HANOVER, PA. — Kerry Group, an Irish food-and-beverage company, will open a 48,000-square-foot manufacturing facility in the Lehigh Valley city of Hanover. Kerry has leased a building that was formerly occupied by beverage maker Martin Bauer Group with plans to use the facility for coffee roasting and extraction. Kerry expects the facility to create about 60 new jobs in addition to 16 positions that will be retained from the previous operation. The opening is set for some time next year.
LOWER MACUNGIE, PA. — New Jersey-based Woodmont Properties has begun leasing a 120-unit multifamily project in the Lehigh Valley community of Lower Macungie. The project, which represents Phase II of a larger development known as Woodmont Valley, comprises 10 buildings and 13,000 square feet of commercial space on a 14-acre site. The majority (99) of the units are designed as two-bedroom townhome-style residences, while the remainding 21 units are flat-style apartments that come in one- and two-bedroom formats. Amenities include a pool, fitness center, clubhouse and resident lounge, outdoor grilling and dining stations, a game room, theater, bark park, walking trails and package concierge service. Construction of Phase II began last fall. Phase I totals 204 units and was completed in 2017. Colliers is leasing the commercial component.
WYOMISSING, PA. — A partnership between Atlanta-based SJC Ventures and Washington, D.C.-based Concordia Group will develop Broadcast District at Spring Township, a mixed-use project in Wyomissing, a suburb of Reading. The development will feature 441 residential townhomes and single-family homes by Lennar and 341 apartments by SJC, as well as a 120,000-square-foot retail center that will be anchored by a 35,000-square-foot Whole Foods Market. Other retailers that have committed to the project include MyEyeDr., Sephora, Nothing Bundt Cakes, European Wax Center, Shake Shack, First Watch and BJ’s Restaurant & Brewhouse. Construction is scheduled to begin early next year.
PHILADELPHIA — Affinius Capital has provided a $170 million construction loan for a 431-unit multifamily project that will be located in Philadelphia’s Northern Liberties neighborhood. The project represents Phase II of a larger development known as Piazza Alta and will consist of two buildings that will rise eight and 16 stories. Units will come in studio, one-, two- and three-bedroom floor plans and will be furnished with stainless steel appliances and individual washers and dryers. Amenities will include a rooftop lap and lounge pool, grilling stations, fire pits, a fitness center with a yoga studio and coworking spaces. Russell Schildkraut of Ackman-Ziff arranged the loan on behalf of the borrower, locally based developer Post Brothers.
STATE COLLEGE, PA. — A joint venture between Georgia-based developer Landmark Properties and Liberty Mutual Investments will develop The Mark State College, a 515-bed student housing project for students at Penn State University. Designed by Cube3 Architects, The Mark State College will be a 12-story building that will be located on East College Avenue, adjacent to campus. Amenities will include a sky deck, rooftop pool and hot tub, fitness center and sauna, clubhouse, grilling area, sports simulator, study lounge, café, computer lab and fire pits. TSB Capital Advisors arranged construction financing for the project. A tentative development timeline was not announced.
PHILADELPHIA — Inland Real Estate Investment Corp. and Devon Self Storage, which are both part of The Inland Real Estate Group of Cos., have completed a redevelopment project at 5200 Unruh Ave. in northeast Philadelphia. The project converted the former Moulton Ladder Manufacturing Co. facility, which was first built in 1900 adjacent to the Delaware River, into a self-storage facility. The five-story building features 88,000 net rentable square feet of climate-controlled space across 932 units.
By Taylor Williams Retail and restaurant operators looking to enter or expand within the Philadelphia metro area are increasingly looking at suburban locations, and owners of those properties and seasoned brokers within the market both say there’s more to the trend than a simple lack of availability in key urban retail nodes. “The suburbs have been the preferred asset class — to some degree the first choice — for some retailers,” says Kari Glinski, vice president of asset management at regional owner-operator Federal Realty Investment Trust. “It started during COVID, when everybody was home, and with a lot of people living in the suburbs, we’ve seen strong demand. For well-located suburban properties, the leasing volume over the past three years has been at historical highs.” “Even over the past 12 to 24 months, supply has absolutely been constrained and should be even more constrained going forward,” Glinski continues. “For well-located properties backed by demand, new development can work. But right now, with where the cost of capital is, there’s not going to be a huge pop in new supply, thus creating a scarcity of well-located retail space.” Glinski acknowledges that since Federal Realty doesn’t operate many projects in the city, …
READING, PA. — NAI Emory Hill, in partnership with NS Development Partners, has purchased a 105,000-square-foot industrial building in Reading, located northwest of Philadelphia. The site at 3030 Kutztown Road spans 8.3 acres, and the facility can support both manufacturing and warehousing uses. Building features include a clear height of 24 feet, seven loading docks, 140 parking spaces and 25,000 square feet of office space. The building was 80 percent leased at the time of sale, with industrial communications systems provider GAI-Tronics serving as the anchor tenant.
PITTSBURGH — A joint venture led by Washington, D.C.-based Carderock has acquired Caste Village, a 221,284-square-foot shopping center in the South Hills area of Pittsburgh. Grocer Giant Eagle anchors the center, which is also home to tenants such as Banfield Pet Hospital, St. Clair Health, Fitness 19 and Princess Lanes Bowling Center. The new ownership plans to upgrade the center via a revitalized gathering area, improved façade and systems and a re-tenanted former Shell gas station and recently vacated Rite Aid store. Adam Bieber of BWE arranged financing for the acquisition. The seller and sales price were not disclosed.
BENSALEM, PA. — Colliers has brokered the sale of a 106,045-square-foot industrial property in Bensalem, a northeastern suburb of Philadelphia. The site at 1211 Ford Road spans 7.9 acres, and the facility can support both manufacturing and distribution uses. Building features include a clear height of 18 feet, 6,000 square feet of office space, 17 tailgate loading docks and five drive-in doors. Richard Gorodesky, Andy McGhee and Adam Gorodesky of Colliers represented the seller, Faropoint, in the transaction. The buyer was UniCup International. The sales price was not disclosed.
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