DEVON, PA. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a commercial property located at 91 Lancaster Ave. in Devon. Devon Land Holdings LLC sold the 25,000-square-foot building to Provco Devon II LLC for $4.1 million. Situated on 1.4 acres, the property was 62 percent occupied at the time of sale by Raymond James & Associates and Long & Foster Real Estate, whose leases were negotiated as part of the sale/leaseback. The building is zoned commercial, which allows for retail, office or medical uses. Neil Shupak, Justin Bell and Mike Maloney of NGKF represented the seller, while Rob Shirley of Della Porta Real Estate represented the buyer in the transaction.
MONTGOMERYVILLE, PA. — Cost Plus World Market has opened its first store in Montgomeryville, a suburb of Philadelphia. Located at 751 Horsham Road within the Water Tower Square Shopping Center, the store will feature an eclectic assortment of unique and authentic home furniture, décor, tabletop items, jewelry and accessories, and gourmet food. The store’s grand opening celebration will be held on Thursday, Jan. 28. Cost Plus World Market operates 279 stores in 35 states under the World Market and Cost Plus World Market trademarks.
BUCKS COUNTY, PA. — J.G. Petrucci Co. has acquired a 1.7-acre land parcel located at 10 Old York Road in Bucks County for an undisclosed price. Situated on the property is a 13,900-square-foot Walgreens, which is on a long-term lease with multiple extension options. Donald MacLaren Jr. of Marcus & Millichap represented the buyer, while Mark Taylor, also of Marcus & Millichap represented the undisclosed seller in the transaction.
BETHLEHEM AND WHITEHALL, PA. — Sands Investment Group has brokered the sales of two medical office buildings in Pennsylvania. An East Coast institutional investment firm has acquired a 22,742-square-foot medical office building located at 2014 County Line Road in Bethlehem for $4.4 million and a 10,170-square-foot medical office building at 1320 Mickley Road in Whitehall for $3.1 million. The Bethlehem property is occupied by Fresenius, RMS, a DaVita subsidiary, and Valley Kidney Specialists; and the Whitehall property is occupied by Fresenius Medical Care. Bryant Hoover of Sands Investment Group’s Santa Monica, Calif., office represented the seller, a doctor/owner, in both transactions.
SHIPPENSBURG TOWNSHIP, PA. — Landmark Commercial Realty/TCN Worldwide Real Estate Services has arranged the acquisition of Bard Townhouses, a student housing complex near Shippensburg University in Shippensburg Township. A group of limited partnerships connected to developer Dan Deitchman purchased the asset for $15.2 million in an all-cash transaction. Located at 100 Bard Drive, the 173-unit property features 458 beds. Built in 1988, the property was 99 percent occupied at the time of sale. Drew Bobincheck and Chuck Heller of Landmark Commercial Realty/TCN Worldwide represented the buyer in the 1031 exchange transaction.
QUAKERTOWN, PA. — Bensalem, Pa.-based Roddy Inc. has arranged the sale of an industrial property located at 472 California Road in Quakertown. The buyer, 472 California Road LP, acquired the 125,091-square-foot property from 472 California Road Partners LP for $3.8 million. The fully heated building features a sprinkler system, 18 tailgate loading doors, three drive-in doors and approximately 24,718 square feet of office space. Ceiling heights range from 15 feet to 23 feet throughout the building. Sean Durkin of Roddy Inc. represented the seller, 472 California Road Partners LP, in the transaction.
YORK, PA. — Alliance HSP has acquired two industrial properties located at 2925 E. Market St. and 789 Kings Mill Road in York. D&D Distribution sold the assets, which total 566,000 square feet, for an undisclosed price. As part of the transaction, Alliance HSP entered into a full-building, three-year leaseback with D&D Distribution for the 180,000-square-foot property at 789 Kings Mill Road and a long-term lease totaling 250,000 square feet with Stauffer’s Biscuit Co. at the 386,000-square-foot building at 2925 E. Market St. Alliance HSP has started a capital improvement plan at 2925 E. Market St. The improvements, including a new roof, enhanced loading docks and improved truck circulation, are slated for completion in April. Gerry Blinebury of Cushman & Wakefield represented D&D Distribution in the transactions.
PHILADELPHIA — Shorenstein Properties LLC has acquired the 848,000-square-foot 1700 Market Street building, located in Philadelphia’s Center City submarket. The Philadelphia Business Journal reported the asset was purchased for just under $200 million. The 32-story office tower is located at the intersection of Market and 17th streets and provides more than 675 parking spaces and 30,000-square-foot floor plates. Shorenstein plans to renovate and upgrade the building. Amenities at 1700 Market Street include a fitness center, a child care facility, dry-cleaning facility, travel agency, restaurants, florist, pharmacy and branch bank.
PHILADELPHIA — HFF has arranged $88 million in financing for The Left Bank, an apartment complex in Philadelphia. The firm placed the five-year, fixed-rate loan with a regional community bank for the borrower, Dranoff Properties. Located at 3131 Walnut St., The Left Bank features 282 apartment units in a mix of studio, one-, two- and three-bedroom layouts averaging 971 square feet. Community amenities include a lobby, sky deck, landscaped courtyard, fitness center, business center, community conference rooms, clubroom with catering kitchen, bike storage and 24-hour concierge service. The property also includes 98,707 square feet of office space and 22,605 square feet of retail, both of which are 100 percent occupied. Jim Cadranell and Ryan Ade of HFF arranged the financing for the borrower.
CHAMBERSBURG, PA. — New York City-based Katz Properties has acquired Chambersburg Crossing, a shopping center located at 925 Norland Ave. in Chambersburg, for $45 million. The 400,000-square-foot property is fully occupied by a variety of tenants, including Giant Food, Kohl’s, Staples, Michaels, PetSmart, Chipotle, Olympia Sports, Red Robin, Panera Bread, Five Below, TGI Friday’s, Rue21 and Subway. R. William Kent and Ryan Sciullo of CBRE represented Katz Properties and the undisclosed seller in the transaction. Leasing and property management services will be provided by Winslow Property Management, an affiliate of Katz Properties.