Northeast Real Estate Business

MAY 2018

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

Issue link: https://northeastrealestatebusiness.epubxp.com/i/978140

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10 • May 2018 • Northeast Real Estate Business www.REBusinessOnline.com P E N N S Y LVA N I A & D E L A WA R E CUSHMAN & WAKEFIELD BROKERS SALE OF DISTRIBUTION FACILITY YORK, PA. — Cushman & Wakefield has arranged the sale of 57 Grum- bacher Road, a 278,582-square-foot, one-story industrial property in York. STAG Industrial Inc. purchased the single-tenant, functional distribution facility from High Street Realty Co. LLC for $18 million. Located in the In- terstate 83 Industrial Park, the proper- ty provides access to Interstate 83 via the exit 24 interchange, which is home to nearly 10 million square feet of in- dustrial and manufacturing facilities. CROSS PROPERTIES SECURES $40 MILLION FOR RENOVATION OF HISTORIC APARTMENT COMMUNITY IN WEST PHILADELPHIA PHILADELPHIA — Developer and in- vestment firm Cross Properties has se- cured a $40 million construction loan for the renovation of The Dane, a his- toric, 241-unit apartment community in West Philadelphia at the Wynne- field train stop. The lender was a syn- dicate led by Univest Bank. The prop- erty, which was built in 1960, is listed on the National Register of Historic Places. Renovation is now underway to transform the property into a Class A apartment building. The project is slated for completion in early 2019. US STORAGE CENTERS BUYS 107,606 SF PHILADELPHIA SELF-STORAGE FACILITY PHILADELPHIA — US Storage Cen- ters has acquired a 107,606-square-foot facility in Philadelphia from Philly Self Storage. The 1,545-unit self-storage fa- cility is located at 1910 S. Christopher Columbus Blvd. in Pennsport, directly off Interstate 95. The property is the first US Storage Centers location in Pennsylvania and will be rebranded as a US Storage Centers facility. EQUUS ACQUIRES OFFICE PORTFOLIO FOR $92 MILLION PHILADELPHIA — Equus Capital Partners has acquired a portfolio of seven office buildings in Philadelphia's western suburbs from Liberty Prop- erty Trust for $92 million. The prop- erties, four Class B and three Class A assets, encompass 593,000 square feet of office space in Wayne, Malvern and King of Prussia. The transaction was completed on a direct basis between Equus Capital and Liberty Property Trust, a publicly traded REIT based in Malvern. George Haines, Joseph Felici, Tim Feron, and David Thom- as oversaw the acquisition for Equus. The portfolio is located throughout the western suburban submarkets of Phil- adelphia and close to a mix of ameni- ties including the King of Prussia Mall, Uptown at Worthington and SEPTA's regional high-speed line. JUNE 7- 8, 2018 | Jersey City, New Jersey NAIOP'S LARGEST INDUSTRIAL CONFERENCE attracts 700+ power players involved in all areas of industrial real estate development. FEATURING SESSIONS ON demand and trends in industrial development, last mile/city logistics, competing for labor, adaptive use of industrial, e-commerce, capital markets, the intersection of retail and industrial, and more. WITH KEYNOTE fireside chat between Prologis' Gary Anderson, CEO- Europe and Asia, and Mark Eppli, Ph.D. , Professor of Finance and Bell Chair in Real Estate at Marquette University. PLUS EXCLUSIVE LOCAL TOURS of an Amazon fulfillment center, the Port of New York and New Jersey, cutting-edge cold storage facilities, Global Container Terminals yard, and industrial development in Lehigh Valley. INDUSTRIAL IN DON'T MISS OUT. Visit naiop.org/icon18 for the conference agenda, registration, sponsorships and more. Discounted rates end May 10, 2018. KNOWS I.CON EVERYONE 1788 HOLDINGS ACQUIRES 423,900 SF INDUSTRIAL BUILDING WHITEHALL, PA. — 1788/Riverside Business Center, an affiliate of 1788 Holdings, has acquired Riverside Business Center, a 423,900-square-foot single-story light industrial building in Whitehall for $11.65 million. Located at 1139 Lehigh Ave., the Class B light industrial property was 87 percent leased at the time of acquisition. Constructed in 1910, the building has been improved and renovated mul- tiple times, most recently in 2006 when the property was converted from a single-user manufacturing facility into a multi-tenanted warehouse. Positioned on 34 acres of land, the structure features average ceiling heights of 20 feet and is located near Lehigh Valley International Airport. KIMCO'S LINCOLN SQUARE TO FEATURE PHILADELPHIA'S FIRST SPROUTS PHILADELPHIA — Kimco Realty's Lincoln Square mixed- use project, currently under development, will be the site of Philadelphia's first Sprouts Farmers Market. The 32,000-square-foot store is part of the adaptive reuse of Lincoln Square's historic train station. Work on the rede- velopment project at the corner of South Broad Street and Washington Avenue, began in late 2016. Sprouts is one of the fastest growing grocers in the United States and has opened 30 stores in 2018. Other retail tenants that have signed on to the development include Target, PetSmart, Starbucks and Sprint. The project will also include 322 resi- dential units. Sprouts will open in the third quarter of 2018.

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