14B — January 21 - February 17, 2022 — Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
P ennsylvania
AZLETON, PA — Legend Pr ope r - ties Inc. announced H Smith reps. buyer, 1065 Church Street Properties LLC Legend Properties brokers deal of Church Hill Mall
Preserving senior affordable housing in Phila. Hudson Valley Property Group closes $120 Million acquisition
PHILADELPHIA, PA — Hudson Valley Property Group (HVPG) announced the $120 million acquisition of a 300-unit senior housing apartment complex in down- town Philadelphia, known as the American Postal Workers House. The closing marks HVPG’s first acquisition in Philadelphia and the largest single investment fromHudson Valley Preservation Fund II (HVPF II), HVPG’s real estate private equity fund focused on preservation. HVPG will bring significant renovations to the property while maintaining affordability for residents. “Quality, affordable housing is critical to creating strong, lasting communities. But it also requires continued main- tenance and support, especial- ly for low-income senior resi- dents who rely on the stability to age in peace,” said Jason Bordainick , managing part- ner and co-founder of Hudson Valley Property Group. “We are excited to bring our pres- ervation focus and expertise to this landmark building in Philadelphia, modernizing the property and improving the residents’ quality of life.” Located at 801 Locust St. in downtown Philadelphia, the 300-unit property includes 150 studios, 149 one-bedroom units, and one two-bedroom unit affordable to seniors earn- ing on average 60% of area median income (AMI) or less. The acquisitionwas financed through an equity investment from HVPF II and bridge debt financing through Red Stone. The next phase of HVPG’s preservation plan will be to se- cure 4% low-income tax credits through the Pennsylvania Housing Finance Agency YORK, PA — Bennett Williams Commercial has arranged the lease of the fol- lowing transactions: 1,368 s/f: Milan Laser Hair Removal, LLC leased space from ARCP MT Carlisle PA, LLC at 299 Westminster Dr., Carlisle. Abe Khan, Blake Shaffer, Brad Rohrbaugh , and Chad Stine of Bennett Williams Com- mercial represented the landlord in the transaction. 1,700 s/f: Drayer Physi- cal Therapy Partners, LLC leased space at 108 N. Read- ing Rd., Ephrata. fromClois- ter Associates LP. Ryan Myers of Bennett Williams Commercial represented the
and tax exempt bonds through the Philadelphia Authority for Industrial Development which will ensure affordability for an additional three decades and allow for a substantial $20 million renovation of the property. HVPG’s “bridge to tax credit” strategy allows the seller to exit ownership in a more expedited timeline with future plans in place to access public funding required for more extensive renovations and building modernization, all the while maintaining the long-term affordability of the property and non-displace- ment of residents. The property was purchased from a local owner, American Postal Workers House Associ- ates LP, with the support of Marcus &Millichap as broker. “Since building and oper- ating APWH in 1978, this senior residence has become a safety net for thousands of residents. After 43 years, we sought an owner of like mind who will continue to improve and preserve this sanctuary for seniors and disabled indi- viduals into the future,” said a principal of American Postal Workers House Associates. “We congratulate HVPG on the acquisition, and contin- ued success in operating this extraordinary unique asset.” “Red Stone i s proud to be Hudson Valley Property Group’s financial partner in their acquisition and preserva- tion of this affordable commu- nity,” said Cody Langness, president of Red Stone Tax Exempt Funding . “We are very excited about their long term preservation plans for this property and the positive im- pact it will have on the tenants and the community.” MAREJ landlord in the transaction. 1,300 s/f: Daifallah Ab- dulla leased space fromFres- ton Realty, LLC at 12751 Wash i ng t on Townsh i p Blvd., Waynesboro . Shaf- fer, Khan, Ashlee Lehman , Rohrbaugh, and Stine of Bennett Williams Commer- cial represented the landlord in the transaction. 1,250 s/f: Cardinal Com- munications LLC leased space from McHugh Group RE, LP at 347 N Pottstown Pike, Exton. Bill Hess of Bennett Williams Commer- cial represented the landlord and the tenant in the trans- action. MAREJ
that James Smith , asso- ciate broker, inked the sale of the Church Hill Mall lo- cated along Rte. 309 in H a z l e t o n . Representing
James Smith
the buyer, 1065 Church Street Properties LLC, the sale of the mall leads the way for $2 mil- lion in renovations and a new name, “Church Hill Commons”. The investment group hopes to further develop the prop-
Church Hill Mall
erty, which covers more than 14 acres and contains 168,000
s/f of retail space which is 92% leased. MAREJ
Rubenstein Partners signs two new leases totaling over 40,000 s/f at Chesterbrook Office Campus
KING OF PRUSSIA, PA — Rubenstein Partners, L.P. (together with its af- filiates, “Rubenstein”), has completed two new leases at the 14-building Chesterbrook office complex in King of Prus- sia, including a 14,633 s/f lease for PTC Inc. at 620 Lee Rd. and a 25,473 s/f lease for US Fertility at 735 Chesterbrook. With these two latest deals in place, the class A corporate campus has now signed over 190,000 s/f in new leases with recognized corporate users during the pandemic, includ- ing a 90,000 s/f lease with a global technology company in February 2021, a 59,000 s/f lease with BNP Paribas in July 2020, and other recent lease renewals. PTC Inc. will utilize their new space at 620 Lee Rd. as a regional office location and was represented by Mark Schum - acher , senior director and John Shelly, senior director, with Cushman &Wakefield . US Fertility intends to use their new space at 735 Ches- terbrook as a fertility clinic and surgery center, as well as for general office use. The ten- ant was represented by Nick Sannelli , senior vice presi- dent, at JLL and Nicholas Zuppas , principal, at Gittle - son Zuppas Medical Realty in the transaction. Rubenstein was represent- ed by a JLL team comprised of Michael MacCrory , ex- ecutive vice president, Doug - las Newbert , executive vice president, and Whitney Hunter , senior vice presi- dent, in the negotiations for both transactions.
735 Chesterbrook
“The strong leasing activity at Chesterbrook throughout the pandemic is a clear dem- onstration of the property’s appeal as well as Rubenstein’s ability to build and market compelling workplaces that meet the needs of regional tenants,” said Jay Campbell at Rubenstein. “We’re pleased to announce these latest leas- es and remain firm believers that best-in-class suburban offices like Chesterbrook – with improvements focused on outdoor spaces and well- planned amenities – will con- tinue to attract high-quality corporate users.” Rubenstein acquired the 1.1 million s/f, 14-building portfo- lio of class A office properties at Chesterbrook in 2019 and has reimagined and reposi- tioned the campus with a $50 million improvement plan to update and amenitize the campus. The large majority of improvements are already completed with final compo- nents finishing in early 2022. The centerpiece of Chester-
brook’s transformation is a centrally located, 40,000 s/f formerly vacant office build- ing into a two-story amenity center called ‘Circuit.’ De- signed as a community hub for the campus, the building is slated to include a variety of eateries with seating and lounge spaces, a fitness cen- ter, conferencing and meeting spaces as well as a 20,000 s/f flexible office/coworking com- ponent on the second floor. Campus connectivity will also be improved with new pathways linking to the near- by network of trails at Wilson Farm Park. Significant inte- rior and exterior renovations to the buildings throughout the campus, including newly expanded and renovated lob- bies and common areas, and major improvements to sev- eral entry facades have been completed or are underway. Physical upgrades such as touchless technology and HVAC improvements to en- hance building safety have been added as well. MAREJ
Bennett Williams Commercial arranges leases totaling 5618 s/f in Central PA
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