Pennsylvania

TD Bank Invests $20.6M in Historic School Conversion in Philadelphia

by Amy Works November 17, 2016

PHILADELPHIA — TD Bank has invested a total of $20.6 million to convert the long-vacant Spring Garden School in Philadelphia into a 49-unit affordable community for seniors and homeless veterans. The investment includes $11.6 million in tax credit equity and a $9 million construction loan. When completed, the conversion will offer 37 units for low-income seniors and 12 units for homeless veterans. Spring Garden School was built in 1927 and added to the National Register of Historic Places in 1986. The property has been vacant for nearly 40 years. The project will include restoring the interior and exteriors of the building, while intentionally preserving some of the graffiti. HELP USA, a national homeless service provider and low-income housing developer, is developing the project.

November 17, 2016

Northeast Pennsylvania Retail

JV Acquires Ephrata Commons Shopping Center in Ephrata, Pennsylvania, for $6.1M

by Amy Works November 17, 2016

EPHRATA, PA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has acquired Ephrata Commons Shopping Center, located at 385 N. Reading Road in Ephrata. An undisclosed seller sold the property for $6.1 million. Tenants at the 54,810-square-foot shopping center include Redner’s Warehouse Market, Tokyo Asian Cuisine, RadioShack, Cecilia’s Beauty Salon, Wild Wings Pizza & Things and Gehman Jewelers.

November 17, 2016

Northeast Pennsylvania Retail

QuickLiquidity Acquires Partnership Interest in $25M Neighborhood Shopping Center in Pittsburgh

by Amy Works November 16, 2016

PITTSBURGH — QuickLiquidity has purchased a partnership interest in a $25 million neighborhood shopping center in the Pittsburgh metropolitan area. The partnership owns a 275,000-square-foot retail property anchored by Giant Eagle. The property is more than 95 percent occupied by a variety of tenants, including Dollar General, PNC Bank, Chick-fil-A, Starbucks Coffee, MedExpress, Aaron’s and Mattress Firm. The name of the seller was not released.

November 16, 2016

Hospitality Northeast Pennsylvania

HREC Arranges Sale of La Quinta Inn & Suites in Pittsburgh

by Amy Works November 16, 2016

PITTSBURGH — HREC Investment Advisors has brokered the sale of La Quinta Inn & Suites Pittsburgh North McKnight, located at 4859 McKnight Road in Pittsburgh. Buffalo, N.Y.-based Hamister Group acquired the 145-room hotel for an undisclosed price. Ketan Patel and Ted Anka of HREC represented the seller in the transaction.

November 16, 2016

Industrial Northeast Pennsylvania

STAG Industrial Holdings Acquires 172,647 SF Industrial Property in Langhorne, Pennsylvania

by Amy Works November 10, 2016

LANGHORNE, PA. — STAG Industrial Holdings Inc. has purchased an industrial property located within Bucks County Business Park at 121 Wheeler Court in Langhorne. A Boston-based pension fund advisor sold the 172,647-square-foot property for an undisclosed price. The building is leased to Silgan Plastics Corp. Joseph Hill, Robert Yoshimura and Eric Mattson of Cushman & Wakefield arranged the sale.

November 10, 2016

Multifamily Northeast Office Pennsylvania

Coretrust Capital Partners Buys Controlling Interest of Office Portion of Two Liberty Place in Philadelphia

by Amy Works November 8, 2016

PHILADELPHIA — An affiliate of Coretrust Capital Partners has acquired controlling interests in Two Liberty Place, an office and residential tower located in Philadelphia’s Center City, for an undisclosed price. Coretrust Capital Partners will own the 940,000-square-foot office portion, floors one to 37, of the property. The 57-story tower features 1.2 million square feet of office and residential condominium space. The office space is currently 89 percent leased to Cigna, Buchanan Ingersoll & Rooney and Eckert Seamans. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets represented the undisclosed selling partnership in the deal.

November 8, 2016

Northeast Office Pennsylvania

CBRE Arranges $7.5M Sale of Office Property in Horsham, Pennsylvania

by Amy Works November 8, 2016

HORSHAM, PA. — CBRE has brokered the sale of a Citizens Bank property, located at 822 Welsh Road in Horsham. An undisclosed buyer acquired the 3,500-square-foot asset for $7.5 million. Marc Mandel, Matthew Gorman and Michael Shover of CBRE represented the undisclosed seller in the deal. Citizens Bank currently has 15 years remaining on its long-term ground lease of the property.

November 8, 2016

Industrial Loans Mixed-Use Multifamily Northeast Office Pennsylvania Retail

Power of 32 Site Development Fund Provides $9.5M Loan for 178-Acre Waterfront Development in Pittsburgh

by Amy Works November 4, 2016

PITTSBURGH — Power of 32 Development Fund LP has provided a $9.5 million loan to help fund site preparation, including construction, for Almono, a 178-acre waterfront mixed-use project at a brownfield site in Pittsburgh. The fund contributed to the nearly $49 million private-public loan fund to close infrastructure financing gaps and increase the inventory of pad-ready sites in the 32-county greater Pittsburgh region. Located in Pittsburgh’s Hazelwood neighborhood, the Almono was formerly part of the J&L/LTV Steel Hazelwood Works. The project will feature a mix of office, industrial, residential and retail space. Its first official tenant, Uber, has committed to utilize 42 acres on the site for a test track for its self-driving cars and to renovate the historic train roundhouse building for an Advanced Technologies Center.

November 4, 2016

Industrial Northeast Pennsylvania

Carson Companies Acquires Eight-Building Industrial Portfolio in Bristol, Pennsylvania

by Amy Works November 3, 2016

BRISTOL, PA. — Carson Companies has purchased an eight-building industrial portfolio in Bristol for an undisclosed price. Located within Keystone Industrial Parks, the assets, totaling 475,910 square feet, are 2530 and 2578 Pearl Buck Road, 2524 and 2554 Ford Road, 160, 171 and 219 Rittenhouse Circle, and 130 Wharton Road. Ranging from 31,000 square feet to 112,000 square feet, the properties were collectively 40 percent occupied at the time of sale. Tenants include FedEx, Philadelphia Media Network, Vivint Solar and Autopark International. Gerry Blinebury, Jeff Williams and Robert Yoshimura of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

November 3, 2016

Connecticut Loans Massachusetts New Hampshire New York Northeast Pennsylvania Retail Rhode Island

HFF Arranges Financing for a Portfolio of 154 Northeast Convenience/Gas Station Sites

by Amy Works November 2, 2016

DALLAS — The Dallas office of HFF has arranged post-acquisition financing for a portfolio of 154 convenience and gas station sites totaling 97.8 acres in the Northeast. The loan was provided by a consortium of lenders led by Capital One and BMO Harris. Andy Scott and Michael George of HFF’s Dallas office arranged the five-year, floating rate acquisition financing with 18 months of interest-only payments for the borrower, a subsidiary of a private real estate investment fund advised by Crow Holdings Capital-Real Estate. The portfolio comprises 88 sites in New York, 45 sites in Massachusetts, 11 sites in Connecticut, seven sites in New Hampshire, two Rhode Island sites and one site in Pennsylvania. All properties are subject to an absolute net lease for 20 years with a subsidiary of Petroleum Marketing Group. The amount of the loan was not released.

November 2, 2016

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