Thursday, September 22, 2016

RRG Norristown Acquires Two Montgomery County Multifamily Properties

by Steve Lubetkin,
RRG Norristown Apartments has acquired Riverstone East and West Apartments and Hunter’s Run Apartments, two multi-housing properties totaling 83 units in Norristown, PA.

There were two separate sellers, a local private investor in the case of Riverstone, and Hunter’s Run Apartments on behalf of Concordia Properties.  The debt placement to new owner to secure a seven-year, fixed-rate loan through a regional bank for the acquisition of both properties.

Hunter’s Run Apartments is located at 1151 West Sterigere in Montgomery County less than five miles from the Plymouth Meeting Mall and King of Prussia Mall.  The property provides access to all major employment centers in Pennsylvania via major roadways, including Interstates 476, 276 and 76 and Route 202 and the Norristown Elm Street Southeastern Pennsylvania Transit Authority (SEPTA) train station.  The property has 39 one- and two-bedroom units, which are 97 percent occupied.

Riverstone East and West Apartments encompasses two adjacent buildings totaling 44 one- and two-bedroom units averaging 864 square feet each, and is one block south of Hunter’s Run.  Riverstone East is located at 1015 West Beech Street and Riverstone West is located at 920 Buttonwood Street.

“The demand for value-add apartments in suburban Philadelphia remains robust,” says Fiebig.  “Our team was able to procure an eclectic mix of local and regional buyers to the opportunity.”

Wednesday, September 21, 2016

Binney & Smith Leases 108,000 SF in Lehigh Valley Industrial Park

Binney & Smith, the precursor to coloring giant Crayola, leased 108,000 square feet in the industrial building at 200 Cascade Dr. in Allentown, PA.

The building totals 510,238 square feet in the Lehigh Valley Industrial Park. The property was developed in 1971, renovated in 2005, and sits on 48.2 acres in the Lehigh Valley Industrial submarket.

Campus Apartments Developing On-Campus Residence At University Of The Sciences

by Steve Lubetkin,
Campus Apartments, one of the nation’s largest providers of on- and off-campus student housing, is developing on-campus housing with University of the Sciences that will begin to replace the University’s on-campus housing stock and help to bring new life to Woodland Avenue in the University City section of Philadelphia.

The new 128,000-square-foot live-learn facility, located at 46th St. and Woodland Ave., will accommodate approximately 400 students and will include generous social, study, classroom and programming spaces, as well as ground floor retail space. The estimated $50 million development of the new residence hall marks the start of a multi-phase effort to improve facilities across the entire University over the next several years.

“The new first-year residence hall is the first of a multi-phase effort to improve the quality of our housing and learning facilities to enhance interaction and collaboration at the University and to attract more students to our institution,” says Dan Severino, director of facilities at University of the Sciences. “Through this project, we also strive to energize this corridor of Woodland Avenue and further integrate our campus and University with our neighboring community. The retail and public space will create a new hub within the community, which will benefit the neighborhood for years to come.”

Slated for completion by August 2018, the six-story building will include two-person semi-suites designed to serve the University’s first-year student population, two staff apartments, as well as 16,000 square feet of communal social and study lounges. The live-learn facility will feature 5,000 square feet of classroom space and new Resident Life office space for the University.

In addition to University facilities, the building will include two ground floor retail spaces (2,700 square feet) along Woodland Avenue and a publicly accessible open courtyard. The building will incorporate numerous sustainable features to achieve Green Globe certification.

The live-learn facility will be located on the site of the former Alexander Wilson Elementary School, which the University bought from the Philadelphia School District in 2014.

Replacing the vacant structure, the new University development will provide the local community with new stores and meeting and green space, in addition to streetscape repairs and lighting. The University will also offer community-driven programming.

“This project will transform an underutilized site into a vibrant corridor by creating modern facilities for students to live and learn, and new retail and programming spaces for the local community,” says Daniel Bernstein, president and chief investment officer at Campus Apartments. “The University’s long-term commitment to enhancing its campus will help attract and retain the best and brightest students. University of the Sciences is a great partner, and we’re excited to bring this new facility to students, university staff and community members in our hometown.”

Campus Apartments was awarded the residence project after a competitive RFP process. Campus Apartments and the University partnered with architect Design Collective and general contractor Torcon Construction for this development. Construction is set to begin in January 2017.

Tuesday, September 20, 2016

Pharmula Leases Space in Plymouth Meeting, PA

by Steve Lubetkin,
Pharmula Laboratories, which provides formulation and analytical development services to pharmaceutical and biopharmaceutical companies, leased 7,114 square feet of office and laboratory space at 5207 Militia Hill Road in Plymouth Meeting, PA.

Headquartered in Conshohocken, PA, Pharmula has been experiencing rapid growth and required this additional space in response to its increased business activities.

Dr. Lijuan Tang is the general manager/partner of Pharmula Laboratories. “We greatly look forward to moving into our new space.”