Pennsylvania

Equus Acquires 188-Unit High-Rise Apartment Building in Philadelphia for $42M

by Amy Works September 11, 2015

PHILADELPHIA — Equus Capital Partners has acquired Hill House Apartments, a high-rise multifamily property located in Philadelphia’s Chestnut Hill neighborhood. The 188-unit property sold for $42 million and was 95 percent occupied at the time of timing. The property offers a mix of studios, one-, two- and three-bedroom apartments, as well as underbuilding parking, a fitness center and an outdoor pool. Equus plans to invest $5 million to improve the common areas and amenities of the property, as well as complete the unit interior upgrades that began under prior ownership. The acquisition marks the first multifamily investment for Equus Investment Partnership X LP, the latest discretionary fund managed by Equus. Madison Apartment Group, the multifamily operating arm of Equus, will manage the community. Greg Curci of Equus oversaw the acquisition for the firm, while Rittenhouse Realty Advisors represented the undisclosed seller in the transaction.

September 11, 2015

Northeast Office Pennsylvania

JV Acquires 126,000 SF Office Building in Philadelphia’s Center City

by Amy Works September 9, 2015

PHILADELPHIA — A joint venture between affiliates of Alterra Property Group and Stockton Real Estate Advisors has acquired an office building located at 1760 Market St. in Philadelphia’s Center City. Located at the corner of 18th and Market streets, the 15-story, 126,000-square-foot property is occupied by Allied Barton, GSA Federal Transit Administration and The Philadelphia Trust Company, among others. The partnership plans to reposition the building as a premier location for Philadelphia’s business community. The repositioning will include retrofitting the exterior with LED lighting and upgrades to the lobby and common areas to give the building a more contemporary look. Stockton Real Estate Advisors will assume on-site leasing and management responsibilities on behalf of the joint venture. The sales price was not disclosed.

September 9, 2015

Northeast Pennsylvania Retail

Old Navy Leases 23,464 SF for Flagship Store in Philadelphia’s Center City

by Amy Works September 9, 2015

PHILADELPHIA — Old Navy, a division of Gap Inc., has signed a lease for 23,464 square feet of retail space at 1618-22 Chestnut St. in Philadelphia’s Center City. The retailer plans to open a multi-floor flagship store at the location. Steven Gartner of CBRE represented Old Navy in the long-term lease with an affiliate of Pearl Properties, which recently purchased the property.

September 9, 2015

Northeast Pennsylvania Retail

Rock Climbing Gym Leases 10,000 SF Property in Suburban Philadelphia

by Amy Works September 4, 2015

WYNCOTE, PA. — Philadelphia Rock Gym (PRG) has inked a multi-year lease for a 10,000-square-foot warehouse facility, located at 827 Glenside Ave., Suite 200 in Wyncote. The facility will be PRG’s fourth rock climbing location in the greater Philadelphia area. PRG is an indoor rock climbing gym known for its state-of-the-art climbing walls, full-service fitness centers and private party wall rentals. Swope Lees Commercial represented the tenant in the transaction with the landlord, Midgard Properties LP.

September 4, 2015

Industrial Northeast Pennsylvania

Dermody, PCCP to Develop 475,800 SF Industrial Facility in Eastern Pennsylvania

by Amy Works September 2, 2015

FORKS TOWNSHIP, PA. — Dermody Properties and PCCP have partnered to develop a 475,800-square-foot industrial facility at 4200 E. Braden Blvd. in Forks Township in Lehigh Valley.Construction is slated to begin in fourth quarter, with completion scheduled for mid-2016. LogistiCenter at 33 will feature 36-foot clear heights, 226 car parking spaces and 85 trailer parking spaces. The facility is ideally suited for warehouse, distribution and manufacturing operations. Dermody Properties is the industrial developer and operating partner, and PCCP is the financial partner for the project.

September 2, 2015

Loans Northeast Pennsylvania

U.S. Realty Capital Arranges $8M Loan for Distribution Facility in Suburban Philadelphia

by Amy Works August 28, 2015

PHILADELPHIA — U.S. Realty Capital has secured an $8 million first mortgage loan for a limited liability company. The loan will be used to refinance a 175,000-square-foot, single-tenant, Class B distribution warehouse in suburban Philadelphia. The non-recourse loan features a 10-year term, a 25-year amortization schedule and 60 percent loan-to-value. Bruce Robertson Jr. and Jane Bender of U.S. Realty Capital originated the loan.

August 28, 2015

Northeast Office Pennsylvania

Equus Capital Partners Acquires Four-Building Office Park in Pennsylvania

by Amy Works August 25, 2015

WAYNE, PA. — Equus Capital Partners, through its affiliates, has acquired Bay Colony Executive Park, a four-building office park in Wayne, a suburb of Philadelphia, for an undisclosed price. The 247,294-square-foot property was 88 percent leased at the time of closing. The acquisition was made on behalf of BPG Investment Partnership IX LP, a discretionary fund managed by Equus. The seller is Radnor, Pa.-based Brandywine Realty Trust, a publicly traded REIT. Terms of the sale were not released.

August 25, 2015

Industrial Northeast Office Pennsylvania

IMC Construction Completes Ifm Efector Headquarters in Pennsylvania

by Amy Works August 20, 2015

MALVERN, PA. — IMC Construction has completed a 45,000-square-foot headquarters building for ifm efector North America. Located at 1100 Atwater Drive with the Atwater Corporate Center in Malvern, the two-story facility features space for more than 175 employees, a fitness center, large cafeteria, training center, multiple conference rooms, an executive board room, 10-foot ceilings, large windows and an open floor plan. Essen, Germany-based ifm efector produces sensor and control products.

August 20, 2015

Loans Multifamily Northeast Pennsylvania

Colliers Secures $10.8M Construction Loan for Multifamily Development in Philadelphia

by Amy Works August 17, 2015

PHILADELPHIA — Colliers International’s Philadelphia Capital Markets Group has secured a $10.8 million construction loan for Green Street Townhomes, a for-sale townhome development in Philadelphia. The loan features an 80 percent loan-to-cost ratio, a 4.5 percent floating rate, 24 months of interest-only payments and a 12-month extension option. Kris Wood, John Banas and Alex Hails of Colliers arranged the financing for the undisclosed borrower.

August 17, 2015

Northeast Office Pennsylvania

Cigna Renews 322,000 SF Lease at Two Liberty Place in Philadelphia

by Amy Works August 14, 2015

PHILADELPHIA — Cigna Health and Life Insurance Co. has signed a 12-year renewal lease for 322,000 square feet at Two Liberty Place in Philadelphia. The renewal stabilizes approximately 34 percent of the building through Oct. 31, 2027. Cigna is expected to vacate the space it did not renew at the end of May 2016. As of July 1, Two Liberty Place was 99.2 percent occupied, or 89.4 percent occupied pro forma for Cigna’s contraction. Parkway Properties Inc. has a 19 percent ownership interest in Two Liberty Place, which is owned in part by Parkway Properties Office Fund II LP.

August 14, 2015

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