Pennsylvania

Integra Real Estate Capital Arranges $1.83M Loan for Office Property in Philly

by Amy Works January 16, 2015

PHILADELPHIA — Integra Real Estate Capital has arranged a $1.83 million bridge loan for the acquisition of an office building located on Sandmeyer Lane in Philadelphia. The newly constructed property offers 48,750 square feet of flex office space. Integra was able to close the loan within 16 days to meet the constraint of the buyer’s 1031 exchange deadline. The non-recourse loan features a competitive interest rate and a flexible repayment structure. Igor Goldenberg of Integra negotiated the transaction on behalf of the New York-based ownership group.

January 16, 2015

Multifamily Northeast Pennsylvania

High Associates Arranges $2.48M Multifamily Property Sale in Bethlehem, Pa.

by Amy Works January 13, 2015

BETHLEHEM, PA. — Lancaster, Pa.-based High Associates has arranged the sale of a multifamily property located at 532 Second Ave. in Bethlehem. The 18-unit property sold for $2.48 million, or $137,500 per unit, in a 1031 exchange. The property features 1,200-square-foot, two-bedroom apartments with upgraded amenities, including hardwood floors, granite counter tops and stainless steel appliances. Additional amenities include off-street parking and a fitness center. Matthew Wolf of High Associates represented both the buyer and seller in the transaction.

January 13, 2015

Industrial Northeast Pennsylvania

Evergreen Property Trust Buys Two-Building Industrial Facility in Pennsylvania

by Amy Works January 12, 2015

CAMP HILL, PA. — Evergreen Property Trust LLC has purchased a two-building industrial property in Camp Hill from IndCor Properties in an off-market transaction for an undisclosed price. The transaction includes the 24,000-square-foot property at 2400 Gettysburg Road and the 124,000-square-foot facility at 2404 Gettysburg Road. Both properties are currently occupied and plans have been submitted for a 43,000-square-foot expansion at 2404 Gettysburg Road. Pat McBride, Adam Campbell and Gerry Blinebury of Cushman & Wakefield’s Harrisburg office, along with Leah Balerno and Marie Connell of the firm’s Philadelphia office, represented IndCor in the deal. Jason Grace of Landmark Commercial Realty represented the buyer in the transaction.

January 12, 2015

Healthcare Northeast Pennsylvania

Cambridge Healthcare Solutions Awarded Contract to Build New VA Facility in Pennsylvania

by Amy Works January 12, 2015

BUTLER, PA. — Cambridge Healthcare Solutions PA LP, a joint venture between Halle Enterprises and Cambridge Healthcare Solutions, has received a contract to design, build and manage a VA Health Care Center in Butler. Situated on 46 acres off North Duffy Road, the two-story, 218,000-square-foot center will provide outpatient services to veterans and their families, including primary care, specialty care, dental, lab, pathology, radiology, mental healthcare, ancillary and diagnostic services. Cambridge Development Group, a subsidiary of Cambridge Holdings, will act as the developer for the project. The center is expected to open in 2018.

January 12, 2015

Northeast Pennsylvania Retail

CBRE Brokers $41.1M Sale of Power Center in Monaca, Pa.

by Amy Works January 8, 2015

MONACA, PA. — CBRE Inc. has brokered the sale of Township Marketplace, a power center located in Monaca. American Realty Capital, advised by Lincoln Retail REIT Services, purchased the retail center for $41.1 million. Built in 1999, the 298,630-square-foot center is anchored by Lowe’s Home Improvement Warehouse. Additional tenants include Cinemark, Party City, Michaels, PetSmart and Five Below. Brad Nathanson, Tom Gorman, Paul Fedorko and Antoine Matthews of CBRE represented the undisclosed seller in the transaction.

January 8, 2015

Northeast Office Pennsylvania

Keystone Property Group Unveils VEVA Office Complex

by Amy Works December 15, 2014

BLUE BELL, PA. — Keystone Property Group has unveiled VEVA, a 425,000-square-foot office complex in Blue Bell. Formerly known as Sentry Park West, the property features world-class lifestyle amenities and cutting-edge infrastructural upgrades. Situated on 16 acres on VEVA Boulevard, VEVA comprises seven mid-rise buildings, which have been completely renovated. The office campus is 83 percent leased by a variety of tenants, including Cigna, Citizens Bank, Fiberlink Communications, inVenity Health Clinical, Morgan Stanley Smith Barney, and Fesnak and Associates.

December 15, 2014

Loans Multifamily Northeast Pennsylvania

Meridian Capital Group Arranges $40M Loan for Drexelbrook Apartments

by Amy Works December 12, 2014

DREXEL HILL, PA. — Meridian Capital Group has arranged a $40 million loan for the refinancing of the Drexelbrook Apartments in Drexel Hill. The borrower is William Key, a general partner of Drexelbrook Associates LLC. The 10-year loan features a floating rate of 129 basis points over the one-month LIBOR and interest-only payments for the full term. Drexelbrook Apartments features 90 buildings and more than 1,200 residential units. Jim Bologno and Paul Gilbert of Meridian Capital Group’s Iselin, N.J., office negotiated the transaction.

December 12, 2014

Northeast Office Pennsylvania

Hayden Maguire Real Estate Fund Acquires Malvern Office Property for $23M

by Amy Works December 12, 2014

MALVERN, PA. —Hayden Maguire Real Estate Fund has made its second acquisition. The fund acquired a 151,447-square-foot office building, located at 1200 Atwater Dr. in Malvern, for $23 million. The property features modern architectural design, light-filled lobbies under glass canopies and an on-site café. The property is situated on 388 acres surrounding an 80-acre spring-fed lake. Hayden Maguire Real Estate Investments and Maguire Investment Management are partners of the fund.

December 12, 2014

Loans Mixed-Use Northeast Pennsylvania

MMCC Arranges $7.65M Bridge Loan for Mixed-Use Development

by Amy Works December 8, 2014

HATFIELD, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $7.65 million in bridge financing for a mixed-use development in Hatfield. The loan was structured with an 18-month initial term, an 18-month extension and 4.25 percent interest rate. The financing has a loan-to-value of 65 percent. Matthew Rosenberg of MMCC’s Philadelphia office arranged the financing.

December 8, 2014

Northeast Pennsylvania Retail

HLC Equity Purchases 13,825 SF Rite Aid Building in Canonsburg

by Amy Works December 5, 2014

CANONSBURG, PA. — HLC Equity has purchased a retail property located at 601 West Pike St. in Canonsburg. Rite Aide occupies the 13,825-square-foot property under a triple-net lease. Constructed in 2006, the freestanding building has been occupied by Rite Aid since 2006. Dean Zang of Marcus & Millichap brokered the transaction.

December 5, 2014

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