Wednesday, June 28, 2017

CRE Middle Market Digest–The Northeast

by John Jordan,
PFM Asset Management has signed a 63,133-square-foot long-term lease at 213 Market St. in Harrisburg, PA. The company will be relocating from its current location at 100 Market St., where it has been operating for the past 20 years.

Built in 1989, the property is currently undergoing renovations and once completed, will be one of the most modern office spaces in the city of Harrisburg. PFM Asset Management’s more than 150 employees will occupy floors three through six and floor 14 in the new building. The company is expected to move into its new location by the end of this year.

The sale of three Pennsylvania shopping centers recently traded. The company reports that it successfully arranged for the sale of the Lower Makefield Shopping Center, a 74,953-square-foot property at 700 Stony Hill Road in Yardley, PA.

The seller, TriGate Capital, LLC was and the buyer was Inland Institutional during the transaction.

The sale comes roughly two and a half years after TriGate Capital purchased the Bucks County property from PDSI, an affiliate of Public Service Electric and Gas Co. of Newark, NJ, in a national portfolio of seven properties.

The sale of Town Square Plaza, a 215,610-square-foot power center located at 1100 Town Square Road in Pottstown, PA was also arranged.

The seller was Retail Properties of America. The buyer was Bluejay Management during the transaction. Town Square Plaza was 98% occupied during the time of sale.

Built in 2004, Town Square Plaza is anchored by a 134,574 square-foot Lowe’s Home Improvement warehouse, on a long-term ground lease. Additional national and credit retailers include: PetSmart, Michaels, Rite Aid, BB&T Bank, Mattress Firm, Hair Cuttery, LongHorn Steakhouse, AT&T and H&R Block.

The third shopping center deal was the sale of the 226,894-square-foot Midway Shopping Center at 1026 Wyoming Avenue in Wyoming, PA.

The seller was SIN Ventures, and the buyer was Endeavor Equities. The sale marks the fifth property  SIN Ventures has sold over the past two years to close out its retail fund.

Built in 1970 and renovated in 2000, the community retail center is currently 93% occupied and anchored by a 53,277-square-foot Price Chopper grocery store, a 64,000 square-foot Bon-Ton Department Store, Harbor Freight Tools, CVS Pharmacy and Dollar Tree.

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