24 — November 2024 — Central Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
C entral P ennsylvania
CBRE handles sale of 105,046 s/f building in State College, PA
Gasper, Campbell & Kostelac orchestrate CPA deals Campbell brokers transactions in the Harrisburg, PA area
ENTRAL PA — Campbell Commer- cial Partners has completed multiple lease agreements and a property sale in the Harrisburg area. Stewart Amos, the Harris- burg based manufacturer of street sweepers and supplier of construction equipment has purchased 102 W. Franklin St. in Steelton. Founded in 1938 by Al Amos, the company began as a distributor of min- eral processing and aggregate production equipment used for quarries in Pennsylvania. In 1947 Bob Stewart started a road building machinery and distribution company. Stew- art Amos will maintain all employees and will continue operations at the Harrisburg Paxton St. location. The Steel- ton location will provide new capabilities and expansion of operations. After renovations it is anticipated the Steelton loca- tion will employ an additional 15 people. Art Campbell and Jes- sica Gasper of Campbell Commercial Partners repre- sented Stewart Amos in the purchase of the property. Bill Gladstone of NAI CIR rep- resented the sellers. Financing was provided by Members 1st Federal Credit Union . Compass Wealth Advisors LLC, d/b/a Integrity Wealth C CHAMBERSBURG, PA — Marcus & Millichap , one of the leading commercial real estate brokerage firms specializing in investment sales, financing, research and advisory services, announced the sale of a new construction, net-leased Wawa located in Chambersburg. The property sold for $6,481,481. “The sellers did an excep- tional job securing a prime Wawa location in Central Pennsylvania, positioned be- tween two of the highest- performing Starbucks and Dunkin’ locations nationwide,” said Derrick Dougherty , senior vice president invest- ments. “This site’s strategic placement just off I-81, near Chambersburg Area High School and several surround- ing schools, ensures a steady flow of families, students, and commuters, making it a top- tier choice for Wawa and a
500 Science Park Rd.
Jessica Gasper
Art Campbell
Larry Kostelac Gasper and Art Campbell represented the landlord in the transaction. With over 60 years of ex- perience in the home re- modeling business, Home Remodeling Pros of Central PA has leased 2,095 +/- s/f of office space. The new office is located at 3130 Morningside Dr, Camp Hill and will sup- port their existing Central PA showroom and design studio. Gasper and Art Campbell represented the tenant in this transaction. Globix Holdings, LLC has purchased 8001 Paxton St., Harrisburg from Grayson Road Holdings, LLC . Glo- bix Holdings, LLC currently operates CarNation Harris- burg East, a used car dealer- ship, at the 1,380 s/f building and lot. Larry Kostelac of Camp- bell Commercial Partners represented the seller in the transaction. MAREJ
STATE COLLEGE, PA — CBRE announced the sale of 500 Science Park Rd., a 105,046 s/f facility fully occupied by two industrial and medical tenants, Chemcut, a manufacturer of precision equipment for circuit board production and DaVita Kidney Care. Galen Limited Partnership acquired the prop- erty, which sits on a 14.21-acre parcel, from SDR Holdings, LLC for $9.5 million. The CBRE team of Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thompson and Nicholas Holtz spearheaded the mar- keting campaign and repre- sented the seller in the negotia- tions. CBRE’s Jeremy Schyk acted on behalf of the buyer. Chemcut occupies 97,177 s/f of the space and has been successfully operating in this location as its corporate head- quarters for nearly 70 years. DaVita, is also fully committed to the property, having com- pleted a total gut-renovation of its space in 2015, bringing it up to specialized medical standards and requirements by investing over $1 million into the property. The complex at 500 Science Park Rd. is ideally situated with excellent frontage, visibil- ity and signage on Science Park Rd., which is home to numer- ous medical, science and tech- nology and corporate tenants including Raytheon, Minitab, Teledyne SSI, BK Medical, Ac- cuWeather, Windstream, Penn State Applied Research Labs, Avail Technologies, Baker Tilly, Keystone Commercial Real Estate and S&A Homes headquarters. The property is also in close proximity to both main re- gional thoroughfares, I-99 and Bus Rte. 322/North Atherton Street, the primary thorough- fare through the borough of State College and just two miles from a major retail cor- ridor with notable national tenants including Walmart, Target, Wegman’s, ALDI, Gi- ant, Weis, Trader Joe’s, Best
Buy, Dick’s Sporting Goods, CVS, Five Below, Dollar Tree and Home Depot. In other PA news, CBRE’s Multifamily Debt & Struc- tured Finance team has ar- ranged $47.5 million in bridge financing for the refinance of Mi-Place @ Downingtown in Downingtown, PA. Matthew Klauer and Cassandra Rus- sell of CBRE arranged the financing on behalf of the spon - sor, Fernmoor . This is the second transac- tion that Klauer and Rus- sell have secured for Fern- moor Homes. The three-year bridge loan, provided by an entity managed by Argentic Investment Management LLC (Argentic) , will be used to refinance Fernmoor’s lat- est multifamily development comprised of 205 units across six, three-story buildings and 69 townhomes. The property serves as Phase I of Mi-Place @ Downingtown, which, upon completion, will feature a 400- unit multifamily community, a clubhouse, pool, fitness center, pickleball court, basketball court, fire pits, BBQs, and other amenities. “Mi-Place @ Downingtown delivers high-quality, thought- fully designed multifamily units into a growing suburb with convenient connectivity to Philadelphia,” said Russell of CBRE. “Matthew and I are thrilled to continue support- ing Fernmoor’s growth and look forward to additional suc- cessful collaborations in the future,” she added. Loren Berger of Argentic said, “We are excited to work again with CBRE and expand our relationship with Fern- moor. The company’s Mi-Place product brings the highest quality to each community it enters.” Fernmoor’s president, Jef- frey Fernbach shared his enthusiasm for this financing opportunity saying, “I thank both CBRE and Argentic for their efforts to close this deal quickly and efficiently.” MAREJ
Strategies has leased office space at 3314 Market St., Camp Hill. Compass Wealth Advisors provides an array of financial and investment plan - ning services essential to their clients’ success. Gasper represented the tenant in this transaction. Beacon Clinic, a non-profit healthcare clinic that pro- vides healthcare to uninsured and underserved adults in the Greater Harrisburg area and surrounding communities, has leased space at 2626 N 3rd St., Harrisburg. The 3,565 +/- s/f space is undergoing minor reno- vations and opened its doors to patients at the end of October. Gasper and Art Campbell represented Beacon Clinic. Mid-South Care Services has leased 2,325 +/- s/f at 2090 Linglestown Rd., Har- risburg. Offering advanced illness management services, this office will serve as their newest Central PA location.
Dougherty, Woodard & Haslach Marcus & Millichap facilitate sale of brand-new Wawa in Chambersburg, PA
Wawa located in Chambersburg, Pennsylvania
highly attractive opportunity for investors.” Dougherty and Scott Woodard , investment spe- cialists in Marcus & Mil- lichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Paramount Realty , a large Mid-Atlantic based investor and developer group. Jacob Haslach and Dougherty procured the buyer, W.F. Chelsey Real Estate , a privately owned real estate
firm based in the Washington- Baltimore metropolitan area. “We want to commend the buyers for their expertise in navigating the complexities of merging two 1031 exchange sales into a single purchase,” said Haslach, associate. “It was a privilege to work on a deal where both the seller and buyer communicated their goals effectively, resulting in a seamless closing of this best- in-class opportunity in just 23 days.” MAREJ
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