BARTONSVILLE, PA. — CBRE has brokered the sale of Shops at Crossroads, a 133,717-square-foot shopping center in Bartonsville, located roughly midway between Allentown and Scranton in Eastern Pennsylvania. Grocer GIANT anchors Shops at Crossroads, which was built in 2009 and is also home to tenants such as Visionworks, Red Lobster, Jersey Mike’s and CosmoProf. Chris Munley, Colin Behr, Ryan Sciullo and Casey Smith of CBRE represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
BENSALEM, PA. — A partnership between affiliates of regional owner-operator Endurance Real Estate and Boston-based Long Wharf Capital has purchased a portfolio of two industrial building totaling 110,883 square feet in Bensalem, a northern suburb of Philadelphia. The building at 3366 Marshall Lane totals 69,945 square feet and features a clear height of 21 to 29 feet. The building at 3350 Progress Drive totals 40,888 square feet and features a clear height of 18.5 feet. Pat Gilmore and Mike Borski of The Flynn Co. represented the undisclosed seller in the transaction. Endurance plans to implement capital improvements within the portfolio and has tapped Avison Young as the leasing agent.
LIMERICK, PA. — Provident Industrial, a division of Dallas-based development and investment firm Provident, is underway on construction of a 257,040-square-foot industrial project in Limerick, about 35 miles northwest of Philadelphia. Specific building features for the project at 300 Keystone Drive were not disclosed, but the facility will be able to support logistics, advanced manufacturing and/or e-commerce users. Completion is slated for next summer. CBRE is marketing the project for lease.
LITITZ, PA. — A group of real estate investors doing business as Lititz Run Partnership LLC will undertake a mixed-use redevelopment project in the town of the same name, which is located about 75 miles northwest of Philadelphia. The partnership has purchased the 98,000-square-foot former Morgan Paper Mill, which was originally built in 1930, renovated in 1989 and fully restored in 2018. The converted development will be known as The Morgan and will feature residential, commercial and hospitality uses. Stephen Marzullo, Adam Silverman, Jeremy Shyk, David Sickler and Scott Miller of CBRE represented the seller, Penn Medicine Lancaster General Health, in the sale of the property.
HARRISBURG, PA. — Realterm, a global investment manager focused on transit-oriented properties, will develop a cargo handling facility at Harrisburg International Airport that could ultimately have a footprint as big as 105,000 square feet. Developed in partnership with the Susquehanna Area Regional Airport Authority, the facility will feature 135-foot truck court depths, skylights, motion-sensor LED lighting, EV-ready infrastructure and an engineered slab capable of supporting specialized cargo needs. A tentative construction timeline was not disclosed.
WAYNE, PA. — BNY has signed a 42,000-square-foot office lease in Wayne, about 20 miles northwest of Philadelphia. The global financial services company will occupy the entire second floor of a three-story building within Chesterbrook, a 14-building office campus. Whit Hunter, Mike MacCrory and Doug Newbert of JLL represented the landlord, Rubenstein Partners, in the lease negotiations. JLL also represented BNY.
CAMP HILL, PA. — CBRE has arranged the sale of West Shore Office Center, a 91,306-square-foot office building in Camp Hill, a southern suburb of Harrisburg. The seven-story building at 214 Senate Ave. was fully leased at the time of sale to tenants such as Morgan Stanley, Merrill Lynch, JEM Group, Hersha Hospitality and the U.S. Army Corp. of Engineers. Steve Marzullo, Adam Silverman, Jeremy Shyk and David Sickler of CBRE represented the undisclosed seller in the transaction and procured the buyer, locally based investment firm Linlo Properties.
UPPER MACUNGIE, PA. — Nokia will undertake a $30 million expansion of its photonic semiconductor advanced test and packaging facilities and operations within the Lehigh Valley city of Upper Macungie. The initiative is expected to create about 250 new jobs, effectively doubling the Finnish telecommunications company’s regional workforce, and to account for an estimated economic impact of $500 million over the next five years. According to Lehigh Valley Live, the investment will allow for Nokia to increase production capacity at its Upper Macungie facility by a factor of 10, and the company has also leased additional industrial space for “future product development and logistics.”
STATE COLLEGE, PA. — Nashville-based brokerage firm Matthews has negotiated the sale of a 513-unit self-storage facility in State College, home of Penn State University, and the facility is located about four miles from campus. State College Storage is a newly constructed facility that features climate-controlled and drive-up units for a total of 58,800 net rentable square feet. Austin McLeod and Jack Connelly of Matthews represented the seller, an undisclosed private developer, in the transaction. U-Haul purchased State College Storage for an undisclosed price.
PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) and Centerspace (NYSE: CSR) have entered into a definitive merger agreement under which the two companies will combine in an all-stock transaction valued at $8.1 billion, including debt. The combined multifamily REIT will own and operate 163 properties totaling 44,354 units across 17 states. According to Scott Schaeffer, chairman and CEO of IRT, the deal will pair IRT’s Sun Belt portfolio with Centerspace’s Midwest and Mountain West communities. He also cites greater efficiencies across a larger operating base and an expanded value-add renovation program. The combined company is expected to have a pro forma equity market capitalization of approximately $5 billion. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Centerspace shareholders will receive 3.8 shares of IRT common stock for each share of Centerspace common stock owned. Upon closing, IRT stockholders will own approximately 78 percent of the combined company’s equity, while Centerspace shareholders will own roughly 22 percent. IRT’s management team will continue to lead the combined company. Schaeffer will serve as chairman and CEO, and James Sebra will serve as president and CFO. Upon completion of the merger, the …
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