Friday, March 24, 2017

TJM Puts Atlantic Club Casino Hotel Under Contract

TJM Properties, the owner of the now-closed Atlantic Club Casino Hotel at 3401 Boardwalk in Atlantic City, NJ, has put the property under contract for an undisclosed price. The sale is expected to close at a later date.

The Atlantic Club Casino Hotel has been closed since January 2014. It was constructed in 1980 on 2.6 acres and underwent renovation in 2012.

The buyer, R&R Development Group LLC, plans to construct a 100,000-square-foot indoor, family-friendly entertainment facility to include a water park, hotel, restaurants and an arcade. The firm will invest more than $135 million and expects to have 300 hotel rooms delivered by this fall, while the water park construction is expected to take one or two years to complete.

Thursday, March 23, 2017

Cedar Realty Trust Pays $29.3M for Christina Crossing

Cedar Realty Trust, Inc. acquired the Christina Crossing shopping center on Howard St. between S. Market St. and S. Walnut St. in Wilmington, DE for $29.3 million, or about $240 per square foot, to Cedar Realty Trust, Inc.

The retail center delivered in 2008 in Wilmington's CBD submarket and totals 122,002 square feet. Notable tenants include ShopRite and Rainbow.

Wednesday, March 22, 2017

Post Brothers Secures Financing for The Atlantic Building

Post Brothers Commercial Real Estate has secured an almost $102.8 million first mortgage to complete its redevelopment of the historic, and vacant, Atlantic Building office property at 260 S. Broad St. in Philadelphia, PA.

Russell Schildkraut and Christine Zivkovic of The Ackman-Ziff Real Estate Group arranged the financing on behalf of the borrower, placing the floating-rate loan with Natixis Real Estate Finance Americas.

The 21-story office building was originally built in 1923 on almost half an acre in the Market Street West submarket of Philadelphia County.

The property is being redeveloped into a 268-unit multifamily rental property with an anticipated completion date of later this year. The new property will continue carrying the name The Atlantic, and will boast an unparalleled amenity package including a business lounge, clubhouse, fitness center with yoga studio, rooftop swimming pool and deck with dog park and grilling areas. It is conveniently located along the Avenue of the Arts section of South Broad Street, within walking distance of cultural, dining, and retail destinations as well as several entertainment venues including Kimmel Center for the Performing Arts, Merriam Theater, Academy of Music and the Wilma Theater.

"The Atlantic will be another premier residential building that will be similar to previously delivered first class Post Brothers buildings and will take full advantage of the vibrant and growing Center City market," commented Greg Murphy, head of Natixis.

State of Commercial Real Estate Lending (Video)

Chinese Cash Pours Into U.S. Real Estate (Video)

Tuesday, March 21, 2017

Monthly Economic Outlook – March 2017 (Video)

Carlisle Distribution Center Completes Construction

Ryan Commercial LLC has completed construction on Building 5 in the Carlisle Distribution Center at 45 Logistics Dr. in Carlisle, PA.

The 582,000-square-foot industrial warehouse is located on 40 acres in the Harrisburg Area West Industrial submarket of Cumberland County. It was under construction for almost a year, and features car and trailer parking, ESFR Sprinkler, 80 loading docks and two drive-ins, 36-foot clear heights and fluorescent lighting.

Built on spec after several years as a proposed building opportunity, the completed asset is now actively being marketed for sale and for lease, divisible down to 150,000 square feet.