S outheastern P ennsylvania
Real Estate Journal — Southeastern Pennsylvania — March 15 - 28, 2019 — 5C
www.marejournal.com
M id A tlantic
NAI Mertz closes $800,000 land parcel sale in Langhorne
Sponsor to build 6-story project in Kensington Pembrook provides $9.15M construction financing
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Philadelphia. Located at 1427 Germantown Ave., the 53,575 s/f property will offer smaller, more affordable rental hous- ing than many other new projects recently built in the nearby Northern Liberties and Fishtown neighborhoods. "We continue to provide financing solutions for middle market developers and own- ers throughout the Unit- ed States,” noted Stuart Boesky , CEO of Pembrook. “We’re bullish on Philadel- phia’s multifamily market
and this transaction is a great opportunity for investment into a neighborhood that is in the process of rapid revitaliza- tion. It’s exciting to support a project that has the potential to deliver more affordable apartments to renters in the local market.” The sponsor is an active multifamily developer in the Philadelphia metro area. A similar 50-unit project is under development by the sponsor in the same neighbor- hood.
HILADELPHIA, PA — Pembrook Capi- t a l Manag emen t
LLC (Pem- brook) an- nounced the closing of a $9 .15 mi l - l i o n f i r s t m o r t g a g e c o n s t r u c - tion loan for the develop-
720 E. Lincoln Highway aerial
Stuart Boesky
LANGHORNE, PA — NAI Mertz , a full-service commer- cial real estate firm conduct-
infrastructure and numerous national retailers, as well as Oxford Valley Mall, one of the
ment of a 70-unit multifam- ily project with retail in the Kensington neighborhood of
ing business throughout the United States, and g l o b a l l y , from its re- gional offices in New Jer- sey, greater Philadelphia
most popu- lar malls in the region,” stated Cha- r o k o p o s . “This former Lukoil site is the perfect location for Toyota, cou-
FreedomCredit Union coming to Levin-managed center
PHILADELPHIA, PA — Freedom Credit Union has leased 2,000 square feet at Morrell Plaza in Philadelphia, becoming the latest business to join the tenant mix at this 103,250-square foot shopping destination. Located directly on Frankford Avenue/Route 13, Morrell Plaza is leased and managed by North Plainfield, N.J.-based Levin Manage- ment Corporation (LMC) . LMC senior leasing repre- sentative Sidney Singer ar- ranged the lease; John Shelly of Cushman & Wakefield represented the tenant in the transaction. Freedom Credit Union is a community-based, full-service financial institu- tion that offers a banking alternative to consumers. Anyone who lives, works, worships, performs volunteer service or attends school in Bucks, Chester, Delaware, PHILADELPHIA, PA — PernaFrederick Commer- cial Real Estate has negoti- ated six lease agreements total- ing 22,113 s/f of office space in two buildings situated within the Spring Arts Neighborhood. The space contracts have a combined aggregate rental of $3.2 million and were ar- ranged for the building owners by the brokerage team of Joe Viturello and Keith Kiner at PernaFrederick. In the largest of the agree- ments, Ameribest expanded its existing offices with the lease of
Zena Charokopos
Rick Gordon
and northeastern Pennsylva- nia, announced the recent sale of 720 E. Lincoln Highway in Langhorne. The sale was inked by NAI Mertz vice presidents Zena Charokopos and Rick Gordon who represented the seller and a repeat client, Lu- koil. The buyer, Toyota, will utilize this new acquisition as an expansion of its current neighboring property. The sale price was $800,000. “We are pleased to have once again represented Lu- koil in meeting its business and real estate goals. Lincoln Highway is a highly-trafficked roadway with access to Bucks County’s excellent highway third floor in an agreement where Viturello and Kiner were the sole agents who rep- resented the building owner SA Buttonwood, LP. In a separate transaction, PernaFrederick represented two tenants in the lease of 12,196 s/f of center city office space Matthew Frederick , a principal, and Joe Viturello negotiated the two long term lease agreements that have a combined aggregate rental exceeding $2.3 million. In the larger of the two space contracts, Home Care
pling with its existing neigh- boring property. We look for- ward to seeing the expansion of the property, and we addi- tionally are pleased to bring new business and rateables to Langhorne,” added Gordon. Formerly occupied by Lu- koil, this site is a nearly one- acre land parcel offering 340 feet of highway frontage and highly sought-after left turn access. This prime location on Business Rte. 1 features immediate access to I-95, and is in close proximity to several popular attractions including Oxford Valley Mall, Sesame Place and several auto dealer- ships. Associates extended an exist- ing agreement for 6,764 s/f on the 10th floor of 1500 Walnut St. Frederick and Viturello brokered the renewal with 1500Walnut Enterprises, LLC, owner of the 22-story 270,000 s/f building. At The Philadelphia Build- ing, 1315 Walnut St., Viturello represented Altitude Group, Inc., in the lease of 5,432 s/f on the 14th floor of the 18-story building that is owned by Goldman Properties, a pri- vate real estate investment partnership.
Morrell Plaza
Montgomery or Philadelphia counties is eligible for mem- bership. “The presence of a high- volume grocer, exceptional demographics and a visible location – in the retail heart of a busy Northeast Philadelphia neighborhood – makes Morrell Plaza an attractive place to conduct business,” said Singer. another 6,924 s/f on the second floor of 990 Spring Garden. With that expansion planned for the third quarter of this year Ameribest will occupy 17,330 s/f in the structure. Elfant Wissahickon Realtors is moving into 5,534 s/f on the seventh floor of 990 Spring Garden St. when it opens a new office there in the Fall. Joining the real estate firm on the seventh floor this summer is the National Clearinghouse for the Defense of Battered Women which has leased 3,172 s/f under a contract negotiated
“Freedom Credit Union will bring a new retail category for the center, and its pres- ence undoubtedly will enhance Morrell Plaza’s co-tenancy as we continue to expand the property’s retail offerings. We are confident this organiza- tion’s professional financial services will be a valuable resource for its members.” by Cathy Coate , a broker with SSH Real Estate . Moving to some 3,000 s/f on the fourth floor is Creative Characters under a lease ar- ranged by Jason Winig , prin- cipal of Winig Properties . Independent Vets is moving to 2,000 s/f on the fourth floor under a contract negotiated by Virturello and Kiner acting as sole agents for SA 990 Spring Garden LP, the owner. At 448 N. 10th Street High- topWashington LLC is expand- ing its offices with the lease of an additional 1,483 s/f on the
PernaFrederick arranges six leases in Spring Arts aggregating 22,113 s/f worth more than $3.2 million
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