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Trammell Crow, Diamond Realty Sell 1 MSF Valley View Trade Center in Jessup, Pennsylvania

JESSUP, PA. — A joint venture between Dallas-based Trammell Crow Co. and Diamond Realty Investments has sold Valley View Trade Center, a roughly 1 million-square-foot distribution center in Jessup, a northern suburb of Scranton. Built on a speculative basis in 2020, Valley View Trade Center features a clear height of 40 feet, truck court depths of 190 feet, an ESFR sprinkler system, 311 trailer parking spots, 277 car parking spots and 159 dock positions. Michael Hines, Brian Fiumara, Brad …

Phoenix Investors Buys 600,000 SF Industrial Property Near Pittsburgh

MCKEESPORT, PA. — Phoenix Investors, a Milwaukee-based investment firm, has purchased a 600,000-square-foot industrial property in McKeesport, located southeast of Pittsburgh in Allegheny County. The property, which was built in 1963 and subsequently renovated in 2005 and 2018, is located on a 36-acre site approximately 35 miles southeast of Pittsburgh International Airport with proximity to Interstates 70 and 76. Ned Shekels of Pennsylvania Commercial Real Estate Inc. brokered the deal, the …

Tryko Partners to Develop 46-Unit Affordable Housing Project in Pittsburgh

PITTSBURGH — New Jersey-based Tryko Partners will develop Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late

ASB Real Estate, Endurance Acquire Industrial Facility in York, Pennsylvania for $91M

YORK, PA. — A joint venture between ASB Real Estate Investments and Endurance Real Estate Group has acquired York Business Center, a 1.5 million-square-foot industrial facility located in the central part of the state, for approximately $91 million. The three-building property, which was 94 percent leased at the time of sale, sits on a 119-acre site near the intersection of Interstate 83 and State Route 30. Tenants include Harley-Davidson, which operates a preassembly facility that supports …

Allegheny County Airport Authority Breaks Ground on $1.4B Terminal Modernization Project

PITTSBURGH — The Allegheny County Airport Authority has broken ground on the Terminal Modernization Program, a $1.4 billion expansion project that will add a new 700,000-square-foot terminal at Pittsburgh International Airport. The new terminal will be designed to improve the passenger experience by consolidating ticketing, security checkpoints and baggage claim. In addition, the project will add a multimodal complex that includes a new 3,300-space parking garage, rental car facilities and …

Philadelphia’s Growing Demand for Industrial Space: Is There an End in Sight?

By Richard Gorodesky, SIOR, senior managing director, Colliers International; and Adam Gorodesky, associate, Colliers InternationalCommercial real estate is historically a cyclical business. There is a fairly predictable pattern of oversupply,  recession, recovery and finally expansion before starting all over again. While the cycle isn’t always this cleanly defined, it generally follows this pattern, and has done so for decades.While this formula can be very useful for understanding …

Velocity Ventures Buys 97,000 SF Industrial Flex Property in Metro Philadelphia

CHERRY HILL, N.J. — Locally based investment firm Velocity Ventures Partners has purchased Rockhill Industrial Center, a 97,000-square-foot industrial flex property in the Philadelphia suburb of Cherry Hill. The eight-building facility, whose suites range in size from 2,000 to 20,000 square feet, was fully leased at the time of sale. Chris Henderson of JLL represented Velocity Ventures in the transaction. The seller and sales price were not

Cushman & Wakefield Arranges Sale, Financing for 2.5 MSF Northeast Industrial Portfolio

NEW YORK CITY — Cushman & Wakefield has arranged the sale of the Interstate Industrial Portfolio, a collection of 15 buildings totaling approximately 2.5 million square feet located in various markets throughout the Northeast. Those markets include Harrisburg, Pennsylvania, and Columbus, Ohio, as well as the Upstate New York cities of Syracuse, Rochester and Albany. Cushman & Wakefield’s David Bernhaut, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, Heritage …

CBRE Negotiates $33.5M Sale of Philadelphia Industrial Property

PHILADELPHIA — CBRE has negotiated the $33.5 million sale of a 454,456-square-foot industrial property located along the Interstate 95 corridor in Philadelphia. The property was originally built in 1960 on a 26.4-acre site and recently underwent a $3.7 million capital improvement program. Building features include clear heights of 18 to 24 feet, parking for 189 cars and 46 trailers and 16,800 square feet of office space. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill, Lauren Dawicki, …

Iovance Biotherapeutics Opens 136,000 SF Life Sciences Facility at Philadelphia Navy Yard

PHILADELPHIA — Iovance Biotherapeutics Inc. (NASDAQ: IOVA) has opened a 136,000-square-foot life sciences facility at the Philadelphia Navy Yard, where the biomanufacturing firm will produce T cell-based immunotherapies for cancer patients. Gattuso Development Partners developed the facility, which is located within an opportunity zone, and CRB provided design and construction

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