Pennsylvania

Two Retail Tenants Lease 23,243 SF at Pittsburgh Multifamily Property

by Alex Patton February 19, 2020

PITTSBURGH — Two new retail tenants have signed leases totaling 23,243 square feet in the retail space at The Cork Factory, a 297-unit luxury multifamily property in Pittsburgh. Southern fast casual restaurant Coop De Ville leased 11,947 square feet, which is expected to open this spring. Health and fitness franchise TruFusion leased 11,296 square feet, which is expected to open in early 2021. The two leases bring the 43,000-square-foot retail space on the ground floor of The Cork Factory up to full occupancy, Other tenants include Cioppino Restaurant & Cigar Bar, Italian restaurant Osteria 2350 and fitness concept Meraki Studio.

February 19, 2020

Acquisitions Industrial Northeast Pennsylvania

The Flynn Co. Brokers $12.2M Sale of Five-Building Industrial Portfolio in Pennsylvania

by Alex Patton February 18, 2020

HOLMES AND BROOMALL, PA. — The Flynn Co. has brokered the $12.2 million sale of a five-building industrial portfolio in Pennsylvania. Velocity Venture Partners, a Philadelphia-based industrial developer, acquired the properties, which are all located in Delaware County, directly southwest of Philadelphia. Four of the buildings are situated within the Ridley Business Center at 500 Pine St. in Holmes. The other building is located at 620 Parkway in Broomhall. All of the buildings were fully leased at the time of sale. Colin Flynn and Ben Conway of The Flynn Co. represented Velocity Venture Partners in the transaction. Holmes Partners LP was the seller of the Ridley Business Center buildings and 620 Parkway Partners LLC was the seller of the building at 620 Parkway.

February 18, 2020

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Rittenhouse Sells Student Housing Portfolio in Philadelphia for $23.7M

by Alex Patton February 17, 2020

PHILADELPHIA — Rittenhouse Realty Advisors has sold a nine-property student housing portfolio near Temple University in North Philadelphia for $23.7 million. The portfolio comprises 92 units totaling 253 beds. All of the properties in the portfolio were constructed within the last five years, and the majority are two- or three-bedroom units. At the time of sale, the portfolio was 100 percent occupied for the 2019 to 2020 school year. The buyer was undisclosed.

February 17, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Arranges Sale of 172,071 SF Industrial Facility in Garnet Valley, Pennsylvania

by Alex Patton February 14, 2020

GARNET VALLEY, PENN. — CBRE has arranged the sale of a 172,071-square-foot industrial facility in Garnet Valley, located approximately 25 miles southwest of Philadelphia. Situated at 1515 Garnet Mine Road, the property comprises 48,000 square feet of office space and 124,071 square feet of manufacturing and warehouse space, with ceiling heights ranging from 16 to 24 feet. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Evergreen Private Finance, in the transaction. Steve Italiano of Italiano Commercial Real Estate Services LLC also assisted with the sale. BHN Associates LLC acquired the property for an undisclosed price.

February 14, 2020

Industrial Loans Northeast Pennsylvania

Ready Capital Closes Two Acquisition Loans for Industrial Properties in Pennsylvania

by Alex Patton February 13, 2020

NORRISTOWN AND PERKASIE, PA. — Ready Capital has closed two loans for the acquisition, renovation and lease-up of two Class B, industrial properties in Pennsylvania. The properties are located in Norristown and Perkasie, two northern suburbs of Philadelphia. The two buildings comprise approximately 220,000 square feet. Upon acquisition, the sponsor will implement capital improvements at each property, while simultaneously leasing to market occupancy. The nonrecourse loans are structured with floating interest rates, 36-month terms, two extension options, flexible prepayment and facilities to provide future funding for capital expenditures, tenant leasing costs and interest and operating shortfalls. The loan amounts, property names and sponsors were undisclosed.

February 13, 2020

Acquisitions Northeast Office Pennsylvania

CBRE Brokers $61.2M Sale of Axalta Global Innovation Center Office Building in Philadelphia

by Alex Patton February 10, 2020

PHILADELPHIA — CBRE has brokered the $61.2 million sale of the 175,000-square-foot Axalta Global Innovation Center office building at the Philadelphia Navy Yard. Situated at 1050 Constitution Ave., the single-tenant property was completed in 2017 and serves as a research and development facility for Axalta Coating Systems, a manufacturer of vehicle coatings. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Liberty Property Trust, in the transaction. Nick Harris and Steven Doherty of CBRE secured acquisition financing and represented the buyer, Apex Capital Investments. Apex is a U.S.-based subsidiary of Kuwait-based Dimah Capital.

February 10, 2020

Development Northeast Office Pennsylvania

Fe Equus Underway on 20,000 SF Office Building in Pittsburgh

by Alex Patton February 7, 2020

PITTSBURGH — Fe Equus Development LLC, a Wisconsin-based developer, is underway on BLD 2563, a 20,000-square-foot Class A office building in Pittsburgh. Situated at 2563 Brandt School Road, the property will offer amenities including a full kitchen, billiards and game room and a fitness room with Peloton bikes. Software company SRS Computing is the building’s first signed tenant, with 6,400 square feet on the top floor. Construction is slated for completion by the third quarter of this year. Tim Goetz and Darin Shriver of Cushman & Wakefield are leading the leasing initiative.

February 7, 2020

Acquisitions Multifamily Northeast Pennsylvania

Kislak Co. Brokers $10.6M Sale of Multifamily Portfolio in Metro Harrisburg, Pennsylvania

by Alex Patton February 7, 2020

HERSHEY, HUMMELSTOWN AND PALMYRA, PA. — The Kislak Co. Inc. has brokered the $10.6 million sale of a multifamily portfolio totaling 96 units in the metro Harrisburg area. The portfolio comprises the 18-unit White Birch Apartments and 32-unit Lincoln Apartments, both in Hershey; the 32-unit Li-Lo Apartments in Hummelstown; and the 14-unit Barrington Court Apartments in Palmyra. Robert Holland and Matt Wolf of Kislak Co. represented the buyer, Hershey Apartment Group LLC. The team also represented the sellers, private individuals Donald and Cathy Foreman.

February 7, 2020

New York Northeast Pennsylvania

Greystone and Rittenhouse Form Joint Venture

by Alex Patton February 5, 2020

NEW YORK CITY — Greystone, a New York City-based lending and advisory company, has formed a joint venture with Rittenhouse Realty Advisors, a Philadelphia-based advisory group. The joint venture is called Greystone Rittenhouse Realty Advisors, which includes a total of seven sales and debt advisors. The purpose of the joint venture is to provide disposition, refinancing, acquisition and bridge financing to multifamily clients in the Mid-Atlantic and Northeast regions. Jim McDevitt is the president of the joint venture. Ken Weller and Corey Lonberger lead the Rittenhouse Realty Advisors team.

February 5, 2020

Development Multifamily Northeast Pennsylvania Seniors Housing

Erickson Breaks Ground on 84-Unit Expansion at Maris Grove Seniors Housing Community in Pennsylvania

by Alex Patton February 4, 2020

GLEN MILLS, PA. — Erickson Living has broken ground on an expansion at Maris Grove, a continuing care retirement community in Glen Mills, located approximately 20 miles west of Philadelphia. The three-story, 76,000-square-foot project will be named Evergreen Pointe and will feature 84 new assisted living units. Evergreen Pointe is part of Erickson’s multi-year plan to expand and renovate Maris Grove’s existing residences. The new building will be located adjacent to the existing continuing care building, Rose Court, which will be renovated to include a dedicated memory care neighborhood and redesigned lobby and bistro. Construction of Evergreen Pointe is estimated to take 18 months. Three independent living neighborhoods, with more than 1,200 independent living apartment homes, are also located on the 87-acre campus. Architectural firm SFCS designed the project.

February 4, 2020

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