Pennsylvania

HFF Arranges $22.1M Bridge Loan for Suburban Philadelphia Office Complex

by Amy Works April 28, 2015

FORT WASHINGTON, PA. — HFF has arranged a $22.1 million bridge loan with $14.3 million of future funding for Fort Washington Executive Center, a three-building office complex located at 600, 601 and 602 Office Center Dr. in Fort Washington. HFF secured the three-year, floating-rate loan through Citizens Bank for the borrower, a joint venture between Kairos Real Estate Partners and Artemis Real Estate Partners. The loan, which features two one-year extension options, will be used to recapitalize the property, as well as fund future capital improvements and leasing costs. The complex offers 393,067 square feet of Class A office space. Current tenants include Nutrisystem, AstraZeneca, McNeil, AmeriHealth and Allstate. The borrower plans to renovate the property, including upgrades to the common areas, restrooms, amenities, conference and training facilities, and landscaping. Ryan Ade, James Conley and Mike Pagniucci of HFF represented the borrower in the financing.

April 28, 2015

Mixed-Use Northeast Pennsylvania Retail

New Retailers Added at Metro Development Co.’s Valley Gate in Warrington

by Amy Works April 28, 2015

WARRINGTON, PA. — Metro Development Co. has added new tenants to the roster at Valley Gate, the under-construction mixed-use development in Warrington. Buffalo Wild Wings, Darianna Bridal & Tuxedo, General Nutrition Center (GNC), Hair Cuttery, Luxury Nails, McDonald’s, Pet Valu, Red Robin, U-Swirl Yogurt and VisionWorks are now opened or expected to open at the Walmart-anchored center during the second and third quarter of this year. Metro Development broke ground on the 67-acre development in fall 2013. Upon completion, the development will feature a hotel, a 155,000-square-foot Walmart Supercenter, a freestanding McDonald’s, and Warrington Pointe, an 81-unit townhome community constructed by Pulte Home Builders. The Walmart is slated for completion this fall and the commercial center will be fully opened for business prior to the opening of Walmart. US Realty Associates Inc. is exclusive leasing agent for the property.

April 28, 2015

Northeast Office Pennsylvania

Shorenstein Acquires 1818 Beneficial Bank Place in Philadelphia’s Center City

by Amy Works April 27, 2015

PHILADELPHIA — Shorenstein Properties has completed the acquisition of a 1818 Beneficial Bank Place, a commercial office tower in Philadelphia’s Market Street West submarket. Also known as 1818 Market Street, the 988,000-square-foot building features Class A office space, ground-floor retail space and parking for more than 400 vehicles. The property serves as the headquarters for Beneficial Bank and Five Below. Terms of the transaction were not released. The company acquired the property on behalf of its eleventh real estate investment fund, formed in 2014 with $1.22 billion in committed capital from Shorenstein and its investors.

April 27, 2015

Healthcare Northeast Pennsylvania

CBRE Brokers Sale of 99,059 SF Medical Campus in Suburban Philadelphia

by Amy Works April 24, 2015

PAOLI, PA. — CBRE has brokered the sale of Paoli Medical Plaza, a medical campus located adjacent to Paoli Hospital in Paoli. Griffin-American Healthcare REIT III Inc., through its sponsor American Healthcare Investors LLC, has acquired the three-building 99,059-square-foot property from Paoli Office Park Partners, a partnership affiliated with Blank Aschkenasy Properties, for an undisclosed price. Current tenants include Paoli Hematology/Oncology, Philadelphia Hand Center, Main Line Health, Premier Orthopedics, Aligned Medical Group, Urology Health Specialists, Women’s Health Care Group of PA and LabCorp. Steve Marzullo, Justin Marlowe, Chris Bodnar and Lee Asher of CBRE represented the seller in the transaction.

April 24, 2015

Northeast Pennsylvania Retail

HFF Brokers $29.2M Sale of Three-Property Self-Storage Portfolio in Suburban Philly

by Amy Works April 21, 2015

NEWTOWN, WARMINSTER AND NORTH WALES, PA. — HFF has brokered the sale of a three-property self-storage portfolio, totaling 191,000 rentable square feet, in suburban Philadelphia. A partnership between Metro Shelf Storage and LaSalle Investment Management purchased the assets for $29.2 million, or $153 per rentable square foot, from PFG Capital LP. The portfolio includes the 25,568-square-foot Newtown Storage in Newtown; the 89,210-square-foot StorageWORKs! Warminster in Warminster; and the 75,120-square-foot StorageWORKs! North Wales in North Wales. Richard Schontz, Barbara Guffey and Matthew Weckesser of HFF represented the seller in the transaction.

April 21, 2015

Loans Multifamily Northeast Pennsylvania

Rittenhouse Capital Advisors Secures $8.2M Loan for West Chester Apartment Building

by Amy Works April 21, 2015

WEST CHESTER, PA. — Rittenhouse Capital Advisors has provided $8.2 million in long-term, fixed-rate financing for The Chestnut Street Lofts in West Chester. The loan features an 80 percent loan-to-value, a 10-year 3.95 percent fixed rate and a 30-year amortization schedule. The borrower is StanAb LP, the project’s developer. Constructed in 2014, the 60-unit property features open floor plans, modern kitchens and bathrooms, and outdoor balconies. On-site community amenities include a community room, fitness center and on-site parking.

April 21, 2015

Hospitality Loans Northeast Pennsylvania

Cronheim Hotel Capital Secures $7.5M Acquisition Loan for Two Lancaster Hotels

by Amy Works April 20, 2015

LANCASTER, PA. — Cronheim Hotel Capital (CHC) has secured a $7.5 million loan for the acquisition of Sleep Inn and Mainstay Suites in Lancaster. CHC financed the purchase at 75 percent of the acquisition price with a 10-year, fixed-rate loan featuring a 27-year amortization schedule locked at 4.39 percent. The two hotels, which are located adjacent to each other, were acquired for $10 million from a local owner/operator. The hotel total 151 keys and offer transient and extended-stay products. David Turley, Janet Proscia and Jeffrey Pacailler of CHC arranged the financing for the undisclosed borrower.

April 20, 2015

Multifamily New York Northeast Pennsylvania

Marcus & Millichap Arranges $88M Sale of Manufactured Housing Portfolio

by Amy Works April 13, 2015

PITTSFORD, N.Y. — Marcus & Millichap has brokered the sale of an 11-property manufactured housing portfolio located in western New York and Pennsylvania. Federal Capital Partners and Horizon Land Co. purchased the 2,413-site portfolio from Pittsford-based Morgan Management. Jonathon McClellan, Kyle Baskin, J.D. Parker and Mark Taylor of Marcus & Millichap represented the seller in the transaction.

April 13, 2015

Industrial New Jersey Northeast Pennsylvania

Dermody Partners Breaks Ground on Two Industrial Facilities

by Amy Works April 10, 2015

LOGAN TOWNSHIP, N.J., AND CARLISLE, PA. — Reno, Nev.-based Dermody Partners has broken ground on the development of two industrial facilities in New Jersey and Pennsylvania. In New Jersey, Dermody and its capital partner, Great Point Investors, have broken ground for the construction of a multi-tenant facility at 1110 Commerce Blvd. in Logan Township. Situated within LogistiCenter Logan, the 171,600-square-foot facility is slated to be complete in June. The property will feature 32 feet of clear heights, 106-car parking spaces and 39-trailer parking spaces. In Pennsylvania, Dermody and Pacific Coast Capital Partners have broken ground on construction for a 602,250-square-foot facility at One Ames Dr. within LogistiCenter Carlisle industrial park in Carlisle. The facility will feature 36 feet of structural clear height, 142 loading docks, 187-car parking spaces and 93-trailer parking spaces. The facility is slated for completion in September.

April 10, 2015

Industrial Northeast Pennsylvania

Michael Baxter & Associates Brokers Sale of Property in Pennsylvania

by Amy Works April 9, 2015

TANNERSVILLE, PA. — Michael Baxter & Associates Commercial Real Estate has arranged the sale of the former Pocono Record printing facility in Tannersville. DMC Properties PA LLC, an affiliate of Durr Mechanical Construction purchased the 25,000-square-foot property for $1.2 million. Michael Baxter of Michael Baxter & Associates represented the seller, Dow Jones, in the transaction. John Schilp of NAI James E. Hanson represented the buyer.

April 9, 2015

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