Pennsylvania

Colliers Negotiates $24M Loan for Acquisition, Redevelopment of West Philadelphia High School

by Amy Works February 11, 2016

PHILADELPHIA — Colliers International Capital Markets has arranged $24 million of debt for the acquisition and redevelopment of a former West Philadelphia High School, located at 4700 Walnut St. in Philadelphia. The 442,000-square-foot building will be converted into a 298-unit multifamily property. The three-year adjustable loan is interest only at LIBOR plus 3.75 percent and was done as a Section 47 Historic Tax Credit transaction. Kristopher Wood and John Banas of Colliers arranged the loan for the undisclosed borrower.

February 11, 2016

Northeast Office Pennsylvania

NGKF Brokers $98.4M Sale of 298,482 SF Office Building in Pennsylvania

by Amy Works February 10, 2016

WEST CONSHOHOCKEN, PA. — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of an office building located at 300 Four Falls in West Conshohocken. A tenants-in-common ownership group sold the seven-story glass and granite tower building to Maguire Hayden Real Estate Co. for $98.4 million. The 298,482-square-foot tower, which sits atop a six-story concrete parking deck, was 97 percent occupied at the time of sale. Mike Margolis, Taylor King, Dave Dolan and Brett Segal of NGKF represented the seller in the transaction.

February 10, 2016

Loans Multifamily Northeast Pennsylvania Student Housing

Colliers Arranges $28M in Refinancing for 444-Bed Student Housing Property in Pennsylvania

by Amy Works February 10, 2016

HARRISBURG, PA. — Colliers International Capital Markets (CICM) has arranged $28 million in refinancing for Campus Heights Student Housing, an apartment community serving the Penn State Harrisburg campus. Located in Harrisburg, the property features 111 units for a total of 444 beds. The 12-year, fixed-rate loan features a 30-year amortization schedule. Kristopher Wood and John Banas of CICM’s Philadelphia office arranged the loan for the undisclosed borrower.

February 10, 2016

Multifamily Northeast Pennsylvania

NGKF Brokers Sale of Multifamily Development Site in Philadelphia

by Amy Works February 9, 2016

PHILADELPHIA — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of the SOKO Lofts development site, located at 1300-1354 N. Second St. in Philadelphia’s South Kensington neighborhood. Canus Corp. sold the property to The Klein Company for an undisclosed sum. Scheduled to begin construction later this year, the fully approved development will feature 320 apartments. Brett Segal, Mike Margolis, Dave Dolan and Jeff Mack of NGKF represented the seller in the transaction.

February 9, 2016

Northeast Office Pennsylvania Retail

NGKF Negotiates $4.1M Sale of Commercial Property in Pennsylvania

by Amy Works February 1, 2016

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.

February 1, 2016

Northeast Pennsylvania Retail

Cost Plus World Market Opens First Store in Suburban Philadelphia

by Amy Works January 25, 2016

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.

January 25, 2016

Northeast Pennsylvania Retail

J.G. Petrucci Co. Acquires 1.7-Acre Land Parcel in Pennsylvania

by Amy Works January 22, 2016

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.

January 22, 2016

Healthcare Northeast Office Pennsylvania

Sands Investment Group Negotiates Sales of Two Medical Office Properties in Pennsylvania

by Amy Works January 20, 2016

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.

January 20, 2016

Multifamily Northeast Pennsylvania Student Housing

Landmark Commercial Realty Brokers $15.2M Acquisition of Student Housing Property in Pennsylvania

by Amy Works January 14, 2016

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.

January 14, 2016

Industrial Northeast Pennsylvania

Roddy Inc. Brokers $3.8M Sale of Industrial Property in Pennsylvania

by Amy Works January 12, 2016

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.

January 12, 2016

Newer Posts

Older Posts