EASTON, PA. — Life insurance company Thrivent Financial has provided a $20.5 million loan for the refinancing of two adjacent distribution buildings in Easton. The buildings range in size from 140,000 to 200,000 square feet, and both feature 32- to 36-foot clear heights, ESFR sprinkler systems and extra parking for vehicles and truck trailers. Proceeds from the fixed-rate, nonrecourse loan will be used to pay off existing construction debt. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the financing on behalf of the borrower, a private REIT based in Southern California.
YORK, PA. — A partnership between an affiliate of Endurance Real Estate Group and Thackeray Partners has sold a 174,572-square-foot industrial building located at 2075 Loucks Road in York. The sales price was $11.3 million. Built in 1980, expanded in 1986 and renovated in 1996, the building features 18- to 30-foot clear heights and proximity to Interstates 76 and 81. John Plower, Ryan Cottone and Zach Maguire of JLL represented the seller and procured the undisclosed buyer. The property was 100 percent leased to York Wallcoverings at the time of sale.
BENSALEM, PA. — Greystone has provided a $20.6 million Freddie Mac acquisition loan for Grandview Gardens, a 226-unit multifamily property located in the Lehigh Valley city of Bensalem that was originally built in 1965. Dan Sacks of Greystone originated the floating-rate loan, which features a 10-year term and 30-year amortization schedule with four years of interest-only payments. Jack Miller of Platinum Capital Group arranged the loan on behalf of an undisclosed borrower.
SHOEMAKERSVILLE, PA. — Global investment firm KKR has acquired a 600,000-square-foot warehouse and distribution facility within Hamburg Commerce Park in the Lehigh Valley community of Shoemakersville. Built in 2020, the 38.6-acre property features 36-foot clear heights, 50 dock-high doors, 169 trailer stalls and an ESFR sprinkler system. John Plower, Pete Pittroff, Rob Kossar, Jeff Lockard and Ryan Cottone of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. The sales price was not disclosed.
KING OF PRUSSIA, PA. — NAI Mertz has brokered the $9.3 million sale of a 97,000-square-foot industrial flex building located at 780 Fifth Ave. in King of Prussia, a northern suburb of Philadelphia. Scott Mertz and John Adderly of NAI Mertz represented the seller, Fifth Avenue KOP LP, an affiliate of New Jersey-based Rudner Real Estate, in the transaction. The buyer was an affiliate of Philadelphia-based Velocity Ventures Partners. The property was 89 percent leased at the time of sale.
RIDLEY TOWNSHIP, PA. — A partnership between Pennrose, the Delaware County Housing Authority, the County of Delaware and the Pennsylvania Housing Finance Agency has closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township. The project will add 96 units of affordable seniors housing to the Kinder Park site, located near Philadelphia International Airport. The site already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several parks. This phase is slated for completion in spring 2022.
PHILADELPHIA — Rittenhouse Realty Advisors has arranged the sale of a 272-bed student housing portfolio in Philadelphia. The portfolio consists of five buildings totaling 106 units that serve the University of Pennsylvania, Drexel University and Temple University. The portfolio features a mix of newly constructed buildings and value-add assets. The buyer and seller were not disclosed.
UPPER MACUNGIE, PA. — New Jersey-based Woodmont Properties has completed the lease-up of Woodmont Ridge in Upper Macungie, located in the Lehigh Valley area. The property consists of 36 carriage homes in two-bedroom formats that feature open floor plans, modern plank floors and quartz countertops. Amenities include a pool, resident lounge, game room, theater room and a fitness center. The majority of the units also feature attached garages.
PHILADELPHIA — New York City-based RAL Development Services is nearing completion of Broadridge, a 478-unit apartment community that will be located at 1300 Fairmount Ave. near downtown Philadelphia. The property will span 305,000 square feet of residential space within a 14-story building. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include two outdoor terraces totaling 30,000 square feet, a pool, grilling area, yoga lawn and a dog run. The project will also include 60,000 square feet of retail space that is leased to German discount grocer ALDI, which opened this week, and Spring Education Group, which will open a Chesterbrook Academy Preschool at the site in the near future. Residential move-ins are expected to begin in March. Information on starting rental rates was not released.
WARRENDALE, PA. — Postal Realty Trust (NYSE: PSTL), a New York-based REIT, has acquired a 431,000-square-foot industrial building located in the northern Pittsburgh suburb of Warrendale for $47 million. The property was fully leased at the time of sale to three tenants, with a USPS processing and distribution facility occupying roughly 75 percent of the space. The other tenants are Omnicell Inc., a provider of operational solutions for healthcare facilities, and DBC Real Estate Management LLC, a regional multifamily owner-operator. The seller was not disclosed. Postal Realty Trust now owns 714 properties in 47 states totaling 2.6 million square feet of net leasable commercial space.