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Pennsylvania

400-Market-Flats-Philadelphia
DevelopmentMultifamilyNortheastOfficePennsylvania

Keystone Completes Office-to-Residential Conversion Project in Philadelphia

by Taylor Williams

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.

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Lehigh-Valley-Trade-Center
IndustrialLeasing ActivityNortheastPennsylvania

ShipBob Signs 301,826 SF Industrial Lease in Bethlehem, Pennsylvania

by Taylor Williams

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.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Pennrose, WORC Complete 55-Unit Affordable Seniors Housing Redevelopment in Philadelphia

by Taylor Williams

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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AcquisitionsHealthcareNortheastPennsylvania

Berkadia Arranges Sale of 18,630 SF Ambulatory Surgery Center in Metro Philadelphia

by Taylor Williams

CHADDS FORD, PA. — Berkadia has arranged the sale of Restore Orthopaedic Surgical Institute, an 18,630-square-foot ambulatory surgery center in Chadds Ford, a western suburb of Philadelphia. The facility was built in 2022 and features two operating rooms in addition to spaces for pre- and post-operative consultations, physical therapy and related orthopedic support services. Eric Lee, Sabrina Solomiany, Chris Lashmet and Vasili Davos of Berkadia represented the seller, Tennessee-based Montecito Medical Real Estate, in the transaction. The buyer was Delaware-based Wasatch Capital.

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Whitehall-Plaza
AcquisitionsNortheastPennsylvaniaRetail

JLL Arranges Sale of 365,071 SF Shopping Center in Whitehall, Pennsylvania

by Taylor Williams

WHITEHALL, PA. — JLL has negotiated the sale of Whitehall Plaza, a 365,071-square-foot shopping center located in the Lehigh Valley. Tenants at the open-air center include Floor & Décor, Wawa, The Gravity Vault, Community Bank, Saladworks, Philly Pretzel Factory, Pizza Hut, Health Network Labs, Five Guys and FedEx. Jim Galbally, Patrick Higgins and JP Colussi of JLL represented the undisclosed seller in the transaction. The buyer, Mishorim Gold Group, which plans to invest in capital improvements to the property, was self-represented.

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AVE-Horsham
DevelopmentMultifamilyNortheastPennsylvania

Partnership Underway on 274-Unit Multifamily Project in Horsham, Pennsylvania

by Taylor Williams

HORSHAM, PA. — A partnership between Pennsylvania-based Korman Communities, New York City-based RXR, Japanese asset manager Chuo Nittochi, Goodman Properties and CBG Building Co. is underway on construction of a 274-unit multifamily project in Horsham, a northern suburb of Philadelphia. Known as AVE Horsham, the property will offer studio, one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations, coworking space, meeting rooms, game room and a golf simulator. Completion is slated for early 2028.

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AcquisitionsNortheastPennsylvaniaRetail

Roadside Development Acquires 168,000 SF Shopping Center Near Pittsburgh

by Taylor Williams

MOUNT LEBANON, PA. — Washington D.C.-based Roadside Development has acquired the Galleria at Mount Lebanon, a 168,000-square-foot shopping center located just outside of Pittsburgh. Originally constructed as a Kaufmann’s department store and converted to an indoor mall in 1988, the two-story center is home to tenants such as Anthropologie, Pottery Barn, Mitchell’s Fish Market, Panera Bread and AMC Theatres. The seller and sales price were not disclosed. 

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The-Witherspoon-Philadelphia
DevelopmentMultifamilyNortheastPennsylvania

SSH Real Estate Begins Leasing 186-Unit Multifamily Redevelopment in Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — SSH Real Estate has begun leasing The Witherspoon, a 186-unit apartment building in downtown Philadelphia that is a redevelopment of a historic former hospitality structure. The building, located on Juniper Street, was originally constructed in 1896. Today, The Witherspoon offers studio, one- and two-bedroom units with an average size of 601 square feet. Rents start at $1,290 per month for a studio apartment. Scully Co. manages the property.

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Stateside-Live-Philadelphia
DevelopmentNortheastPennsylvaniaRestaurantRetail

Comcast Spectator, Cordish Cos. Complete Redevelopment of South Philadelphia Sports Complex

by Taylor Williams

PHILADELPHIA — Philadelphia-based Comcast Spectator and The Cordish Cos., a Baltimore-based developer specializing in sports-anchored entertainment districts, have completed the redevelopment of the Stateside Live! sports complex in South Philadelphia. The redevelopment features the addition of a two-story building with a rooftop space known as AVA Rooftop Bar, a performance stage with 1,000 premium seats and a 5,000-person capacity, an expansion of PBR Philly via a dedicated outdoor stage and dance floor and an open-air beer garden. Ownership also introduced new dining options, including local restaurants such as Chickie’s & Pete’s, Lorenzo’s Pizza and Geno’s Steaks. The project was first announced in late 2024.

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DevelopmentMultifamilyNortheastPennsylvania

Hankin Group Breaks Ground on 72-Unit Multifamily Project in Exton, Pennsylvania

by Taylor Williams

EXTON, PA. — Locally based developer Hankin Group has broken ground on a 72-unit multifamily project in Exton, about 35 miles west of Philadelphia. The project is an expansion of Keva Flats, a development that currently consists of 266 units on a 19-acre site. The new, five-story building will be the seventh within the development and will offer studio, one-, two- and three-bedroom units that will range in size from 795 to 1,570 square feet. Residents will have access to existing amenities at Keva Flats. The first move-ins are scheduled for spring 2027.

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