Northeast Real Estate Business

NOV-DEC 2015

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

Issue link: http://northeastrealestatebusiness.epubxp.com/i/610971

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22 • November/December 2015 • Northeast Real Estate Business www.REBusinessOnline.com P E N N S Y LVA N I A & D E L A WA R E BAYER AND CLARION JV ACQUIRE THE SHOPPES AT SUSQUEHANNA SUSQUEHANNA, PA. — Bayer Prop- erties and Clarion Partners have ac- quired The Shoppes at Susquehanna Marketplace, a 110,384-square-foot outdoor fashion center located in Susquehanna. Developed in 2004 and located at the intersection of Inter- states 81 and 83 in Susquehanna, an affuent suburb of Harrisburg, Penn- sylvania, The Shoppes at Susquehan- na Marketplace features a variety of national and regional tenants, includ- ing Athleta, Banana Republic, Wil- liams-Sonoma, J. Crew Factory, LOFT, White House | Black Market, Harvest Seasonal Grill & Wine Bar, Romano's Macaroni Grill and Starbucks. Bayer Properties will lead leasing, property management and marketing efforts. This represents the frst joint venture between Bayer Properties and Clari- on. MARCUS & MILLICHAP ARRANGES $3.6 MILLION SALE OF SHOPPING CENTER YORK, PA. — Marcus & Millichap has brokered the sale of Stonybrooke Shopping Center, a retail center lo- cated in York. The 63,955-square-foot shopping center sold for $3.6 million, approximately 97 percent of asking price. Situated on 10.4 acres at 3609 E. Market St., the center is occupied by Food Lion, Avis Rent-A-Car, local restaurants and Monro Muffer and Brake. The Food Lion recently under- went a $2 million renovation. Chris- topher Burnham, Derrick Dougherty and Dean Zang of Marcus & Millic- hap represented the seller, a group of Baltimore-based investors. The name of the buyer was not released. ROCK COMMERCIAL BROKERS THREE SALES CHAMBERSBURGH BOROUGH, YORK CITY AND MANCHESTER TOWNSHIP, PA. — ROCK Com- mercial has arranged three separate sales, totaling 46,187 square feet, in Pennsylvania. In the frst transaction, Home Again Concepts purchased a 32,437-square-foot industrial building located at 77 N. Third St. in Cham- bersburgh Borough for an undisclosed sum. ROCK represented the undis- closed seller in the transaction. In the second deal, Beartrap Enterprises LLC acquired a 9,012-square-foot offce building located at 274-280 W. Mar- ket St. in York City for an undisclosed price. ROCK represented the buyer and undisclosed seller in the transac- tion. In the fnal deal, Michelle Kreeger purchased a 4,738-square-foot offce building located at 2241 W. Market St. in Manchester Township for an undis- closed price. ROCK represented the seller, whose name was not released. At Provident Bank, we make loan decisions locally, so we can process loans quicker and provide customized lending solutions. That's commitment you can count on. For more information, contact: Don Blum, Chief Lending Officer donald.blum @providentnj.com 732.726.5558 $15,000,000 Industrial/Warehouse Hoboken, NJ $33,000,000 Multifamily Rental Jersey City, NJ $4,200,000 Medical Professional Ocean Township, NJ $55,000,000 Retail Clark, NJ ProvidentNJ.com Fast Financing. Customized Solutions. Local Lenders. Recent transactions: RITTENHOUSE REALTY ADVISORS ARRANGES SALE OF HILL HOUSE APARTMENTS IN PHILADELPHIA PHILADELPHIA — Rittenhouse Realty Advisors has ar- ranged the sale of Hill House Apartments in the Chest- nut Hill neighborhood of Philadelphia. Equus Partners acquired the property for $42 million. Constructed in the 1960s, the property features 188 apartment units. Corey Lonberger of Rittenhouse Realty Advisors represented the undisclosed Austin-based seller in the transaction. LAURUS CORP. ACQUIRES DOUBLETREE BY HILTON HOTEL IN PITTSBURGH PITTSBURGH — Laurus Corp. has acquired the Double- Tree by Hilton Hotel – Green Tree in Pittsburgh. The 460- room property recently underwent a $20 million top-to- bottom makeover and Laurus plans to invest $7 million to improve customer experience at the hotel by enhancing operations, delivering top-tier culinary experiences across the hotel's existing restaurants and opening Asado Grill restaurant. The hotel features 40,000 square feet of fexible, multi-functional meeting space and a 13,000-square-foot in- door athletic training center. The hotel will be managed by TPG Hospitality. The name of the seller was not disclosed.

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