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Pennsylvania

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DevelopmentNortheastPennsylvania

Black Bear, Greystone to Develop $110M Multifamily Project in Palmer Township, Pennsylvania

by Taylor Williams

PALMER TOWNSHIP, PA. — A joint venture between Black Bear Asset Management (BBAM) and Greystone Capital will develop a $110 million multifamily project in Palmer Township, located outside of Allentown in the Lehigh Valley region. The garden-style development will consist of seven elevator-served buildings that will house 320 apartments and 92 for-sale townhomes. Amenities will include a fitness center, clubhouse and green spaces. Construction is scheduled to begin in the first quarter of next year. Bryan Manz and Emil DePasquale of Black Bear Capital Partners, a subsidiary of BBAM arranged financing for the acquisition of the land.

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HealthcareLeasing ActivityNortheastPennsylvania

Cardiology Consultants of Philadelphia to Open 13,100 SF Ambulatory Surgery Center in Wayne

by Taylor Williams

WAYNE, PA. — Cardiology Consultants of Philadelphia will open a 13,100-square-foot ambulatory surgery center in Wayne, located northwest of the city. The company will build out and operate the facility in partnership with Cardiovascular Logistics, SCA Health and Penn Medicine. Paul Rogers and Charlie Rogers of Colliers represented the cardiology group in its site selection and lease negotiations. The opening is slated for the end of the year.

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AcquisitionsMultifamilyNortheastPennsylvania

Newmark Arranges $24.5M Sale of Apartment Building Near Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — Newmark has arranged the $24.5 million sale of a 95-unit apartment building in the Logan Square neighborhood near downtown Philadelphia. The six-story building at 1600 Callowhill St. was originally constructed in 1926 (renovated in 2019) and offers 2,500 square feet of retail space. According to Apartments.com, units come in studio, one- and two-bedroom floor plans that range in size from 504 to 1,225 square feet, and amenities include a fitness center, sundeck and package handling services. Erin Miller, Steven Schultz and Chris Koehler of Newmark represented the seller, Ivy Realty, in the transaction. The buyer was Turio Residential Co.

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Leasing ActivityNortheastOfficePennsylvania

Hogan Lovells Signs 34,752 SF Office Lease Extension in Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — Hogan Lovells has signed a 34,752-square-foot office lease extension in downtown Philadelphia. The law firm will continue to occupy space on the 22nd and 23rd floors of 1735 Market Street, a 54-story, 1.3 million-square-foot building, for an additional 10-plus years. Perry Kaplan and Tim Monahan of Savills represented Hogan Lovells in the lease negotiations. Mitch Marcus, Tom Weitzel and Jake Marcus of JLL, along with internal agents Keith Cody and Gordon Hough, represented the landlord, Silverstein Properties.

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AcquisitionsNortheastOfficePennsylvania

JLL Negotiates 22,230 SF Office Lease at 1735 Market Street in Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — JLL has negotiated a 12-year, 22,230-square-foot office lease at 1735 Market Street, a 1.3 million-square-foot building in downtown Philadelphia. The tenant, law firm Hangley Aronchick Segal Pudlin & Schiller, will relocate from One Logan Square to the 26th floor of the a 54-story building. Mitch Marcus, Alex Breitmeyer and Jake Marcus of JLL represented the tenant in the lease negotiations. Tom Weitzel, also with JLL, along with internal agents Keith Cody and Gordon Hough, represented the landlord, New York City-based Silverstein Properties, which owns the property in partnership with Arden Group.

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DevelopmentHospitalityNortheastPennsylvania

Lehigh Valley Airport Breaks Ground on 145-Room Hotel in Allentown, Pennsylvania

by Taylor Williams

ALLENTOWN, PA. — The Lehigh Valley International Airport has broken ground on a 145-room hotel in Allentown. The site is a 20-acre parcel that once served as an emergency landing strip, and the new hotel will be operated under the Courtyard by Marriott brand. Nonprofit developer Provident Resources Group will own and operate the hotel via ground lease. The Lehigh County Industrial Development Authority issued four tax-exempt bonds totaling $42 million as part of the financing of the project, which also received $1 million in state funding. Construction is expected to last about two years.

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AcquisitionsNet LeaseNortheastPennsylvaniaRetail

CBRE Brokers $12.2M Sale of Net-Leased Retail Building in Jamison, Pennsylvania

by Taylor Williams

JAMISON, PA. — CBRE has brokered the $12.2 million sale of a 25,000-square-foot retail building in Jamison, a northern suburb of Philadelphia, that is net leased to convenience store operator Wawa and Tractor Supply. ExchangeRight, a Southern California-based investment firm that specializes in net-lease, 1031 and Delaware Statutory Trust deals, purchased the asset from New Jersey-based ARCTRUST. Matthew Gorman and Michael Shover of CBRE brokered the deal.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Pennrose, PCDC Deliver 51-Unit Affordable Seniors Housing Project in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between Pennrose and the Philadelphia Chinatown Development Corp. (PCDC) has delivered Man An House, a 51-unit affordable seniors housing project in the latter entity’s namesake neighborhood. The site is located within an opportunity zone and formerly housed a parking lot. The five-story building features studio, one- and two-bedroom units that are reserved for renters aged 62 and above and who earn between 20 and 60 percent of the area median income.

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AcquisitionsDevelopmentIndustrialNortheastPennsylvaniaRetail

Sordoni Properties Buys Historic Industrial Building in Northeast Pennsylvania, Plans Redevelopment

by Taylor Williams

DALLAS, PA. — Local investment firm Sordoni Properties has purchased the former Offset Paperback factory in the northeastern Pennsylvania city of Dallas with plans to redevelop the historic industrial building. The sales price was $5.5 million. The 16-acre facility originally opened in 1948. Sordoni’s redevelopment will feature a supermarket, convenience store and restaurant, with fitness and medical uses also in consideration. Jeff Algatt of Colliers represented Sordoni in the transaction. 

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LoansMultifamilyNortheastPennsylvania

Barings Provides $71.8M Loan for Refinancing of Pittsburgh Apartment Building

by Taylor Williams

PITTSBURGH — Barings has provided a $71.8 million loan for the refinancing of The Park at SouthSide Works, a 247-unit apartment building located along the Monongahela River in Pittsburgh. Built in 2024, the seven-story building houses one- and two-bedroom units that, according to Apartments.com, range in size from 551 to 1,473 square feet. Amenities include a pool, courtyard with grilling stations, fitness center with a yoga room and a lounge with games. Jordan Roeschlaub, Nick Scribani, Chris Lozinak and Sam Speciale of Newmark arranged the loan on behalf of the owner, SomeraRoad, a development and investment firm with offices in Nashville and New York City.

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