Pennsylvania

Alliance HSP Buys Industrial Portfolio Totaling 566,000 SF in Pennsylvania

by Amy Works January 11, 2016

YORK, PA. — Alliance HSP has acquired two industrial properties located at 2925 E. Market St. and 789 Kings Mill Road in York. D&D Distribution sold the assets, which total 566,000 square feet, for an undisclosed price. As part of the transaction, Alliance HSP entered into a full-building, three-year leaseback with D&D Distribution for the 180,000-square-foot property at 789 Kings Mill Road and a long-term lease totaling 250,000 square feet with Stauffer’s Biscuit Co. at the 386,000-square-foot building at 2925 E. Market St. Alliance HSP has started a capital improvement plan at 2925 E. Market St. The improvements, including a new roof, enhanced loading docks and improved truck circulation, are slated for completion in April. Gerry Blinebury of Cushman & Wakefield represented D&D Distribution in the transactions.

January 11, 2016

Northeast Office Pennsylvania

Shorenstein Properties Acquires 1700 Market Street Building in Philadelphia

by Amy Works January 11, 2016

PHILADELPHIA — Shorenstein Properties LLC has acquired the 848,000-square-foot 1700 Market Street building, located in Philadelphia’s Center City submarket. The Philadelphia Business Journal reported the asset was purchased for just under $200 million. The 32-story office tower is located at the intersection of Market and 17th streets and provides more than 675 parking spaces and 30,000-square-foot floor plates. Shorenstein plans to renovate and upgrade the building. Amenities at 1700 Market Street include a fitness center, a child care facility, dry-cleaning facility, travel agency, restaurants, florist, pharmacy and branch bank.

January 11, 2016

Loans Multifamily Northeast Pennsylvania

HFF Arranges $88M in Financing for 282-Unit Apartment Complex in Philadelphia

by Amy Works January 7, 2016

PHILADELPHIA — HFF has arranged $88 million in financing for The Left Bank, an apartment complex in Philadelphia. The firm placed the five-year, fixed-rate loan with a regional community bank for the borrower, Dranoff Properties. Located at 3131 Walnut St., The Left Bank features 282 apartment units in a mix of studio, one-, two- and three-bedroom layouts averaging 971 square feet. Community amenities include a lobby, sky deck, landscaped courtyard, fitness center, business center, community conference rooms, clubroom with catering kitchen, bike storage and 24-hour concierge service. The property also includes 98,707 square feet of office space and 22,605 square feet of retail, both of which are 100 percent occupied. Jim Cadranell and Ryan Ade of HFF arranged the financing for the borrower.

January 7, 2016

Northeast Pennsylvania Retail

Katz Properties Acquires Chambersburg Crossing in Pennsylvania for $45M

by Amy Works January 6, 2016

CHAMBERSBURG, PA. — New York City-based Katz Properties has acquired Chambersburg Crossing, a shopping center located at 925 Norland Ave. in Chambersburg, for $45 million. The 400,000-square-foot property is fully occupied by a variety of tenants, including Giant Food, Kohl’s, Staples, Michaels, PetSmart, Chipotle, Olympia Sports, Red Robin, Panera Bread, Five Below, TGI Friday’s, Rue21 and Subway. R. William Kent and Ryan Sciullo of CBRE represented Katz Properties and the undisclosed seller in the transaction. Leasing and property management services will be provided by Winslow Property Management, an affiliate of Katz Properties.

January 6, 2016

Northeast Office 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

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