PHILADELPHIA — The Philadelphia City Council has approved a proposal from Harris Blitzer Sports & Entertainment, which owns the NBA’s Philadelphia 76ers, to build a new arena in the downtown area. Valued at $1.3 billion and known as 76 Place, the arena will be located at the site of Fashion District Philadelphia, a shopping, dining and entertainment destination on Market Street. The proposal for a new 76ers arena was conceived several years ago but has subsequently faced opposition from a variety of community leaders and organizations, most notably those in neighboring Chinatown. According to The Philadelphia Inquirer, the team is now targeting the 2031-2032 season to commence play at the new arena.
PHILADELPHIA — Martin Brower has signed a 147,000-square-foot industrial lease in northeast Philadelphia. The provider of supply chain and logistics solutions is taking space at Crow Holdings at I-95, a project that is under construction on a 14.4-acre site at 14515 McNulty Road. Jonathan Springer, Andrew Green and Mike Barker of CBRE represented the tenant in the lease negotiations. Brad Boone and Brian McCurdy of Colliers represented Crow Holdings Development.
LANCASTER, PA. — South County Brewing will open a 22,000-square-foot venue in Lancaster, about 80 miles west of Philadelphia. The space at 26 W. King St. in the downtown area formerly housed the Pressroom restaurant. The new brewery will have 17,644 square feet dedicated to a restaurant, bar, dining room, private event space and kitchen, as well as 4,356 square feet for outdoor bar and courtyard space. The opening is slated for early 2025. TRUE Commercial Real Estate represented the brewery in the lease negotiations. Corinn Kerchner of PPM Real Estate represented the landlord, Zamagias Properties.
The investment market for seniors housing is in a favorable position heading into the new year thanks to a confluence of factors, says Scott Corbin, director at Boston-based AEW Capital Management. The firm has roughly $3 billion in assets under management within this niche property type. “We’ve seen a full rebound in recovery. We’re not necessarily back to pre-pandemic [profit] margins, but we are getting close. We are seeing outsized NOI growth and outsized rent growth when you compare it to other asset classes. We have the demographic tailwinds. In addition, you have muted supply [growth],” explained Corbin, a panelist at the InterFace Seniors Housing Northeast conference, which took place Dec. 4-5 in Philadelphia. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Joining Corbin on stage at Live! Casino & Hotel Philadelphia were moderator Kory Buzin, director, Blueprint Healthcare Real Estate Advisors; and panelists Curtis King, executive vice president, HJ Sims; Dennis Murphy, chief investment officer, Priority Life Care; Rick Swartz, senior managing director, JLL; and Shani Walter, managing director, Omega Healthcare Investors. The daylong conference, …
FORKS TOWNSHIP, PA. — New Jersey-based developer Larken Associates has broken ground on Trailside Village, a 420-unit multifamily project in the Lehigh Valley community of Forks Township. Situated on 37 acres, the community will consist of 21 buildings, including 12 garden-style apartment buildings with one- and two-bedroom units, seven garage buildings and two mixed-use buildings with 26,795 square feet of retail space. Tenants will have access to indoor amenities such as a clubhouse with game room, lounge, work pods, fitness center, pet spa, mailroom package concierge and storage space. Outdoor amenities will include a pool with a tanning ledge and lounge seating, barbecue grilling stations, a fire pit, children’s playground, dog park and walking and biking trails. Completion is slated for 2026.
NORTH WALES, PA. — CBRE has brokered sale of The Shoppes at English Village, a 103,325-square-foot retail center in North Wales, about 25 miles north of Philadelphia. Trader Joe’s anchors the property, which was 95 percent leased at the time of sale. Other tenants include LensCrafters, Athleta, CycleBar, Hallmark, Chopt and Talbots. Chris Munley, Colin Behr, Ryan Sciullo, Casey Benson Smith, R.J. Mirabile and Michael Pascavis of CBRE represented the seller, MetLife Investment Management, in the transaction. Adam Spengler and Tom Traynor, also with CBRE, arranged acquisition financing on behalf of the buyer, Nuveen Real Estate.
DOUGLASSVILLE, PA. — BWE, the commercial finance firm formerly known as Bellwether Enterprise Real Estate Capital, has arranged a $57.8 million loan for the refinancing of Keystone Villa at Douglassville, a 248-unit seniors housing property located about 55 miles northwest of Philadelphia. The property comprises a 123-unit independent living building that was constructed in 2015 and a 125-unit assisted living and memory care building that was constructed in 2011. Ryan Stoll and Taylor Mokris of BWE arranged the nonrecourse loan through Commercial Bank on behalf of the borrower, a joint venture between private investment trust ReNew REIT and operator Heritage Senior Living. The property was 92 percent occupied at the time of the loan closing.
PHILADELPHIA — honeygrow, a Philadelphia-based fast casual eatery known for made-to-order stir-fry, salads and honeybars, has signed leases to open four new restaurants in the Northeast. The restaurants will be located within the Lakeway Commons shopping center in Shrewsbury, Mass.; at the 150-acre Waldorf Station development in Waldorf, Md.; in the newly constructed Freehold Marketplace in Freehold, N.J.; and within Beltway Towne Center in Mechanicsburg, Pa. All openings are slated for 2025.
CONSHOHOCKEN, PA. — CenterSquare Investment Management has opened its new, 24,000-square-foot office headquarters in Conshohocken, a northern suburb of Philadelphia. Designed by local architecture firm Meyer, the space features a variety of workspaces, including private offices, workstations, conference rooms and collaborative areas. The facility also offers a centralized hub-style café. American Real Estate Partners owns the building.
PHILADELPHIA — Colliers has negotiated a 123,102-square-foot industrial lease renewal at 10981 Decatur Road in northeast Philadelphia. The tenant is Chaby International, a warehouse operator and distributor of rainwear and seasonal products. Richard Gorodesky and Adam Gorodesky of Colliers represented the landlord, SANT Properties, in the lease negotiations. The tenant was self-represented. Other users at the property include EMCOR Services Fluidics, a provider of building and infrastructure services, and cocoa bean warehouse operator Dependable Distribution Services.
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