BROOMALL, PA. — Broomall Fire Co. has selected Bernardon as architect for a new fire station in Broomall. Situated on the former Marple School site, the 25,000-square-foot building will accommodate the current station’s apparatus, improve functionality and optimize response time. Primary funding for the project comes from the Commonwealth of Pennsylvania through a $3.25 million Redevelopment Assistance Capital Program grant. The new firehouse is slated for completion in early spring 2019.
MEDIA, FAIRLESS HILLS AND LANGHORNE, PA. — CBRE has brokered the sales of four office buildings in Media, Fairless Hills and Langhorne for a combined sale price of $6.9 million. Stephen Marzullo and Adam Silverman of CBRE represented the seller, Penguin Real Estate Investors, in each transaction. In the first transaction, 53 Baltimore Pike LLC purchased a three-story, 35,902-square-foot office building located at 53 W. Baltimore Pike in Media. Constructed in 2002, the property is currently 53 percent leased to two tenants, Connect America and Apacheta Corp. In the remaining transactions, Olymbec acquired a 51,384-square-foot office building, located at 430-450 Lincoln Highway in Fairless Hills, and two office buildings at 2050 and 2080 Cabot Blvd. West in Langhorne. The Fairless Hills property is anchored by the Social Security Administration. At the time of sale, the property was 52 percent leased. The two buildings in Langhorne, which total 69,417 square feet, are currently 61 percent occupied. Dentaurum Inc., Sperry Van Ness, TPG Telemanagement, Clear Employer Service and Stief Gross Sagoskin Cassetti occupy the buildings. This three-building acquisition by Olymbec marks the Canada-based firm’s entry into the Greater Philadelphia office market.
DOYLESTOWN, PA. — Marcus & Millichap has arranged the sale of Oak Gardens, an apartment building located at 355 North St. in Doylestown. An undisclosed buyer acquired the property for $3.8 million. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal. Constructed in 1950, the three-story building features 30 one- and two-bedroom apartment units.
SHIREMANSTOWN, PA. — An affiliate of Endurance Real Estate Group partnered with CenterSquare Investment Management to acquire a 712,000-square-foot former manufacturing, distribution and office facility located at 485 St. Johns Church Road in Shiremanstown. Endurance plans to demolish approximately 500,000 square feet of manufacturing, office and low-bay warehouse sections of the property to redevelop the asset into 456,810 square feet of Class A bulk warehouse and distribution space. The redeveloped project will include the renovation and expansion of the existing East Warehouse section to total 246,135 square feet with 28-foot clear heights, renovated office space and supplemental loading dock positions, and a slab-up reconstruction of a 210,675-square-foot West Warehouse section, with 32-foot clear heights and 38 loading docks. The East Warehouse is slated for delivery in April 2018 and the West Warehouse is scheduled for completion in July 2018. The property was owned and occupied by the Quaker Oats Co. through the early 2000s.
CHELTENHAM, PA. — Natixis has originated a $54.5 million floating-rate loan for New York City-based Sun Equities Partners. The borrowers will use the loan to redevelop the former Cheltenham Square Mall located in Cheltenham. The financing consists of a $42 million senior loan and a $12.5 million mezzanine loan. Initial loan proceeds of $16.9 million were used to retire existing property financing and an additional $40.1 million is earmarked for the redevelopment and future leasing of the property. The 429,617-square-foot retail center will be rebranded as Greenleaf at Cheltenham. The property is currently 60 percent leased and pre-leased to a variety of retailers, including The Home Depot, Marshalls, LA Fitness, TD Bank, Wells Fargo, T-Mobile, Chick-fil-A and Wendy’s. Eli Breiner and Jerry Boxer of ECB Capital Group arranged the financing for the borrower.
HATFIELD, PA. — Equus Capital Partners has completed the sale of Madison Montgomery, an apartment community located in Hatfield. Morgan Properties purchased the 264-unit asset for $38.5 million. An affiliate of Equus acquired the 1969-built property in 2007 out of receivership from the prior owners. Upon acquisition, the company launched a $17 million interior and exterior renovation program, including the construction of a 4,000-square-foot clubhouse and leasing center, a resort-style swimming pool and outdoor grilling area. Lizann McGowan, Bob Miller and John McFadden of CBRE represented the seller in the transaction.
BETHEL TOWNSHIP, PA. — Dermody Properties has broken ground for the development of LogistiCenter at Midway, a distribution building located at 270 Midway Road in Bethel Township. The park will feature 1.1 million square feet of warehouse, distribution and e-commerce business space. Situated on 136 acres, the building will feature 36-foot clear ceiling heights, 60-foot loading bays, 207 car stalls (expandable to 309), 368 trailer stalls (expandable to 438), 212 dock doors, four drive-in doors and a 185-foot truck court. Ware Malcomb is serving as building architect and Blue Rock Construction is the general contractor for the project, which is slated for completion in spring 2018. Joseph McDermott, Vincent Ranalli and Jake Terkanian of CBRE are marketing the property for lease.
CONSHOHOCKEN, PA. — CBRE has brokered the sale of Three Tower Bridge, a single-tenant office building located at 2 Ash St. in Conshohocken, a suburb of Philadelphia. Gladstone Commercial Corp. acquired the property for $15.4 million. Jacobs Engineering Group occupies the 60,016-square-foot building. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, an affiliate of Oliver Tyrone Pulver Corp., in the transaction.
MIDDLETOWN, PA. — A joint venture between Woodmont Industrial Partners and AEW Capital Management, on behalf of its closed-end opportunistic real estate fund AEW Partners VI, has completed the disposition of Capital Logistics Center in Middletown for undisclosed price. The partnership completed an extensive capital improvement program at the six-building, 1.55 million-square-foot industrial park. The joint venture constructed new industrial facilities to replace the antiquated structures that previously occupied 200 and 300 Capital Lane. The name of the buyer was not released.
PHILADELPHIA — HFF has arranged $65 million in preferred equity and construction financing for the development of The Hamilton, a 10-story apartment building located at 440 N. 15th St. in Philadelphia. Radnor Property Group is developing the 279-unit property, which is slated for completion in 2018. The Hamilton will feature studio, one- and two-bedroom layouts. HFF arranged a $48.5 million construction loan from Santander Commercial Real Estate and $16.5 million in preferred equity from an insurance company for the developer. Ryan Ade, Rob Hinckley, David Giancola and Michael Pagniucci of HFF arranged the financing for the borrower.
