S hopping C enters P ennsylvania
www.marej.com M id A tlantic Real Estate Journal — Pennsylvania — July 2023 — 13B Ind/flex portfolio located in Wyomissing, PA spans three parcels of land totaling 11.13 acres Progress Realty Partners & Commerce Park Investors acquire Park Place Center for $11.75M
(PRP) , a New Jersey- based pri- vate equity firm spe- cializing in buying well- positioned commercial real estate throughout W
ing 11.13 acres. The prop- erty features (10) one and two-story buildings ranging
YOMISSING, PA — Progress Realty Partners
in size from 2,985 s/f to 55,080 s/f. While Park Place Cen- ter is stabi- lized, there is a value- add oppor- tunity based on lease roll-
Adam Dickert
Daniel Salonis
over and below-market rents. One of the tenants is a 6,000 s/f dispensary, which made financing slightly more challenging. Kathy Anderson and Caillin Boles of Progress Capital were tasked with the challenge and successfully secured the acquisition financ- ing with extremely favorable terms, including 75% LTV and 12 months of I/O “This is a very exciting deal for us and our limited partners,” said Daniel Salonis , who oversees the firm’s operations. “In real estate, you make your money on the buy. Our acquisition of Park Place Center is a prime example of that.” Wyomissing is a borough of
the country, along with real estate investment firm, Com- merce Park Investors, have successfully acquired Park Place Center, a 143,000 s/f in- dustrial-flex portfolio located in Wyomissing, PA. “What attracted us to Park Place Center is its extraordi- nary tenant mix and positioning in the Wyomissing sub-market,” said Adam Dickert , who over- sees the firm’s acquisitions. “This industrial-flex portfolio is a great example of diversifica- tion, in every sense of the word. Combining minimal down- side risk with a tremendous value-add upside is the recipe for success”. Park Place Center spans three parcels of land total- CAMP HILL, PA — Land- mark Commercial Realty/ TCN has recently closed the following commercial real es- tate transactions: Tucker Arensberg PC signed a long-term lease for an 11,725 s/f office space at 300 Corpo- rate Center Dr, Camp Hill. They will be expanding their offices. The tenant was repre- sented by Michael Curran, SIOR and president & execu- tive managing director with Landmark Commercial Re- alty, along with Drew Bobin- check, CCIM , and senior vice president also with Landmark; the landlord, Linlo Proper- ties , represented themselves. (East Pennsboro Township/ Cumberland County) FG Market Street, LLC purchased a 7,755 s/f office building at 2109 Market St., Camp Hill. Robert Behler of
Park Place Center
Berks County, Pennsylvania that has been selected as a “Contender” for best places to
live in Pennsylvania by Money Magazine. It is also known for its thriving commercial office
and retail center, in large part due to its proximity to Reading and its highway access. MAREJ
Landmark Commercial Realty announces recent transactions
300 Corporate Center Dr.
2109 Market St.
MD, was represented by Da- vid Drobnock of Coldwell Banker . (Camp Hill Borough/ Cumberland County). The JEM Group has recently signed a long-term lease for a 6,000 s/f building at 1400 Hummel Ave. in Lemoyne. Jason Grace, CCIM, SIOR CEO & managing principal at Landmark Commercial Realty / TCN, negotiated the trans-
action on behalf of the lessee and the landlord, W.R. Grace Properties . This location will act as a working location for materials and construction projects. JEM Group is a pre- mier woman-owned construc- tion services firm in PA that delivers value to its clients through diversity, responsive- ness, and a commitment to the community. Since 2003, JEM
Group has served customers throughout PA, MD, DE, and NJ, totaling over $200 million. (Lemoyne Borough/Cumber- land County). Kung Fu Tea has recently leased 2,250 s/f retail space at the Capital City Plaza in Camp Hill. Sean Fitzsimmons, direc- tor of sales & leasing at Land- mark Commercial Realty / TCN, represented the landlord. MAREJ
Bennett Williams Realty, Inc. , represented the buyer. Roy H. Brenner of Landmark Commercial Realty repre- sented the seller, 2109 Market Street, L.P. Mountain Climb Partners, LLC purchased a 6,000 s/f building at 441 E. Chocolate Avenue in Hershey. Curran represented the buyer, while the seller, Glen S Bartlett,
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