Pennsylvania

Colliers Brokers $3.8M Sale of Healthcare Facility in Pennsylvania

by Amy Works May 15, 2015

TREVOSE, PA. — Colliers International has brokered the sale of a healthcare facility located at 2500 Northgate Road in Trevose. The 24,458-square-foot property traded between two local private entities for $3.8 million. Situated within the 657,000-square-foot Neshaminy Interplex business campus, the property is absolute net-leased to LIFE St. Mary, which is guaranteed by St. Mary Medical Center, a member of investment grade credit CHE Trinity Health. Jeff Algatt and Matthew Shanahan of Colliers represented both parties in the transaction.

May 15, 2015

Industrial Loans Northeast Pennsylvania

NorthMarq Capital Arranges $20.7M Acquisition Loan for Harrisburg Industrial Portfolio

by Amy Works May 8, 2015

HARRISBURG, PA. — NorthMarq Capital has arranged $20.7 million in acquisition financing for an industrial portfolio located in Harrisburg. The three-building portfolio features 563,688 square feet of space. James Murphy of NorthMarq’s Boston office secured the interest-only loan for the undisclosed borrower through NorthMarq’s relationship with a correspondent life insurance company.

May 8, 2015

Loans Northeast Pennsylvania Retail

HFF Secures $38.3M in Refinancing for Paoli Shopping Center in Suburban Philadelphia

by Amy Works May 7, 2015

PAOLI, PA. — HFF has arranged $38.3 million in financing for Paoli Shopping Center, a grocery-anchored retail center in Paoli. HFF worked on behalf of Berwyn, Pa.-based Brandolini Cos. to secure the long-term, fixed-rate mortgage through an institutional lender advised by Quadrant Real Estate Advisors. The loan will be used to refinance existing debts. Situated on 18.8 acres, the 165,617-square-foot center is 96.8 percent occupied by a variety of tenants, including Acme Markets, Pier 1 Imports, Talbots, Loft, Chico’s, JoS. A. Bank, Francesca’s, Einstein’s Bagels, Bravo’s Pizza and Kitchen Capers. Ryan Ade led the HFF team that represented the borrower in the financing.

May 7, 2015

Industrial Northeast Pennsylvania

Roddy Inc. Brokers 13,500 SF Lease in Bristol, Pennsylvania

by Amy Works May 6, 2015

BRISTOL, PA. — Bensalem, Pa.-based Roddy Inc. represented Salem Steel NA LLC in the lease of 13,500 square feet of space at 2101 Green Lane in Bristol. Salem Steel NA leased the space, which located within the 70,000-square-foot Bristol Commerce Center, from Green Lane Properties LLC. The tenant plans to use the space as a warehouse/distribution center. Sean Durkin of Roddy Inc. represented the tenant, while Andrew McGhee of Colliers International represented the landlord in the transaction.

May 6, 2015

Northeast Pennsylvania Retail

CBRE Brokers Sale of 628-Unit Self-Storage Facility in Pennsylvania

by Amy Works May 5, 2015

WILLOW GROVE, PA. — CBRE has brokered the sale of Willow Grove Self Storage, a self-storage facility located in Willow Grove. Metro Storage LLC purchased the 628-unit facility for an undisclosed price. Built in 2005, the 92,250-square-foot property features six single-story non-climate controlled buildings and three fully climate-controlled buildings. Michael Howard, Steve Marzullo and Justin Marlowe of CBRE represented the undisclosed seller in the transaction.

May 5, 2015

Northeast Pennsylvania

Avison Young Acquires Remington Group Inc., Expands Philadelphia Coverage

by Amy Works May 5, 2015

WAYNE, PA. — Avison Young has acquired Remington Group Inc., a project management company with offices in Wayne as well as San Antonio, Texas. The purchase expands Avison Young’s business-line coverage in the Philadelphia area and commences the company’s project management services offerings in San Antonio. William Connor, founder of Remington Group, will become a principal of Avison Young and leader of the firm’s project management teams in Philadelphia and San Antonio. Additionally, Stephanie Hernandez, Adrienne Piselli, Michelle Flowers, Kate Milgrim, Bridgette Henner, Chris Rinnier, Steve Frederick, Jacy Bracaliello and Patricia Poe will join Avison Young.

May 5, 2015

Loans Mixed-Use Northeast Pennsylvania

National Real Estate Development Closes $141M Construction Loan for 1100 Market Street

by Amy Works May 4, 2015

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.

May 4, 2015

Loans Northeast Office Pennsylvania

HFF Arranges $28.8M Financing for Two-Property Office Portfolio in Pittsburgh

by Amy Works May 1, 2015

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.

May 1, 2015

Multifamily Northeast Pennsylvania Seniors Housing

NAI Mertz Brokers Sale of Pennsylvania Development Site for Assisted Living Project

by Amy Works April 30, 2015

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.

April 30, 2015

Hospitality Northeast Pennsylvania

HREC Brokers Sale of Three-Property Hospitality Portfolio

by Amy Works April 30, 2015

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.

April 30, 2015

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