Pennsylvania

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

Multifamily Northeast Pennsylvania

HFF Arranges $11.5M Sale of Multifamily Community in Metro Philadelphia

by Amy Works March 4, 2015

BENSALEM, PA. — HFF has brokered the sale of Crestwood Apartments, a 165-unit multifamily community in Bensalem. Situated on 5.14 acres at 3241 Hulmeville Road, the community features 15 three-story buildings offering a total of 65 one-, 95 two- and five three-bedroom units and 240 parking spaces for tenants and guests. Mark Thomson and Zac Pierce of HFF represented the seller, 3241 Associates LP, in the transaction.

March 4, 2015

Industrial Northeast Pennsylvania

Roddy Inc. Arranges $2.5M Sale of 42,000 SF Industrial Property in Pennsylvania

by Amy Works March 4, 2015

BENSALEM, PA. — Bensalem-based Roddy Inc. has brokered the sale of an industrial building located at 1436 Wells Drive in Bensalem. Alexandria Ventures III LLC sold the property for $2.5 million to 1436 Wells Drive Associates LLC. The 42,000-square-foot building consists of three industrial condominium units featuring 19-foot ceiling heights and 1,798 square feet of office space. Universal Asset Recovery LLC, a wholesale supplier of used office equipment, occupies the facility. Robert Olender of Roddy Inc. represented the seller.

March 4, 2015

Northeast Pennsylvania Retail

CBRE Brokers Sale of Shoppes at Montage Retail Center in Pennsylvania

by Amy Works March 3, 2015

MOOSIC, PA. — CBRE Group has brokered the sale of Shoppes at Montage, a 281,193-square-foot retail center located in Moosic. USPG Holdings Inc. purchased the property for an undisclosed price from Duke Realty. Situated on 52 acres, the center is occupied by more than 50 retail stores. Kevin McClernon, Bob Mahoney and Rich Frolick of CBRE represented the seller in the transaction.

March 3, 2015

Industrial Northeast Pennsylvania

R.R. Donnelley Sells 370,000 SF Industrial Building in Pennsylvania

by Amy Works March 2, 2015

BLOOMSBURG, PA. — R.R. Donnelley has completed the disposition of its 370,000-square-foot industrial building located in Bloomsburg. Sekisui Polymer Innovations LLC purchased the facility for an undisclosed price. Situated on 56.63 acres at 4411 Old Berwick Road, the property features 26-foot ceiling heights, T-8 fluorescent lighting, a wet sprinkler system, 10,500 square feet of office space, 16 dock doors with levelers and seals, two drive-in doors and parking for 480 vehicles. Michael Treacy of Binswanger and Berwick Industrial Development Association brokered the transaction on behalf of R.R. Donnelley.

March 2, 2015

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