MECHANICSBURG, PA. — Woodmont Industrial Partners (WIP) has completed the sale of a distribution center, located at 34 Dauphin Drive in Mechanicsburg. Exeter Property Group purchased the 180,333-square-foot property for $8 million. Situated on 10.6 acres, the property features 3,200 square feet of office space, 24-foot ceilings, 20 dock positions and 10 rear rail doors. WIP originally acquired the rail-served center in 2012, and after extensive renovations leased the facility to Allen Distribution, a third-party logistics provider. Prior to the lease and sale of the facility, WIP implemented a six-month rehab program, including the incorporation of an ESFR sprinkler system and T-5 lighting, among other improvements.
MIDDLETOWN, PA. — CIT Real Estate Finance has provided a $32.9 million senior-secured loan to a joint venture between AEW Capital Management and Woodmont Industrial Partners. The financing will be used to redevelop Capital Logistics Center into a Class A, six-building, 1.5 million-square-foot industrial park in Middleton. AEW owns the property on behalf of AEW Partners VI. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not released.
YARDLEY, PA. — HFF has brokered the sale of Yardley Crossing, a multifamily community located along the Delaware River in Yardley. Additionally, HFF arranged Fannie Mae acquisition financing on behalf of the buyer, Relative Properties. Located at 1800 Kathy Dr., the 196-unit community features two- and three-bedroom townhome-style units and 12 one-bedroom flats. Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room. Zac Pierce, Mark Thomson and Jose Cruz of HFF represented the seller, Fairfield Belmondo LLC, in the transaction. Ryan Ade and James Conley led the HFF debt placement team to secure financing for the buyer.
LEVITTOWN, PA. — New Jersey-based Bussel Realty Corp. (BRC) has arranged the lease of 100,000 square feet of industrial space at 30 Runway Dr. in Levittown. Poly Cube Company will lease the space for its plastic manufacturing business operations. Built in 1991, the 201,600-square-foot, Class A industrial facility features 28-foot ceiling heights, 40-foot by 42-foot column spacing, wet sprinklers, six tailboard and four rail doors for loading, as well as ample parking. Steve Bussel of BRC was responsible for the transaction and represented the tenant. Frank Green Development is the owner of the property.
PHILADELPHIA — DoubleTree by Hilton and Hilton Worldwide have opened DoubleTree by Hilton Philadelphia Airport, located adjacent to the Philadelphia International Airport. Formerly a Hilton Hotel, the nine-story, 331-room hotel joins the DoubleTree by Hilton brand following a $3 million property-wide renovation that includes modern updates throughout the hotel’s lobby, guest rooms, restaurant and bar areas, banquet and meeting areas. The hotel features 12,000 square feet of meeting space, Players Sports Bar, Café Express and the Landing Restaurant. The hotel is owned by Sotherly Hotels and managed by Chesapeake Hospitality.
ALLENTOWN, PA. — The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital has closed an $8.99 million permanent fixed-rate loan secured by Woodland Terrace at the Oaks. Located in Allentown, the 84-bed seniors housing community provides a mix of assisted living and memory care units. BB&T Real Estate Funding provided the funding, which features a 10-year term and 30-year amortization with a three-year interest-only component. Richard Thomas of Grandbridge originated the transaction.
PITTSBURGH — Oxford Development Corp. has acquired Crowne Plaza Pittsburgh South, located at 164 Fort Couch Road in Pittsburgh’s South Hills area. Situated on 5.4 acres, the 179-room hotel sold for $6.1 million. The hotel features 13 suites, 13 extended-stay suites, an outdoor pool, fitness center, business center and 15,000 square feet of meeting space throughout 10 rooms. HFF marketed the property on behalf of the SageCrest Liquidating Trust, which was represented by its liquidating trustee, Jack Huber, and portfolio director Christopher Brown, both of SOLIC Capital LLC. Denny Meikleham, Mark Popovich and Alan Suzuki of HFF represented the seller in the transaction.
ALLENTOWN, PA. — Marcus & Millichap has brokered the sale of The Glen Ridge Apartments, a 32-unit multifamily property located in Allentown. The property sold for $2 million. Located at 801 E. Turner St., the property features a mix of four studios, 21 two-bedroom units and seven three-bedroom units. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, a limited liability company, and represented the buyer, a limited liability company, in the transaction.
POTTSTOWN, PA. — Marcus & Millichap has brokered the sale of Hanover Courts, a 92-unit multifamily property located in Pottstown. An undisclosed partnership sold the property for $3.95 million to a regional limited liability corporation. Located at 371 N. Hanover St. and built in 1965, the property features 16 studio units, 52 one-bedroom units and 24 two-bedroom units. Clarke Talone, Ridge MacLauren and Andrew Townsend of Marcus & Millichap’s Philadelphia office represented the seller and buyer in the transaction.
HUMMELSTOWN, PA. — A joint venture partnership between Heidenberg Properties Group, Norse Realty and Strategic Real Estate Partners has acquired Hershey Square Shopping Center in Hummelstown. Hershey Trust Company sold the property for $28.5 million. Developed in 1994, the 218,290-square-foot, supermarket-anchored center includes 30,600 square feet of in-line retail space and six outlots, including Applebee’s, Panera Bread and Verizon. Heidenberg Properties and its partners own and manage approximately 3.5 million square feet of retail, including several locations throughout Pennsylvania.