Monday, September 19, 2016

Philadelphia CRE Deal-Tracker

by Steve Lubetkin, Globest.com
Here is a rundown of smaller deals reported recently in Pennsylvania.

Sales

WYOMISSING, PA—Gaming and Leisure Properties closed its previously-announced transaction to acquire The Meadows Racetrack and Casino in Washington, PA, a suburb of Pittsburgh, PA, from Cannery Casino Resorts for $440 million. It also sold the entities holding the gaming licenses and operating assets to Pinnacle Entertainment for $138 million and entered into a 29-year triple net lease agreement, with initial annual rent of $25.4 million.

PHILADELPHIA, PA–Lawndale Suites was sold. It was a former hospital in Northeast Philadelphia, PA and sold to Metal Unruh, on behalf of Lawndale Classic Suites. The property, located at 623-637 Unruh Avenue, was previously the Lawndale Hospital, part of Temple University’s Jeanes Hospital system. While under contract, the property was rezoned and the owner is planning to perform major renovations to convert the property to 30 market-rate apartments. Lawndale Suites is situated in the Lawncrest neighborhood of Philadelphia, within walking distance of the Lawndale train station providing access to Center City.

Leases

ERIE, PA—Locally based luggage and travel goods retailer Luggage Designers has leased 3,900 square feet at Liberty Center in Erie. It is a 229,000-square-foot shopping center.

Several lease deals were completed in Central Pennsylvania recently, including several at 3525 N. 6th Street in Harrisburg. Ridgeline Executives leased 1,225 square feet of office space, Global Auto Collision, an automobile body and paint workshop, leased 3,400 square feet of warehouse space, Integrated Agriculture Systems leased 3,300 square feet of warehouse space and I-Deal Cars, an automobile repair workshop, leased 3,300 square feet of warehouse space at the property.

Medical Group of Pennsylvania leased 1,819 square feet of office space at 801 E. Park Drive, Ste. 100 in Harrisburg.  The lessor was Patriot Investment Associates.

4349 Associates purchased the 6,400 square-foot office at 4349 Carlisle Pike, Mechanicsburg, PA.
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