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Pennsylvania

Phoenix-Tube-Co.-Bethlehem-Pennsylvania
DevelopmentIndustrialNortheastPennsylvania

Phoenix Tube Nears Completion of 75,000 SF Industrial Expansion Project in Bethlehem, Pennsylvania

by Taylor Williams

BETHLEHEM, PA. — Phoenix Tube Co., a manufacturer of stainless steel products for ornamental and structural applications, is nearing completion of a 75,000-square-foot industrial expansion project in the Lehigh Valley city of Bethlehem. The facility will be situated next to the company’s existing 200,000-square-foot plant and includes dedicated space for production, warehousing and offices. Regional developer J.G. Petrucci Co. is serving as the design-build firm for the project. Construction is expected to be complete in the coming weeks.

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2748-Grant-Ave.-Philadelphia
DevelopmentIndustrialNortheastPennsylvania

Crow Holdings to Develop 103,500 SF Spec Industrial Project in Northeast Philadelphia

by Taylor Williams

PHILADELPHIA — Crow Holdings Development will build a 103,500-square-foot speculative industrial project at 2748 Grant Ave. in northeast Philadelphia. The single-story warehouse and distribution building will feature 32-foot ceiling heights, 32 dock positions, two drive-in doors and parking for 65 vehicles. M+H Architects is designing the project, and BH Cos. is providing engineering services. Oline Construction is the general contractor. JLL brokered the land deal, the seller in which was James D. Morrissey Inc. Construction, and has also been retained as the leasing agent. Completion is slated for mid-2026.

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Bensalem-Crossings
AcquisitionsNew JerseyNortheastPennsylvaniaRetail

Hanley Investment Group Arranges $12.5M Sale of Metro Philadelphia Shopping Center

by Taylor Williams

BENSALEM, PA. — Hanley Investment Group Real Estate Advisors has arranged the $12.5 million sale of Bensalem Crossings, a 67,215-square-foot shopping center located roughly 19 miles north of Philadelphia. Bensalem Crossings was fully leased at the time of sale, with ShopRite and CVS occupying 93 percent of the space. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, Adler Realty Investments Inc., in the transaction. The team also procured the buyer, an undisclosed, Southern California-based private investor.

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DevelopmentIndustrialNortheastPennsylvania

Bosch Rexroth Breaks Ground on 50,000 SF Industrial Expansion Project in Bethlehem, Pennsylvania

by Taylor Williams

BETHLEHEM, PA. — Bosch Rexroth, a provider of industrial machinery, has broken ground on a 50,000-square-foot industrial expansion project in the Lehigh Valley city of Bethlehem. The new building at 2300 City Line Road will be an expansion of the company’s existing facility, which has been operating in the area for nearly 60 years. Regional developer J.G. Petrucci Co. is serving as the general contractor for the project. Construction is expected to be complete in mid-2026.

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IndustrialLoansNortheastPennsylvania

Affinius Capital Provides $132.4M Loan for Refinancing of Metro Philadelphia Industrial Property

by Taylor Williams

BUCKS COUNTY, PA. — Affinius Capital has provided a $132.4 million loan for the refinancing of an 815,000-square-foot industrial property located northeast of Philadelphia in Bucks County. Known as Lower Bucks Logistics Hub, the newly constructed facility comprises two buildings — a 361,000-square-foot rear-load structure and a 453,000-square-foot cross-dock structure — with clear heights of 40 feet. Chad Orcutt and Michael Pagniucci of JLL arranged the loan through Affinius Capital on behalf of the borrower, a joint venture between an affiliate of Boston-based Foxfield, and an undisclosed, New York-based real estate private equity firm.

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IndustrialLeasing ActivityNortheastPennsylvania

Endurance Real Estate Inks 1 MSF Industrial Lease in Chambersburg, Pennsylvania

by Taylor Williams

CHAMBERSBURG, PA. — Endurance Real Estate Group has inked a full-building, 1 million-square-foot industrial lease at Chambersburg Logistics Park, about 55 miles southwest of Harrisburg. The tenant was not disclosed. The site spans 93 acres and is located immediately off Exit 10 of I-81. Building features include a clear height of 40 feet, 166 overhead dock positions, four drive-in doors, 213 trailer stalls (expandable to 303), 375 car parking spaces (expandable to 561) and an ESFR sprinkler system. PNC Bank financed the project, construction of which began in late 2022. Endurance developed Chambersburg Logistics Park in partnership with an affiliate of Guardian Life Insurance Co. Gerry Blinebury and Alex Wenger of Cushman & Wakefield represented ownership in the lease negotiations. Eric Zahniser, Brad Struck and Clint Manning of Cresa represented the tenant.

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AcquisitionsMultifamilyNortheastPennsylvaniaStudent Housing

Franklin Street Brokers $30M Sale of Student Housing Property Near Penn State University

by Taylor Williams

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.

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AcquisitionsCompany NewsMultifamilyNortheastPennsylvaniaTop Stories

Morgan Properties Agrees to Acquire Dream Residential REIT in $354M Deal

by John Nelson

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 …

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AcquisitionsIndustrialNortheastPennsylvania

Outrigger Industrial, Midloch Buy 99,500 SF Building Near Pittsburgh

by Taylor Williams

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.

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AcquisitionsNortheastPennsylvaniaRetail

CBRE Negotiates Sale of 102,071 SF Shopping Center in Glenolden, Pennsylvania

by Taylor Williams

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.

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