Pennsylvania

Chicago Pacific Founders Acquires Three Senior Living Communities Near Pittsburgh

by Alex Patton July 22, 2019

BETHEL PARK, PITTSBURGH and NORTH VERSAILLES, PA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired three senior living communities in the Pittsburgh metro area. The properties include The Residence at Bethel Park in Bethel Park, The Residence at Whitehall in Pittsburgh and Point Pleasant in North Versailles. Grace Management will take over operations of all three communities. The Residence at Bethel Park is also a rebrand to reflect the new ownership of the community, which was formerly known as The Residence at Logan. Terms of the deal, including the seller and price, were not disclosed. CPF plans to make capital investments in the campuses.

July 22, 2019

Loans Multifamily Northeast Pennsylvania Seniors Housing

Ziegler Arranges $44.1M Bond Financing for Seniors Housing Community Near Philadelphia

by Taylor Williams July 17, 2019

GLADWYNE, PA. — Ziegler has arranged $44.1 million in bond financing for Waverly Heights, which owns and operates a continuing care retirement community (CCRC) of the same name in Gladwyne, located northwest of Philadelphia. The 63-acre community was built in 1986 and includes 151 independent living apartments, 69 independent living villas, 33 personal care suites, 16 memory support rooms and 49 private skilled nursing rooms. The bond financing, along with other available funds, will be used to pay back existing bank debt.

July 17, 2019

Leasing Activity Northeast Pennsylvania Retail

City Center Investment Corp. to Open 12,000 SF Food Hall in Allentown This Fall

by Taylor Williams July 15, 2019

ALLENTOWN, PA. — City Center Investment Corp. plans to open Downtown Allentown Market, a $4 million project in Allentown. The 12,000-square-foot retail space will be located within the City Center Allentown mixed-use development. The market will feature nine food and drink merchants, indoor and outdoor seating and flexible space for programming and pop-up shops. Brick-and-mortar tenants include sushi/poke concept Shinsen; Mediterranean restaurant Zahra; ice creamery Batch Microcreamery; Little Miss Korea; Doughnut Love, Licensed to Grill @ The Market; and Tavola pizzeria. The food hall will also house a distillery. City Center Investment Corp. partnered with Groundswell Design Group and mixed-use urban developer Cana Development on the project.

July 15, 2019

Development Industrial Northeast Pennsylvania

CRG to Develop 311,920 SF Speculative Warehouse in York, Pennsylvania

by Alex Patton July 12, 2019

YORK, PA. — National real estate development and investment firm CRG will develop The Cubes at York, a 311,920-square-foot speculative distribution warehouse in York. The location is near the I-81/I-78 Industrial Corridor, just south of Harrisburg, and will be one of seven North American industrial properties in “The Cubes” brand that is owned and developed by CRG. Construction is expected to begin during fourth-quarter 2019. Clayco will be the design-builder on the project and its subsidiary, the Lamar Johnson Collective, is the architect.

July 12, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers $4.6M Sale of Office Property in Harrisburg

by Alex Patton July 12, 2019

HARRISBURG, PA. — Marcus & Millichap has brokered the $4.6 million sale of a 73,289-square-foot office building in Harrisburg. The four-story property is located on the corner of Cameron and Walnut streets, and is leased to a mix of community-based, service and nonprofit organizations. Craig Dunkle and Mark O’Shea of Marcus & Millichap’s Philadelphia office represented the seller, investment firm Brickbox Enterprises Ltd. Dunkle also represented the buyer, Halzlucha LLC, a private investment group based in Muncie, New York.

July 12, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Negotiates $3.9M Sale of Office Property in Camp Hill, Pennsylvania

by Alex Patton July 9, 2019

CAMP HILL, PA. — Marcus & Millichap has negotiated the sale of a 26,541-square-foot office property in Camp Hill, Pennsylvania. The property is located at 355 N. 21st St and Cumberland Blvd. The sales price was $3.9 million. The building offers 16 office suites leased to tenants in an array of industries, including medicine, finance and law. Craig Dunkle of Marcus & Millichap’s Philadelphia office represented the seller, 355 N. 21st Camp Hill Associates, as well as the buyer, Thank You Hashem, in the transaction.

July 9, 2019

Acquisitions Industrial Northeast Pennsylvania

Trout Daniel Arranges Sale of 175,000 SF Industrial Complex in Lancaster, Pennsylvania

by Taylor Williams July 5, 2019

LANCASTER, PA. — Maryland-based Trout Daniel & Associates (TDA) has arranged the sale of the historic Stehli Silk Mill, a two-building, 175,000-square-foot industrial facility in Lancaster, one of the oldest inland towns in the United States. The two-building facility is situated on nearly 11 acres at 701 Martha Ave. At the time of its original construction in 1897, the silk mill was the largest of its kind in the world. Gary Olschansky of TDA represented the buyer, Rhode Island-based developer Union Box Co., which plans to convert the existing structures into multifamily and commercial uses.

July 5, 2019

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Negotiates Sale of 447-Unit Self-Storage Facility in Pittsburgh

by Taylor Williams July 5, 2019

PITTSBURGH — Marcus & Millichap has negotiated the sale of Camp Horne Self Storage, a facility in Pittsburgh that includes 52,344 square feet of net rentable space across 447 units. The property was built in 2004 on 4.4 acres and was 94 percent occupied at the time of sale. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and buyer, both of which were undisclosed limited liability companies, in the transaction. Sean Beuche, a regional manager with Marcus & Millichap, assisted in closing the deal.

July 5, 2019

Riverwalk-at-Millenium-Conshohocken-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania

HFF Arranges Sale of 375-Unit Apartment Community in Metro Philadelphia

by Taylor Williams July 3, 2019

CONSHOHOCKEN, PA. — HFF has arranged the sale of Riverwalk at Millennium, a 375-unit multifamily community in Conshohocken, a northwestern suburb of Philadelphia. Built on 7.9 acres, the transit-served property offers one- and two-bedroom units averaging 923 square feet with plank flooring and individual washers and dryers. Amenities include a pool with a sundeck and grill area, fitness center with on-demand classes and a resident clubhouse. Mark Thomson, Carl Fiebig, Francis Coyne and Jose Cruz of HFF represented the seller, a joint venture between Boston-based Long Wharf Capital and Scully Co., which acquired the property in 2015. Ryan Ade and Jamie Leachman of HFF arranged an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Relative Properties. The property was built in phases in 2005 and 2010.

July 3, 2019

Acquisitions Hospitality Northeast Pennsylvania

Gehr Hospitality Acquires 129-Room Hyatt Place Hotel in King of Prussia

by Taylor Williams July 3, 2019

KING OF PRUSSIA, PA. — A partnership between two Los Angeles-based firms, Gehr Hospitality and Oakhurst Advisors LLC, has acquired the 129-room Hyatt Place hotel in King of Prussia, a northwestern suburb of Philadelphia. The hotel, which was renovated in 2018, is located near numerous employment hubs as well as the King of Prussia Mall, Valley Forge National Historical Park and Valley Forge Casino Resort. The Plascencia Group represented the undisclosed seller in the transaction. Thuong Luong and Molly Caccamo of Gehr Hospitality represented the buyer on an internal basis. Wells Fargo provided acquisition financing for the deal, the sales price of which was not disclosed.

July 3, 2019

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