Pennsylvania

Endurance Real Estate Group Buys 190,729 SF Business Center in Pennsylvania

by Amy Works February 13, 2015

UPPER CHICHESTER TOWNSHIP, PA. — An affiliate of Endurance Real Estate Group has acquired Naaman’s Creek Business Center, a five-building, 190,729-square-foot flex portfolio located in Upper Chichester Township, for $9.8 million, or $51.12 per square foot. Situated within Naaman’s Creek Center, the business center’s five buildings range from 25,000 to 60,000 square feet. At the time of acquisition the property was 50 percent occupied. Built in the late 1990s through the early 2000s, the buildings feature all-masonry facades, 19-foot clear ceiling heights and flexible configurations to accommodate a variety of tenant requirements. The seller was not disclosed.

February 13, 2015

Loans Multifamily Northeast Pennsylvania

HFF Arranges Sale, Financing for Acquisition of Riverwalk at Millennium

by Amy Works February 12, 2015

CONSHOHOCKEN, PA. — HFF has arranged the sale of, as well as joint venture equity and acquisition financing for, Riverwalk at Millennium, a multifamily community in Conshohocken. A joint venture between Scully Co. and Long Wharf Real Estate Partners, which was arranged by HFF, purchased the 375-unit community from Riverwalk Realty Co. for an undisclosed price. HFF worked on behalf of the buyer to arrange a 10-year, floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. Situated on 7.9 acres at 309 Washington St., Riverwalk at Millennium features 239 one-bedroom units and 136 two-bedroom units, averaging 923 square feet. Community amenities include a clubhouse with fireplace, billiards and pub room; a resort-style swimming pool with sundeck; river views; a fitness center; and a business center with conference facilities. Mark Thomson, Zac Pierce, Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction. Jim Cardranell, Ryan Ade and James Conley of HFF negotiated the financing for the deal.

February 12, 2015

Multifamily Northeast Pennsylvania

HFF Arranges Sale of 198-Unit Apartment Community in West Chester

by Amy Works February 11, 2015

WEST CHESTER, PA. — HFF has arranged the sale of Halstead, an apartment and townhome community in West Chester. TGM Associates sold the 198-unit property to Metropolitan Management Corp. for an undisclosed price. Situated on 11 acres at 812 Goshen Road, the property consists of six two-story courtyard buildings containing 48 one-bedroom flats, 109 two-bedroom townhomes and 41 three-bedroom townhomes with flat-style units averaging 770 square feet each and townhomes averaging 1,076 square feet. Community amenities include a newly renovated clubhouse, fitness center and bark park. Mark Thomson, Zac Pierce and Jose Cruz of HFF represented the seller in the transaction.

February 11, 2015

Pittston-Township-Distribution-Center-PA

Industrial Northeast Pennsylvania

Meridian Design Build to Coordinate Construction for 304,317 SF Distribution Center

by Amy Works February 11, 2015

PITTSTON TOWNSHIP, PA. — Scannell Properties has selected Meridian Design Build’s National Projects Group to coordinate the construction of a 304,317-square-foot package and sorting distribution center in Pittston Township. Situated on 60 acres, the facility will include 99 loading docks, 238 interior van loading positions, 586 auto parking stalls, 375 exterior trailer stalls, 15,618 square feet of office space, a 3,135-square-foot gateway building and a 5,180-square-foot maintenance shop. Precept Design LLC is providing architectural services and Kimley-Horn providing civil engineer services for the project. The facility is being constructed on a build-to-suit basis for a leading provider of global shipping and information services.

February 11, 2015

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Debt and Equity Options Fuel Greater Philadelphia’s Multifamily Market

by Jaime Lackey February 11, 2015

How long will the scorching hot multifamily market hold up? The transactional markets continue to be bolstered by low interest rates, as well as an insatiable appetite from both private and institutional equity. I don’t believe the multifamily market will cool off in 2015. Our HFF multifamily team in Philadelphia will soon be shattering price per unit records in both the suburbs and in Center City Philadelphia. Interestingly enough, half of our transactions will be purchased by new buyers, meaning buyers new to our market, new start-up companies, or established funds that are new to the multifamily arena. As is typically the case, attractive debt and abundant equity are fueling the fire. With respect to multifamily debt, it has been encouraging to see some true competition back in the market. We enter 2015 with an extremely robust debt environment wherein the agencies are being forced to compete with regional banks, life companies and CMBS options. Back in October, HFF brokered the sale of Yardley Crossing in Bucks County. This 196-unit, Class B asset, built in the early 1970s, was priced slightly below a 6 percent cap rate and roughly $170,000 per unit, but still commanded 25 tours and 15 offers. …

February 11, 2015

Loans Multifamily Northeast Pennsylvania

Procida Funding Provides $16.2M Construction Loan for Mural Arts Lofts in Philadelphia

by Amy Works February 5, 2015

PHILADELPHIA — Procida Funding’s 100 Mile Fund has provided $16.2 million in construction financing for Mural Arts Lofts, formerly the Thaddeus Stevens School, in Philadelphia’s North Broad corridor. Developer Eric Blumenfeld will use the funds to renovate the historic property into 56 loft-style apartments. The apartments will feature many of the original architecture elements, including chalkboards, window details and historic wood cabinetry. Domus Inc. is serving as contractor, while Richard Sauder and David Chou are providing architectural and engineer services. Construction is slated to begin immediately, with occupancy expected in early 2016.

February 5, 2015

Northeast Office Pennsylvania

KarMar Realty Group Brokers $1.45M Sale of Pennsylvania Office Building

by Amy Works February 4, 2015

GLEN MILLS, PA. — KarMar Realty Group has brokered the sale of an office building located at 1788 Wilmington Pike in Glen Mills. GHS Summit LLC purchased the two-story, 14,500-square-foot office building from Crawford Leasing LLC for $1.45 million. Justin Soss and Donald Grimes of KarMar Realty represented the seller in the transaction.

February 4, 2015

Multifamily Northeast Pennsylvania

Village Green Breaks Ground for Residential Development in Pittsburgh

by Amy Works February 3, 2015

PITTSBURGH — Village Green has broken ground for the development of Southside Works City Apartments, a residential property located in Pittsburgh’s Southside Works corridor. The project will feature 264 luxury apartments, 12,000 square feet of retail space and a 562-space parking garage. Slated to open in early 2016, property will offer nano, studio, convertible, and one- and two-bedroom units, as well as penthouse apartments. On-site amenities include a restaurant/café/specialty market, concierge services, indoor/outdoor pool, 24-hour fitness center, business center and conference room, Zen garden and courtyard park, and a club room with a bar, televisions, fireplace and gourmet kitchen. Pittsburgh-based Rycon Construction is building the project.

February 3, 2015

Multifamily Northeast Pennsylvania

UMH Properties Buys Multifamily Community for $3.8M in Pennsylvania

by Amy Works January 23, 2015

ERIE, PA. — UMH Properties has acquired Holly Acres, a manufactured home community in Erie, for $3.8 million. Situated on 40 acres, the community consists of 141 developed home sites. The average occupancy for the community is 96 percent. With this acquisition, UMH own 89 communities totaling approximately 15,200 developed home sites. Additional terms of the deal were not released.

January 23, 2015

Mixed-Use Northeast Pennsylvania

Paramount Realty Services Acquires 30 Assets in Central Pennsylvania

by Amy Works January 23, 2015

LANCASTER, PA. — Lancaster-based LMS Commercial Real Estate has arranged the sale of more than 30 assets, totaling two million square feet, to affiliates of Lakewood, N.J.-based Paramount Realty. With this transaction, Paramount Realty will have assets in excess of $1 billion, ownership of approximately 7.5 million square feet and leasing assignments in excess of 13 million square feet throughout Connecticut, Maryland, Massachusetts, New Jersey and Pennsylvania. Brandon Famous of CBRE|Fameco provided consulting services for the deal.

January 23, 2015

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