PITTSFORD, N.Y. — Marcus & Millichap has brokered the sale of an 11-property manufactured housing portfolio located in western New York and Pennsylvania. Federal Capital Partners and Horizon Land Co. purchased the 2,413-site portfolio from Pittsford-based Morgan Management. Jonathon McClellan, Kyle Baskin, J.D. Parker and Mark Taylor of Marcus & Millichap represented the seller in the transaction.
LOGAN TOWNSHIP, N.J., AND CARLISLE, PA. — Reno, Nev.-based Dermody Partners has broken ground on the development of two industrial facilities in New Jersey and Pennsylvania. In New Jersey, Dermody and its capital partner, Great Point Investors, have broken ground for the construction of a multi-tenant facility at 1110 Commerce Blvd. in Logan Township. Situated within LogistiCenter Logan, the 171,600-square-foot facility is slated to be complete in June. The property will feature 32 feet of clear heights, 106-car parking spaces and 39-trailer parking spaces. In Pennsylvania, Dermody and Pacific Coast Capital Partners have broken ground on construction for a 602,250-square-foot facility at One Ames Dr. within LogistiCenter Carlisle industrial park in Carlisle. The facility will feature 36 feet of structural clear height, 142 loading docks, 187-car parking spaces and 93-trailer parking spaces. The facility is slated for completion in September.
TANNERSVILLE, PA. — Michael Baxter & Associates Commercial Real Estate has arranged the sale of the former Pocono Record printing facility in Tannersville. DMC Properties PA LLC, an affiliate of Durr Mechanical Construction purchased the 25,000-square-foot property for $1.2 million. Michael Baxter of Michael Baxter & Associates represented the seller, Dow Jones, in the transaction. John Schilp of NAI James E. Hanson represented the buyer.
YORK, PA. — The Garibaldi Group and Avison Young have brokered the sale of an industrial property located at 57 Grumbacher Road in York. Boston-based High Street Realty Co. purchased the property for an undisclosed price. Situated on 11.8 acres, the 284,582-square-foot property offers 6,000 square feet of office space and 27 dock-high doors with one drive-in door. Additionally, the site can accommodate up to 92 trailer lot stalls or a 55,000-square-foot standalone building. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Brendan Kelly of Avison Young, represented the seller, Bell Sport Inc., in the transaction.
GLEN MILLS, PA. — HFF has arranged $60 million in financing for Concordville Town Centre, a retail center located at 101 Byers Dr. in Glen Mills. HFF secured the long-term, fixed-rate mortgage through an institutional insurance company for the borrower, Brandolini Cos. Consisting of 12 buildings, the 397,188-square-foot center is 99.3 percent occupied by a variety of tenants, including The Home Depot, Acme Markets, Marshalls, HomeGoods, Staples, PetSmart, Wells Fargo Bank, Outback Steakhouse, Santander Bank and Bertucci’s. Ryan Ade led the HFF team that secured the financing for the borrower.
LANSDALE, PA. — A joint venture between Lowe Enterprises Investors and First Capital Advisors has acquired Silk Factory Lofts, a 116-unit apartment community located at 200 S. Line St. in Lansdale, for an undisclosed price. Originally built in 1922 as the Interstate Hosiery Mill, the building was converted to a multifamily property in 2008. The 99 percent-occupied property features a mix of one-, two- and three-bedroom units with open floor plans, high ceilings, large windows and modern finishes. Community amenities include a fitness center, community room and landscaped courtyards. The joint venture plans to upgrade unit finishes and complete improvements to the common areas. Greystar has been retained to manage the property. Jones Lang LaSalle represented the seller, an affiliate of Morgan Properties, in the transaction.
LOWER MACUNGIE TOWNSHIP, PA. — The Goldenberg Group and TCH Development have started construction on Hamilton Crossings Shopping Center in Lower Macungie Township. Situated on 70 acres of commercial property, the 565,000-square-foot, open-air shopping center will be anchored by Target, as well as the area’s first Costco Wholesale Club and first Whole Foods Market. Additional retailers will include Dick’s Sporting Goods, Nordstrom Rack, Old Navy, Rally House, Five Below, Designer Shoe Warehouse, Pier 1 Imports and Ulta Cosmetics. The development, which is slated to open in July 2016.
YORK, PA. — Ridgeline Property Group has partnered with Cabot Properties to develop a 423,300-square-foot speculative industrial building in York. Situated on 51 acres on Second Amendment Drive, Susquehanna Logistics Center will offer tenants immediate access to Interstate 83. The facility will feature 32-foot clear heights, 87 dock doors, 52-foot by 54-foot column spacing, ESFR fire sprinklers and parking for 179 cars and 146 trailers. Construction is slated to begin in late March with completion scheduled for December. Patrick McBride and Gerry Blinebury of Cushman & Wakefield have been retained to market the property.
PHILADELPHIA — Mack-Cali and its Roseland subsidiary have formed a joint venture with Parkway Corp. to develop a multifamily property at 709 Chestnut Square in Philadelphia. Located in Center City, preliminary plans for the 32-story development include 300 luxury residential units and 11,000 square feet of indoor and outdoor amenity space, as well as an on-site 125-car parking garage. Currently in the planning and permitting stages, the development is slated to commence construction by the end of 2015.
PITTSBURGH — Tryko Partners LLC has acquired Duff Manor, an age-restricted affordable housing property in Pittsburgh from Crossgates Inc. Located at 50 Duff Road, the 10-story Duff Manor Apartments building features 100 one-bedroom residences with air conditioning and a patio or balcony. On-site amenities include intercom-controlled access, a community room and laundry facilities. Marcus & Millichap brokered the transaction. Tryko Partners secured financing for the acquisition through M&T Bank. The acquisition price was not released.
