Pennsylvania

NKF Arranges Sale of 98-Unit Seniors Housing Community in Doylestown, Pennsylvania

by Alex Patton January 3, 2020

DOYLESTOWN, PA. — Newmark Knight Frank (NKF) has arranged the sale of and financing for Solana at Doylestown, a 98-unit seniors housing community in Doylestown, located approximately 35 miles north of Philadelphia. Solana at Doylestown opened in 2014 and provides assisted living and memory care services. The property was 96 percent occupied at the time of sale. Ryan Maconachy and Chad Lavender of NKF represented the seller, Atlanta-based Formation Development Group. A joint venture between LCS Senior Living and Nuveen acquired the property for an undisclosed price. Sarah Anderson and Brittany Robinson, also of NKF, secured the financing on behalf of the buyer.

January 3, 2020

Acquisitions Massachusetts New Jersey New York Northeast Pennsylvania

Winstanley Enterprises, Surrey Equities Acquires 23-Property Supermarket Portfolio

by Alex Patton January 2, 2020

NEW ENGLAND — A partnership of Massachusetts-based Winstanley Enterprises LLC and New York-based Surrey Equities LLC has acquired a 23-property supermarket portfolio primarily located in the New England area for $150 million. The total 1.4 million-square-foot portfolio comprises Stop & Shop-branded supermarkets. Property locations include 14 stores in the New England area as well as other sites in New Jersey, New York, Pennsylvania, Virginia, North Carolina, South Carolina and Georgia. Winstanley and Surrey acquired the portfolio as part of a long-term investment strategy to acquire well-located urban infill supermarkets in hard to replicate locations. The properties are triple-net leased to Ahold Lease USA Inc., a subsidiary of Dutch retail company Koninklijke Ahold Delhaize N.V. Ben Cooper and Jim Jordan of Cushman & Wakefield brokered the transaction. The seller was Philip Morris Capital Corp.

January 2, 2020

Leasing Activity Northeast Pennsylvania Retail

Stumpy’s Hatchet House Signs 5,800 SF Retail Lease in Erie, Pennsylvania

by Alex Patton December 20, 2019

ERIE, PA. — Entertainment concept Stumpy’s Hatchet House has signed a 5,800-square-foot lease at Liberty Center I shopping center in Erie, located approximately 130 miles north of Pittsburgh. The site will include 10 hatchet-throwing pits and aims to be a social gathering place with light snacks sold onsite. Guests can bring their own wine, beer and food. Other tenants of the 230,000-square-foot shopping center include regional grocery chain Top Friendly Markets, Peebles department store and PNC Bank. Drew Baldwin of Baldwin Brothers Inc. represented Stumpy’s in the lease negotiations. Sherry Bauer of Sherry Bauer Real Estate Services represented the landlord, Levin Management Corp.

December 20, 2019

Acquisitions Northeast Office Pennsylvania

CBRE Arranges Sale of 71,685 SF Einstein Medical Building in East Norrington, Pennsylvania

by Alex Patton December 19, 2019

EAST NORRINGTON, PA. — CBRE has arranged the sale of the Einstein Medical Building, a 71,685-square-foot medical office in East Norrington, located approximately 20 miles north of Philadelphia. The transaction was part of a 470,000-square-foot portfolio sale that included nine properties in Pennsylvania, Illinois, Minnesota and Virginia. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sabrina Solomiany of CBRE arranged financing for the acquisition from a mix of life insurance companies, banks and debt funds.

December 19, 2019

Development Industrial Northeast Pennsylvania Self-Storage

Metro Storage, FRC Open 785-Unit Self-Storage Facility in Line Lexington, Pennsylvania

by Alex Patton December 17, 2019

LINE LEXINGTON, PA. — A partnership between Metro Storage LLC and Fremont Realty Capital (FRC) has opened a 785-unit self-storage facility in Line Lexington, located approximately 30 miles north of Philadelphia. The two-story facility, located at 4671 County Line Road, offers 79,383 rentable square feet of climate-controlled space and features interior loading bays, elevators, security and a retail office. The property is Metro’s 11th self-storage facility in Pennsylvania.

December 17, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Capitol Seniors Housing Breaks Ground on 86-Unit Community in Exton, Pennsylvania

by Alex Patton December 17, 2019

EXTON, PA. — Capitol Seniors Housing has started construction of Arbor Terrace Exton, an 86-unit assisted living and memory care community in the Philadelphia suburb of Exton. The 78,000-square-foot community will be located near major medical facilities, restaurants and shopping centers. The Arbor Company will operate the community upon completion, which is slated for winter 2020. Meyer Senior Living Studio is the designer on the project.

December 17, 2019

Development Leasing Activity Mixed-Use Northeast Office Pennsylvania

First National Bank to Anchor Pittsburgh Mixed-Use Development With 160,000 SF Headquarters

by Alex Patton December 16, 2019

PITTSBURGH — The parent company of First National Bank (FNB) has signed a 160,000-square-foot office lease to open its corporate headquarters at the upcoming FNB Financial Center development in downtown Pittsburgh. The development will feature a 24-story tower with 387,000 square feet of Class A office space, 20,000 square feet of retail space and a two-story parking structure. The FNB headquarters will anchor the tower and its technology branch will occupy 2,000 square feet of retail space. The tower will be situated on the site of the former Civic Arena, home of the Pittsburgh Penguins hockey team, which will comprise multiple structures and over 1 million square feet of office, residential, retail and green space. Buccini/Pollin Group and the Penguins are co-developers of the mixed-use development, which is slated for completion in 2022.

December 16, 2019

holiday-inn-wilkes-barre-east-mountain-pennsylvania-home1-top

Acquisitions Hospitality Northeast Pennsylvania

HREC Brokers Sale of 152-Room Holiday Inn Hotel in Wilkes Barre, Pennsylvania

by Alex Patton December 13, 2019

WILKES BARRE, PA. — HREC Investment Advisors has brokered the sale of the 152-room Holiday Inn Wilkes Barre East Mountain, a hotel located approximately 115 miles north of Philadelphia. Amenities include an onsite business center, laundry facilities, an indoor pool and two restaurants. Mark Rousseau and Mark von Dwingelo of HREC represented the seller, Plains Hotel Associates. Regal Hospitality was the buyer. The sales price was undisclosed.

December 13, 2019

Development Northeast Pennsylvania Retail

Anchor Shops to Open 7,000 SF Store at Fashion District Philadelphia

by Alex Patton December 12, 2019

PHILADELPHIA —Anchor Shops plans to open a 7,000-square-foot store at Fashion District Philadelphia, a concept which will accomodate online retailers with a brick-and-mortar location to better compete with legacy retailers. In addition, Anchor Shops has leased a 30,000-square-foot space at Moorestown Mall in New Jersey, which is also owned by PREIT. The company plans to take occupancy of both properties in the second quarter of 2020. A project of ShopFulfill, Anchor Shops was conceived to help digitally native brands by providing online retailers with a turnkey solution that enables them to benefit from a low-cost regional distribution network. Depending on the size and type of space required, brands will have the option to join Anchor Shops and its national distribution network starting at $600 per month. PREIT opened Fashion District Philadelphia in September.

December 12, 2019

Acquisitions Multifamily Northeast Pennsylvania

Counter Capital Acquires Philadelphia’s Shirt Corner Apartments for $22M

by Alex Patton December 11, 2019

PHILADELPHIA — Counter Capital Management LLC has acquired Shirt Corner Apartments, a 62-unit multifamily community in the Old City District of Philadelphia, for $22 million. The property, which was delivered in July 2015, offers studio, one- and two-bedroom floor plans. Counter Capital plans to improve the amenities offered at the property.

December 11, 2019

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