LogistiCenter at 33 Breaks Ground

Reno, NV-based commercial real estate developer Dermody Properties and PCCP, the financial partner and a San Francisco real estate finance and investment management firm, broke ground on LogistiCenter at 33, an industrial facility at 4200 E. Braden Blvd. in Forks Township, PA. Jones Lang LaSalle, which has an office in the Lehigh Valley, is the leasing team for the property. HFF served as the broker that represented J.G. Petrucci and Co. in the sale of the property to Dermody and PCCP, according to Gene Preston, partner for the east region of Dermody Properties.

Preston said the new Charles Chrin Interchange along Route 33 in neighboring Palmer Township prompted the deal. "That is the overriding reason ... the new interchange that opened up the Route 33 corridor," Preston said Monday. The interchange, which opened in July, provides easier access to Route 33 and adjoining interstates from business centers such as the one in Forks Township.

"PCCP sees this as a compelling opportunity to develop a Class A industrial facility with Dermody Properties, a best-in-class developer," added John Randall, Managing Director with PCCP. "Additionally, the local industrial market incorporates all of the key fundamentals that promise to attract large user interest. Our goal is to pre-lease the property prior to completion of construction."

Expected to be completed by summer 2016, the facility will feature 36 feet of clear height, 226 car parking spaces, and 85 trailer parking spaces. LogistiCenter at 33 is ideally suited for manufacturing, warehouse, and distribution companies that need to reach the northeastern U.S. population quickly and efficiently. R. S. Mowery & Sons, Inc. is the general contractor for the project, and the firm of Randall Paulson is serving as the project architect.

For more news and information visit Blumberg Partners.

PCCP Provides $23.75M Loan for PA Office Complex

Pacific Coast Capital Partners, LLC, (PCCP) provided a $23.75 million senior loan to Bala Cynwyd, PA-based Keystone Property Group for the recapitalization of a five-building Class A office complex according to a National Real Estate Investor article. John Randall, senior vice president of PCCP said "we see this property as one with strong growth potential over the coming years and believe Keystone, as a premier suburban office owner, will manage the property effectively and increase tenant interest."

Built in 1973, the property underwent a substantial transformation when Keystone invested more than $10 million to re-skin and modernize four of the five buildings and make other high-end enhancements. The complex totals just over 228,000 square feet within Sentry Park West in Blue Bell, PA, a suburb of Philidelphia. The property consists of five office buildings: Gwynedd Hall, Dublin Hall, Abington Hall, Merion Towle, and a PNC Bank branch. "This property appeals to small and mid-size tenants looking for a prestigious location and smaller floor plates that offer corner glass with superior light and air," said John Prete, vice president with PCCP.

For more news and information visit Blumberg Capital Partners.