Monday, February 20, 2017

AIM Academy buys complex from Buccini Pollin & other recent real estate deals

by Natalie Kostelni Reporter Philadelphia Business Journal
$11.5 million

AIM Academy paid $11.5 million to buy a 71,000-square-foot building on 4.5 acres at 1200 River Road in Conshohocken from Buccini-Pollin Group. AIM, a private school for students with language-based learning differences, moved into the building in 2012. The school was established in 2006 with 24 students and now has 312. The building houses its three divisions as well as administrative and other space. It recently constructed a 23,000-square-foot AIM Community Center on the site that has a full-size gym and stage space.

$4.1 million

Chester Hall, a 40-unit apartment property at 4205 Chester Ave. in the University City neighborhood of Philadelphia, has sold for $4.1 million. The buyer was a partnership between two limited liability corporations, 1118 Spruce St. and Greenzang Properties VII and the seller was an affiliate of Post Brothers, which paid $2 million for the property in 2015 as part of an acquisition of a larger portfolio of apartment buildings in the neighborhood.

$2.3 million

The Estate of Edna Ravikio sold a 48,000-square-foot office building at 505 S. Lenola Road in Moorestown, N.J., for $2.3 million to 505 S. Lenola Road LLC. The property was 90 percent occupied at the time of the sale.

$4.5 million

Wakanek Property Management paid $4.55 million for a partially occupied 109,000-square-foot building in the Byberry West Industrial Park at 2101 Hornig Road in Philadelphia. The seller was Fred Hill & Son Co.

$25 million

Holliday Finoglio Fowler arranged a $25 million, 15-year loan to refinance the construction loan on Station at Manayunk, a 149-unit apartment complex at 1 Parker Road in the Philadelphia neighborhood of Manayunk. J.G. Petrucci Co. Inc. completed developing the multifamily community in 2015. The loan was arranged with Principal Real Estate Investors.
Full story: http://tinyurl.com/jezn5bt
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