NEWVILLE, PA. — Northmarq has negotiated the sale of Big Spring Terrace, a 159-unit manufactured housing community in Newville, about 140 miles west of Philadelphia. The property was originally constructed on a 94-acre site in 1975 and was roughly 94 percent occupied at the time of sale. Anthony Pino and Ari Azarbarzin of Northmarq represented the seller, Pennsylvania-based Big Springs Properties, in the transaction. The buyer and sales price were not disclosed.
UPPER DARBY, PA. — Dwight City Group, the investment arm of New York City-based lender Dwight Capital, has completed a multifamily adaptive reuse project in Upper Darby, a western suburb of Philadelphia. The project converted a 125,000-square-foot warehouse at 901 Quarry St. that was constructed in 1925 and had been dormant for three decades into an 84-unit apartment complex. The complex now features one- and two-bedroom units and amenities such as a playground and dog park. Rents start at roughly $1,500 per month for a one-bedroom apartment.
RADNOR, PA. — Locally based REIT Brandywine Realty Trust has sold a 17,884-square-foot shopping center in Radnor, a northwest suburb of Philadelphia, for $14.2 million. Built in 2014, the property was fully leased at the time of sale to tenants such as Estia, Pietro’s, Honeygrow and Buena Onda. Jim Galbally, Chris Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented Brandywine in the transaction. The buyer was an undisclosed, New York-based private investor.
BERWYN, PA. — Maryland-based developer Bozzuto has completed Ember at Berwyn, a 250-unit apartment complex located about 25 miles northwest of Philadelphia. Ember at Berwyn features studio, one-, two- and three-bedroom floor plans that range in size from 438 to 1,476 square feet. Amenities include a fitness center with a yoga studio, business center with coworking space and conference rooms, courtyards with grilling and dining stations, a dog park, pool and a social lounge. Bozzuto developed the project via a joint venture with developer ECHO Realty. Rents start at $1,910 per month for a studio apartment.
PHILADELPHIA — JLL has arranged a $215 million loan for the refinancing of the 1,408-room Philadelphia Marriott Downtown hotel. The hotel, which is connected to the Pennsylvania Convention Center and recently underwent a capital improvement program, consists of a 1,198-key main tower that was built in 1994 and the 210-key historic Headhouse Tower. Hotel amenities include a 24-hour fitness center, indoor pool, lobby lounge, restaurant and new pub with duckpin bowling and billiards. Kevin Davis, Ryan Ade, Mark Fisher, Barnett Wu and Caleigh O’Connell of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital. Barclays, Wells Fargo and J.P. Morgan provided the debt.
LANCASTER, PA. — Locally based brokerage firm TRUE Commercial Real Estate has negotiated a 15,100-square-foot lease at BURLE Corporate Park, a commercial facility located about 80 miles west of Philadelphia in Lancaster. Althea Ramsay Carrigan of TRUE Commercial represented the landlord in the lease negotiations. The tenant was HealthDirect Pharmacy Services.
MORRISTOWN, N.J. — JLL has arranged the recapitalization of a portfolio of 16 industrial buildings totaling 630,822 square feet in New Jersey and Pennsylvania. The specific locations were not disclosed. The portfolio was 99 percent leased at the time of the recapitalization to tenants in industries such as logistics, food and beverage, technology and warehousing. Marc Duval, Jordan Avanzato, Nicholas Stefans, Jason Lundy and Jose Cruz of JLL arranged new joint venture equity with an undisclosed partner on behalf of the sponsor, New Jersey-based owner-operator Denholtz Properties.
ETNA, PA. — Electric products and services provider Westinghouse will open an 87,420-square-foot industrial facility in Etna, located northeast of downtown Pittsburgh, a move that will add about 40 jobs and $18 million in capital investment to the local economy. Westinghouse will use the space at 51 Bridge St. to manufacture various electrical components and advance clean energy initiatives. New York-based private equity firm The AM Group owns the building. Construction began earlier this year and is slated for a first-quarter 2024 completion.
CHESTER SPRINGS, PA. — Marcus & Millichap has brokered sale of a retail pad site that is leased to CVS and an affiliated outparcel building in Chester Springs, about 35 miles northwest of Philadelphia, for a combined $6.1 million. Dean Zang and David Crotts of Marcus & Millichap represented the seller, an affiliate of the Zukin Family, in the transaction and procured an undisclosed, publicly traded REIT as the buyer. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
BLUE BELL, PA. — JLL has negotiated the sale of a 199,532-square-foot office building located at 1400 Union Meeting Road in Blue Bell, a northwestern suburb of Philadelphia. The two-story building was originally constructed on 18.6 acres in 1961 and is now zoned for scientific, agricultural, industrial or research or development uses. Brett Segal and Matthew Blumberg of JLL represented the seller, Bridge Investment Group, in the transaction and procured the buyer, a foreign private investor. Specific plans for repositioning were not disclosed.