CAPREIT has purchased the 220-unit Vinings at Christiana apartment complex in Newark, Delaware, from Denver-based Alden Torch Financial for $24.7 million, or about $112,000 per unit.
The garden-style complex at 200 Vinings Way includes a mix of one-, two- and three-bedroom units ranging from 717 to 1,097 square feet in 10, three-story buildings. Completed in 2001, the property spans 15.4 acres less than four miles from University of Delaware.
Amenities at the complex include a business center, clubhouse, fitness center, laundry facilities and storage space.
Headquartered in North Bethesda, Maryland, CAPREIT has closed approximately $5 billion in real estate transactions to date, according to its website.
www.omegare.com
Wednesday, December 4, 2019
Astoban Investments Buys Freeman's Former Headquarters for $14.3 Million
Local full service development firm Astoban Investments has purchased the former headquarters of Freeman’s auction house in Philadelphia’s Center City from a private family trust for $14.3 million, or about $330 per square foot.
The 43,284-square-foot, six-story building at 1808-1810 Chestnut St. was completed for the auction house in 1924.
Astoban Investments said in a June application to the Philadelphia Historical Commission that it wanted to convert the property into condos.
Freeman's plans to move to an office building anchored by Aramark at 2400 Market St. on the Schuylkill waterfront.
www.omegare.com
The 43,284-square-foot, six-story building at 1808-1810 Chestnut St. was completed for the auction house in 1924.
Astoban Investments said in a June application to the Philadelphia Historical Commission that it wanted to convert the property into condos.
Freeman's plans to move to an office building anchored by Aramark at 2400 Market St. on the Schuylkill waterfront.
www.omegare.com
Tuesday, December 3, 2019
Monday, December 2, 2019
Sunday, December 1, 2019
Vastgood, RW Partnership Spends $127M for Giant Supermarket-Anchored Portfolio in PA
by John Jordan Globest.com
A partnership of Vastgood Properties, LLC of Port Washington, NY and RW Partners, Inc. of Conshohocken, PA has acquired a portfolio of seven Giant supermarket-anchored shopping centers in mid-to-eastern Pennsylvania for $127 million.
The deal was announced by New York City-based Meridian Capital Group, which arranged $97 million in acquisition financing for the new ownership. The 10-year CMBS loan features a rate of 3.87% and five years of interest-only payments with the balance on a 30-year amortization schedule. The transaction was negotiated by Meridian VPs Bryan Kallenberg and Meyer Ovadia, who are both based in the company’s New York City headquarters.
The portfolio consists of Giant supermarket-anchored shopping centers spanning a total of 548,482 square feet. The properties include Aston Center in Aston, PA; AYR Town Center in McConnellsburg, PA; Creekside Marketplace in Hellertown, PA; Parkway Plaza in Mechanicsburg, PA; Scott Town Center in Bloomsburg, PA; Spring Meadow Shopping Center in Wyomismesing, PA and Stonehedge Square in Carlisle, PA.
The Giant stores represent approximately 75% of the portfolio’s total gross leasable area and generate 80% of the portfolio’s revenue. Giant Food Stores, LLC is a wholly-owned affiliate of Ahold Delhaize N.V., the fourth largest retail grocery company in the world. All the properties feature long-term leases for the Giant stores and renewal options extending decades.
www.omegare.com
A partnership of Vastgood Properties, LLC of Port Washington, NY and RW Partners, Inc. of Conshohocken, PA has acquired a portfolio of seven Giant supermarket-anchored shopping centers in mid-to-eastern Pennsylvania for $127 million.
The deal was announced by New York City-based Meridian Capital Group, which arranged $97 million in acquisition financing for the new ownership. The 10-year CMBS loan features a rate of 3.87% and five years of interest-only payments with the balance on a 30-year amortization schedule. The transaction was negotiated by Meridian VPs Bryan Kallenberg and Meyer Ovadia, who are both based in the company’s New York City headquarters.
The portfolio consists of Giant supermarket-anchored shopping centers spanning a total of 548,482 square feet. The properties include Aston Center in Aston, PA; AYR Town Center in McConnellsburg, PA; Creekside Marketplace in Hellertown, PA; Parkway Plaza in Mechanicsburg, PA; Scott Town Center in Bloomsburg, PA; Spring Meadow Shopping Center in Wyomismesing, PA and Stonehedge Square in Carlisle, PA.
The Giant stores represent approximately 75% of the portfolio’s total gross leasable area and generate 80% of the portfolio’s revenue. Giant Food Stores, LLC is a wholly-owned affiliate of Ahold Delhaize N.V., the fourth largest retail grocery company in the world. All the properties feature long-term leases for the Giant stores and renewal options extending decades.
www.omegare.com
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