ALLENTOWN, PA. — City Center Lehigh Valley has selected Gensler to plan and design its Five City Center complex, a mixed-use complex spanning one block in downtown Allentown. The $100 million project’s master plan includes a 400,000-square-foot office and retail tower, a 335,000-square-foot residential tower with 175 apartment units, parking and a park. The project is scheduled for completion in 2018.
SPRINGFIELD, PA. — PREIT has sold its 50 percent interest in Springfield Park, an open-air center located in Springfield, for $20.2 million. The 287,000-square-foot retail center is anchored by Target and Bed, Bath & Beyond. The name of the buyer was not disclosed. The sale represents the company’s continued effort to recycle its capital toward creating a portfolio comprised of high-quality enclosed malls.
PHILADELPHIA — Rubenstein Partners has closed three new office leases, totaling 36,738 square feet, at One Washington Square in Philadelphia’s Center City. Berkshire Hathaway HomeServices Fox & Roach REALTORS has relocated to 20,443 square feet; The Foundation for Individual Rights in Education Inc. has leased 12,605 square feet; and AKRF Inc. has leased 3,690 square feet at the 850,000-square-foot office property. Affiliates of Rubenstein acquired the property in late 2013 and launched a rebranding campaign, as well as a capital investment program, for the property. Jack Soloff, Jim Mullarkey and Les Haggett of Newmark Grubb Knight Frank represented Rubenstein Partners in the transaction. Berkshire Hathaway HomeServices Fox & Roach was represented by Jim Wilson of Mahoney Realty Group; The Foundation for Individual Rights in Education was represented by Neil Brazitis and Sid Smith of Newmark Grubb Knight Frank; and AKRF was represented by Cindy Weiner of The Flynn Company.
PHILADELPHIA — Rittenhouse Realty Advisors has brokered the sale of The Corinthian Apartments, an apartment complex located in Philadelphia’s Francisville neighborhood. The property, which was fully occupied at the time of sale, sold for $2.5 million, or $131,000 per unit. The 19-unit property features a mix of studio, one-, two- and three-bedroom apartments with a shared courtyard area.
WYOMISSING, PA. — Cronheim Hotel Capital has secured $15.2 million in financing for the acquisition of the 142-room Hampton Inn in Wyomissing. The borrowers were Ayer Capital Advisors, an investment firm, and The Wankawala Organization, a hotel owner and management firm. The 10-year, non-recourse loan was funded at 79 percent loan-to-cost and carries a 30-year amortization schedule. The buyers currently own and manage a portfolio of 10 hotels totaling more than 1,000 rooms. David Turley, Janet Proscia and Jeffrey Pacailler of Cronheim Hotel Capital arranged the financing for the borrowers. Cronheim Hotel Capital is an affiliate of Chatham, N.J.-based David Cronheim Mortgage Corp.
PHILADELPHIA — Berkadia has arranged an $80.4 million loan for the acquisition of ICON 1616, a multifamily property located at 1616 Walnut St. in Philadelphia. The borrower, Castle Rock Equity Group, will use the loan toward the $112 million acquisition of the property. Yuri Kletsman of Berkadia secured the 10-year, fixed-rate loan through Berkardia’s Fannie Mae DUS Program. Terms of the loan include a 4.06 percent interest rate and a 30-year amortization schedule. The financing also incorporated the property’s PILOT program and historic tax credits. Built in 1929, the 25-story property features 206 studio, one-, two- and three-bedroom floor plans. Community amenities include a sky deck with 360-degree views; a grilling station; herb garden and outdoor living area; a yoga studio; a club level with a kitchen, billiard tables, flat-screen televisions and a large-screen media room; and a business center with computers, printers and conference rooms.
FALLS & BRISTOL TOWNSHIP, PA. — Tightline Equities, a subsidiary of Larken Associates, and Red Starr Investments LLC have purchased the 290,678-square-foot grocery-anchored Fairless Hills Shopping Center from the Shooster family. Larken plans a multimillion renovation that will include roof replacements and repairs, HVAC replacements and repairs, restriping of parking lots, new landscaping and signage, as well as aesthetic renovations to the façade and store fronts and interior renovations to the second-floor office suites. An existing auto repair pad site will be demolished, making room for three potential outparcels. The property will also be rebranded as Fairless Hills Towne Center. A new long-term extension has been secured by anchor Giant Foods. CBRE/Fameco will be the exclusive brokers for the property.
FAIRLESS HILLS, PA. — Cohen Real Estate has brokered the sale of Fairless Hills Shopping Center, a grocery-anchored community shopping located in Fairless Hills. Fairless Hills Shopping LP acquired the property for $22 million from Fairless Hills S.C. Associates. Situated on 34.5 acres on S. Oxford Valley Road, the center contains 292,067 square feet, of which 145,605 square feet is currently occupied by a variety of tenants, including Giant Supermarket, Dollar Tree, Rent-A-Center, Wells Fargo and McDonald’s. Vera Thomas of Cohen Realty Estate represented both parties in the transaction.
PERKASIE AND SELLERSVILLE, PA. — KeyBank Real Estate Capital has secured a total of $37.5 million in Freddie Mac financing for two townhome communities in Pennsylvania. The two properties are the 233-unit Heritage Orchard Hill in Perkasie and the 108-unit Heritage Greene in Sellersville. The properties currently have a joint leasing office located at Heritage Orchard Hill. Chris Black and Caleb Marten of KeyBank’s commercial mortgage group a closed 10-year, non-recourse fixed-rate first mortgage for both properties. The loans were closed simultaneously.
JENNERSVILLE, PA. — Seavest Healthcare Properties and developer Anchor Health Properties have opened Penn Medicine Southern Chester County in Jennersville, a suburb of Philadelphia. The two-story, 72,000-square-foot facility features primary and specialty care physician offices, diagnostic imaging, physical therapy and laboratory services. Penn Medicine Chester County Hospital, a University of Pennsylvania Health System hospital, The Children’s Hospital of Philadelphia and independent physicians occupy the ambulatory care facility. Seavest, Anchor and physician-tenants own the property.