YORK, PA. — The Garibaldi Group and Avison Young have brokered the sale of an industrial property located at 57 Grumbacher Road in York. Boston-based High Street Realty Co. purchased the property for an undisclosed price. Situated on 11.8 acres, the 284,582-square-foot property offers 6,000 square feet of office space and 27 dock-high doors with one drive-in door. Additionally, the site can accommodate up to 92 trailer lot stalls or a 55,000-square-foot standalone building. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Brendan Kelly of Avison Young, represented the seller, Bell Sport Inc., in the transaction.
Pennsylvania
GLEN MILLS, PA. — HFF has arranged $60 million in financing for Concordville Town Centre, a retail center located at 101 Byers Dr. in Glen Mills. HFF secured the long-term, fixed-rate mortgage through an institutional insurance company for the borrower, Brandolini Cos. Consisting of 12 buildings, the 397,188-square-foot center is 99.3 percent occupied by a variety of tenants, including The Home Depot, Acme Markets, Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci’s. Ryan Ade led the HFF team that secured the financing for the borrower.
LANSDALE, PA. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has acquired Silk Factory Lofts, a 116-unit apartment community located at 200 S. Line St. in Lansdale, for an undisclosed price. Originally built in 1922 as the Interstate Hosiery Mill, the building was converted to a multifamily property in 2008. The 99 percent-occupied property features a mix of one-, two- and three-bedroom units with open floor plans, high ceilings, large windows and modern finishes. Community amenities include a fitness center, community room and landscaped courtyards. The joint venture plans to upgrade unit finishes and complete improvements to the common areas. Greystar has been retained to manage the property. Jones Lang LaSalle represented the seller, an affiliate of Morgan Properties, in the transaction.
LOWER MACUNGIE TOWNSHIP, PA. — The Goldenberg Group and TCH Development have started construction on Hamilton Crossings Shopping Center in Lower Macungie Township. Situated on 70 acres of commercial property, the 565,000-square-foot, open-air shopping center will be anchored by Target, as well as the area’s first Costco Wholesale Club and first Whole Foods Market. Additional retailers will include Dick’s Sporting Goods, Nordstrom Rack, Old Navy, Rally House, Five Below, Designer Shoe Warehouse, Pier 1 Imports and Ulta Cosmetics. The development, which is slated to open in July 2016.
YORK, PA. — Ridgeline Property Group has partnered with Cabot Properties to develop a 423,300-square-foot speculative industrial building in York. Situated on 51 acres on Second Amendment Drive, Susquehanna Logistics Center will offer tenants immediate access to Interstate 83. The facility will feature 32-foot clear heights, 87 dock doors, 52-foot by 54-foot column spacing, ESFR fire sprinklers and parking for 179 cars and 146 trailers. Construction is slated to begin in late March with completion scheduled for December. Patrick McBride and Gerry Blinebury of Cushman & Wakefield have been retained to market the property.
PHILADELPHIA — Mack-Cali and its Roseland subsidiary have formed a joint venture with Parkway Corp. to develop a multifamily property at 709 Chestnut Square in Philadelphia. Located in Center City, preliminary plans for the 32-story development include 300 luxury residential units and 11,000 square feet of indoor and outdoor amenity space, as well as an on-site 125-car parking garage. Currently in the planning and permitting stages, the development is slated to commence construction by the end of 2015.
PITTSBURGH — Tryko Partners LLC has acquired Duff Manor, an age-restricted affordable housing property in Pittsburgh from Crossgates Inc. Located at 50 Duff Road, the 10-story Duff Manor Apartments building features 100 one-bedroom residences with air conditioning and a patio or balcony. On-site amenities include intercom-controlled access, a community room and laundry facilities. Marcus & Millichap brokered the transaction. Tryko Partners secured financing for the acquisition through M&T Bank. The acquisition price was not released.
MIDDLETON, PA. — Woodmont Industrial Partners has opened the newest facility at Capital Logistics Center. Located at 200 Capital Lane, the 400,000-square-foot warehouse facility is LEED certified. A joint venture between Woodmont Industrial Partners and AEW Capital Management owns the six-building, 1.55 million-square-foot industrial park in Middletown. The joint venture purchased the industrial park in 2013. As part of the capital improvement program, two buildings that were more than 50 years old were demolish with 200 Capital Lane and 300 Capital Lane being constructed in their place.
ALLENTOWN, PA. — Patriot Equities has purchased a 600,000-square-foot office campus located at 1110 American Parkway in Allenton for an undisclosed price. Situated on approximately 145 acres, the property include two Class A office buildings connected by a glass atrium. Additionally, the properties have two parking garages and surface parking. There are also approvals in place to construct an additional 400,000 square feet of office space. Patriot Equities purchased the property from LSI Corp., which has retained 110,000 square feet of space on a long-term lease. Additional tenants include Intel Corp. and United Way. Patriot Equities has retained CBRE to provide property management services at the location.
READING, PA. — HFF has secured $17.7 million in financing for Spring Towne Shopping Center in Reading. HFF represented the borrower, Brandolini Cos., to secure a long-term, fixed-rate loan with an institutional quality insurance company. The loan will be used to refinance an existing mortgage on the property. Located at 2641-2679 Shillington Road, the four-building, 277,860-square-foot retail center is anchored by Lowe’s Home Improvement Warehouse and Giant. In addition to the anchor tenants, the center is more 97 percent occupied by H&R Block, UPS Store, Great Clips, Pet Valu, Subway, Fulton Bank, Monro Muffler & Brake, Hallmark and other local retailers. Ryan Ade and Christopher Bigos of HFF negotiated the financing on behalf of the borrower.