Pennsylvania

Keystone Property Group Acquires 245,000 SF Office Building in Pennsylvania

by Amy Works January 6, 2016

BALA CYNWYD, PA. — Keystone Property Group has acquired an office building located at One Belmont Avenue in Bala Cynwyd from Maguire & Partners for an undisclosed price. Situated in the City Avenue commercial corridor, the property, also known as the GSB Building, comprises 245,000 square feet of office and ground-floor retail space. Keystone plans upgrades for the existing 12-story building, including new elevators, an upgraded HVAC system, enhanced lobbies and restrooms and an improved parking structure. Located on an eight-acre parcel, the property allows for significant additional mixed-use development opportunities. At the time of acquisition, the property was 93 percent occupied. Robert Fahey, Jerome Kranzel, Erin Hannan of CBRE and Gene McHale of Beacon Commercial represented the seller in the transaction.

January 6, 2016

Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 129,945 SF Shopping Center in Pennsylvania

by Amy Works January 6, 2016

EBENSBURG, PA. — Marcus & Millichap has arranged the sale of College Plaza, a 129,945-square-foot shopping center located at 881 Hills Plaza in Ebensburg. A New Jersey-based privately owned real estate investment company purchased the strip center from a tenant-in-common group for an undisclosed price. Situated on 22 acres, the property is occupied by Giant Eagle, Big Lots, Aaron’s, Dollar General, Sherwin Williams, GNC and Pennsylvania Highlands Community Center. Brian Munn, Joshua Ein, Mark Taylor and Dean Zang of Marcus & Millichap represented the seller, while Tim Giambrone, also of Marcus & Millichap, secured and represented the buyer in the transaction.

January 6, 2016

Delaware Multifamily New Jersey Northeast Pennsylvania

AIG Global Real Estate Investment Corp. Sells 12-Property Apartment Portfolio for $165M

by Amy Works January 4, 2016

NEW YORK CITY — New York City-based AIG Global Real Estate Investment Corp. has sold a 12-property apartment portfolio in New Jersey, Pennsylvania and Delaware. An undisclosed buyer purchased the 2,811-unit portfolio for $165 million free and clear of existing debt. The garden-style communities feature a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size. Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks. Seven properties are in New Jersey, three in Pennsylvania and two in Delaware. Jose Cruz, Andrew Scandalios, Mark Thomson, Kevin O’Hearn, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.

January 4, 2016

Northeast Pennsylvania Retail

Retail Sites LLC Breaks Ground on 155,000 SF Shopping Center in Brookhaven, PA

by Amy Works January 4, 2016

BROOKHAVEN, PA. — Maple Shade, N.J.-based Retail Sites LLC has broken ground on The Shoppes at Brookhaven, a 25-acre shopping center located in Brookhaven. The 155,000-square-foot center will be occupied by a 67,000-square-foot Giant Food, as well as LA Fitness, Starbucks Coffee, Smashburger, Pet Valu, Hair Cuttery, Mavis Tire, Sport Clips and a Pennsylvania Wine and Spirits Store. The $33 million shopping center is slated to open in fall 2016. As part of the development, the Borough of Brookhaven will receive more than 10 acres of new public recreation land and will receive a new baseball field valued at more than $700,000. The project will generate in excess of 235 new full-time jobs and 225 additional jobs during the development and construction of the site.

January 4, 2016

Northeast Pennsylvania Retail

New York Life Real Estate Investors Acquires 299,634 SF Shopping Center in Pennsylvania

by Amy Works January 4, 2016

CLIFTON HEIGHTS, PA. — New York Life Real Estate Investors has acquired Home Depot Plaza, a shopping center located in Clifton Heights, an infill suburban submarket of Philadelphia. The property sold for an undisclosed price. The 299,634-square-foot grocery-anchored center was 98 percent occupied at the time of sale. Tenants include The Home Depot, Acme Supermarket, Modell’s and Petco.

January 4, 2016

Northeast Pennsylvania Retail

Bennett Williams Realty Brokers $1.4M Sale of Retail Property in Pennsylvania

by Amy Works January 4, 2016

CLINTON TOWNSHIP, PA. — Bennett Williams Realty Inc. has arranged the sale of a retail property located at 2020 State Route 54 in Clinton Township. SRI Gopal Properties LLC purchased the 9,100-square-foot property from MDC Development LP for $1.4 million. Chad Stine, Brad Rohrbaugh and Adam Hagerman of Bennett Williams Realty represented the seller in the transaction.

January 4, 2016

Hospitality Northeast Pennsylvania

HREC Arranges Sale of Yorktowne Hotel in Pennsylvania

by Amy Works December 24, 2015

YORK, PA. — HREC Investment Advisors has arranged the sale of Yorktowne Hotel, a historic, full-service hotel in York. York County Industrial Development Authority acquired the property for an undisclosed price. First opened in 1925, the hotel features 124 guest rooms. The buyer has substantial renovations and improvements planned for the property. Ketan Patel, Kevin Hanley and Geoff Davis of HREC represented the seller, VIII-Hotel II P Loan Portfolio – Yorktowne LLC, in the transaction.

December 24, 2015

Massachusetts Northeast Pennsylvania Retail

Modell’s Sporting Goods Acquires Three New Locations from City Sports

by Amy Works December 23, 2015

PHILADELPHIA, BOSTON AND WASHINGTON, D.C. — Modell’s Sporting Goods has acquired three new locations in major cities on the East Coast. The company has acquired 1608 Walnut St. in Philadelphia, 480 Boylston St. in Boston and 715 Seventh St. NW in Washington, D.C., from City Sports for an undisclosed price. Modell’s Sporting Goods will transition the three locations, ranging from 7,500 square feet to 9,000 square feet, from City Sports retailers in early 2016. The acquisition of these locations brings Modell’s total store count to 160 locations in 10 states.

December 23, 2015

Multifamily Northeast Pennsylvania Seniors Housing

Weber Wood Medinger/CORFAC Brokers Sales of Two Land Parcels in Suburban Pittsburgh

by Amy Works December 21, 2015

BETHEL PARK, PA. — Weber Wood Medinger/CORFAC International has brokered the sales of two land parcel located in Bethel Park, a suburb seven miles southwest of Pittsburgh. In the first transaction, Kaufman Jacobs Capital Investments purchased five acres of land to develop an assisted living and memory care community off Baptist Road within the master-planned Cool Springs Sports Complex in Bethel Park. Operated by Vero Beach, Fla.-based Harbor Retirement Associates, HarborChase of Bethel Park will feature a variety of lifestyle choices for residents as well as hospitality-inspired amenities. In a separate deal, Rolling Lambert acquired a 10-acre wooded parcel within the Cool Springs Sports Complex in Bethel Park. Rolling Lambert plans to build a 23-unit carriage-style, townhome community on the site. Construction on both properties will start in early spring 2016, with the townhomes delivered in mid-2016 and the assisted living facility scheduled to open in 2017. Kevin Riley of Weber Wood Medinger represented the seller, Penn Grove Group Capital, in both transactions. The acquisition prices for the transactions were not disclosed.

December 21, 2015

Industrial Northeast Pennsylvania

Stream Capital Partners Arranges $13.2M Sale Leaseback for Markel Corp. in Pennsylvania

by Amy Works December 11, 2015

PLYMOUTH MEETING, PA. — Stream Capital Partners has brokered the $13.2 million sale-leaseback of Markel Corp.’s corporate headquarters. Located in Plymouth Meeting, the 166,667-square-foot industrial/flex building has served as Markel’s headquarters for more than 40 years. Markel is leasing the building back on a long-term absolute triple-net lease with periodic rental increases and multiple renewal options from the buyer, a private industrial group based in the Midwest. Jonathan Wolfe and Jordan Shtulman of Stream Capital represented the seller, Markel Corp., in the transaction.

December 11, 2015

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