Pennsylvania

NAI Mertz Negotiates Sale of 8,750 SF Flex Building in Pennsylvania

by Amy Works August 12, 2015

WARWICK, PA. — NAI Mertz has brokered the sale of an 8,750-square-foot flex building located at 1528 Campus Drive within Warwick Business Campus in Warwick. The buyer, Larry Sfinas of Guardian Academy and Indoor Range Inc., acquired the property from an undisclosed seller. The purchase price also was not disclosed. The buyer plans to expand the building into a 20,000-square-foot, 22-lane indoor gun range and retail store. The completed property will feature an advanced Carey air filtration system, a 3,500-square-foot shoot house, 360-degree computer-generated simulation training, and a 50-person banquet hall. Construction is slated to start in August, with a grand opening scheduled for January 2016. Jeff Licht and Adam Lashner of NAI Mertz arranged the transaction.

August 12, 2015

Industrial Loans New Jersey Northeast Pennsylvania

HFF Secures $81.3M Refinance Loan for 15-Property Industrial Portfolio

by Amy Works August 11, 2015

FLORHAM PARK, N.J. — Holliday Fenoglio Fowler’s Florham Park office has arranged $81.3 million in refinancing for a 15-property industrial portfolio. HFF secured the 10-year, fixed-rate loan through Principal Commercial Capital for the borrower, Heritage Capital Group. The 2.58 million-square-foot portfolio includes a mix of warehouse, distribution and cold storage facilities in New York, Pennsylvania and Ohio. The properties feature clear heights ranging from 20 to 40 feet and include office space. Additionally, eight buildings have rail service access. At the time of closing, the portfolio was 92 percent leased to 31 tenants, including Staples Inc., Storage Mobility, McLane Food Service Inc., Victory Packaging LP, McGrann Paper, Scholastic Book Fairs Inc., Packaging Corporation of America and Global Foundries. Four properties are located near Syracuse, N.Y.; three near Rochester and Albany, N.Y.; three near Harrisburg, Pa.; and two near Columbus, Ohio. Jon Mikula of HFF led the team that represented the borrower in the transaction.

August 11, 2015

Loans Northeast Office Pennsylvania

CBRE Group Arranges $49.7M Financing for Public Ledger Building in Philadelphia

by Amy Works August 11, 2015

PHILADELPHIA — CBRE Group Inc. has arranged $49.7 million in acquisition and renovation financing for the Public Ledger Building in Philadelphia. The borrower, Purchase, N.Y.-based Carlyle Development Group, received short-term acquisition financing for a three-year term with two one-year extensions for the purpose of acquiring and improving the property. (The Public Ledger was a daily newspaper in Philadelphia published from 1836 to 1942.) The bridge financing allows the borrower to receive additional proceeds for future lease-up and general building renovations, as well as the flexibility to operate and dispose of the asset as needed. Located at 600 Chestnut St., the 534,004-square-foot property is 65 percent occupied, with The United States of America General Services Administration as the largest tenant. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a national debt fund.

August 11, 2015

Multifamily Northeast Pennsylvania

Castle Rock Equity Acquires Philadelphia’s ICON Building for $112M

by Amy Works August 6, 2015

PHILADELPHIA — Castle Rock Equity has acquired the ICON Building at 1616 Walnut St. in Philadelphia’s City Center district. The company purchased the 25-story art deco tower for $112 million. The previous owners, a partnership between Federal Capital Partners, Cross Properties and Alterra Property Group, completed a $60 million transformation to the building in 2014, converting it from office to residential use. Constructed in 1929, the 206-unit apartment building features a rooftop terrace, wellness center, club level, electric car charging stations, car and bike share programs, and a pet grooming station, among other on-site amenities. Castle Rock Equity Group worked with Divvone Equity Group to close the transaction.

August 6, 2015

Northeast Pennsylvania Retail

PREIT Sells 700,000 SF Uniontown Mall for $23M

by Amy Works August 6, 2015

UNIONTOWN, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the disposition of Uniontown Mall located at 1368 Mall Run Road in Uniontown. The 700,000-square-foot property sold for $23 million to an undisclosed buyer. The property is anchored by JC Penney, Sears, Bon-Ton, Burlington Coat Factory and Teletech Customer Care. The buyer also separately acquired the fee interest in the ground underlying the mall from an unaffiliated party.

August 6, 2015

Industrial Northeast Pennsylvania

Joint Venture Acquires 43-Acre Site for Industrial Development in Jonestown, Pa.

by Amy Works August 5, 2015

JONESTOWN, PA. — PCCP has partnered with Dermody Properties to acquire a 43-acre site for the development of LogistiCenter 78-81 in Jonestown. The joint venture purchased the site for an undisclosed price from Pennsylvania-based Vision Group Ventures. The Class A distribution center will feature 405,000 square feet of industrial space. Construction is slated to begin immediately and completion is scheduled for spring 2016. The property will consist of a front-load distribution building featuring 36-foot clear heights, an ESFR sprinkler system, 81 dock doors, two drive-in doors, clerestory glass to allow natural light, 60-foot loading bays, T-5 lighting, parking for 220 cars and one extra trailer parking space per dock door.

August 5, 2015

Northeast Pennsylvania Retail

The Shopping Center Group Brokers Sale of Scranton Regional Mall

by Amy Works August 4, 2015

SCRANTON, PA. — The Shopping Center Group has brokered the sale of The Mall at Steamtown, located at 300 Lackawanna Ave. in Scranton. Steamtown 300 LLC purchased the property for an undisclosed sum. Situated adjacent to the Steamtown National Historical Site, a railroad museum, the 558,816-square-foot enclosed regional mall was developed in the early 1990s as part of the revitalization of downtown Scranton. The mall is anchored by Boscov’s Department Store. The Shopping Center Group represented the undisclosed seller in the transaction.

August 4, 2015

Multifamily Northeast Pennsylvania

Landmark Commercial Brokers $12.1M Sale of Multifamily Property in Pennsylvania

by Amy Works July 30, 2015

WILKES-BARRE, PA. — Landmark Commercial Realty/TCN Worldwide has arranged the sale of a multifamily property located in Wilkes-Barre. The 200-unit rental townhouse community, known as Marion Terrace, sold for $12.1 million. Chuck Heller and Drew Bobincheck of Landmark Commercial Realty negotiated the deal on behalf of the seller, Hanover Associates. Kingston, Pa.-based Mark Development Co. represented the undisclosed buyer in the transaction.

July 30, 2015

Industrial Northeast Pennsylvania

The Clark Group Leases 103,217 SF at 400 Capital Logistics Center in Pennsylvania

by Amy Works July 29, 2015

MIDDLETOWN, PA. — The Clark Group has signed a 103,217-square-foot industrial lease at 400 Capital Lane, located within Capital Logistics Center in Middletown. The logistics provider for print media leased the space for a term of three years and four months and plans to use the facility to store publications. The 242,824-square-foot facility, which is owned by Woodmont Industrial Partners and AEW Capital Management, features 30 dock doors, three drive-in docks, T5 lighting, a six-inch reinforced concrete floor and a standing seam metal roof. Michael Hess, Patrick Lafferty and Bart Anderson of CBRE Harrisburg represented The Clark Group in the transaction.

July 29, 2015

Hospitality Northeast Pennsylvania

Laurus Corp. Completes Hilton Garden Inn Renovation in Suburban Philadelphia

by Amy Works July 24, 2015

FORT WASHINGTON, PA. — Laurus Corp. has completed the repositioning of Hilton Garden Inn Philadelphia/Fort Washington, located at 530 W. Pennsylvania Ave. in Fort Washington. The renovation included upgrading guestrooms, enhancing the lobby, and renovating the 3,350 square feet of meeting space and the outdoor courtyard with ample seating areas and an outdoor fire pit. Guestroom upgrades included new carpets, modern furniture and fixtures and new beds. The company acquired the 146-room hotel in 2013.

July 24, 2015

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