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Pennsylvania

2404-Gettysburg-Camp-Hill-PA
IndustrialNortheastPennsylvania

Evergreen Property Trust Buys Two-Building Industrial Facility in Pennsylvania

by Amy Works

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.

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VA-Butler-PA-Cambridge
HealthcareNortheastPennsylvania

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

by Amy Works

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.

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Township-Marketplace-CBRE
NortheastPennsylvaniaRetail

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

by Amy Works

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.

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VEVA
NortheastOfficePennsylvania

Keystone Property Group Unveils VEVA Office Complex

by Amy Works

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.

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Drexelbrook-Apts-Meridian
LoansMultifamilyNortheastPennsylvania

Meridian Capital Group Arranges $40M Loan for Drexelbrook Apartments

by Amy Works

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.

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1200-Atwater-Malvern
NortheastOfficePennsylvania

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

by Amy Works

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.

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LoansMixed-UseNortheastPennsylvania

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

by Amy Works

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.

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NortheastPennsylvaniaRetail

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

by Amy Works

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.

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The-Julien
MultifamilyNortheastPennsylvania

Gebroe-Hammer Associates Arranges $14.1M in Multifamily Sales

by Amy Works

PHILADELPHIA — Gebroe-Hammer Associates has arranged $14.1 million in multifamily sales in Philadelphia. The Livingston, N.J.-based firm recently brokered the sales of The Julien in northwest Philadelphia and Avondale Apartments in northeast Philadelphia. Located at 5600 Ogontz St., The Julien consists of seven mid-rise buildings offering a total of 206 studio, one- and two-bedroom apartments. Avondale Apartments, located at 4628 Leiper St., consists of five mid-rise buildings offering a total of 113 residential units. Eli Rosen of Gebroe-Hammer negotiated both transactions.

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1515-Market-Philly
NortheastOfficePennsylvania

Accesso Partners Buys 1515 Market Street in Downtown Philly for $85M

by Amy Works

PHILADELPHIA — Accesso Partners LLC has closed on its $85 million acquisition of 1515 Market Street in downtown Philadelphia. The 20-story, 500,000-square-foot office tower sold for $85 million. The property was sold by a joint venture between Winthrop Realty Trust of Boston and Stockton Real Estate Advisors of Philadelphia. Renovated in 2007, the Class A property is currently 87 percent leased to a variety of tenants, including Temple University; Heffler, Radetich & Saitta; Sweeney & Sheehan; Simon & Simon; Rocco Law; the Commonwealth of Pennsylvania; Citizens Bank; and First Trust Bank. Douglas Rodio and Jim Galbally of Jones Lang LaSalle brokered the transaction. Hallendale Beach, Fla.-based Accesso Partners is formerly known as Beacon Investment Properties.

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