ARDMORE, PA. — Eastdil Secured has arranged $140.7 million in construction financing for a 270-unit multifamily project in Ardmore, a northwestern suburb of Philadelphia. The development is known as The Plaza at Ardmore, and the financing consists of a $112.6 million senior loan from Bank OZK and a $28.1 million mezzanine loan from Affinius Capital. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, outdoor grilling and dining stations, a fitness center and dedicated coworking and private study spaces, as well as 30,000 square feet of ground-floor retail space. Nick Seidenberg of Eastdil Secured arranged the financing on behalf of the borrower, an affiliate of Piazza Auto Group, which has partnered with Radnor Property Group for the overseeing of development and construction of the project. A tentative completion date was not announced.
OLYPHANT, PA. — Global investment firm EQT Real Estate has purchased a 1 million-square-foot industrial property in Olyphant, located just outside of Scranton. Completed in 2023, Scranton North Logistics Center features a clear height of 40 feet, 185-foot truck court depths, 233 trailer parking stalls, 163 dock-high doors and four drive-in doors. John Plower, Ryan Cottone and Zach Maguire of JLL brokered the sale of the property, which was fully leased at the time of sale to an unnamed tenant. The seller was regional owner-operator Endurance Real Estate.
PHOENIXVILLE, PA. — Marcus & Millichap has brokered the $7.4 million sale of Phoenixville Shopping Center, a 33,093-square-foot retail property located roughly 28 miles northwest of Philadelphia. Built in 2007, the center was fully leased at the time of sale to tenants such as Fresenius Kidney Care, Labcorp, NovaCare Rehabilitation, State Farm and Benchmark Federal Credit Union. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the seller, a private investor based in Pennsylvania, in the deal.
PHILADELPHIA — JLL has negotiated the $30.8 million sale of Shoppes at Wissinoming, a roughly 98,000-square-foot shopping center in northeast Philadelphia. Grocer ShopRite anchors the center, which was built on 11.3 acres in 2008, with a 67,846-square-foot store. Additional tenants include Wawa, Popeyes, AT&T, Elite Dental and Wissinoming Laundromat. Jim Galbally, Patrick Higgins and JP Colussi of JLL represented the seller, ARCTRUST, in the transaction. The buyer was an affiliate of Brown’s Real Estate. Shoppes at Wissinoming was 98 percent leased at the time of sale.
LEVITTOWN, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17.6 million loan for the refinancing of Country Manor Apartments, a 200-unit multifamily property in Levittown, located along the Pennsylvania-New Jersey border. The property offers one- and two-bedroom units. Amenities include a pool, playground, courtyard, fitness center and onsite laundry facilities. Neal Colligan of Largo Capital arranged the loan. The names of the direct lender and borrower were not disclosed.
PHILADELPHIA — California-based canned beverage manufacturer DrinkPAK has signed a 1.4 million-square-foot industrial lease at The Bellwether District, a 1,300-acre logistics campus in South Philadelphia. The Bellwether District is a redevelopment of the former Philadelphia Energy Solutions refinery campus that can support traditional industrial uses, as well as life sciences and other innovative and manufacturing uses. Hilco Redevelopment Partners (HRP) is the master developer of The Bellwether District. Jim Belcher, Nick Pickard, Stephen Cook and Mike Spaeder of Newmark represented DrinkPAK in the lease negotiations. According to the Newmark’s analysis of CoStar Group’s data, the deal represents one of the largest industrial transactions in the history of the Philadelphia market and the largest lease since 2020. “DrinkPAK’s commitment at The Bellwether District represents a defining moment for both the project and the region,” says Pickard. “This type of investment brings significant upside to greater Philadelphia, fueling job creation, supply chain expansion and regional economic growth.” Newmark also recently represented DrinkPAK in its negotiations for a pair of industrial lease expansions totaling 2.9 million square feet in Fort Worth. — Taylor Williams
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.
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