Treeco Pays $28 Million for Philadelphia Multifamily Portfolio

 By Carlos Likins CoStar News

Treeco has purchased a portfolio of six apartment complexes in Philadelphia's Fairmount and Brewerytown neighborhoods for $28 million.

The Englewood, New Jersey-based investment, development and management firm acquired the residential properties from Philadelphia-based Stamm Development Group.

The 78-unit portfolio includes The Fairmount Flats at 745-751 N. 20th St., 726 N. 19th St., 711 N. 16th St., 714 N 19th St., The Fairmount Greenery at 817 N. 20th St. and The Porter at 2940 W. Thompson St.

"One of Philadelphia’s leading private real estate development firms, SDG builds impeccable residential properties that warrant a very high price per unit. As a result, we were able to market the portfolio in its entirety and arrange the sale to a single buyer. We are extremely pleased with the result that met the high expectations of our client."

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Endurance Sells Phillips Pet Food & Supplies' Lehigh Valley Facility for $62.3 Million

 By Carlos Likins CoStar News

An affiliate of Endurance Real Estate Group has sold a fully leased distribution facility in the Lehigh Valley, Pennsylvania, region for $62.3 million.

The Radnor-based owner and developer sold the property to RLIF Hecktown SPE LLC, an entity that shares the same address as real estate investor Realterm, according to Northampton County real estate records.

The 307,290-square-foot facility was built in 1986 and expanded in 2013. It is located on 28.5 acres at 3747 Hecktown Road in Easton off Route 33 on the eastern edge of the Lehigh Valley. The facility is fully occupied by Phillips Pet Food & Supplies, serving as the company's corporate headquarters and primary distribution location in the Northeast.

"Demand on this asset was very strong as buyers continue to seek well-located stabilized assets throughout Eastern Pennsylvania, particularly in the Lehigh Valley." 

This marks Endurance's fourth sale this year. Over the last 90 days, the company purchased and began construction on a 1 million-square-foot speculative distribution center in Olyphant, commenced construction a 251,200-square-foot speculative distribution center in Middletown, purchased a 1.6 million-square-foot building in York and completed construction on a two-building, 330,000-square-foot speculative industrial park in Berks County.

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Commercial Real Estate Has Changed Forever (Video)

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How Supply Chain Is Changing the Real Estate Landscape (Video)

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Morgan Properties drops $780.5M for two large apartment portfolios

 Natalie Kostelni Reporter Philadelphia Business Journal

Morgan Properties has grown to own 95,000 apartment units across the country with a $780.5 million acquisition of two portfolios throughout the fast-growing South, a region that it has been targeting.

The King of Prussia company, which focuses on Class B multifamily properties, bought what is referred to as the Middle Street Partners and Northland portfolios, which consisted of 18 communities with 4,724 apartment in Georgia, Florida, North Carolina and South Carolina.  

The Middle Street Partners portfolio involved 15 apartment communities with 4,102 units and the Northland portfolio had 622 units focused in West Palm Beach. Morgan Properties plans to spend $47.5 million on renovations to the communities.

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3 Best Rental Real Estate Niches (Video)

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Accesso Partners Buys Westlakes in Berwyn, PA from Keystone for $297/SF

Keystone Property Group has sold Westlakes, a 455,183-square-foot office park in Berwyn, for $135 million, or $297 a square foot.

Accesso Partners, a Hallandale Beach, Florida, real estate company that also owns 1515 Market St. in Center City, bought the four-building complex on 40 acres off Swedesford Road at Route 202. At the time of the sale, Westlakes was 92% occupied with PNC Bank, Brinker Capital, Montgomery McCracken, Chartwell Investment Partners and Amring Pharmaceuticals among its tenants.

“What surprised us was how robust the demand was for Westlakes,” said Bill Glazer, CEO of Keystone. “It was such a hotly contested bidding process. There was not only the demand but the price point, which is really compelling for the market and a major statement for office properties.”

Glazer and Accesso declined to confirm the sale price though market sources indicated it was $135 million. 

Keystone bought Westlakes in 2013 as part of its $233 million acquisition of a Mack-Cali Realty Corp. portfolio totaling 1.66 million square feet. Keystone then spent about $5 million on a range of upgrades to the property including creating indoor and outdoor gathering spaces and cafés.

Full story: https://tinyurl.com/3384w3mj

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