ARDMORE, PA. — A partnership between Kimco Realty and Bozzuto Development has completed Coulter Place, a 131-unit multifamily project in Ardmore, a northwestern suburb of Philadelphia. Designed by JKRP Architects, the five-story building is part of Suburban Square, an open-air shopping center, and houses 20,000 square feet of ground-floor retail space. Units come in one-, two- and three-bedroom floor plans. Amenities include resident lounges, fitness facilities and outdoor gathering areas. Rents start at roughly $3,200 per month for a one-bedroom apartment.
PHILADELPHIA — RSM US LLP has signed a 22,340-square-foot office lease in downtown Philadelphia. The provider of assurance, tax and consulting services is relocating from 30 South 17th Street to the entire 21st floor at 1735 Market Street, a 54-story, 1.3 million-square-foot tower. Newmark and Cushman & Wakefield co-represented the tenant in the lease negotiations. Keith Cody and Gordon Hough represented the landlord, Silverstein Properties, on an internal basis.
PHILADELPHIA — Marcus & Millichap has brokered the sale of a 33,762-square-foot industrial building in northeast Philadelphia. Built in 2004 and renovated in 2012, the single-tenant facility at 10049 Sandmeyer Lane features a clear height of 20 feet and was fully leased at the time of sale. Andre Fannin and Brian Higgins of Marcus & Millichap represented the seller and occupant, Dixon-Shane LLC, a subsidiary of Amneal Pharmaceuticals, in the transaction. The buyer was Faropoint.
PHILADELPHIA — Nuclear science company TerraPower Isotopes (TPI) has unveiled a $450 million investment plan to establish a radioisotope manufacturing facility in Philadelphia that will support the development of cancer-fighting drugs. The Commonwealth of Pennsylvania is investing $10 million for the project, which is expected to create 225 new full-time jobs over the next three years. TPI will lease a 250,000-square-foot build-to-suit facility within The Bellwether District, a 1,300-acre industrial campus in South Philadelphia that is the redevelopment of the former Philadelphia Energy Solutions refinery. TPI will utilize the flagship East Coast facility to produce actinium-225 for use in the development of cancer treatments. TPI received a funding proposal from the Pennsylvania Department of Community and Economic Development for a $7 million grant through the PA SITES Program, and a $3 million Pennsylvania First grant. The company is also eligible to apply for the department’s Manufacturing Tax Credit and the Qualified Manufacturing and Innovation Reinvestment Deduction programs. According to TPI, the development of an East Coast manufacturing facility, along with expanding capacity in its existing Everett, Wash., facility, will increase production capacity 20-fold of actinium-225. Real estate investment company HRP Group, formerly known as Hilco Redevelopment Partners, is developing The …
PHILADELPHIA — Local brokerage firm Agent PHL has arranged the $8.4 million sale of Pelham Place, a 36-unit apartment building located in the Mount Airy neighborhood of northwest Philadelphia. The four-story building was completed in 2017 and offers four one-bedroom apartments, 27 two-bedroom units and five three-bedroom residences, as well as two retail spaces. Amenities include a fitness center and a lounge with a wet bar, TVs and games. Ryan McManus and Brandon Ribeiro of Agent PHL brokered the deal. The buyer and seller were not disclosed.
KING OF PRUSSIA, PA. — Waterfall Asset Management, a New York City-based lender, has provided a $127 million loan for the refinancing of Chesterbrook, a 1.1 million-square-foot office campus located northwest of Philadelphia in King of Prussia. The borrower, Rubenstein Partners, purchased the 14-building campus in 2019 and has subsequently invested $50 million in capital improvements. Those improvements included the creation of The Circuit, an amenity center with a food hall, outdoor gathering spaces, meeting rooms, a fitness center and a 20,000-square-foot coworking suite. Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Justin Helbling, Doug Rodio, Jerry Kranzel and Bruer Kershner of CBRE arranged the loan.
PALMER TOWNSHIP, PA. — A joint venture between Greystone Capital, Black Bear Asset Management and The Crest Group will develop a $67 million multifamily project in Palmer Township, located outside of Allentown in the Lehigh Valley region. The site spans 16 acres at 1493 Van Buren Road, and the development will comprise 216 units across six residential buildings and a standalone clubhouse building. The unit mix will consist of 90 one-bedroom and 126 two-bedroom apartments that will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, resident lounge, pickleball court and outdoor grilling areas. A construction timeline was not announced.
PHILADELPHIA — Newmark has arranged a $145 million loan for the refinancing of Josephine, a 255-unit apartment building in Philadelphia. The 27-story building is located at 1620 Sansom St. within the Center City District and includes more than 20,000 square feet of retail and restaurant space across two floors. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with a bar and lounge area, rooftop terrace, club lounge with games and a demonstration kitchen, a fitness center, spa areas, coworking lounge, coffee bar and outdoor grilling and dining stations. Jordan Roeschlaub, Nick Scribani and Samuel Speciale of Newmark arranged the loan on behalf of the owner, Nashville-based developer Southern Land Co.
BALA CYNWYD, PA. — ACRE Capital has funded a $37 million acquisition loan for Luxor Bala Cynwyd, a 173-unit multifamily property located on the western outskirts of Philadelphia. Completed in 2021, Luxor Bala Cynwyd features studio, one- and two-bedroom residences that range in size from 497 to 1,157 square feet. Amenities include a pool, fitness center with a yoga studio, golf simulator, landscaped outdoor courtyard, resident lounge and a dog park. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia arranged the debt on behalf of the owner, a joint venture between Arizona-based Alliance Residential and Los Angeles-based PCCP
PHILADELPHIA — CBRE has arranged a $156 million loan for the refinancing of Bridge Point Philadelphia, an 889,300-square-foot industrial property. Canyon Partners Real Estate and J.P. Morgan provided the loan to the owner of the property, Chicago-based Bridge Industrial, which will use a portion of the proceeds to fund lease-up costs. Steve Roth led the CBRE team that originated the debt. Delivered in 2024, Bridge Point Philadelphia comprises two buildings, one of which features a rear-load configuration and the other of which features a cross-dock configuration. The development also offers “excess “trailer parking, and multi-tenant divisibility. Third-party logistics firm Veho signed a 148,611-square-foot lease at the property shortly after it was completed. In addition, Bridge Point Philadelphia offers proximity to an array of major thoroughfares and logistics hubs, including interstates 76, 95 and 476, as well as the Port of Philadelphia and Philadelphia International Airport. “We were pleased to work closely with Canyon, whose efforts were instrumental in efficiently completing this financing,” said Roth, who holds the title of vice chairman at CBRE. “Their collaborative approach ensured a smooth execution and a successful outcome for all parties involved.”
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