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Pennsylvania

21-West-Pittsburgh
DevelopmentMultifamilyNortheastPennsylvania

JLL Arranges $67M Construction Loan for Pittsburgh Multifamily Project

by Taylor Williams

PITTSBURGH — JLL has arranged a $67 million construction loan for 21 West, a 291-unit project in Pittsburgh. The site at 430 W. General Robinson St. is located within Pittsburgh’s primary entertainment district, with PNC Park, Acrisure Stadium, Rivers Casino and the Andy Warhol Museum all within walking distance. The project will comprise 313,000 rentable square feet across 11 stories. Units will come in studio, one- and two-bedroom floor plans. Residents will have access to amenities such as a sky bar on the 11th floor, rooftop deck with pool, concierge services, coworking space, fitness center and wellness suite. Nick Unkovic and Zach Barone of JLL arranged the four-year, floating rate loan through Dollar Bank on behalf of the developer, a joint venture between Oxford Development Co. and RDC.

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AcquisitionsNortheastPennsylvaniaRetail

High Real Estate Buys 154,219 SF Shopping Center in Pottstown, Pennsylvania

by Taylor Williams

POTTSTOWN, PA. — An affiliate of Pennsylvania-based investment firm High Real Estate Group has purchased the 154,219-square-foot Suburbia Shopping Center in Pottstown, about 40 miles northwest of Philadelphia. Built on 25.6 acres in 2003 and anchored by supermarket Giant Food, Suburbia Shopping Center was 85 percent leased at the time of sale. Other tenants include Dollar Tree, Starbucks, The UPS Store and Tower Health. Jim Galbally and Patrick Higgins of JLL represented the seller, Gambone Management Co., in the transaction.

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8800-Tinicum-Blvd.-Philadelphia
DevelopmentIndustrialNortheastPennsylvania

RMR Group to Develop 477,500 SF Industrial Project in Southwest Philadelphia

by Taylor Williams

PHILADELPHIA — The RMR Group, an alternative asset management company based in metro Boston, will develop a 477,500-square-foot industrial project in southwest Philadelphia. The site at 8800 Tinicum Blvd. is located across from Philadelphia International Airport, and the development will feature a clear height of 40 feet, ample car and trailer parking and an electrical capacity of 8,000 amps. Construction is expected to begin over the summer and to last 12 to 18 months. Avison Young has been appointed as the leasing agent.

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Leasing ActivityNortheastPennsylvaniaRetail

Fine Wine & Good Spirits Opens 4,300 SF Store at Schuylkill Yards in Philadelphia

by Taylor Williams

PHILADELPHIA — Fine Wine & Good Spirits has opened an approximately 4,300-square-foot store at Schuylkill Yards, a mixed-use development in the University City area of Philadelphia. The store at 315 Market St. is the company’s 48th in Philadelphia. Tim Arizin and Larry Steinberg from Colliers represented the tenant in the lease negotiations. Brandywine Realty Trust owns Schuylkill Yards.

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Silver-Spring-Logistics-Park
DevelopmentIndustrialNortheastPennsylvania

Rockefeller Group, MBK Real Estate to Develop 2 MSF Industrial Park in Silver Spring, Pennsylvania

by Taylor Williams

SILVER SPRING, PA. — A joint venture between New York City-based Rockefeller Group and MBK Real Estate, a subsidiary of Japanese conglomerate Mitsui & Co., will develop a 2 million-square-foot industrial park in Silver Spring, located just west of Harrisburg. Silver Spring Logistics Park will be situated on a 182-acre site that is located about three miles from I-81 and is part of the former 451-acre Hempt Farm. The development will consist of three buildings that will total 892,620, 803,520 and 318,060 square feet and will feature clear heights of 40 feet and 185-foot truck court depths. The two larger buildings will have cross-dock configurations. CBRE has been tapped as the leasing agent and also brokered the land deal on behalf of the seller, HSS Investors LLC. Other project partners include Margulies Hoelzli Architecture, civil engineer Alpha Consulting and general contractor Penntex Construction.

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Senior-Living-Community_King-of-Prussia
AcquisitionsMultifamilyNortheastPennsylvaniaSeniors Housing

Blueprint Negotiates Sale of 190-Unit Senior Living Community in Metro Philadelphia

by Taylor Williams

KING OF PRUSSIA, PA. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 190-unit seniors housing community located in King of Prussia, roughly 20 miles northwest of Philadelphia. The unnamed property, which according to Blueprint was not stabilized at the time of sale, opened in 2021 and offers assisted living and memory care services. Alex Florea, Kevin Lukehart, Steve Thomes and Kory Buzin of Blueprint represented the seller, an undisclosed private equity investor, in the transaction. The buyer was also not disclosed.

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LoansMultifamilyNorthmarqPennsylvania

Northmarq Provides $19.2M Agency Loan for Refinancing of Apartment Complex in Hershey, Pennsylvania

by Taylor Williams

HERSHEY, PA. — Northmarq has provided a $19.2 million Fannie Mae loan for the refinancing of Rosedale Apartments, a 160-unit apartment complex in Hershey, located just outside of Harrisburg. Built on 30 acres in 1972, Rosedale offers one- and two-bedroom units and amenities such as a pool, fitness center, dog park, tennis court and common green spaces. John Banas and Kris Wood of Northmarq originated the 10-year loan on behalf of the borrower, locally based investment firm Boyd Wilson.

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Pioneer-Woods-Lancaster-Pennsylvania
LoansMultifamilyNortheastNorthmarqPennsylvania

Northmarq Provides $20.1M Agency Loan for Refinancing of Apartment Complex in Lancaster, Pennsylvania

by Taylor Williams

LANCASTER, PA. — Northmarq has provided a $20.1 million Fannie Mae loan for the refinancing of Pioneer Woods, a 160-unit apartment complex in Lancaster, about 80 miles west of Philadelphia. Built on 30 acres in 1974, Pioneer Woods offers one-, two- and three-bedroom apartments, as well as two-bedroom townhomes. Amenities include two playgrounds, a grilling and picnic area, pet stations and common green spaces. John Banas and Kris Wood of Northmarq originated the 10-year loan on behalf of the borrower, locally based investment firm Boyd Wilson.

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AcquisitionsNortheastPennsylvaniaRetail

JLL Arranges $34.3M Sale of Exton Square Shopping Center in Metro Philadelphia

by Taylor Williams

EXTON, PA. — JLL has arranged the $34.3 million sale of Exton Square, a 990,000-square-foot super-regional shopping center located on the western outskirts of Philadelphia. The center was originally built on 75 acres in 1973 and renovated in 2000. Whole Foods Market shadow-anchors the property, which is home to tenants such as Boscov’s, Macy’s, Main Line Health and Round1 Entertainment. Jim Galbally, David Monahan, Patrick Higgins and Fran Coyne of JLL represented the seller, PREIT, in the transaction. The buyer was Abrams Realty & Development.

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The-Variel-Woodland-Hills-California
CaliforniaLoansMultifamilyNortheastPennsylvaniaSeniors HousingTop StoriesWestern

BWE Arranges $308M Refinancing of Two Seniors Housing Properties in Metro Los Angeles, Philadelphia

by Taylor Williams

WOODLAND HILLS, CALIF AND AMBLER, PA. — BWE, a Cleveland-based commercial real estate financial services firm, has arranged the $308 million refinancing for a pair of seniors housing properties in the Los Angeles and Philadelphia metro areas. The financing was structured as a single transaction on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners. Momentum Senior Living operates both properties. Located in the northwest Los Angeles neighborhood of Woodland Hills, The Variel is a 336-unit community that offers independent living, assisted living and memory care services, as well as a range of amenities and wellness programs. The 270,000-square-foot (net rentable) community opened in July 2022 and was more than 90 percent occupied at the time of the loan closing. Located in the northern Philadelphia suburb of Ambler, Pa., The 501 at Mattison Estate is a 250-unit community that also offers independent living, assisted living and memory care services. Spanning approximately 200,000 net rentable square feet, the property opened in June 2022 and was 95 percent occupied at the time of loan closing. Amenities at The 501 at Mattison Estate include an art studio, courtyards with lounges and grills, a dog park, fitness …

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