Pennsylvania

G.S. Wilcox & Co. Secures $25.5M Financing for Multifamily Community in Suburban Philadelphia

by David Cohen June 14, 2018

WARMINSTER, PA. — G.S. Wilcox & Co. has secured $25.5 million in permanent financing for the Jacksonville Station Community, a recently constructed 151-unit, eight-building apartment community in Warminster. The financing was secured with a 10-year term and a 30-year amortization through lender Allianz. The undisclosed borrower was a repeat client of G.S. Wilcox. The community features 12 types of units with a clubhouse and in-ground pool and is located across the street from the Septa Rail Station, which provides direct connectivity to Philadelphia.

June 14, 2018

Development Northeast Pennsylvania

IMC Construction Breaks Ground on $32M Women’s Health Center in King of Prussia

by David Cohen June 12, 2018

KING OF PRUSSIA, PA. — IMC Construction has broken ground on a $32 million medical office building for Main Line Health in King of Prussia. The seven-story, 94,000-square-foot facility will be a specialty care center for women located in the Town Center mixed-use complex at the Village at Valley Forge. Services provided by the center will include primary care, heart health, obstetrics and gynecology, breast health, skin care, and emotional wellness. The team building Main Line Health includes construction manager IMC Construction, architect NELSON, development manager Anchor Health Properties, site/civil engineer Bohler Engineering,and design consultant Perkins Eastman Black.

June 12, 2018

Acquisitions Multifamily Northeast Pennsylvania

IPA Negotiates $61M Sale of Apartment Community in Metro Pittsburgh

by Jeff Shaw June 11, 2018

WEXFORD, PENN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $61 million sale of Ascent Four Thirty, a 319-unit apartment community located in Wexford, roughly 15 miles north of Pittsburgh. A joint venture between Buligo Capital and Graycliff Capital acquired the asset from The NRP Group. Constructed in 2014, Ascent Four Thirty includes 17 three-story buildings and features a fitness center, resort-style swimming pool with a sundeck and a conference room. Joshua Wintermute, Michael Barron, Daniel Burkons and Victor Nolletti of IPA arranged the transaction on behalf of the seller, and procured the buyer.

June 11, 2018

Leasing Activity Northeast Office Pennsylvania

AmerisourceBergen Signs 400,000 SF Office Lease for New Corporate Headquarters in Conshohocken, Pennsylvania

by David Cohen June 8, 2018

CONSHOHOCKEN, PA.— AmerisourceBergen has signed a 400,000-square-foot office lease at Keystone Property Group’s SORA West site in Conshohocken for its new global headquarters. The site includes a 400,000-square-foot office building, 125-room hotel, 1,500-space parking garage, public spaces and restaurants. Binswanger represented AmerisourceBergen in the lease transaction. Currently headquartered in Chesterbrook, Pa., the company is ranked No. 12 on the Fortune 500 and serves as a partner in the pharmaceutical supply chain for thousands of healthcare providers, veterinary practices, livestock producers and global manufacturers. The new headquarters is expected to house around 1,500 employees.

June 8, 2018

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Pent-Up Demand Spurs Growth in Pittsburgh’s Industrial Sector

by David Cohen June 6, 2018

The Pittsburgh industrial market has historically been a relatively small property sector due to several limiting factors, including difficult topography, infrastructure constraints and Pittsburgh’s location between two major industrial markets (Columbus to the west and Pennsylvania’s Central Valley to the east). However, with the emergence of e-commerce fulfillment centers, the growth of the Pittsburgh economy and major infrastructure improvements, we are starting to see strong demand for well-located industrial properties in the region. The size of the industrial market for the greater Pittsburgh metro is 185 million square feet. of which, 23.6 million square feet is flex and 161.1 million square feet is warehouse. Flex vacancy rate is currently 9.4 percent with 98,000 square feet under construction while warehouse vacancy is 5.8 percent with 263,000 square feet under construction. Based upon the tight vacancy and limited new construction in the warehouse space, there is believed to be significant pent-up demand, particularly for Class A users requiring 250,000 to 500,000 square feet. Accordingly, there are a number of planned speculative projects in this size range in the Airport, Butler County and Beaver County submarkets breaking ground in 2018. Lenders in the region are also bullish on the strength of the Pittsburgh …

June 6, 2018

Acquisitions Industrial Northeast Pennsylvania

Markward Group Arranges Sale of 18,086 SF Industrial Facility in Allentown

by David Cohen June 5, 2018

ALLENTOWN, PA. — The Markward Group has arranged the sale of 211 Lloyd Street, an 18,086-square-foot industrial facility located on 2.26 acres in Allentown. The sales price was not disclosed. Chip Miers of Markward Group represented the seller, Kay Louise Krapf, in the transaction. The buyer, Serfass Development and Acquisitions, was represented by Ann Kline of Markward Group. The building has been in use as a truck terminal and service repair garage for Ransome CAT. Prior to the sale, the property was leased to ABLE Equipment Rental Inc. ABLE is a supplier of construction equipment rentals and plans to open the Lloyd Street facility in Allentown as its fifth location in the Northeast.

June 5, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

Grandbridge Secures $35.8M Refinancing Through Freddie Mac for Student Housing Property in Philadelphia

by David Cohen June 4, 2018

PHILADELPHIA — Grandbridge Real Estate Capital has secured a $35.8 million refinancing for The Edge, a 602-unit, purpose-built student housing property near Temple University in Philadelphia. Gill Dolan and Blake Willeford of Grandbridge arranged the floating-rate, first mortgage loan for the undisclosed borrower through Freddie Mac. The financing was structured with an initial period of interest-only payments, followed by a 10-year term and 30-year amortization. The borrower requested a floating-rate loan to facilitate the refinancing of the existing CMBS mortgage, according to Grandbridge Vice President Gill Dolan. Built in 2006, the property is situated on a 1.7-acre site just south of Temple University’s main campus. The 12-story student housing community contains 1,067 beds across 602 units. Amenities include a two-story fitness center, study rooms, grilling stations and on-site laundry facilities.

June 4, 2018

Acquisitions Industrial Leasing Activity Northeast Pennsylvania

CBRE Arranges Sale-Leaseback of 300,000 SF Industrial Facility in Pennsburg

by David Cohen May 25, 2018

PENNSBURG, PA. — CBRE has arranged the sale-leaseback of a 291,203-square-foot industrial building located at 2452 Quakertown Road in Pennsburg. The building, which is net leased through 2028, was acquired by One Liberty Properties. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, RAF Industries, in the transaction. The warehouse and distribution facility was completed and expanded between 1986 and 1994 and has served as the headquarters for both Campania International and U.S. Tape, portfolio companies of RAF Industries since 2006.

May 25, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Colliers Brokers $3.3M Sale of Mixed-Use Building in Philadelphia

by David Cohen May 23, 2018

PHILADELPHIA — Colliers International has brokered the $3.3 million sale of 1026 Arch St. in the Chinatown neighborhood of Philadelphia. The three-story, 9,000-square-foot building currently houses ground-floor retail and second-floor office space. Colliers represented the seller, Alfred and Nancy Cappelli, in the transaction. A private investor purchased the building.

May 23, 2018

Acquisitions Northeast Pennsylvania

Marcus & Millichap Brokers $4.2M Sale of Retail Strip Center in Harrisburg

by David Cohen May 22, 2018

HARRISBURG, PA. — Marcus & Millichap has brokered the $4.2 million sale of Paxton Street Commons, a 10,664-square-foot retail strip in Harrisburg. The five-tenant center located at 3462 Paxton St. was 100 percent occupied at the time of sale. Tenants include Starbucks, FedEx, Hertz, Cycle Gear and Qdoba. Craig Dunkle of Marcus & Millichap represented the New York-based buyer in the transaction. The seller was undisclosed. Matthew Rosenberg of Marcus & Millichap also arranged $3.5 million in financing for the buyer through an undisclosed lender.

May 22, 2018

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