WEST GOSHEN TOWNSHIP, PA. — Swope Lees Commercial Real Estate has brokered the sale of an industrial flex building located at 909 Camaro Run Drive in West Goshen Township for an undisclosed sum. The property features two loading docks, ample parking and space for a 3,000-square-foot expansion. Frank Lamarr of Equitrust LTD and Jim Lees of Swope Lees arranged the sale. The names of the seller and buyer were not released.
UNION TOWNSHIP, PA. — Dermody Properties and PCCP have broken ground on LogistiCenter 78-81 in Union Township. Situated on 43 acres at the intersection of I-78 and I-81, the facility will feature 405,000 square feet of industrial space. The property will be a front-load distribution building with a separate lot providing excess to parking capacity. Additionally, the facility will feature 36-foot clear heights, 81 dock doors, 60-foot loading bays and parking for 220 cars and one extra trailer parking space per dock door. Completion is slated for spring 2016. R. S. Mowery & Sons Inc. is serving as the general contractor for the project.
UPSTATE NEW YORK; HARTFORD, CONN.; AND PHILADELPHIA — Equity Commonwealth (NYSE: EQC), a real estate investment trust (REIT) based in Chicago, has sold 13 properties in three separate transactions totaling $261 million. In the first transaction, the company sold an 11-property portfolio of small office assets totaling 2 million square feet in upstate New York for $104.6 million. The company also sold City Place, an 868,000-square-foot office property at 185 Asylum St. in Hartford, Conn., for $113.3 million. The office is the tallest building in Hartford. As of June 30, the property was 98.7 percent leased. In the third transaction, Equity Commonwealth sold an undisclosed property at the corner of North 16th and Race streets in Philadelphia for $43 million. The 609,000-square-foot vacant property is currently vacant. The buyers in all three sales were not disclosed. Concurrent with the dispositions, Equity Commonwealth has doubled its share buyback program from $100 million to $200 million. The company has repurchased 3.4 million shares of its common stock at an average price of $25.76 per share for a total investment of $87.8 million. The company currently has $112.2 million available for share repurchases over the next 12 months. Equity Commonwealth’s stock price closed …
YORK, PA. — Marcus & Millichap has brokered the sale of Stonybrooke Shopping Center, a retail center located in York. The 63,955-square-foot shopping center sold for $3.6 million, approximately 97 percent of asking price. Situated on 10.4 acres at 3609 E. Market St., the center is occupied by Food Lion, Avis Rent-A-Car, local restaurants and Monro Muffler and Brake. The Food Lion recently underwent a $2 million renovation. Christopher Burnham, Derrick Dougherty and Dean Zang of Marcus & Millichap represented the seller, a group of Baltimore-based investors. The name of the buyer was not released.
PHILADELPHIA — Equus Capital Partners has acquired Hill House Apartments, a high-rise multifamily property located in Philadelphia’s Chestnut Hill neighborhood. The 188-unit property sold for $42 million and was 95 percent occupied at the time of timing. The property offers a mix of studios, one-, two- and three-bedroom apartments, as well as underbuilding parking, a fitness center and an outdoor pool. Equus plans to invest $5 million to improve the common areas and amenities of the property, as well as complete the unit interior upgrades that began under prior ownership. The acquisition marks the first multifamily investment for Equus Investment Partnership X LP, the latest discretionary fund managed by Equus. Madison Apartment Group, the multifamily operating arm of Equus, will manage the community. Greg Curci of Equus oversaw the acquisition for the firm, while Rittenhouse Realty Advisors represented the undisclosed seller in the transaction.
PHILADELPHIA — A joint venture between affiliates of Alterra Property Group and Stockton Real Estate Advisors has acquired an office building located at 1760 Market St. in Philadelphia’s Center City. Located at the corner of 18th and Market streets, the 15-story, 126,000-square-foot property is occupied by Allied Barton, GSA Federal Transit Administration and The Philadelphia Trust Company, among others. The partnership plans to reposition the building as a premier location for Philadelphia’s business community. The repositioning will include retrofitting the exterior with LED lighting and upgrades to the lobby and common areas to give the building a more contemporary look. Stockton Real Estate Advisors will assume on-site leasing and management responsibilities on behalf of the joint venture. The sales price was not disclosed.
PHILADELPHIA — Old Navy, a division of Gap Inc., has signed a lease for 23,464 square feet of retail space at 1618-22 Chestnut St. in Philadelphia’s Center City. The retailer plans to open a multi-floor flagship store at the location. Steven Gartner of CBRE represented Old Navy in the long-term lease with an affiliate of Pearl Properties, which recently purchased the property.
WYNCOTE, PA. — Philadelphia Rock Gym (PRG) has inked a multi-year lease for a 10,000-square-foot warehouse facility, located at 827 Glenside Ave., Suite 200 in Wyncote. The facility will be PRG’s fourth rock climbing location in the greater Philadelphia area. PRG is an indoor rock climbing gym known for its state-of-the-art climbing walls, full-service fitness centers and private party wall rentals. Swope Lees Commercial represented the tenant in the transaction with the landlord, Midgard Properties LP.
FORKS TOWNSHIP, PA. — Dermody Properties and PCCP have partnered to develop a 475,800-square-foot industrial facility at 4200 E. Braden Blvd. in Forks Township in Lehigh Valley.Construction is slated to begin in fourth quarter, with completion scheduled for mid-2016. LogistiCenter at 33 will feature 36-foot clear heights, 226 car parking spaces and 85 trailer parking spaces. The facility is ideally suited for warehouse, distribution and manufacturing operations. Dermody Properties is the industrial developer and operating partner, and PCCP is the financial partner for the project.
PHILADELPHIA — U.S. Realty Capital has secured an $8 million first mortgage loan for a limited liability company. The loan will be used to refinance a 175,000-square-foot, single-tenant, Class B distribution warehouse in suburban Philadelphia. The non-recourse loan features a 10-year term, a 25-year amortization schedule and 60 percent loan-to-value. Bruce Robertson Jr. and Jane Bender of U.S. Realty Capital originated the loan.
