property for $20 million, or $313 per square foot. The approximately 63,897-square-foot property had a non-anchor occupancy of 87.4 percent at the time of sale. Anchor tenants include Bon-Ton, Macy’s, Gander Mountain and Sears.

August 17, 2016

Healthcare Loans Northeast Pennsylvania Retail

Progress Capital Advisors Arranges $16.2M Bridge Loan for Retail Property in Pennsylvania

by Amy Works August 17, 2016

NATRONA HEIGHTS, PA. — Progress Capital Advisors has secured a $16.2 million 24-month bridge loan for Harrison Town Square, a retail center located in Natrona Heights formerly known as Heights Plaza. The borrower, Steve Kogut, plans to use the loan to retire current CMBS debt and rebrand the center into a retail/medical destination. Current tenants at the center include a physical rehabilitation center, Planet Fitness, urgent care facilities for University of Pittsburgh Medical Center (UPMC) and Allegheny Health Network, as well as multi-specialty physician practices. Kathy Anderson of Progress Capital arranged the loan for the borrower.

August 17, 2016

Multifamily Northeast Pennsylvania Student Housing

CA Ventures, Liberty Mutual Begin Construction on 575-Bed Student Housing Development Near Penn State

by Amy Works August 12, 2016

STATE COLLEGE, PA. — CA Student Living, a division of CA Ventures, and Liberty Mutual have commenced construction on RISE at State College, a 12-story grocery-anchored student housing development located at 532 E. College Ave. in State College. Located across from the Penn State University campus, the 575-bed project is scheduled for completion in summer 2018. The property will feature a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging in size from 400 to 1,500 square feet, a 16,500-square-foot Urban Market grocery store, and retail and amenity space on the first and second levels. Additionally, the project will feature a mix of graduate housing, professional residences and student housing. Leonard S. Fiore Inc. will serve as the project’s general contractor, with Boston-based Shepley Bulfinch as the architect of record.

August 12, 2016

Northeast Office Pennsylvania

Corporate Office Properties Trust Sells Redevelopment Office Project in Pennsylvania for $143M

by Amy Works August 5, 2016

PLYMOUTH MEETING, PA. — Corporate Office Properties Trust has sold Arborcrest Corporate Campus, a Class A redevelopment office project in Plymouth Meeting. An undisclosed buyer acquired the property for $143 million. The asset features four buildings totaling 654,000 square feet that are 100 percent leased, a 190,000-square-foot redevelopment opportunity at 785 Jolly Road and 27 acres of additional land.

August 5, 2016

Industrial Northeast Pennsylvania

Colliers Negotiates $2.8M Acquisition of Industrial Facility in Pennsylvania

by Amy Works August 4, 2016

WEST CHESTER, PA. — Colliers International has arranged the acquisition of an industrial facility located within Birch Run Industrial Park at 16 Hagerty Blvd. in West Chester. Turf Equipment and Supply Co. purchased the property for $2.8 million. The buyer will relocate to the property from Kennett Square, Pa., and occupy 21,670 square feet of the facility, which was the former home of VF Technologies. The remainder of the 35,150-square-foot building is fully occupied by professional services tenants. Larry Bergen of Colliers represented the buyer, while Steve Italiano of Italiano Commercial Real Estate Services represented the seller in the deal.

August 4, 2016

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