PHILADELPHIA-The Columbus, OH-based REIT disposes of 13 of the 22 properties it put up for sale in June. Nine of the 13 are in Ohio. The purchase includes $76.8 million in cash and the assumption of $29.2 million in mortgages.
PHILADELPHIA-The 141-site community in Olmstead, OH gets a 10-year commitment consisting of an initial five-year, fixed-rate loan at 6.5% interest, followed by another five-year loan with a floor of 7% interest. It is provided at an 80% loan-to-value ratio.
PHILADELPHIA-Among the largest multifamily rental communities in the state, a 1,798-unit property on 126 acres in Elkins Park, PA, is changing hands, thanks to a $63.2-million first mortgage and a $9-million mezzanine loan arranged through Fleet Boston by Holliday Fenoglio Fowler.
ATLANTA-The Dallas-based firm buys a 75,800-sf industrial property on Fulton Industrial Blvd. for $1.6 million from locally based owner, Atlantic Services & Supply.
PHILADELPHIA-Cleveland, OH-based Key Commercial Real Estate, the lead arranger and underwriter for the transaction for Oak Brook, IL-based Inland Real Estate Corp., holds $35 million of the loan, with the remaining $65 million
ATLANTA-The locally based firm leases the building at 120 North Royal Woods Court in Stone Mountain Industrial Park. The average asking rate in the Stone Mountain, GA submarket is $3.85 per sf, giving the lease an estimated valaue of $3.23 million, area brokers tell GlobeSt.com.
PHILADELPHIA-Two suburban sales confirm brokers' reports that low interest rates and a soft market offer opportunities. For $350,000, a Broomall, PA service provider turns from renting to owning. A Conshohocken, PA investor finds space for under $300,000 to renovate.
PHILADELPHIA-The multi-story, 41,931-sf Witmer Plaza on Dresher and Witmer Roads in Horsham, PA in Montgomery County sells to local private investor Michael Insalaco for $5.633 million. Occupancy at the just-completed building is 90%.
ATLANTA-Locally based Symbiat Services, formerly Multi-User Solutions, signs a six-year lease for 26,880 sf at 4920 Avalon Ridge Parkway in Norcross, GA, taking the 59,400-sf property to 90% occupancy. The lease is valued at $1.2 million or about $7.44 per sf, according to GlobeSt.com sources.