Senior Living Developer Buys 67 Acres Outside Lancaster: The Philadelphia Deal Sheet
A developer has purchased a sprawling rural property in Lancaster County with plans to transform it into a community for residents 55 and older.
Burkentine Builders spent $7.9M on 67 acres at 306 Duke St. in the Millersville borough section of Manor Township, 6 miles from Lancaster Central Market.
Its plans for the community, dubbed The Village at Funk’s Farms, include 220 townhomes, 200 mid-rise condos and a 75-bed healthcare facility.
The Kislak Co. Senior Vice President Matt Wolf arranged the sale on behalf of the buyer and the previous owner, HHF Real Estate.
“After years of going through the approval process, it will be very exciting to see this project break ground,” Wolf said in a release.
LEASES
Residential construction material firm OmniMax is taking 67K SF at Dalfen Industrial’s property at 791 Stony Battery Road in Landisville outside Lancaster, according to a social media post.
Tom McDermott of U.S. Commercial Realty represented the tenant. A CBRE team including Tucker McBride, Patrick Lafferty, Jake Terkanian, Sean Bleiler, Alexandra McGinn, John La Prise and Nicholas Sather was also involved in the deal.
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Velocity Venture Partners has secured a tenant for its Station Park complex in Hatboro. The unnamed cosmetics manufacturer will take 40K SF at 330 S. Warminster Road near SEPTA’s Hatboro regional rail station.
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Nonprofit human resources organization CCRES has inked a 15K SF, full-floor lease in Exton. Its new space at 690 Stockton Drive in Hankin Group’s Eagleview complex will support the organization’s work across Eastern Pennsylvania and Northern Delaware.
Chemical manufacturer CRC Industries is relocating its headquarters within the Horsham submarket. The firm inked a 25K SF lease at PF Horsham Partners’ 410 Horsham Road. CRC will move from its current space at 800 Enterprise Road in August.
CBRE teams were involved with both parties. Tim Morris and Mike Maloney represented the owner, while Scott Gabrielsen and Les Haggett represented the tenant.
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The Clubhouse of Delaware, a social destination featuring golf simulators and a restaurant, plans to open at 401 S. Madison St. on Wilmington’s riverfront, property owners Buccini Pollin Group and Byler Holdings announced. The facility is expected to open this spring next to an IMAX movie theater.
FINANCING
A-Del Construction secured a $31.6M loan to build 192 homesites on 123 acres of former farmland at 994 Vance Neck Road in Middletown, Delaware. A Forman Capital team including Scott Mehlman, Ty Regnier, Cameron Fleury and Ben Jacobson helped secure the funding originated by Real Property Capital’s Brenner Green.
THIS AND THAT
Wayne-based insurance firm Radian spent $1.7B to purchase the specialty insurer Inigo. The deal is expected to double Radian’s total annual revenue.
PEOPLE
Brandywine Realty Trust Executive Vice President of Operations George Johnstone is planning to retire, CEO Jerry Sweeney announced during the REIT’s Q4 earnings call Wednesday. He has been with the firm since 1998.
