READING, PA. — National Coatings & Supplies, a North Carolina-based automotive paint distributor, has signed a 119,537-square-foot industrial lease in Reading. The tenant will occupy space at Building A at Berks 222 Industrial Center, which features a clear height of 32 feet. Joel Kreider, Ed Skonecki and Michael Pietropola of Lee & Associates represented the landlord, locally based developer Endurance Real Estate Group, in the lease negotiations. Ida McMurray of SVN Latus represented the tenant.
PITTSBURGH — MultiVersity Housing Partners has purchased The Revival on Carson Portfolio, which consists of two Pittsburgh multifamily buildings that are known as The Maul and The Nakama and that total 47 units. The buildings include ground-floor retail space. MultiVersity plans to invest in capital improvements to the property through the additions of outdoor kitchens to the rooftop decks, more fitness equipment, a business center and updated lobby features. The seller was not disclosed.
NEW YORK CITY AND PHILADELPHIA — Blackstone Real Estate Income Trust Inc. (BREIT) has agreed to acquire Resource REIT, a publicly registered, non-traded REIT based in Philadelphia, for $3.7 billion in an all-cash transaction. Under the terms of the deal, BREIT will acquire all of the outstanding shares of common stock of Resource REIT for $14.75 per share, including the assumption of existing debt. The transaction is expected to close in the second quarter. Resource REIT’s portfolio currently consists of 42 garden-style apartment communities totaling more than 12,600 units across 13 states, including Arizona, Colorado, Florida, Georgia and Texas. “This transaction represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the country,” says Asim Hamid, senior managing director at Blackstone. “We intend to capitalize on our expertise, scale and management practices to ensure these properties are well maintained and provide an exceptional experience for residents.” Lazard Frères & Co. LLC is acting as exclusive financial advisor to Resource REIT, and DLA Piper LLP is acting as the firm’s legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors LLC and RBC Capital Markets LLC are acting as financial advisors to BREIT. Simpson Thacher …
YORK, PA. — Berkshire Bank has provided a $33.9 million loan for the refinancing of The Oaks and Reserve at Copper Chase, a multifamily property in York. The development consists of the 132-unit Reserve at Copper Chase, which was built in 1983 and renovated in 2019, and the 107-unit Oaks at Copper Chase, which was delivered last year. Amenities include a pool, fitness center, walking trails, playground, clubhouse and a dog park. Drew Fletcher and Paul Fried of Greystone arranged the loan on behalf of the borrower, New Jersey-based Larken Associates.
YORK, PA. — Nevada-based Dermody Properties has acquired the former Glen-Gery Corp. manufacturing site in York with plans to redevelop the property into a 342,720-square-foot logistics center. Glen-Gery, a Pennsylvania-based manufacturer of building products, has occupied the 29.5-acre site for more than 50 years and will lease back the facility for the next two years. Dermody will begin construction of the logistics center at that time. The company also intends to complete roadwork improvements to the adjoining intersection.
LANGHORNE, PA. — New Jersey-based investment firm Tryko Partners has purchased The Attleboro Community, a continuing care retirement community in Langhorne, located northeast of Philadelphia in Bucks County. Tryko Partners has rebranded the 415-bed campus as Oxford Enhanced Senior Living. The campus’ skilled nursing facility, Oxford Rehabilitation & Healthcare Center, provides post-hospital, short-term rehabilitation and long-term residential care. The seller and sales price were not disclosed.
HARRISBURG, PA. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has negotiated the $16 million sale of Olde Liberty Square, a 95,000-square-foot office building in Harrisburg. The property sits on 4.6 acres and features 310 parking spaces. Matt Wolf and Robert Holland of Kislak represented the seller, Room One Corp., in the transaction. Bo Mangam of Landmark Commercial represented the buyer, an entity doing business as Empire Liberty Square LLC.
WARRINGTON, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Warrington Plaza, an 87,581-square-foot shopping center located on the northern outskirts of Philadelphia. A 35,000-square-foot Avalon Floor & Tile anchors the property. Brad Nathanson of IPA represented the seller, Valley Forge Investment Corp., in the transaction. New York-based Realty Resource Capital Corp. purchased the asset for $22.5 million.
PHILADELPHIA — New York City-based Square Mile Capital Management has provided a $195 million acquisition loan for 1500 Locust, a 612-unit apartment tower located in Philadelphia’s Rittenhouse Square neighborhood. The 45-story building also houses 7,700 square feet of retail space and was 97 percent occupied at the time of sale. Amenities include a rooftop pool and lounge, fitness center, media room and outdoor grilling stations. Drew Anderman and Alan Blank of Meridian Capital Group arranged the debt. The borrower is a joint venture between Fairstead, a developer with offices along the East Coast, and its undisclosed institutional equity partner. A portion of the proceeds will be used to fund capital improvements. Lizann McGowan, Erin Miller, Marybeth Farris and Chris Koehler of Newmark represented the seller, Barings, in the transaction.
ROCHESTER, PA. — Marcus & Millichap has brokered the sale of Madison Square Shopping Center, a 184,082-square-foot retail property in Rochester, located northwest of Pittsburgh. The sales price was $12 million. Grocer Giant Eagle anchors the property, which was originally constructed in 1967 as a Kaufmann’s Department Store. John Reehil of Marcus & Millichap represented the seller, a partnership, in the transaction. Additional terms of sale were not disclosed.