BETHLEHEM, PA. — Developer Boyle Construction is underway on an adaptive reuse project in the Lehigh Valley city of Bethlehem. Designed by MKSD Architects, the project will convert the historic former Bethlehem Steel Turn & Grind Shop, a 26,000-square-foot structure that was built in the 1860s, into a mixed-use facility for festivals, private events and community gatherings. The Lehigh Valley Health Network is sponsoring the conversion, and Pennsylvania-based nonprofit organization ArtsQuest will operate the new facility. Completion is slated for next year.
MCCANDLESS, PA. — JLL has arranged a $73.5 million loan for the refinancing of a 387,771-square-foot retail power center in McCandless, a northern suburb of Pittsburgh. McCandless Crossing was 99 percent leased at the time of the loan closing, with Lowe’s Home Improvement, T.J. Maxx, Trader Joe’s, HomeGoods and Sierra Trading serving as the anchor tenants. The overall tenant roster has a weighted average remaining lease term of 5.7 years. Nick Unkovic, Claudia Steeb and Zachary Barone of JLL arranged the five-year, fixed-rate loan through Nationwide on behalf of the owner, AdVenture Champion Partners.
CHALFONT, PA. — An affiliate of local owner-operator Equus Capital Partners has sold a 52,622-square-foot surgical center in Chalfont, about 30 miles north of Philadelphia, for $12 million. The facility is located within New Britain Corporate Center and was fully leased at the time of sale to four tenants with a weighted average remaining lease term of 8.7 years. Doug Rodio, Jerome Kranzel and Bruer Kershner of CBRE represented the seller in the transaction. The buyer was Pruthi Properties.
YORK, PENN. — CBL Properties, along with its 50 percent joint venture partner, has sold York Town Center, an open-air regional retail center located in the southern Pennsylvania town of York for $50.6 million. The transaction was completed at an 8.5 percent capitalization rate. York Town Center features 14 stores, including DICK’S Sporting Goods, Boot Barn, Best Buy and ULTA, and spans more than 297,000 square feet. The buyer was not disclosed.
PITTSBURGH — Buchanan Ingersoll & Rooney has extended its 115,335-square-foot office lease in downtown Pittsburgh. The law firm will remain the anchor tenant at the Union Trust Building, a historic property located at 501 Grant St. Gerry McLaughlin of Newmark represented the tenant in the lease negotiations. Jason Stewart and Jackie Bezek of JLL represented the landlord, Boston-based owner-operator The Davis Cos., which acquired the building in 2017 and subsequently executed a $100 million redevelopment.
WEST CHESTER, PA. — Charter Senior Living has broken ground on a 162-unit project in West Chester, located roughly 30 miles west of Philadelphia. Charter Senior Living of West Chester will offer independent living, assisted living and memory care residences. Charter is developing the project in partnership with Paradise Management. Completion is scheduled for late next year.
PITTSBURGH — JLL has arranged the recapitalization of Tower Two-Sixty, a mixed-use property in downtown Pittsburgh. Completed in 2016, Tower Two-Sixty consists of 130,000 square feet of office space, 14,000 square feet of retail and restaurant space, a 197-key Hilton-branded hotel and a 321-space structured parking garage. Valued at $69 million, the recapitalization entailed a ground-lease bifurcation sale of the land and financing of the leasehold improvements. Working on behalf of the owner, local developer Piatt Cos., JLL’s Nick Unkovic and Mark Popovich procured the buyer for the land component, Woodbranch Investments Corp. The duo also worked to secure the leasehold financing through Dollar Bank.
PHILADELPHIA — Local developer Keystone has completed an office-to-residential conversion project in Philadelphia’s Independence Mall district. Designed by Tantillo Architecture and built by Fasttrack Construction, the project transformed the historic, 12-story building at 400 Market St. into a 176-unit apartment complex known as 400 Market Flats. Units come in studio, one- and two-bedroom floor plans, and amenities include coworking space and a rooftop terrace. Keystone developed the project, which opened with 40 percent of the units preleased, in partnership with Lubert-Adler.
BETHLEHEM, PA. — ShipBob has signed a 301,826-square-foot industrial lease in the Lehigh Valley city of Bethlehem. The provider of fulfillment services for the e-commerce industry is taking the entirety of the space at Building E at Lehigh Valley Trade Center, which was developed as part of the 171-acre park’s third phase. Stream Realty Partners represented ShipBob in the lease negotiations. KBC Advisors represented the landlord, a partnership between Trammell Crow Co. and Clarion Partners. The deal brings the third phase of Lehigh Valley Trade Center to full occupancy.
PHILADELPHIA — A partnership between owner-operator Pennrose and the Wynnefield Overbrook Revitalization Corp. (WORC) has completed Good Shepherd, a 55-unit affordable seniors housing complex in Philadelphia’s Overbrook area that is a redevelopment of the former Good Shepherd Presbyterian Church, which was destroyed by fire in 2016. Good Shepherd’s one-bedroom units have an average size of 605 square feet and are reserved for renters age 62 and above who earn between 20 and 60 percent of the area median income. Amenities include a fitness center, multi-purpose room and flex space, and residents also have access to social, health and other educational support programs and services.
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