PHILADELPHIA — National Real Estate Development has closed on a $141 million construction loan for 1100 Market Street, a mixed-use development at National’s East Market in Philadelphia’s Center City. The loan, which was provided by Ullico Inc., will allow for vertical construction of 1100 Market Street. National has also tapped Tutor Perini Building Corp. as general contractor for the $260 million mixed-use project. The project will feature an 18-story, 500,000-square-foot mixed-use complex, including a 16-story 322-unit residential tower; a 19,000-square-foot amenity level and outdoor deck above a two-story, 105,000-square-foot split retail podium; and 187 below-grade parking spaces and centralized loading. East Market is owned by National Real Estate Advisors, JOSS Realty Partners LLC, Young Capital LLC and SSH Real Estate.
PITTSBURGH — HFF has arranged $28.8 million in financing for a two-property office and flex warehouse portfolio consisting of 21 buildings totaling 371,773 square feet in Pittsburgh. The borrower, Burns & Scalo Real Estate Services Inc., used the loan proceeds to purchase the assets from an undisclosed seller. Constructed between 1985 and 2006, the portfolio includes the 19-building, 87.6-percent leased Abele Business Park located at 2559 Washington Road and the two-building Cedar Ridge Business Park at 200 Cedar Ridge Dr. Mark Popovich and Nick Unkovic of HFF secured the loan through M&T Bank.
HUNTINGDON VALLEY, PA. — NAI Mertz has brokered the sale of a 4.45-acre development site located on Lieberman Drive in Huntingdon Valley. First Baptist Church of Huntingdon Valley sold the parcel to Artis Senior Living for $850,000. The buyer plans to develop a 72-bed memory-care, assisted living residence on the site. Groundbreaking for the assisted living facility is slated for early summer. This facility will be the company’s fourth Artis community under construction or in operation. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller in the deal.
CARLISLE AND MECHANICSBURG, PA., AND HAGERSTOWN, MD. — HREC Investment Advisors has arranged the sale of a three-property hospitality portfolio located in Pennsylvania and Maryland. Keystone Lodging Enterprise sold the properties for an undisclosed price. The portfolio consists of the 99-room Sleep Inn in Carlisle, the 93-room Wingate by Wyndham in Mechanicsburg, and the 96-room Sleep Inn & Suites in Hagerstown. Ketan Patel and Geoff Davis of HREC represented the seller in the transaction. The name of the buyer was not released.
BARTONSVILLE, PA. — Aztec Group Inc. has secured a total of $23.3 million in financing for two retail centers in Bartonsville. The firm secured $13.2 million in financing for Bartonsville Square and $10.1 million for Bartonsville Plaza. Basis Investment Group provided a 10-year loan, featuring a 75 percent loan-to-value ratio and a 30-year amortization schedule, for Bartonsville Square. Bartonsville Square is an 80,000-square-foot retail center anchored by a 50,000-square-foot Dick’s Sporting Goods. The property was developed by an affiliate of Legend Properties and is currently 95 percent leased and occupied. Also developed by an affiliate of Legend Properties, the 49,000-square-foot Bartonsville Plaza is 94 percent leased and occupied. Current tenants include Sleepy’s Mattress, Verizon Wireless, GameStop, Moe’s Southwest Grill, Great Clips, Sonic and Advanced Auto Parts. Ladder Capital provided a 10-year loan, which features a 70 percent loan-to-value ratio and a 25-year amortization schedule, for Bartonsville Plaza. Howard Taft and Charles Penan of Aztec Group Inc. arranged the financing for the undisclosed borrower.
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.
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.
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.
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.
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.