Thursday, December 18, 2014

Riverside REtail Sold for $3.1M

A local owner sold the retail building at 2904 Rte 130 in Riverside, NJ to Noble Properties for $3.07 million, or about $286 per square foot.

The 10,719-square-foot restaurant sits on 2.7 acres in Burlington County. The seller has agreed to leaseback the property for a period of 15 years from the new owner.

WRDC Pays $5.6M for Kmart Shopping Ctr in Mechanicsburg

RDC acquired the Kmart Shopping Center at 5600 Carlisle Pike in Mechanicsburg, PA from Cumberland Partners Kmart Burr Wolff for $5.6 million, or about $53 per square foot.

The 106,500-square-foot retail center was built in 1965 on 22 acres in the Harrisburg ARea West submarket of Cumberland County. It was renovated in 1992 and is anchored by Kmart, though the buyer has listed the entire center for lease, divisible to 10,000 square feet.

Lochwood Pro Ctr Bldg Sold for $2.5M

The Gambone Group sold the Lochwood Professional Center building at 2024 Cressman Rd. in Skippack, PA to MDI Management for $2.5 million, or about $104 per square foot.

The two-story, 24,000-square-foot office building delivered in 2007 in the West Montgomery County submarket of Philadelphia.

Market Street Retail Bldg Sold for $8M

A local investment firm acquired the retail building at 1020-1024 Market St. in Philadelphia, PA from another investor for almost $8 million, or about $127 per square foot.

The historic retail building delivered in 1900 and totals 63,182 square feet in the Market Street East submarket of Philadelphia County.

Tague Lumber Acquires Pipersville Industrial for $3.2M

A local owner sold the industrial building at 6100 Easton Rd. in Pipersville, PA to Tague Lumber for $3.15 million, or $90 per square foot.
The 35,000-square-foot industrial building was constructed in 1939 and renovated in 1984. It sits on a nine-acre site in the Bucks County Industrial submarket of Philadelphia.

TriGate Closes on $53M Acquisition of National Retail Portfolio

TriGate Capital LLC has acquired a national portfolio of retail properties spread across five states for an aggregate purchase price of $53 million, or an average $86 per square foot, from Project Development Services, Inc. (PDSI)

The seven-property, 619,161-square-foot portfolio was 84.7% leased at the time of sale to 76 tenants. Almost 20% of the portfolio is occupied by grocery stores, with other anchor tenants including Rite Aid, Tractor Supply, and Stein Mart.

Included in the sale is:
Lower Makefield, a 74,953-square-foot shopping center in Yardley, PA;
Ephrata Commons, a 54,810-square-foot shopping center in Ephrata, PA;
Harbison Center, an 187,975-square-foot retail development in Columbia, SC;
Deans Bridge, a 53,016-square-foot shopping center in Augusta, GA;
Regency Square, a 49,155-square-foot retail center in St. Charles, MO;
Independence Corners, a 72,956-square-foot center in Independence, MO;
Gateway Village, a 126,286-square-foot shopping center in Glendale, AZ.

This was an all-cash deal, though the buyer secured a loan from Bank of America in the amount of $39 million that it will apply towards planned improvements and lease-up efforts at the shopping centers, which were reportedly acquired as a value-add play for TriGate.

Wednesday, December 17, 2014

Lennox Apts Sold for $8.8M

Wexford Property Management sold the 156-unit Lennox Apartments at 232-242 W. Walnut Ln. in Philadelphia, PA for $8.75 million, or about $56,000 per unit, to a private owner.

The 88,600-square-foot multifamily property is comprised of one-bedroom units across three buildigns. The property was originally built in 1930. Prior to the sale the property did undergo a $1.5 million renovation with upgraded kitchens, bathrooms, plumbing and electric.