EXTON, PA. — JLL has arranged the $34.3 million sale of Exton Square, a 990,000-square-foot super-regional shopping center located on the western outskirts of Philadelphia. The center was originally built on 75 acres in 1973 and renovated in 2000. Whole Foods Market shadow-anchors the property, which is home to tenants such as Boscov’s, Macy’s, Main Line Health and Round1 Entertainment. Jim Galbally, David Monahan, Patrick Higgins and Fran Coyne of JLL represented the seller, PREIT, in the transaction. The buyer was Abrams Realty & Development.
WOODLAND HILLS, CALIF AND AMBLER, PA. — BWE, a Cleveland-based commercial real estate financial services firm, has arranged the $308 million refinancing for a pair of seniors housing properties in the Los Angeles and Philadelphia metro areas. The financing was structured as a single transaction on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners. Momentum Senior Living operates both properties. Located in the northwest Los Angeles neighborhood of Woodland Hills, The Variel is a 336-unit community that offers independent living, assisted living and memory care services, as well as a range of amenities and wellness programs. The 270,000-square-foot (net rentable) community opened in July 2022 and was more than 90 percent occupied at the time of the loan closing. Located in the northern Philadelphia suburb of Ambler, Pa., The 501 at Mattison Estate is a 250-unit community that also offers independent living, assisted living and memory care services. Spanning approximately 200,000 net rentable square feet, the property opened in June 2022 and was 95 percent occupied at the time of loan closing. Amenities at The 501 at Mattison Estate include an art studio, courtyards with lounges and grills, a dog park, fitness …
NEWTOWN AND BENSALEM, PA. — A joint venture between ShopOne Centers REIT, Pantheon and an undisclosed institutional investment firm has acquired two open-air shopping centers totaling 122,365 square feet that are located on the northeastern outskirts of Philadelphia. Goodnoe’s Corner is a 34,660-square-foot shopping center in Newtown that was built in 2008 and fully leased at the time of sale. Village Center is an 87,705-square-foot retail center in nearby Bensalem that was built in 1976 (renovated in 1999) anchored by grocer ACME. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the undisclosed seller and procured the buyer in the transaction.
WAYNE, PA. — CBRE has negotiated a 32,600-square-foot office lease in Wayne, a western suburb of Philadelphia. The tenant is Comcast Cable Communications Management, and the space is located within the 200,000-square-foot, freshly renovated building at 1111 Old Eagle School Road. Scott Gabrielsen of CBRE represented the landlord, De Lage Landen Financial Services, in the lease negotiations. Jay Joyce of Savills represented Comcast.
WAYNE, PA. — CBRE has negotiated a 38,572-square-foot office headquarters lease in Wayne, a western suburb of Philadelphia. The tenant is iPipeline, a software provider for the financial services and life insurance industries, and the space is located within the 200,000-square-foot, freshly renovated building at 1111 Old Eagle School Road. Scott Gabrielsen of CBRE represented the landlord, De Lage Landen Financial Services, in the lease negotiations. Mitch Reading of Tactix Real Estate Advisors represented the tenant.
MECHANICSBURG, PA. — Gannett Fleming TranSystems has signed a 100,000-square-foot office lease in Mechanicsburg, about 115 miles west of Philadelphia. The architecture, engineering and construction (AEC) consulting firm is consolidating and relocating from nearby Camp Hill to Sterling Place Corporate Center. Jeremy Shyk of CBRE represented the landlord, a partnership between Sterling Place Associates and Waterday Properties, in the lease negotiations. Mark Gola of Gola Corporate Real Estate represented the tenant.
BENSALEM, PA. — Locally based firm Empire Realty Investments has sold the 109,057-square-foot Bensalem Shopping Center on the northeastern outskirts of Philadelphia. The center was built on 8.8 acres in 1972 and was fully leased at the time of sale. Indian grocer Patel Brothers anchors the center, and other tenants include Dollar General, Advance Auto Parts and Unlimited PCS. Jim Galbally and Patrick Higgins of JLL represented Empire Realty Investments in the transaction. The buyer and sales price were not disclosed, but the deal traded at a cap rate of 6.41 percent.
GLENSIDE, PA. — Marcus & Millichap has brokered the $7.2 million sale of a single-tenant retail building in Glenside, located just north of Philadelphia, that is net leased to local convenience store operator Wawa. The site spans 1.3 acres at 200 S. Easton Road, and the facility, which opened in 2022, includes a fuel station. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WYNNEWOOD, PA. — Club Studio Fitness has signed a 50,000-square-foot retail lease in Wynnewood, a northwestern suburb of Philadelphia. The space within Wynnewood Shopping Center formerly housed a Bed Bath & Beyond store, and the new facility will feature a juice bar, cryotherapy recovery services and personal stretch stations. The opening is slated for next spring. Federal Realty Investment Trust owns Wynnewood Shopping Center.
SOMERSET, PA. — Marcus & Millichap has brokered the sale of Edgewood Grove Storage, a 265-unit self-storage facility in Somerset, about 65 miles southeast of Pittsburgh. The property, which also features a residential component of seven houses and five apartments, was built in phases beginning in 1997 and totals 35,100 net rentable square feet of storage space. Jared Houck, Kevin Bledsoe and Matthew Junkin of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
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