Pennsylvania

Larken Associates Begins Renovation of 224-Unit Apartment Community in York, Pennsylvania

by Taylor Williams August 27, 2021

YORK, PA. — New Jersey-based Larken Associates has begun renovations of The View at Mackenzi, a 224-unit apartment community in York. As part of the project, the company will add a community pool, an outdoor grilling area and a new clubhouse, with completion slated for early 2022. Units at the property feature two-bedroom floor plans and individual washers and dryers. Select units also offer stainless steel appliances, island breakfast bars and private balconies/patios. Existing amenities include a fitness center, walking trails, a dog park and package concierge services. Larken Associates acquired The View at Mackenzi in 2020.

August 27, 2021

Acquisitions Industrial Northeast Pennsylvania

JLL Negotiates $73M Sale of Logistics Facility in York, Pennsylvania

by Taylor Williams August 26, 2021

YORK, PA. — JLL has negotiated the $73 million sale of York Logistics Hub, a 1.4 million-square-foot industrial and office development in southern Pennsylvania. The property consists of a 743,413-square-foot industrial facility anchored by Johnson Controls, a 548,632-square-foot warehouse with redevelopment potential and a 116,255-square-foot, multi-story office tower. York Logistics Hub was 72.5 percent leased at the time of sale to a roster of 13 tenants. John Plower, Ryan Cottone and Jeff Lockard of JLL represented the seller, Patriot Equities, in the transaction. Chad Orcutt and Michael Pagniucci, also with JLL, arranged a $48.2 million floating-rate acquisition loan through a regional bank on behalf of the buyer, SK Realty Management.

August 26, 2021

Acquisitions Northeast Pennsylvania Retail

Paramount Realty Services Sells 500,000 SF Retail Power Center in Philadelphia

by Taylor Williams August 24, 2021

PHILADELPHIA — Paramount Realty Services has sold Northeast Town Center, a 500,000-square-foot retail power center located at 4600 Roosevelt Blvd. in northeast Philadelphia. Walmart and Home Depot anchor the property, which was originally built in 1996. Other tenants include Old Navy, Ross Dress for Less, DD’s Discount, PetSmart, Pep Boys and Dollar Tree. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. The buyer was not disclosed.

August 24, 2021

Acquisitions Hospitality Northeast Pennsylvania

HREC Negotiates Sale of 179-Room Crowne Plaza Suites Hotel in Pittsburgh

by Taylor Williams August 20, 2021

PITTSBURGH — HREC Investment Advisors has negotiated the sale of Crowne Plaza Suites Pittsburgh South, a 179-room hotel located about seven miles from the downtown area. The property offers a pool, fitness center, business center, restaurant and bar and indoor and outdoor event space. Phil White and Mark von Dwingelo of HREC represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.

August 20, 2021

Acquisitions Multifamily Northeast Pennsylvania

Equus Capital Partners Sells 188-Unit High-Rise Apartment Complex in Philadelphia

by Taylor Williams August 19, 2021

PHILADELPHIA — Locally based investment firm Equus Capital Partners has sold Hill House, a 188-unit high-rise apartment complex in Philadelphia’s Chestnut Hill neighborhood. The property offers studio, one-, two- and three-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, resident lounge, coffee bar, private library and an outdoor courtyard with grilling areas. Erin Miller, Lizann McGowan and Marybeth Farris of Newmark brokered the deal. Sentinel Real Estate Corp. purchased Hill House, which was 99 percent occupied at the time of sale, for an undisclosed price. Equus originally acquired the property in 2015 and invested $3.7 million in capital improvements over the course of the holding period.

August 19, 2021

Loans Northeast Office Pennsylvania

PCCP Provides $80M Loan for Refinancing of Philadelphia Office Building

by Taylor Williams August 18, 2021

PHILADELPHIA — PCCP LLC has provided an $80 million senior loan for the refinancing of 123 South Broad Street, a 705,500-square-foot office building located within Philadelphia’s Center City district. The 30-story building was originally constructed in 1928 and is currently leased to a roster of 92 tenants. The borrower was a joint venture between SSH Real Estate, Quilvest Capital Partners and Young Capital. Ryan Ade and Jim Cadranell of JLL arranged the financing. Ownership will use a portion of the proceeds to fund capital improvements, including the addition of amenities like a fitness center, rooftop deck and shared conference space.

August 18, 2021

Development Industrial Life Sciences Northeast Pennsylvania

DHL Supply Chain Begins Work on 970,000 SF Warehouse in Lebanon, Pennsylvania, Will Create 200 Jobs

by Taylor Williams August 13, 2021

LEBANON, PA. — Logistics firm DHL Supply Chain has begun construction on a 970,000- square-foot warehouse in Lebanon, a suburb of Harrisburg. The project will house manufacturing, storage and distribution space that will serve the healthcare and life sciences industries. DHL Supply Chain is constructing another building at the site as part of an initiative to invest $88 million in the regional economy and create about 200 new jobs. The first building is scheduled to be complete in the first quarter of next year.

August 13, 2021

Acquisitions Industrial Northeast Pennsylvania

Dalfen Industrial Acquires 572,800 SF Portfolio in Lehigh Valley

by Taylor Williams August 10, 2021

LANCASTER AND ELIZABETHTOWN, PA. — Dallas-based development and investment firm Dalfen Industrial has acquired a portfolio of two facilities in the Lehigh Valley area totaling 572,800 square feet. The newly built Lancaster property spans 252,800 square feet, and the Elizabethtown asset totals 320,000 square feet and was built in 2018. Both facilities offer high clear heights, ample parking spaces and modern office spaces to appeal to e-commerce users. Robert Yoshimura and Joseph Hill of Lee & Associates brokered the transaction. The seller was not disclosed.

August 10, 2021

Healthcare Leasing Activity Life Sciences Northeast Office Pennsylvania

Keystone Lands New Life Sciences Tenant at 912,245 SF Facility in Philadelphia

by Taylor Williams August 9, 2021

PHILADELPHIA — Keystone Property Group has landed a new life sciences tenant at The Curtis, the metro Philadelphia-based developer’s 912,245-square-foot facility in Philadelphia that is a redevelopment of a former printing press. Aro Biotherapeutics Co., a developer of genetic medicines, has committed to an undisclosed amount of space at the 12-story building. Bob Zwengler, Anthony Pell, Matt Knowles and Paul Touhey of CBRE represented the tenant in the lease negotiations. Tim Conrey, Lisa Berger Baskin and K.J. Kulik of Scheer Partners represented Keystone.

August 9, 2021

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $47.6M Financing for Two Seniors Housing Properties in Pennsylvania

by Taylor Williams August 9, 2021

ERIE AND MECHANICSBURG, PA. — HJ Sims has arranged $47.6 million in financing for Bethany Village Retirement Center and Springhill, two seniors housing properties that are respectively located in Mechanicsburg and Erie. Bethany Village includes two campuses with 400 independent living units, 100 assisted living units, a 69-bed skilled nursing center and amenities. Springhill features 158 independent living and 35 personal care units, plus an 80-bed skilled nursing facility. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. The borrower was Asbury Communities Inc.

August 9, 2021

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