REBusinessOnline

Endurance, Brasler Acquire 18.4-Acre Industrial Site Near Reading, Pennsylvania

MUHLENBERG TOWNSHIP, PA. — An affiliate of Radnor-based Endurance Real Estate Group and Philadelphia-based Brasler Properties have acquired Berks61, an 18.4-acre industrial land site in Pennsylvania located just outside of Reading. Shortly after acquiring the property, the new ownership secured a build-to-suit agreement with CarbonLITE Holdings LLC, a producer of plastic resins, for the construction of a 270,000-square-foot warehouse and manufacturing facility. The tilt-wall, rail-served …

Virtua Credit Arranges $14M Loan to Refinance Hampton Hotel in Metro Philadelphia

CLOSTER, N.J. — JLL’s Capital Markets team has closed an $11 million loan for the refinancing of Reuten Corporate Park, a 156,782-square-foot industrial and office development in Closter, located across the Hudson River from Yonkers. The property spans five buildings featuring 95,528 square feet of industrial space and 61,254 square feet of office space and was 99 percent leased at the time of sale. Tenants include logistics firm Nippon Express and Rayence, a distributor of flat panel …

Meridian Capital Arranges $12.6M Acquisition Loan for Hotel in Easton, Pennsylvania

EASTON, PA. — Meridian Capital Group has arranged a $12.6 million acquisition loan for the 86-room TownePlace Suites by Marriott in Easton, located 17 miles northeast of Allentown. The four-story property is located in Lower Nazareth Township among major corporate entities including Amazon, BMW and Porsche, in addition to several medical centers and shopping centers. The hotel was built in 2009 and offers five king suites, 26 queen suites, nine one-bedroom suites and six two-bedroom …

Chatham Lodging Trust Sells Two Marriott-Branded Hotels in Western Pennsylvania for $10M

ALTOONA AND WASHINGTON, PA. — Florida-based hospitality REIT Chatham Lodging Trust has sold two Marriott-branded hotels in Western Pennsylvania for approximately $10 million. The properties include the 105-room Courtyard by Marriott in Altoona, about 100 miles east of Pittsburgh, and the 86-room SpringHill Suites by Marriott in Washington, located about 30 miles southwest of Pittsburgh. Chatham, which purchased the hotels in 2010 as part of a larger portfolio acquisition, sold the properties …

JLL Negotiates Sale of 55,000 SF Retail Building Leased to Whole Foods in Exton, Pennsylvania

EXTON, PA. — JLL has negotiated the sale of a 55,000-square-foot retail property leased to Whole Foods Market in Exton, about 50 miles west of Philadelphia. The freestanding building is located at the entrance of the Exton Square Mall near two major thoroughfares, State Route 100 and U.S. Route 30. Austin-based Whole Foods signed a 20-year lease at the property and opened its doors in January 2018. The grocery store also includes a 4,000-square-foot rooftop deck with fire pits for dining. Jim …

Dermody Properties Breaks Ground on 557,820 SF Industrial Project in Wind Gap, Pennsylvania

WIND GAP, PA. — Dermody Properties, a Nevada-based investment and development firm, has broken ground on a 557,820-square-foot industrial project in Wind Gap, located in the Lehigh Valley region of Pennsylvania. The two-building complex will be situated on 73.1 acres about 80 miles from the Port of New York and New Jersey. Building 1 will span 349,920 square feet and Building 2 will total 207,900 square feet, with both facilities featuring 36-foot clear heights. Construction of Building 1 is …

Agree Realty Acquires Wawa’s Flagship Store in Philadelphia for $15M

PHILADELPHIA — Agree Realty Corp., a Michigan-based publicly traded REIT, has acquired the 11,500-square-foot flagship store of Wawa’s, a chain of gas stations and convenience stores serving the East Coast, for approximately $15 million. The store is situated within the 13-story Public Ledger Building, located adjacent to Independence Hall in the Center City area of Philadelphia. The store is the largest of the Wawa’s chain and includes a bakery, merchandise and an expanded selection of …

CHOP Signs 54,000 SF Office Lease Expansion at Wanamaker Building in Philadelphia

PHILADELPHIA — Children’s Hospital of Philadelphia (CHOP) has signed a 54,000-square-foot office lease expansion at the Wanamaker building, a 1.4 million-square-foot office and retail property located in the Center City neighborhood of Philadelphia. Following this transaction, CHOP will occupy more than 300,000 square feet across six floors. The building owner, a partnership between Rubenstein Partners LP and Amerimar Enterprises Inc., is entering the final phase of a capital improvement …

Presbyterian to Build $19M Senior Living Community in Lancaster, Pennsylvania

LANCASTER, PA. —  Presbyterian Senior Living (PSL) will build LongCrest, a $19 million affordable seniors housing apartment complex in Lancaster, located roughly midway between Philadelphia and Harrisburg. A groundbreaking ceremony for the four-acre, 52-unit project is slated for today (Tuesday, May 14). Units will be available to residents earning between 20 to 60 percent of the area median income. LongCrest will also offer both fully handicap-accessible units, as well as units that are …

LG Realty Advisors Unveils Plans for $50M Office, Retail Project in Pittsburgh

PITTSBURGH — LG Realty Advisors, a privately held development and management firm, has unveiled plans for Liberty East, a $50 million office and retail project in Pittsburgh. Liberty East, which is a redevelopment of the nine-story Penn Plaza building, will ultimately house 246,000 square feet of Class A office space with a 50,000-square-foot retail space on the ground floor that will be occupied by Whole Foods Market. The development will also include an additional 4,600 square feet of …

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