Pennsylvania

Mack-Cali, Parkway Corp. Form JV to Develop Multifamily Project in Philly

by Amy Works March 26, 2015

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.

March 26, 2015

Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 100-Unit Age-Restricted Building in Pittsburgh

by Amy Works March 24, 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.

March 24, 2015

Industrial Northeast Pennsylvania

Woodmont Industrial Partners Opens 400,000 SF Warehouse Facility in Pennsylvania

by Amy Works March 20, 2015

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.

March 20, 2015

Northeast Office Pennsylvania

Patriot Equities Purchases 600,000 SF Office Campus in Lehigh Valley

by Amy Works March 18, 2015

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.

March 18, 2015

Loans Northeast Pennsylvania Retail

HFF Secures $17.7M Loan for Spring Towne Shopping Center in Pennsylvania

by Amy Works March 18, 2015

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.

March 18, 2015

Northeast Pennsylvania Retail

CBRE Brokers Sale of 159,327 SF Retail Center in Pennsylvania

by Amy Works March 16, 2015

POTTSTOWN, PA. — CBRE has brokered the sale of Pottstown Plaza, a shopping center located in Pottstown. The Cotswold Group purchased the 159,327-square-foot center from Hudson Advisors for an undisclosed price. Current tenants include Tractor Supply, Applebee’s and Fulton Bank. Kevin McClernon and Peter Stevens of CBRE represented both the buyer and the seller in the transaction.

March 16, 2015

Multifamily Northeast Pennsylvania

J.G. Petrucci Opens The Station at Manayunk in Philadelphia

by Amy Works March 11, 2015

PHILADELPHIA — J.G. Petrucci has opened The Station at Manayunk, a luxury apartment community located at 1 Parker Ave. in the Manayunk section of Philadelphia. The 149-unit community features a 24-hour fitness center, outdoor and garage parking, full-size washer and dryers in each unit, personal balconies, kitchens with energy-efficient stainless steel appliances and granite countertops, and a bike share program. Rents range from $1,447 to $1,537 for one-bedroom units and $1,777 to $1,887 to two-bedroom units. The property is available for immediate occupancy.

March 11, 2015

Hospitality Loans Northeast Pennsylvania

NorthStar Income II Originates $42M Loan for Marriott Hotel in Pennsylvania

by Amy Works March 10, 2015

CORAOPOLIS, PA. — NorthStar Real Estate Income II Inc. has originated a $42 million senior loan for a Marriott-branded hotel located in Coraopolis. The 318-room was recently renovated and the borrower plans to complete $4 million in capital improvements using the proceeds from the loan, for a total of $8.3 million in capital expenditures.

March 10, 2015

Industrial Northeast Pennsylvania

NAI Mertz Arranges Sale of 11,800 SF Industrial Facility in Philadelphia

by Amy Works March 6, 2015

PHILADELPHIA — NAI Mertz has arranged the sale of an industrial facility, located at 2729 E. Butler St. in Philadelphia. Crown Poultry purchased the 11,800-square-foot facility from KTKS LLC for an undisclosed price. The property is outfitted for food manufacturing and distribution, complete with refrigerated cooler and freezer spaces. The property features 12- to 24-foot clear ceiling heights, a small office area, three tailgate truck doors with dock levelers and one drive-in door. The buyer plans to use the facility for food manufacturing and distribution. Jeffery Licht and Adam Lashner of NAI Mertz represented the seller in the transaction.

March 6, 2015

Northeast Pennsylvania Retail

CBRE Brokers $24.5M Sale of Lawndale Plaza in Philadelphia

by Amy Works March 4, 2015

PHILADELPHIA — CBRE has brokered the sale of Lawndale Plaza, a 93,282-square-foot retail center in Philadelphia. Highland Development Group and The Glenville Group sold the property for $24.5 million to Cedar Realty Trust. Developed in 1998, the property is anchored by a 63,342-square-foot ShopRite. Additional tenants at the 100 percent occupied property include Advance Auto Parts, T-Mobile and Dunkin’ Donuts. Brad Nathanson and Tom Gorman of CBRE represented both parties in the transaction.

March 4, 2015

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