P ennsylvania
S hopping C enters
Real Estate Journal — Pennsylvania —Section C
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M id A tlantic
Lifestyle Healthcare Group is approved for a 385,000 s/f complex in Pennsylvania Kennedy Funding Financial closes $3.5 million loan for medical campus B ensalem Twp., PA — Ke nn e d y Funding Financial
change to business park, for governmental approvals and variances, and engineering, as well as demolition of an existing building in 2014. Plans for the Lifestyle Cen- ter call for construction of three structures, including a 178,439 s/f medical service center, a 109,480 s/f skilled nursing facility, and a 97,000 s/f parking structure. The campus will have a net rent- able area (NRA) of 198,706 s/f. “The Lifestyle Center will be an all-inclusive integrated medical complex delivering medical care, screening, and procedures,” said Dr. Fred Rappaport, chairman and CEO of LHG. “Patients will get all of their healthcare in one convenient location, and benefit from the latest tech- nology.” Medical specialties offered at the Lifestyle Center will from Peters Property Manage- ment. The transaction was handled by Seymour Barget of Landmark Commercial Re- alty, Inc. (East Pennsboro Twp/ Cumberland Co.) • Richard and Nancy Eichel- berger recently purchased 12.32 acres of land on Range End Road in Dillsburg from JBM Dillsburg, LLC. Chuck Heller and Drew Bobincheck of Landmark Commercial Realty, Inc. negotiated the transaction on behalf of the sellers. (Carroll Twp./ York Co.) • Cloud Jammer, LLC has leased 1900 s/f of space at 326 Market St. in Lemoyne from John Yanoviak. They are open- ing their second vape store at this location. Andy Kohr of Landmark Commercial Realty, Inc. represented the tenant and Drew Bobincheck, CCIM rep- resented the owner. (Lemoyne Borough / Cumberland Co.) • Total Mobility Services re- cently signed a lease for 12,000 s/f of flex warehouse space at 7917 Derry St. in Harrisburg, PA. Jason Grace, CCIM, SIOR, SVP of Landmark Commercial
include women’s health, or- thopedics, cancer treatment, primary care, plastic surgery and general surgery. In addi- tion to on-site specialists and practicing physicians, the cen- ter will also offer on-site labs, advanced medical technology, electronic medical record- keeping, and sports training and rehabilitation. “This integrated approach is a response to the aging of the baby boomer generation, requiring new medical facili- ties, and most of health care today is being delivered on an out-patient basis,” said Dr. Rappaport. “This location offers good proximity to major arterials, providing access from many locations, and the Philadelphia region is known as an ‘eds and meds’-based economy due to its stable backing of education and the health care industry.” n Realty, Inc. negotiated the transaction on behalf of the tenant and the landlord, Derry St. Investors, LLC. • Cliatt Law has leased Suite 226 of Governor’s Plaza South located at 2001 N Front St., Harrisburg, PA 17102. Drew Bobincheck and Chuck Heller of Landmark Commercial Re- alty, Inc. represented both the tenant and landlord in the transaction. ( Harrisburg City/ Dauphin County) • US Lifeline Inc., a MDSI company has leased 1500 s/f of office space at Lower Allen Business Center. Andy Kohr of Landmark Commercial Re- alty, Inc. represented both the landlord and the tenant. (Hampden Township/ Cumber- land County) • Volt Lightning of Lutz, FL has leased 12,000 s/f of ware- house space for it’s lighting dis- tribution. James W. Brady and William Sturges of Landmark Commercial Realty, Inc. rep- resented the owner and Greg Rothman of RSR represented the tenant. (Swatara Township/ Dauphin Co.) n
LLC has completed a $3.5 million loan for Lifestyle Real Estate I, LP, announced Gregg Wolfer , COO of the Englewood Cliffs, NJ-based direct private lender. The borrower is an affiliate of Lifestyle Healthcare Group (LHG), and the collateral is a 10.31-acre tract of va- cant land in Bensalem Twp., Bucks County, PA. LHG has received approval from the township for a $185 million
Congress Apartments
medical office campus. “The borrower has received final approval for this major project, and intends to spend $2 million from the loan pro- ceeds for site work and for working capital,” said Wolfer, who notes that the two-year, interest-only loan has an ini- tial interest rate of 12%. “The
borrower also anticipates obtaining a construction loan to pay off this loan.” The borrower acquired the tract, located at the inter- section of US Rte. 1 and the Pennsylvania Turnpike in Bensalem, in October, 2013. More than $3.1 million has been invested to obtain zoning
April 10 - 23, 2015
HI-LIGHTS
Eastern PA
SPOTLIGHT
Landmark Commercial Realty completes 29,434 s/f in Pennsylvania transactions
5-10C
Mack-Cali announces agreement with Parkway Corporation
• TEC Property Manage- ment, LLC purchased an apart- ment community located at 63-65 Lindbergh Dr., Palmyra. Chuck Heller and Drew Bobin- check of Landmark Commercial Realty, Inc. represented the seller, while Mike Gordon of Remax 1st Advantage repre- sented the buyer. • East Shore Psychiatric Association leased 1500 s/f of office space located at 4601 Devonshire Road, Harrisburg, PA. Tom Posavec of Landmark Commercial Realty, Inc. negoti- ated the lease on behalf of the building owner, Hummel Prop- ertyManagement, LLC. (Lower Paxton Twp. / Dauphin Co.) • Cameron St. Bargains and Varieties has signed a continu- ation lease with John Karagi- annis located at 1028 Market St., Harrisburg. Seymour Barget of Landmark Com- mercial Realty, Inc. handled the representation for both parties. (City of Harrisburg/ Dauphin Co.) • Sterling and Grant Prop- erties have leased warehouse space at 299 Shady Lane, Enola
Harrisburg, PA — Landmark Commercial Re- alty completed the following transactions: • The PA Municipal League recently purchased 20 parking spaces in the South St. Garage. Bill Sturges of Landmark Commercial Realty, Inc. repre- sented the buyer while Chuck Heller and Tom Posavec handled the transaction on be- half of the seller BELCO. (City of Harrisburg / Dauphin Co.) •Mechanical Mist Vape Shop has leased 1200 s/f of retail space at 5000 Linglestown Road (Unit #8) in Harrisburg. The shop will contain retail products and a lounge area. (Lower Paxton Twp. / Dauphin Co.) • Riverview Manor Associ- ates has just sold the 1234 s/f former bank branch located at 4902 Louise Dr. in Mechan- icsburg to Andrew Souder. Drew Bobincheck, CCIM and Chuck Heller of Landmark Commercial Realty, Inc. negoti- ated the transaction on behalf of the seller. (Lower Allen Twp. / Cumberland Co.)
3C
Rittenhouse Realty Advisors celebrates 2 Year Anniversary
9C
13C
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