Pennsylvania

BET Investments Breaks Ground on 162-Unit Multifamily Building in Media, Pennsylvania

by Amy Works December 20, 2016

MEDIA, PA. — BET Investments Inc. has broken ground on West End Flats, a multifamily building located at the corner of Baltimore Pike and Brooke Street in Media. Slated for completion in 2018, the property will feature 162 apartments, common area social space and a covered parking garage. On-site amenities will include an outdoor swimming pool and lounge area, virtual spin and yoga classes, an aerobic and free-weight fitness center, social gathering areas with fireplaces, 24-hour concierge, and game/media room with pool table, shuffle board and HD television.

December 20, 2016

Industrial Northeast Pennsylvania

Markward Group Arranges Sale of 4,000 SF Industrial Property in Allentown, Pennsylvania

by Amy Works December 20, 2016

ALLENTOWN, PA. — Markward Group has brokered the sale of an industrial building located at 171 Lloyd St. in Allentown. MGC Partners, which currently occupies the building, acquired the 4,000-square-foot property for an undisclosed price. Amy Hawley of Markward Group represented the undisclosed seller and the buyer in the deal.

December 20, 2016

Hospitality Northeast Pennsylvania

Ten-X Closes $14.1M Sale of Comfort Inn & Suites in Pittsburgh

by Amy Works December 16, 2016

PITTSBURGH — Ten-X has closed the $14.1 million sale of Comfort Inn & Suites Pittsburgh, located at 180 Gamma Drive in Pittsburgh. Additionally, the company arranged $10.5 million in financing through Deutsche Bank for the buyer, an individual investor. The hotel features 223 guest rooms with complimentary wired and wireless internet access, an indoor pool, fitness center and 24-hour business center. Paramount Lodging Advisors was engaged as the exclusive broker of behalf on the undisclosed seller and partnered with the Ten-X Commercial platform to sell the property.

December 16, 2016

Industrial Northeast Office Pennsylvania

Skanska USA Building to Renovate Laboratory Facility in Pennsylvania for $45M

by Amy Works December 9, 2016

UPPER PROVIDENCE, PA. — Skanska USA Building has signed a contract to renovate GlaxoSmithKline’s (GSK) laboratory and office space in Upper Providence. The project includes the demolition of four floors of existing laboratory space and a new build out of about 100,104 square feet of SMART Lab space, supporting GSK R&D’s Upper Providence facility investments. Construction is slated to begin in December with completion scheduled for October 2017. The contract is worth $45 million and will be included in the order bookings for Skanska USA Building in the fourth quarter.

December 9, 2016

Northeast Office Pennsylvania

Arrow Real Estate Services Joins TCN Worldwide Real Estate Services

by Amy Works December 6, 2016

PHILADELPHIA — Arrow Real Estate Services has joined TCN Worldwide Real Estate Services as the newest member of the international real estate services organization. Founded in 2012 with four people, Arrow Real Estate Services has grown to a more than 40-person company with more than 3 million square feet of listings and over 20 local, regional and national retail clients. Serving the greater Philadelphia area, the firm provides real estate brokerage and consulting services, including retailer representation, project leasing, site selection, property dispositions, consultation, property management, and office, medical and industrial representation.

December 6, 2016

Northeast Pennsylvania Retail

ECHO Realty Acquires Three Retail Centers in Philadelphia Area

by Amy Works December 5, 2016

BENSALEM, MEDIA AND LIONVILLE, PA. — ECHO Realty Partners has acquired a portfolio of three grocery-anchored shopping centers located in metropolitan Philadelphia for an undisclosed sum. The properties are the 88,500-square-foot Giant Marketplace at Bensalem, anchored by Giant; the 71,000-square-foot Media Shopping Center, anchored by Acme; and the 79,000-square-foot Lionville Station. The name of the seller was not released.

December 5, 2016

Industrial Loans Northeast Pennsylvania

HFF Arranges $6.1M Loan for Industrial Warehouse in Mechanicsburg, Pennsylvania

by Amy Works December 1, 2016

MECHANICSBURG, PA. — HFF has secured a $6.1 million loan for a vacant industrial warehouse property located at 4500 Westport Drive in Mechanicsburg. The borrower was a joint venture between Foxfield Ventures and Novaya Real Estate Ventures. Ready Capital Structured Finance provided the non-recourse, interest-only payment loan that features a two-year term and a one-year extension option with flexible pre-payment. The loan facilitated both the acquisition and future funding needs to implement a light capital improvement program at the 178,000-square-foot property. Situated on 11.2 acres, the property features 2,500 square feet of office space, 20 dock doors and 35-foot ceiling heights. Ryan Ade of HFF led the firm’s debt placement team that arranged the financing for the borrower.

December 1, 2016

Multifamily Northeast Pennsylvania Seniors Housing

The Waters Buys 18 Acres Near Pittsburgh to Build $38M Seniors Housing Community

by Amy Works November 28, 2016

MARSHALL TOWNSHIP, PA. — The Waters, a Minneapolis-based seniors housing developer and manager, has purchased an 18-acre site in the Pittsburgh suburb of Marshall Township. The company plans to construct The Waters of Wexford, a 143-unit seniors housing community on the plot. Units will be split between independent living, assisted living and memory care. The developer plans to break ground before the end of 2016 for a scheduled opening in May 2018. Development costs are estimated at $38 million. The project is the first outside the Midwest for The Waters, which operates eight communities in Minnesota and is developing two more in Minneapolis and Milwaukee. “Through extensive research we identified Pittsburgh has a great opportunity nearly four years ago,” says Kyle Didier, president of The Waters. “Over the next three years we hope to bring at least four or five new senior living communities to the greater Pittsburgh area.” Aron Will of CBRE secured a $27.1 million, five-year, floating-rate construction loan with 42 months of interest-only payments from a regional bank to fund the upcoming development.

November 28, 2016

Northeast Pennsylvania Retail

ALTO Fund II, M&J Wilkow Acquire 149,943 SF Shopping Center in Pittsburgh

by Amy Works November 23, 2016

PITTSBURGH — ALTO Fund II, in a joint venture with M&J Wilkow Ltd., has acquired Plaza at the Pointe, a 149,943-square-foot community shopping center located in Pittsburgh’s Parkway West Corridor. The 94-percent occupied center includes tenants Bed Bath & Beyond, Party City and Old Navy. The name of the seller and sales price were not released.

November 23, 2016

Loans Northeast Pennsylvania Retail

Eastern Union Funding Arranges $12.2M Loan for Five-Property Retail Portfolio in Pennsylvania

by Amy Works November 23, 2016

ALLENTOWN, HAWLEY, DURYEA AND HAMLIN, PA. — Eastern Union Funding has arranged a $12.2 million loan for America’s Realty LLC’s acquisition of a five-property shopping center portfolio in northeastern Pennsylvania. Totaling approximately 332,000 square feet, the portfolio includes Eastside Plaza and Boulevard Plaza in Allentown, Lords Valley Plaza in Hawley, Duryea Plaza in Duryea and Hamlin Plaza in Hamlin. Marc Tropp and Barry Dollman of Eastern Union arranged the financing through Peapack Gladstone Bank for the Pikesville, Md.-based owner/operator. Paul Rumley of Metro Commercial Real Estate represented the seller, a California-based family trust, in the sales transaction.

November 23, 2016

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