P ennsylvania
S hopping C enters
Real Estate Journal — Pennsylvania — 7A
www.marej.com
M id A tlantic
1760 Dekalb Pike (Rte. 202), Shops at Blue Bell is in an established retail location KPR purchases retail center in an established retail location in suburban Philadelphia Galbally, Munley and Behr of JLL arrange $29.35M sale of Giant-anchored retail center B LUE BELL, PA — JLL has closed the $29.35 million sale
in Montgom- ery County and 15 miles from down- town Phila- delphia. The p r o p e r t y has multiple points of ac- cess from lo- cal thorough- fares Rte. 202 and Town - s h i p L i n e R d . M o r e than 70,000 r e s i d e n t s earning an average an- nual house- hold income of $111,525 live within a three-mile radius of the p r o p e r t y . S h o p s a t Blue Bell is
HI-LIGHTS DECEMBER 13 - 26, 2019 JLL marketed the property on behalf of the seller, a real estate investment manager managing the sale on behalf of one of its separate account clients. KPR , formerly known as Katz Properties, purchased the asset. Situated on 11.54 acres at of the Shops at Blue Bell, 103,580 s/f, grocery-anchored neighborhood shopping center in the suburban Philadelphia community of Blue Bell.
James Galbally
Shops at Blue Bell
Chris Munley
anchored by Giant, the top grocer in suburban Philadel- phia andMontgomery County. Giant has occupied the center for the past 24 years. Addi- tionally, the 98% leased center is home to a mix of retailers, including Santander, True Value, IHOP, Supercuts and GNC.
The JLL Retail Capital Markets team representing the seller was led by senior managing director James Galbally , managing director Chris Munley and senior vice president Colin Behr . According to a recent JLL Retail Outlook report, second- quarter 2019 net absorption
in U.S. shopping centers (i.e., community, neighborhood and strip centers) remained positive at 1.9 million s/f, with the majority coming from neighborhood center demand. Additionally, neighborhood centers – like Shops at Blue Bell – are sought after among small retail locales.
CENTURY REALTY JOINS CORFAC AS PGH AFFILIATE
Colin Behr
Johnson of Rittenhouse Capital Advisors delivers Hunt Real Estate Capital Delaware County portfolio
9A
NAI SUMMIT: 2019 HIGHLIGHTS
$3.9 million to finance the ac- quisition of Springfield Place Apartments. Located at 420 East Woodland Ave. in Spring- field, the property consists of nine two- and three-story gar- den apartment buildings con- taining a total of 39 units. The property was built in 1966, and the unit mix consists of all two-bedroom, one-bathroom apartments. The loan has a 12-year term with 24 months of interest only payments followed by a 30-year amortization sched- ule. Property amenities in- clude a laundry facility and storage in each building, as well as surface parking for 51 vehicles. Media Towers Apart- ments. Media Towers Apart- ments is located at 295 East Jefferson St. in Media. Hunt Real Estate Capital provided a Fannie Mae Small Loan in the amount of $4.7 million to acquire the property. The loan
has a 12-year term with re- payment based on 24 months of interest only followed by a 30-year amortization schedule Media Towers Apartments is a 1973-built six-story, mid- rise apartment building with 47 units. The unit mix consists of six studio apartments; 10 one-bedroom, one-bathroom units; 21 two-bedroom, one- bathroom units; and 10 two- bedroom, two-bathroom apart- ments. Amenities include a front entry lobby and elevator, as well as surface parking for 61 vehicles. Rolling Green Apart- ments. Hunt Real Estate Capital provided a Fannie Mae DUS multifamily loan in the amount $11.1 million to secure the acquisition of Rolling Green Apartments. The property is located at 301 North State Rd. in Springfield. Rolling Green Apartments is a 103-unit, garden-style apartment community that
is comprised of 25 two- and three-story buildings. The property was developed in 1965, features 180 parking spaces, and is situated on an 8.06-acre parcel of land. The loan term is 12 years with three years of interest only, followed by a 30-year amorti- zation schedule. “Both Springfield and Me- dia are located within the Philadelphia MSA in strong, infill locations,” said Harris Heller , managing director at Hunt Real Estate Capital. “Springfield Place and Roll- ing Green Apartments are located in a desirable inner ring suburb of Philadelphia with good school districts, and are a short distance from a large number of supporting services, such as mass transit and retail. Media Towers is located in Downtown Media, which is walking distance to all the amenities the dynamic borough has to offer.”
DELAWARE COUNTY, PA — Hunt Real Estate Capital has provided $19.7 m i l l i o n i n Fannie Mae Gr e e n Re - wards loans to finance the acquisition of a three-prop- erty multi- family portfo- lio located in Delaware County that totals 189 units. The deal was brought to Hunt Real Estate Capital by George Johnson at Ritten- house Capital Advisors . The sponsors of the acquisi- tion are James Robertson, Matthew Robertson , and Robert Roskamp . The properties included in the portfolio consist of: Springfield Place Apart- ments. Hunt Real Estate Cap- ital provided a Fannie Mae Small Loan in the amount of George Johnson
ATKINS BOLSTERS ITS PGH PORTFOLIO WITH MOB ACQUISITION 12A
15A
16C ANNUAL REVIEW ECONOMIC DEVELOPMENT contact: Joe Christman jchristman@marejournal.com
www.marej.com
Made with FlippingBook HTML5