Pennsylvania

CBRE Group Arranges $49.7M Financing for Public Ledger Building in Philadelphia

by Amy Works August 11, 2015

PHILADELPHIA — CBRE Group Inc. has arranged $49.7 million in acquisition and renovation financing for the Public Ledger Building in Philadelphia. The borrower, Purchase, N.Y.-based Carlyle Development Group, received short-term acquisition financing for a three-year term with two one-year extensions for the purpose of acquiring and improving the property. (The Public Ledger was a daily newspaper in Philadelphia published from 1836 to 1942.) The bridge financing allows the borrower to receive additional proceeds for future lease-up and general building renovations, as well as the flexibility to operate and dispose of the asset as needed. Located at 600 Chestnut St., the 534,004-square-foot property is 65 percent occupied, with The United States of America General Services Administration as the largest tenant. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a national debt fund.

August 11, 2015

Multifamily Northeast Pennsylvania

Castle Rock Equity Acquires Philadelphia’s ICON Building for $112M

by Amy Works August 6, 2015

PHILADELPHIA — Castle Rock Equity has acquired the ICON Building at 1616 Walnut St. in Philadelphia’s City Center district. The company purchased the 25-story art deco tower for $112 million. The previous owners, a partnership between Federal Capital Partners, Cross Properties and Alterra Property Group, completed a $60 million transformation to the building in 2014, converting it from office to residential use. Constructed in 1929, the 206-unit apartment building features a rooftop terrace, wellness center, club level, electric car charging stations, car and bike share programs, and a pet grooming station, among other on-site amenities. Castle Rock Equity Group worked with Divvone Equity Group to close the transaction.

August 6, 2015

Northeast Pennsylvania Retail

PREIT Sells 700,000 SF Uniontown Mall for $23M

by Amy Works August 6, 2015

UNIONTOWN, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the disposition of Uniontown Mall located at 1368 Mall Run Road in Uniontown. The 700,000-square-foot property sold for $23 million to an undisclosed buyer. The property is anchored by JC Penney, Sears, Bon-Ton, Burlington Coat Factory and Teletech Customer Care. The buyer also separately acquired the fee interest in the ground underlying the mall from an unaffiliated party.

August 6, 2015

Industrial Northeast Pennsylvania

Joint Venture Acquires 43-Acre Site for Industrial Development in Jonestown, Pa.

by Amy Works August 5, 2015

JONESTOWN, PA. — PCCP has partnered with Dermody Properties to acquire a 43-acre site for the development of LogistiCenter 78-81 in Jonestown. The joint venture purchased the site for an undisclosed price from Pennsylvania-based Vision Group Ventures. The Class A distribution center will feature 405,000 square feet of industrial space. Construction is slated to begin immediately and completion is scheduled for spring 2016. The property will consist of a front-load distribution building featuring 36-foot clear heights, an ESFR sprinkler system, 81 dock doors, two drive-in doors, clerestory glass to allow natural light, 60-foot loading bays, T-5 lighting, parking for 220 cars and one extra trailer parking space per dock door.

August 5, 2015

Northeast Pennsylvania Retail

The Shopping Center Group Brokers Sale of Scranton Regional Mall

by Amy Works August 4, 2015

SCRANTON, PA. — The Shopping Center Group has brokered the sale of The Mall at Steamtown, located at 300 Lackawanna Ave. in Scranton. Steamtown 300 LLC purchased the property for an undisclosed sum. Situated adjacent to the Steamtown National Historical Site, a railroad museum, the 558,816-square-foot enclosed regional mall was developed in the early 1990s as part of the revitalization of downtown Scranton. The mall is anchored by Boscov’s Department Store. The Shopping Center Group represented the undisclosed seller in the transaction.

August 4, 2015

Multifamily Northeast Pennsylvania

Landmark Commercial Brokers $12.1M Sale of Multifamily Property in Pennsylvania

by Amy Works July 30, 2015

WILKES-BARRE, PA. — Landmark Commercial Realty/TCN Worldwide has arranged the sale of a multifamily property located in Wilkes-Barre. The 200-unit rental townhouse community, known as Marion Terrace, sold for $12.1 million. Chuck Heller and Drew Bobincheck of Landmark Commercial Realty negotiated the deal on behalf of the seller, Hanover Associates. Kingston, Pa.-based Mark Development Co. represented the undisclosed buyer in the transaction.

July 30, 2015

Industrial Northeast Pennsylvania

The Clark Group Leases 103,217 SF at 400 Capital Logistics Center in Pennsylvania

by Amy Works July 29, 2015

MIDDLETOWN, PA. — The Clark Group has signed a 103,217-square-foot industrial lease at 400 Capital Lane, located within Capital Logistics Center in Middletown. The logistics provider for print media leased the space for a term of three years and four months and plans to use the facility to store publications. The 242,824-square-foot facility, which is owned by Woodmont Industrial Partners and AEW Capital Management, features 30 dock doors, three drive-in docks, T5 lighting, a six-inch reinforced concrete floor and a standing seam metal roof. Michael Hess, Patrick Lafferty and Bart Anderson of CBRE Harrisburg represented The Clark Group in the transaction.

July 29, 2015

Hospitality Northeast Pennsylvania

Laurus Corp. Completes Hilton Garden Inn Renovation in Suburban Philadelphia

by Amy Works July 24, 2015

FORT WASHINGTON, PA. — Laurus Corp. has completed the repositioning of Hilton Garden Inn Philadelphia/Fort Washington, located at 530 W. Pennsylvania Ave. in Fort Washington. The renovation included upgrading guestrooms, enhancing the lobby, and renovating the 3,350 square feet of meeting space and the outdoor courtyard with ample seating areas and an outdoor fire pit. Guestroom upgrades included new carpets, modern furniture and fixtures and new beds. The company acquired the 146-room hotel in 2013.

July 24, 2015

Multifamily New Jersey Northeast Pennsylvania Student Housing

RISE Begins Construction on Three On-Campus Student Housing Projects

by Amy Works July 20, 2015

JERSEY CITY, N.J., MILLERSVILLE, PA., AND CULLOWHEE, N.C. —Formerly known as Ambling University Development Group, RISE: A Real Estate Company has started construction on three student housing projects in New Jersey, Pennsylvania and North Carolina. The company broke ground on a 425-bed residence hall at New Jersey City University in Jersey City; a 599-bed student housing community at Millersville University in Millersville; and a 421-bed mixed-use residence hall at Western Carolina University (WCU) in Cullowhee. The on-campus residence hall in Jersey City will feature music practice rooms, lounges, a fitness center, private courtyard, automated convenience store, game room and technology-enhanced classrooms. The Millersville property is the third phase of a multi-phase project to replace all on-campus housing with modern, suite-style units. The mixed-use project at WCU consists of three buildings, with 421 beds and 11,945 square feet of retail, connected by two towers in core location of campus.

July 20, 2015

Industrial Loans Northeast Pennsylvania

Kennedy Funding Closes $3.4M Loan for Multi-Building Industrial Property

by Amy Works July 16, 2015

FRANKLIN COUNTY, PA. — Kennedy Funding Financial LLC has closed a $3.4 million loan for a multi-building industrial property located in Franklin County. The two-year interest-only loan was secured by Foremost Realty Holdings, an affiliate of Foremost Industries. The lender was Foremost Realty Lender and the funding will be serviced by Kennedy Funding. The undisclosed borrower will use the proceeds to pay off an existing mortgage and secure a first lien. The collateral consists of a 260,000-square-foot, three-building property situated on 52.6 acres at 6100 Buchanan Trail West in Montgomery and Peters Townships, Franklin County.

July 16, 2015

Newer Posts

Older Posts