STATE COLLEGE, PA. — Franklin Street has brokered the $30 million sale of The Villas at Happy Valley, a 435-bed student housing property located near the Penn State University campus in State College. Developed in 2013, the community offers 145 three-bedroom units. Franklin Street represented the seller, Keystone Real Estate Group, in the sale of the property to Reliant Group Management. The new ownership plans to begin renovations imminently on the community’s fitness center, clubhouse and unit interiors. Additional shared amenities include a pool, study room, sand volleyball court, game tables, outdoor grills and a fire pit. The Villas at Happy Valley was 93 percent leased at the time of sale.
CONSHOHOCKEN, PA. AND TORONTO — An affiliate of Morgan Properties LP, a multifamily investment firm based in metro Philadelphia, has entered into an agreement to acquire Toronto-based Dream Residential Real Estate Investment Trust (Dream Residential REIT). The all-cash transaction is valued at $354 million and is expected to close by the end of the year. Dream Residential REIT owns 15 garden-style multifamily communities totaling more than 3,300 units. The portfolio is concentrated in three markets: Cincinnati (six), Oklahoma City (five) and Dallas-Fort Worth (four). Morgan Properties will acquire all of Dream Residential REIT’s assets and assume the company’s liabilities as part of the acquisition agreement. Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties, said in a prepared statement that the company “looks forward to welcoming these new communities, enhancing the physical assets and providing best-in-class customer service for the residents.” The agreement requires Morgan Properties to pay all unit holders of Dream Residential REIT, which trades on the Toronto Stock Exchange, as well as unit holders of the REIT’s subsidiary DRR Holdings LLC, $10.80 per unit. The price represents a 60 percent premium to the REIT’s closing price on Feb. 19, 2025, which is the day the company announced …
NORTH FAYETTE TOWNSHIP, PA. — Outrigger Industrial, in partnership with Midloch Investment Partners, has purchased a 99,500-square-foot building in North Fayette Township, located just west of Pittsburgh. The building at 1200 International Drive, which was constructed in 2023 and has 17 loading doors, was 60 percent leased to three tenants at the time of sale. The new ownership has tapped Cushman & Wakefield to lease the remaining space.
GLENOLDEN, PA. — CBRE has negotiated the sale of MacDade Commons, a 102,071-square-foot shopping center in Glenolden, a southwestern suburb of Philadelphia. Walmart anchors the center, which is also home to tenants such as Quest Diagnostics, Verizon Wireless and Work ‘N Gear. Christopher Munley, Colin Behr, Casey Smith and Ryan Sciullo of CBRE represented the undisclosed seller in the transaction. The team also procured the buyer, Agree Realty Corp.
ALLENWOOD, PA. — ModCorr LLC has signed a 252,282-squuare-foot industrial lease in Allenwood, about 70 miles north of Harrisburg. The manufacturer of modular construction products will occupy the entirety of Building 4 at PNK Park Allenwood at Great Stream Commons, which was completed last year and features a clear height of 40 feet. Lee & Associates represented the landlord, New York-based investment and development firm PNK Group, in the lease negotiations.
BRIDGEVILLE, PA. — Marcus & Millichap has brokered the $10.6 million sale of The Crossings at South Fayette, a 38,203-square-foot shopping center in Bridgeville, a southwestern suburb of Pittsburgh. The center comprises a freestanding grocery store of anchor tenant ALDI, a drive-thru strip occupied by Starbucks and Chipotle Mexican Grill and a multi-tenant strip that is home to Sola Salon Studios, Jimmy John’s, Elevation Medical Weight Loss, Brentwood Bank and Radiance at Fluhme. Dean Zang and David Crotts of Marcus & Millichap represented the seller, a local family, in the transaction. Zang and Crotts also procured the buyer, San Diego-based investment firm The Niki Group.
KING OF PRUSSIA, PA. — The hotel financing arm of New Jersey-based intermediary Cronheim Mortgage has arranged a $30.3 million loan for the refinancing of a 327-room hotel in King of Prussia, located north of Philadelphia. The hotel is operated under the Alloy Suites banner, which is part of Hilton’s family of brands, and offers amenities such as a fitness center, meeting rooms and an onsite restaurant. Beau Williams and Drew Gilligan of Cronheim arranged the loan on behalf of the borrower, Concord Hospitality. The direct lender and specific loan terms were not disclosed.
PHILADELPHIA — A joint venture between the logistics arm of Philadelphia-based investment firm Arden Group and global investment management firm Arcapita Holdings Group has received a $700 million loan for the refinancing of a national portfolio of 167 industrial properties. The portfolio totals approximately 7.2 million square feet and is primarily comprised of small- and mid-bay multi-tenant facilities. The names and addresses of the properties were not disclosed, but market-specific locations include Dallas, Atlanta, Indianapolis and Boston. Tom Rugg, Tom Traynor, Mark Finan, Arman Samouk and Kayla Kaloostian of CBRE arranged the five-year, floating rate loan. Deutsche Bank and Barclays provided the debt.
PHILADELPHIA — Nuveen Green Capital has provided $11 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a 138,157-square-foot healthcare facility in Philadelphia. The building at 3905 Ford Road is located in the Wynnefield Heights neighborhood on the city’s northwest side and is operated under the Malvern Treatment Centers brand. The borrower, BG Capital, plans to use the proceeds to fund capital improvements to the building envelope and heating, ventilation and air conditioning (HVAC) systems. Nuveen Green Capital originated the financing through the C-PACE administrator, the Philadelphia Energy Authority.
BETHLEHEM, PA. — Filter King LLC, a provider of customized HVAC parts, has opened a 61,600-square-foot manufacturing and distribution facility in the Lehigh Valley city of Bethlehem. Regional developer J.G. Petrucci Co. owns the building, and The Lehigh Valley Economic Development Corp. assisted Filter King in its site selection process. Filter King, which now has an operational footprint of 200,000 square feet across three states, says the opening of the Bethlehem facility could result in the creation of as many as 120 new jobs.
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