S HOPPING C ENTERS P ENNSYLVANIA
Section B of the Mid Atlantic Real Estate Journal
Bachner of Phillips Nizer reps seller & Hammer of Brach Eichler reps purchaser Kislak president Holland completes $46.1 million sale of 518-unit Hershey Heritage Village
L
ANCASTER, PA — The Kislak Company, Inc., announced the
handled the $36,700,000 sale of a four-property multifam- ily portfolio with a total of 430 units in Bethlehem, Pennsylvania. The seller of the Bethlehem portfolio purchased Hershey Heritage Village. “This was an extraordinary opportunity to acquire a single asset with more than 500 units in a very desirable location and market,” said Holland. “The seller was the original developer of the property and had owned it for nearly 40 years.” The properties are located in suburban Lancaster in south central Pennsylvania near many regional employers one hour from Philadelphia.
“Given the strong regional rental market, the purchaser was looking to expand its lo- cal presence,” added Holland. “This was also a value-added opportunity. By upgrading the units’ kitchens and bath- rooms, the property will com- mand higher rents.” Financing was arranged by Patricia Patriarca of The Provident Bank. The seller was represented by Robert Bachner, Esq. of Phillips Nizer LLP of New York City. The purchaser was rep- resented by Alan Hammer, Esq. of Brach Eichler, LLC of Roseland, New Jersey. At the time of closing, the prop- erty was approximately 95% occupied. n
$46,100,000 sale of Her- shey Heri- tage Village, a 518-unit apartment c o m p l e x located at 1330 Wa - bank Road
Robert Holland
in Lancaster. Kislak president and co-managing director Robert Holland represented both parties, private inves- tors, in the transaction. The sale of Hershey Heritage Village marked the successful completion of a Section 1031 exchange. In January, Kislak
Hershey Heritage Village
McBride & Blinebury of Cushman & Wakefield rep the owner Panattoni Development Company leases 193,000 s/f to L’Oreal in York
MAY 11 - 24, 2012
HI-LIGHTS
YORK, PA—Panattoni De- velopment Company, Inc. has arranged a 12 year lease for L’Oreal USA to occupy an ex- isting facility of 193,000 s/f in East Manchester Township, York County, PA. The build- ing, located at 75 Steamboat Boulevard and purchased in July 2011, was previously used as a materials handling facility for Harley Davidson Motor Company. Ed Dudzinski and Richard Greenberg of Atlantic Real Estate Services represented the tenant. Pat McBride and Gerry Blinebury of Cushman
CDA&I Architecture & Interiors celebrates 20 years
Founded i n 1992 and dedicated to the integration of architecture and interior design, CDA&I Architec- ture and Interiors, Ltd. of Philadelphia celebrates its 20th anniversary this year. See page 4-5B.
75 Steamboat Boulevard
&Wakefield represented Pan- attoni in the transaction. L’Oreal will utilize the fa- cility to serve its Salon Cen- tric division, with overnight deliveries to retail locations throughout the Northeastern United States. The opera-
tion will create 100 full time jobs, and is scheduled to be fully operational in the Fall of 2012. R.S. Mowery & Sons is serv- ing as construction manager for the improvements to the building. n
Quarry Center — 300 Million Years in the Making!
Mark Taylor
Dean Zang
Christopher Munley
R i s i n g f r om 5 0 f e e t below sea level, 32 acres in Haverford Township, Pennsylvania are being transformed into 250,000 s/f shopping center to be known as Quarry Center. See page 7-9B.
Derrick Dougherty Peter Snell Shopping Center & Net Lease Sales Specialists
3hiOaGeOShia 3$ OfÀce 215.531.7000 :ashington 'C OfÀce 202.536.3700 www.marcusmillichap.com
ALSO INSIDE:
Visit us at The ICSC RECON Las Vegas Conference May 21-23, 2012 Las Vegas Convention Center Booth S246 Q Street, South Hall
PA P ROJECTS & B UILDING S ERVICES S POTLIGHT ..........3-11B CREW L EHIGH V ALLEY ...................................................12B PA P EOPLE N EWS .............................................................16B
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