Colliers Negotiates $14M Sale of Medical Office Building Near Pittsburgh

PLEASANT HILLS, PA. — Colliers has negotiated the $14 million sale of a 33,172-square-foot medical office building in Pleasant Hills, a southern suburb of Pittsburgh. Gregg Broujos and Kim Kretowicz of Colliers represented the undisclosed seller and the buyer, Tampa-based Sila Realty Trust, in the transaction. At the time of sale, the building was fully leased to tenants such as Jefferson Hospital / Allegheny Health Network, Kids Plus Pediatrics, Miracle Dental Associates and Vision Care …

May 24, 2022Acquisitions, Healthcare, Northeast, Pennsylvania

Puttshack to Open 26,000 SF Entertainment Venue in Philadelphia

PHILADELPHIA — Puttshack, an entertainment concept that combines mini golf with food and beverages, will open a 26,000-square-foot entertainment venue in Philadelphia. The facility will be located within The Shops at Liberty Place in the Center City district and will house four tech-driven courses, two bars and private event space. The opening is slated for summer 2023. Metropolis Investment Holdings Inc. owns the property. Puttshack currently operates facilities in Atlanta and Chicago and …

May 23, 2022Leasing Activity, Northeast, Pennsylvania, Retail

JLL Arranges $43M Loan for Office, Retail Redevelopment Project in Metro Philadelphia

DREXEL HILL, PA. — JLL has arranged a $43 million loan for Drexeline Town Center, an office and retail redevelopment project located on the western outskirts of Philadelphia. The 18.5-acre site currently houses five retail and office buildings that were originally constructed between the early 1950s and 2000s. The borrower, a partnership between Baltimore-based MCB Real Estate and New Jersey-based Hampshire Cos., plans to redevelop the center into a mixed-use destination. Initial plans call …

May 19, 2022Development, Loans, Mixed-Use, Northeast, Pennsylvania

Marcus & Millichap Brokers $30M Sale-Leaseback of Industrial Facility in Bridgeville, Pennsylvania

BRIDGEVILLE, PA. — Marcus & Millichap has brokered the $30 million sale-leaseback of a 346,009-square-foot industrial facility in Bridgeville, a southern suburb of Pittsburgh. Built on 31 acres in 1980, the four-building property features clear heights of 11 to 28.5 feet, 26 dock-high doors and five grade-level doors. Adam Abushagur of Marcus & Millichap represented the seller, a sister company of the tenant, IT firm Black Box Corp., in the transaction. Abushagur also procured the …

May 19, 2022Acquisitions, Industrial, Northeast, Pennsylvania

IPA Negotiates Sale of 293,000 SF Shops at Valley Square in Warrington, Pennsylvania

WARRINGTON, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Shops at Valley Square, an approximately 293,000-square-foot shopping center in Warrington, a northern suburb of Philadelphia. Built in 2007, the center consists of 89,447 square feet of office space and 203,701 square feet of retail space that houses tenants such as Ulta Beauty, Designer Shoe Warehouse, Bath & Body Works, Sleep Number and Eastern Mountain Sports. …

May 18, 2022Acquisitions, Northeast, Pennsylvania, Retail

Tishman Speyer, Bellco Capital to Develop 200,000 SF Life Sciences Campus in Philadelphia

PHILADELPHIA — A joint venture between Tishman Speyer and Bellco Capital has purchased a development site at the 2300 Market Street city block in Philadelphia’s Center City district. The joint venture, which goes by the name Breakthrough Properties, plans to redevelop the site into 200,000 square feet of life sciences space.The site is located adjacent to the University of Pennsylvania and Drexel University and within walking distance to several academic medical centers. The property …

May 17, 2022Acquisitions, Development, Life Sciences, Northeast, Pennsylvania, Top Stories

Newmark Arranges $70.5M Construction Loan for Pittsburgh Multifamily Project

PITTSBURGH — Newmark has arranged a $70.5 million construction loan for The Park at Southside Works, a 247-unit multifamily project in Pittsburgh. The five-story property will be situated within SomeraRoad’s Southside Works mixed-use development, about 1.5 miles outside the downtown area. Units will be available in studio, one- and two-bedroom floor plans, as well as in townhome-style formats, and will be furnished with stainless steel appliances, quartz countertops and individual washers …

May 13, 2022Development, Loans, Multifamily, Northeast, Pennsylvania

Colliers Arranges Sale of 120,000 SF Auto Dealership in West Chester, Pennsylvania

WEST CHESTER, PA. — Colliers has arranged the sale of a 120,000-square-foot retail property in West Chester, a western suburb of Philadelphia, that houses a dealership for Mercedes-Benz. The property sits on 10 acres along U.S. Route 202. Virginia-based Capital Automotive sold the property to Piazza Auto Group for an undisclosed price. Rich Weitzman of Colliers brokered the deal in conjunction with

May 10, 2022Acquisitions, Northeast, Pennsylvania, Retail

Starkman Realty Arranges $3.1M Sale of Affordable Housing Building in Chester, Pennsylvania

CHESTER, PA. — Locally based brokerage firm Starkman Realty Group has arranged the $3.1 million sale of Buckman Meadows, a 42-unit affordable housing building in Chester, a southwestern suburb of Philadelphia. The property was originally constructed in 1917 to house shipbuilders during World War I and subsequently converted to a veterans’ hospital and then an affordable housing complex for veterans in 2015. New Jersey-based Tunic Group purchased Buckman Meadows from an undisclosed …

May 3, 2022Acquisitions, Affordable Housing, Multifamily, Northeast, Pennsylvania

Montecito Medical Acquires 73,255 SF Healthcare Property in Hazelton, Pennsylvania

HAZELTON, PA. — Montecito Medical, a Nashville-based healthcare real estate investment firm, has acquired a 73,255-square-foot facility in Hazelton that is fully leased to Lehigh Valley Health System. The building houses a 13,500-square-foot ambulatory surgery center, and its specialty providers include cardiology, orthopedics, physical therapy/rehabilitation, neurology, bariatric medicine, diagnostic imaging services, chiropractic and primary care. The seller and sales price were not …

May 2, 2022Acquisitions, Healthcare, Northeast, Pennsylvania

Colliers Negotiates $14M Sale of Medical Office Building Near Pittsburgh

Puttshack to Open 26,000 SF Entertainment Venue in Philadelphia

JLL Arranges $43M Loan for Office, Retail Redevelopment Project in Metro Philadelphia

Marcus & Millichap Brokers $30M Sale-Leaseback of Industrial Facility in Bridgeville, Pennsylvania

IPA Negotiates Sale of 293,000 SF Shops at Valley Square in Warrington, Pennsylvania

Tishman Speyer, Bellco Capital to Develop 200,000 SF Life Sciences Campus in Philadelphia

Newmark Arranges $70.5M Construction Loan for Pittsburgh Multifamily Project

Colliers Arranges Sale of 120,000 SF Auto Dealership in West Chester, Pennsylvania

Starkman Realty Arranges $3.1M Sale of Affordable Housing Building in Chester, Pennsylvania

Montecito Medical Acquires 73,255 SF Healthcare Property in Hazelton, Pennsylvania

Recent Features

Rising Interest Rates and Inflation to Fuel Change in Property Markets

Build-to-Rent Planning and Entitlements: How to Avoid Challenges

Student Housing is Growing on Institutional Investors’ Radars, Say InterFace Panelists

Retail Real Estate is All About Creating the ‘Place to Be’

SIOR: Minimal Availability, Rising Construction Costs Dampen Industrial Brokers’ Confidence

Recent Market Reports

Residential Development Nears Cyclical Peak Across RGV Markets

Atlanta Multifamily Sales Market Downshifts from ‘White Hot’ to ‘Hot’

Mixed-Use Owners in Northeast Face Retail Tenancy Dilemma

Office Designs, Layouts Look Different in Post-Pandemic Marketplace

Rio Grande Valley Retail Market Sees No Shortage of Demand from National Brands

Finance Insight 2022

Factors Compressing Affordable Housing Pipeline in 2021 Likely to Resolve in 2022

Web-Based Appraisal Tool Supports Massive Increase in Demand for Multifamily Valuations

Multifamily Investment to Expand into Secondary, Tertiary Markets in 2022

Multifamily Financing Outlook Positive Despite Volatility, Interest Rates

Growth of Affordable Housing Delayed by Approval Process Slowdowns, Supply Chain

Web-Based Multifamily Valuation Enhances Speed, Builds Better Predictions

Investment, Financing in Seniors Housing Driven by Property Performance

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