Pennsylvania

Lebanon-Valley-Distribution-Fredericksburg-PA

USAA, Trammell Crow Complete 874,126 SF Lebanon Valley Distribution Center in Pennsylvania

by Amy Works April 8, 2016

FREDERICKSBURG, PA. — USAA Real Estate Co., in partnership with Trammell Crow Co., has completed the development of Lebanon Valley Distribution Center in Fredericksburg. The 874,126-square-foot warehouse/distribution building features a cross-dock design with 36-foot clear heights, ESFR sprinklers, 123 dock doors, two drive-in doors and parking for 219 cars and 202 trailers. Additionally, the property is expandable to up to 1 million square feet, 155 dock doors, 870 car parking spots and 247 trailer stalls with the potential of an additional 385 remote stalls. The project is the third project in the region completed by USAA RealCo and Trammell Crow.

April 8, 2016

Northeast Pennsylvania Retail

PREIT Sells 834,600 SF Lycoming Mall in Pennsylvania for $26.3M

by Amy Works March 31, 2016

PENNSDALE, PA. — PREIT has completed the disposition of Lycoming Mall, an enclosed mall located at 300 Lycoming Mall Circle in Pennsdale. The 834,600-square-foot asset sold for $26.3 million to an undisclosed buyer. Constructed in 1978 and redeveloped in 1990, the property’s current tenant roster includes Macy’s, Sears, JCPenney, Bon-Ton, Dick’s Sporting Goods, Books-A-Million, Burlington Coat Factory, Old Navy, American Eagle Outfitters, Bath & Body Works, The Children’s Place, Gymboree, Hollister, Justice, maurices, PacSun, Shoe Dept., Victoria’s Secret and Yankee Candle. Outparcel tenants include Best Buy, Big Lots and Friendly’s.

March 31, 2016

Affordable Housing Loans Multifamily Northeast Pennsylvania

KeyBank Provides $5.4M Loan for Affordable Housing Property in Pennsylvania

by Amy Works March 31, 2016

CORAOPOLIS, PA. — KeyBank has provided a $5.4 million bridge loan for State Manor Apartments, a multifamily community located at 1020 State Ave. in Coraopolis, a suburb 12 miles northwest of Pittsburgh. SMA Cory PA LLC will use the loan to acquire the high-rise property, which features 104 affordable apartment units. Kelly Frank of Key’s Community Development Lending group arranged the financing for the borrower.

March 31, 2016

Loans Northeast Office Pennsylvania

Mission Capital Arranges $16.5M Loan for Valley Square Office Complex in Pennsylvania

by Amy Works March 30, 2016

BLUE BELL, PA. — Mission Capital Advisors has arranged a $16.5 million bridge loan for Valley Square, an office complex located at 512 Township Line Road in Blue Bell. Steven Buchwald and Lexington Henn of Mission Capital secured the loan for the borrower, Contrarian Capital Management. After acquiring the five-building, 289,194-square-foot complex in 2013 for $8.5 million, Contrarian and its operating partner, Corvest Realty Group, implemented millions of dollars of capital improvements at the property and substantially leased many of the upgraded buildings. Originally constructed in 1983, the property is located approximately 20 miles northwest of Philadelphia.

March 30, 2016

Massachusetts Northeast Pennsylvania Retail

Modell’s Sporting Goods Opens Two Locations in Boston and Philadelphia

by Amy Works March 22, 2016

BOSTON AND PHILADELPHIA — Modell’s Sporting Goods has opened locations in Boston and Philadelphia. Located at 480 Boylston St. in Boston’s Back Bay area and at 1608 Walnut St. in Philadelphia near Rittenhouse Square, the two 11,000-square-foot stores will be tailored to customers passionate about running, fitness and professional sports teams and will offer elite brands such as Brooks, Asics, The North Face, Nike, Under Armour and adidas.

March 22, 2016

4815-Hanoverville-Road-Lower-Nazareth-PA

Industrial Northeast Pennsylvania

TCC, Clarion Partners Acquire 90-Acre Site, Break Ground for Industrial Trade Center in Lehigh Valley

by Amy Works March 15, 2016

LOWER NAZARETH, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have acquired a 90-acre site located at 4815 Hanoverville Road in Lower Nazareth for the development of Lehigh Valley Trade Center. Construction is slated to begin later this month for two Class A speculative warehouse/distribution buildings totaling more than 1.2 million square feet. Building A will comprise 947,000 square feet with cross-dock loading, 36-foot clear heights, the capacity for more than 240 loading dock doors, and ample car and trailer parking. The second building will total 297,000 square feet and will feature rear loading and 32-foot clear heights. Clarion Partners acquired the property on behalf of a commingled fund that it manages.

March 15, 2016

Loans Multifamily Northeast Pennsylvania

Radnor Property Group Receives $53.4M in Equity, Construction Financing for 16-Story Apartment Property in Philadelphia

by Amy Works March 11, 2016

PHILADELPHIA — Radnor Property Group has received $53.4 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story apartment property located on Drexel University’s campus in Philadelphia’s University City neighborhood. HFF arranged $18 million in preferred equity from a commingled fund managed by American Realty Advisors and secured a $35.3 million construction loan for the newly created partnership through the Santander Commercial Real Estate office in Philadelphia. Slated for completion in 2017, the high-rise property will feature 164 one- and two-bedroom residential units, averaging 680 square feet, and 13,837 square feet of ground-floor commercial space, which will be occupied by Nobel Learning Communities, a childcare operator. Ryan Ade and Mark Thomson of HFF arranged the financing and equity for the borrower.

March 11, 2016

Northeast Pennsylvania Restaurant Retail

Colliers Negotiates $2.1M Sale of Restaurant Building in Pennsylvania

by Amy Works March 10, 2016

HANOVER, PA. — Colliers International has brokered the sale of a restaurant property located at 81 Wilson Ave. in Hanover. An undisclosed 1031 buyer acquired the 5,437-square-foot property for $2.1 million. The property is double-net corporate-leased to Buffalo Wild Wings on a 15-year basis. Larry Kostelac, William Aiello, George Lulos of Colliers were the sole brokers in the transaction. The name of the seller was not disclosed.

March 10, 2016

Multifamily Northeast Pennsylvania

CCIC to Develop 67-Unit Strata II at City Center Lehigh Valley in Pennsylvania

by Amy Works March 9, 2016

ALLENTOWN, PA. — City Center Investment Corp. (CCIC) is developing Strata II, a 67-unit residential complex at City Center Lehigh Valley, a mixed-used development in downtown Allentown. Designed by WRT with engineering work by T&M Associates, the five-story, 100,000-square-foot building will feature one- and two-bedroom market-rate apartment units and a variety of amenities, including a game room, movie theater and private courtyard. Additionally, the project will feature eight arts-related retail spaces on the first floor, including a co-op gallery. Slated to open in spring 2017, the $23 million residential property will join the 170-unit Strata Flats residential property that opened in July 2015. The project team includes Cityline Construction as project manager of the building’s commercial portion; T&M Associates as engineer; and Harkins Builders as general contractor.

March 9, 2016

Northeast Office Pennsylvania

Joint Venture Buys 12-Building Office Park in Pennsylvania

by Amy Works March 9, 2016

WAYNE, PA. — PDC-Old Eagle LLC and Long Wharf Real Estate Partners have partnered to acquire Evolve IP Corporate Center, a 12-building office park located at 983-999 Old Eagle School Road in Wayne. The partnership secured a $29.6 million five-year, fixed-rate acquisition loan for the 376,303-square-foot property. Situated on 49.9 acres, the office park is 80.2 percent occupied by 95 tenants, including Evolve IP LLC, McBee Associates, Administrative Concepts Inc., YSC Academy, Prosoft Software and North American Specialty Products. Jim Cadranell of HFF arranged the joint venture equity and debt financing for the buyers. John Schonborn of HFF represented Long Wharf Real Estate Partners and Pat McNulty, also of HFF, represented PDC-Old Eagle in the joint venture transaction.

March 9, 2016

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