PHOENIXVILLE, PA. — A joint venture between Toll Brothers Apartment Living and The Davies Companies has opened Riverworks, an apartment community located on Main Street in Phoenixville. Located within walking distance to dining, shopping and recreation, the property features 349 units ranging from studio to two-bedroom layouts. Residences feature plank flooring, stainless steel appliance packages, modern kitchens, in-unit washer/dryers, USB charging stations, and exterior patios or balconies on select homes. On-site community amenities include an outdoor pool with sundeck, outdoor fire pit, lounge and grilling areas; residents’ lounge with fireplace and game room; and a fitness center with a rock climbing wall and CrossFit space.
ALLENTOWN, PA. — City Center Investment Corp. has purchased a 250,000-square-foot office building, located at Sixth and Linden streets in downtown Allentown, for $8.5 million. Approximately half of the building is long-term leased to The Morning Call, which uses the property as office space and to print the daily paper. The buyer plans to lease out the building’s vacant space. The acquisition also includes a nearby parking deck. City Center Investment Corp. purchased the property from Tribune Media using financing through Peoples Security Bank & Trust Co.
PHILADELPHIA — PH Retail, an affiliate of Post Brothers, has acquired a controlling interest of two properties located at 1501-1505 Walnut St. and 1520-1522 Chestnut St. in Philadelphia’s Center City. The total project is valued at more than $50 million and adds 70,000 square feet of prime commercial space to PH Retail’s portfolio. Totaling 30,000 square feet of retail/restaurant space, 1501-1505 Walnut St. is occupied by AT&T Mobility’s flagship location and Club Monaco and has one 2,848-square-foot unit of space available. 1520-1522 Chestnut features 27,000 square feet of above-grade space and 13,000 square feet of below grade space. James Galbally of JLL represented the seller, PREIT, in the transaction.
The Lehigh Valley has experienced significant residential growth over the last 20 years, and retail development is now catching up. High-growth suburban townships have seen significant retail development. Mixed-use projects that include retail are planned or underway in downtown Allentown, Bethlehem and Easton. New pad site and outparcel development has continued to be strong throughout the entire valley. The Hamilton Boulevard/Route 222 corridor in Lower Macungie has been the most active area for new construction. The 560,000-square-foot Hamilton Crossings in Lower Macungie is scheduled to open shortly and will feature Target along with the valley’s first Costco, Nordstrom Rack and Whole Foods. Trexler Business Center, a new project anchored by Movie Tavern, is also in the works. These developments will keep local residents shopping in this area versus traveling to the Macarthur Road corridor, Cedar Crest Boulevard or the Promenade Shops. The 140,000-square-foot retail component at Madison Farms in Bethlehem Township is nearing full completion and the 270,000-square-foot Westgate Mall is in the middle of a major renovation. New projects are in the planning stages along Route 309 in North Whitehall Township, Macarthur Road in Whitehall Township, Airport Road in East Allentown, Eighth Avenue in Bethlehem, Route 33 in Bethlehem …
PITTSBURGH — UC Funds has completed a $24.2 million adaptive reuse bridge loan for the conversion of the historic Salvation Army building into the Distrikt Hotel in downtown Pittsburgh. The 183-room hotel will operate as a full-service boutique hotel with amenities including a high-end restaurant with room service, bar and lounge, fitness center and rooftop patio.
DEVON, PA. — CBRE Group has arranged the sale of the Patient First Medical Center located at 133 Lancaster Ave. in Devon. The 7,000-square-foot asset sold for $2.8 million. With the sale of the property comes a 20-year corporately guaranteed ground lease and no landlord responsibilities of expenses. Matthew Gorman and Michael Shover of CBRE represented the seller and buyer in the deal.
MANCHESTER TOWNSHIP, PA. — Bennett Williams Commercial has arranged the sale of a 2.64-acre land parcel located at 1400 Toronita St. in Manchester Township. Clearview Associates purchased the property from Round the Clock Diner & Coffee Shop Inc. for $1 million. Keith Kahlbaugh of Bennett Williams represented the buyer in the deal.
IRVING, TEXAS AND PHILADELPHIA — C-III Capital Partners LLC, a commercial real estate investment manager and property services firm, has agreed to purchase Resource America Inc. (NASDAQ: REXI), an asset management company that specializes in commercial real estate and credit investments. Under the terms of the agreement, Resource America stockholders will receive $9.78 per share in cash, for a total of approximately $207 million. Resource America’s board of directors unanimously approved the agreement. The price per share represents a 51 percent premium over Resource America’s closing price on May 20. “Having undertaken a thorough strategic review, during which we evaluated a wide variety of options, the board has unanimously concluded that partnering with C-III is the best way to maximize value,” says Jonathan Cohen, president and CEO of Resource America. “C-III is a highly regarded real estate services and investment management organization with outstanding leadership.” Philadelphia-based Resource America is the external manager of one publicly traded REIT, four non-traded REITS and two other registered investment companies and focuses on capital-raising activities through the independent broker-dealer network. Irving-based C-III Capital Partners currently manages $3.8 billion on behalf of institutional investors in both debt and equity funds, a separate account and several …
CHALFONT, PA. — J.G. Petrucci Co. is breaking ground on Patriot Station at Chalfont, a luxury apartment community located at 14 Park Ave. at Chalfont. Slated to open in spring 2017, the property will feature 69 one- and two-bedroom apartment units with stainless steel kitchen appliances, quartz countertops and full-size washers and dryers in each unit. Additionally, the complex will feature on-site surface parking and a state-of-the-art fitness center. Minno & Wasko is serving as architect for the project.
JONESTOWN, PA. — Ridgeline Property Group has broken ground on Crossroads Logistics Center, a speculative industrial building located on MSC Drive in Jonestown. Expandable to 450,000 square feet, the 398,250-square-foot building will feature 36-foot clear heights, 85 dock doors in a cross-docked configuration, four drive-in doors, 55-foot by 56-foot column spacing, ESFR sprinkler systems, 206 auto parking spaces and 116 trailer storage stalls. Completion is slated for December. CBRE has been retained to market the property for lease.