RIDLEY TOWNSHIP, PA. — Regional owner-operator Greek Real Estate Partners has broken ground on an 81,156-square-foot speculative industrial project in Ridley Township, a southwestern suburb of Philadelphia. Provident Bank provided a $12.3 million construction loan for the project, the site of which spans 12 acres at 130 S. Fairview Road. JLL represented the seller in the land deal and arranged the construction debt on behalf of the developer. Construction is slated for a mid-2026 completion.
MORGANTOWN, PA. — California-based Panattoni Development Co. will build a 1.2 million-square-foot industrial project in Morgantown, about 50 miles northwest of Philadelphia. Known as New Morgan Gateway Commerce Center, the development will comprise a 925,680-square-foot building and a 291,600-square-foot building on a 128-acre site. Both buildings will feature clear heights of 40 feet. HDA Architects is designing the project, and Brinkmann Constructors is serving as the general contractor. A construction timeline was not announced.
PHILADELPHIA — Pharmaceutical giant Eli Lilly (NYSE: LLY) will open a 44,000-square-foot life sciences facility in Philadelphia. The space will span the first and second floors 2300 Market Street, an eight-story, 223,000-square-foot building located roughly midway between the University City and Center City districts. Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and biotechnology investment firm Bellco Capital, owns 2300 Market Street, and the facility will be known as Lilly Gateway Labs at Breakthrough. An opening date has not yet been announced.
PITTSBURGH — An affiliate of San Antonio-based investment firm LYND Group has acquired Kelly Hamilton Apartments, a 110-unit affordable housing complex in Pittsburgh. The 21-building property is located in the city’s Homewood South neighborhood and offers one-, two- and three-bedroom floor plans. LYND, which plans to implement a capital improvement program, purchased the property through a bankruptcy proceeding in the U.S. Bankruptcy Court for the District of New Jersey.
WILLOW GROVE, PA. — Regional development and investment firm DH Property Holdings has purchased an industrial complex in Willow Grove, located north of Philadelphia, for $5.2 million. The facility at 850 Davisville Road houses a 36,597-square-foot warehouse with a clear height of 18 feet, 10 drive-in doors and 81 car parking spaces, as well as 1.1 acres of rentable outdoor storage space. The facility was fully leased to six tenants at the time of sale. Scott Mertz of NAI Mertz represented DHPH in the off-market transaction.
CHESTER, PA. — A partnership between regional development firm DH Property Holdings and New York City-based DRA Advisors has acquired a 63,080-square-foot industrial complex in Chester, located just southwest of Philadelphia. Th sales price was $6.5 million. The facility at 950 Township Line Road includes a 40,080-square-foot warehouse and a 15,000-square-foot service facility and was fully leased to three tenants at the time of sale. Steve Italiano of Italiano Commercial Real Estate Services represented the undisclosed seller in the transaction.
NEW YORK CITY — CBRE has arranged the sale of a 20-property last-mile distribution and light-manufacturing industrial portfolio across eight states. New York City-based Ares Commercial Real Estate Corp. (NYSE: ACRE) acquired the portfolio, which spans more than 3 million square feet. Brian Fiumara led CBRE’s National Partners team in marketing the portfolio and representing the undisclosed seller in the transaction. The CBRE team also procured the buyer. The properties include: The industrial portfolio consists of well-maintained industrial buildings ranging in size from 16,000 to 500,000 square feet, while average occupancy across the properties currently sits at 95 percent. “The acquisition by Ares allows the company to expand its existing portfolio with a critical mass of light industrial and well-located last-mile assets in major population centers with access to key distribution infrastructure,” says Fiumara. ACRE is a real estate investment trust (REIT) managed by Ares Commercial Real Estate Management LLC, a subsidiary of Ares Management Corp., which manages approximately $596 billion of assets. ACRE’s stock price closed on Thursday, Dec. 4 at $5.15 per share, down from $6.98 a year ago, a nearly 26 percent decline. — Abby Cox
PHILADELPHIA — Los Angeles-based Thorofare Capital has provided $54.5 million in financing for a 624,912-square-foot, newly redeveloped industrial property in Philadelphia. The address of the property was not disclosed, but the multi-level facility includes secured trailer parking and is in the process of being leased up to a mix of credit and institutional tenants. The debt was structured with a floating interest rate. The borrower was also not disclosed.
PHILADELPHIA — Miami-based lender 3650 Capital has provided a $37.5 million senior construction loan for Viking Mill Apartments, a two-building, 177-unit multifamily conversion project that will be located in Philadelphia’s East Kensington neighborhood. The borrower, Delaware-based Chatham Bay Group, will redevelop the site of a former mill structure that dates back to the 1870s into a 77-unit complex and also construct a 100-unit building from the ground up. The new complex will offer a fitness center, coworking space, lounge areas and 7,750 square feet of retail space. Christopher Garzone, Ken Wellar and George Johnson of Global Real Estate Advisors (GREA) arranged the debt through 3650 Capital on behalf of the developer.
NEW YORK CITY — Global alternative investment firm Investcorp has completed the $400 million acquisition of an industrial portfolio located in markets across the Eastern and Western United States. The seller was not disclosed. Totaling 2.6 million square feet, the portfolio comprises 35 buildings across seven markets. Properties in the portfolio include a 76,000-square-foot, two-building portfolio in Philadelphia; a 44,000-square-foot building in New Jersey; 92,000 square feet across two buildings on Long Island; a 1.3 million-square-foot logistics portfolio in Sacramento, Calif.; 156,000 square feet across two buildings in Tampa, Fla.; a 115,000-square-foot, three-building portfolio in South Florida; and a 12-building, 814,000-square-foot portfolio on Atlanta’s north side. Average occupancy across the portfolio was at 97 percent as of October. According to Green Street Advisors, each of the seven markets associated with the portfolio saw strong demand growth in the industrial sector during the third quarter of 2025. The firm noted that new supply in these markets makes up less than 1.3 percent of current inventory. “Despite shifting trade dynamics and supply chain disruptions across the country, the U.S. industrial sector has retained its foundational strength,” says Herb Myers, global head of real assets at Investcorp. “This is particularly true for these and similar …
