Pennsylvania

American Realty Advisors Acquires 700,000 SF Industrial Property in Central Pennsylvania

by Amy Works February 19, 2016

CARLISLE, PA. — American Realty Advisors has acquired a cross-docked bulk warehouse/distribution property located at 2 Ames Drive in Carlisle. Situated on more than 53 acres, the 700,000-square-foot building is fully leased to a Fortune 50 tenant through 2024. A joint venture between Dermody Properties and PCCP sold the property for an undisclosed sum. The property features 32-foot clear heights, full air conditioning, 481 car spaces, 149 trailer spaces, T-5 lighting and 8,000 amps of power. Additionally, the building was designed and constructed to LEED core and shell standards. Michael Hines and Brian Fiumara of CBRE National Partners represented the seller in the transaction.

February 19, 2016

Hospitality Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Switzenbaum & Associates Funds $15.5M Loan for Mixed-Use Development in State College

by Amy Works February 12, 2016

STATE COLLEGE, PA. — RSR EB-5 Regional Centers (RSR), an affiliate of Switzenbaum & Associates, has funded a $15.5 million loan for the financing of a ground-up construction mixed-use property in State College, through the U.S. Citizenship and Immigration Services (USCIS) EB-5 immigrant investor program. The interest-only loan is in conjunction with a $26.5 million senior construction loan from Fulton Bank, which provided the remainder of the required debt for the project. Originally structured for 30 investors, the project opened an additional spot due to increased demand. While USCIS requirements for EB-5 stipulate that a minimum of 10 new jobs must be created for every investor, this project’s construction and operation will create an estimated 521 jobs. The borrower, Fraser Partners, an affiliate of Real Estate Capital Management and Brickbox Enterprises, will use the funds to construct The Fraser Centre, a 265,000-square-foot mixed-use project on the crest of Pennsylvania State University’s main campus. Slated for completion this fall, the development will feature 50,000 square feet of retail space, a 165-room Hyatt Place Hotel and 26 residential condominiums.

February 12, 2016

Loans Multifamily Northeast 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

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