Northeast Real Estate Business

JAN-FEB 2016

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

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www.REBusinessOnline.com Northeast Real Estate Business • January/February 2016 • 15 P E N N S Y LVA N I A & D E L A WA R E $66,668,000 CONSTRUCTION LOAN for the condo conversion of 360 CPW • NEW YORK, NY Lustig Capital, LLC 31 East 32nd Street New York, NY 10016 Bill Lustig, President (917) 716-4000 wal@lustigcapital.com WORKSPACE PROPERTY TRUST BUYS 41 OFFICE, FLEX BUILDINGS FOR $245 MILLION HORSHAM, PA. — Workspace Prop- erty Trust (WPT) has acquired 41 of- fce and fex buildings in Horsham from Liberty Property Trust for $245.3 million. The portfolio comprises 2.3 million square feet of mixed property types. The acquisition is the frst real estate transaction by WPT and repre- sents the beginning of a strategic plan to build a portfolio of high-quality, well-positioned suburban real estate assets in the Northeast. The acquisi- tion was fnanced with a $200 million loan provided by JPMorgan Chase Bank. Mike Tepedino, Michael Gigliot- ti, Ryan Ade and James Conley of HFF arranged the acquisition fnancing. A privately held, vertically integrated, full-service commercial real estate company, WPT is a partnership be- tween Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital. NAI EMORY HILL NEGOTIATES SALE OF 45,399 SF OFFICE BUILDING IN DELAWARE WILMINGTON, DEL. — NAI Emory Hill has brokered the sale of Stoney Batter Offce Building at 5301 Lime- stone Road in Wilmington. 5301 Properties LLC acquired the property from Rockford Capital Partners for an undisclosed price. Built in 1987, the 45,399-square-foot Class A property is situated on 6.1 acres. Current ten- ants of the fully occupied building include Simon Eye Care, Lab Corp., Edward Jones & Co., Meridian Bank, and Crown Cork and Seal. Jim O'Hara Jr., Jim O'Hara II and Kevin O'Hara of NAI Emory Hill represented the buyer and seller in the transaction. JOINT VENTURE TO DEVELOP MULTIFAMILY TOWER IN PHILADELPHIA'S CENTER CITY PHILADELPHIA — A partnership be- tween The Goldenberg Group, Hines and ASB Real Estate Investments has broken ground for a residential tower located at 1213 Walnut St. in Philadel- phia's Center City. At 26 stories and 300,000 square feet, 1213 Walnut will feature 332 for-rent studio, one- and two-bedroom residential units. Addi- tionally, the tower will feature more than 7,200 square feet of retail space on Walnut and Sansom streets and more than 11,000 square feet of amenities. The project team includes Design Col- lective Inc. as base-building architect, RD Jones & Associates as interior de- signer and architect, and Hunter Rob- erts Construction Group as general contractor. Wells Fargo Bank is pro- viding construction fnancing for the project, which is slated for occupancy in summer 2017. DUKE TO DEVELOP MEDICAL OFFICE BUILDING BRYN MAWR, PA. — Duke Realty plans to develop a 100,300-square-foot medical offce building (MOB) for Main Line Health at its Bryn Mawr Hospital campus. Located at 130 Bryn Mawr Ave. in Bryn Mawr, the four-story build- ing is estimated to cost $35 million. The property will house a 24,000-square-foot ambulatory surgery center, 13,000 square feet of primary care services and 10,000 square feet of auxiliary space. Completion is slated for February 2017. The building will be owned by Duke Realty Bryn Mawr De- velopment LLC. The Philadelphia offce of Francis Cauff- man is serving as architect and Health Sciences Construc- tion Group is serving as general contractor for the project. DERMODY PROPERTIES, PCCP BREAK GROUND ON 475,800 SF INDUSTRIAL FACILITY FORKS TOWNSHIP, PA. — Dermody Properties and PCCP have broken ground on LogistiCenter at 33, an industrial facility at 4200 E. Braden Blvd. in Forks Township. The 475,800-square-foot facility will feature 36 feet of clear height, 226 car parking spaces and 85 trailer parking spac- es. The speculative building will be ready for occupancy by summer. R.S Mowery & Sons Inc. is serving as general con- tractor and Randall Paulson is serving as architect for the project. Dermody Partners is the industrial developer and operating partner, while PCCP is the fnancial partner on the project.

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