BRISTOL, PA. — Colliers International has brokered the $6.8 million sale of 220 Rittenhouse Circle, a 100,800-square-foot industrial facility in Bristol, a southern suburb of Trenton. The property is located within Keystone Industrial Park, which offers immediate access to I-95 and also houses tenants including FedEx, L3 Communications and Office Depot. Jim Scott of Colliers represented the buyer, Penwood Real Estate Investment Management. The seller was undisclosed.
CHERRY HILL, N.J. — JLL has brokered the $33 million sale of Woodland Falls, a Class A office complex located in the eastern Philadelphia suburb of Cherry Hill. Woodland Falls comprises three buildings totaling 217,986 square feet and offers proximity to Cherry Hill Mall and Garden State Park, two retail centers with numerous shopping and dining options. The property was built in the late 1980s and was 92 percent leased at the time of sale. Doug Rodio of JLL represented the seller, Crown Properties, and procured the buyer, Strategic Funding Alternatives.
BRISTOL, PA. — Pennsylvania-based McCarthy Tire Service has signed a 48,485-square-foot retail lease in Bristol, a southern suburb of Trenton. McCarthy offers tire sales, repair and 24-hour roadside assistance for commercial trucks. The company will use the new location to consolidate its Bensalem and Philadelphia stores. Sean Durkin of Roddy Inc. represented McCarthy in the lease negotiations. John Bown III represented the landlord, Industrial Investments Inc., in-house.
YORK, PA. — ROCK Commercial Real Estate has negotiated a 19,000-square-foot industrial lease for Continental Paper Grading in York, located approximately 55 miles north of Baltimore. The space is located at 3635-3725 Board Road, a 152,700-square-foot industrial complex with 12 drive-in doors and 26 docks. The landlord is Fielder Enterprises. Ted Turnbull and Jason Turnbull of ROCK brokered the transaction.
YORK, PA. — Elephat Printing & Design LLC has signed a 3,024-square-foot office lease at 1285 West King Street in York, located approximately 25 miles south of Harrisburg. The property is part of a 47,954-square-foot office complex shared by tenants including York Roofing and Raymundo Drywall LLC. Nate Resh and David Bode of ROCK Commercial Real Estate, brokered the transaction.
WIND GAP, PA. — JLL has arranged a $23 million construction loan for the development of Dream Lehigh Valley, a 200-unit apartment complex in the Lehigh Valley community of Wind Gap, located approximately 70 miles north of Philadelphia. A regional bank provided the floating-rate construction loan to the project’s developer, DLP Capital Partners. Dream Lehigh Valley will include nine residential buildings comprising one-, two- and three-bedroom apartments, as well as a two-story clubhouse with a lounge, game room, fitness center and pool. Construction is slated for completion in 2021. Michael Pagniucci and Jason Bond of JLL arranged the loan for DLP Capital Partners.
PHILADELPHIA — Fast fashion retailer Primark will open a 34,200-square-foot store to anchor the west end of Fashion District Philadelphia, an apparel-focused mall redevelopment located in the Center City area of Philadelphia. Cosmetic retailer Sephora and apparel retailers Forever 21 and Kate Spade New York Outlet also recently signed new leases at the retail center. PREIT and Macerich developed Fashion District Philadelphia, which opened in September.
KING OF PRUSSIA, PA. — Metro Philadelphia-based Morgan Properties has acquired multifamily portfolio comprised of 80 apartment communities totaling approximately 18,000 units across 15 states. The portfolio is primarily located in upstate New York markets, including Rochester, Buffalo, Syracuse and Albany, as well as Pennsylvania submarkets that include Pittsburgh and Harrisburg. Properties in New York include Henrietta Highlands, a 338-unit community in Henrietta; Waverlywood, a 381-unit property in Webster; and North Ponds, a 196-unit asset in Webster. The portfolio also comprises assets in the Southeast and Midwest United States. The seller was Morgan Communities, a company based in Rochester, New York, which has no relation to Morgan Properties. The sales price was undisclosed.
SAN FRANCISCO AND MALVERN, PA. — San Francisco-based Prologis Inc. has entered into a definitive agreement to acquire Pennsylvania-based Liberty Property Trust in an all-stock transaction valued at approximately $12.6 billion, inclusive of outstanding debt. The deal between the two industrial REITs is expected to close in the first quarter of 2020. Under the terms of the agreement, Prologis (NYSE: PLD) will acquire roughly 107 million square feet of stabilized logistics space, 5.1 million square feet of logistics product in various stages of development and 1,684 acres with a future build-out potential totaling 19.7 million square feet. In addition, Liberty (NYSE: LPT) shareholders will receive 0.675 in shares of Prologis common stock for each Liberty share they own. Both the board of directors of Prologis and the board of trustees of Liberty have unanimously approved the transaction. Prologis plans to dispose of $3.5 billion in assets, including $2.8 billion of non-strategic logistics properties and $700 million of office properties, to help finance the acquisition. “The joining of these two platforms at this moment, when industrial logistics has become so pivotal to the new economy, will further the industry’s ability to support the nation’s supply chain and enhance value creation for …
LANGHORNE, PA. — Colliers International has brokered the sale of One Summit Square, a 67,219-square-foot office building in Langhorne, a western suburb of Trenton. The building is leased by tenants including Comcast, electronics company Ricoh and U.S. Congressman Brian Fitzpatrick. The buyer, an affiliate of Phoenix Nexus Enterprises, will relocate its headquarters to an approximately 13,000-square-foot space at the property. Matthew Shanahan and Carl Neilson of Colliers represented the buyer as well as the seller, Country Life Insurance Co., in the transaction.