Pennsylvania Archives - REBusinessOnline

Eli Lilly to Open 44,000 SF Life Sciences Facility in Philadelphia

Taylor Williams — Mon, 15 Dec 2025 15:25:07 +0000

PHILADELPHIA — Pharmaceutical giant Eli Lilly (NYSE: LLY) will open a 44,000-square-foot life sciences facility in Philadelphia. The space will span the first and second floors 2300 Market Street, an eight-story, 223,000-square-foot building located roughly midway between the University City and Center City districts. Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and biotechnology investment firm Bellco Capital, owns 2300 Market Street, and the facility will be known as Lilly Gateway Labs at Breakthrough. An opening date has not yet been announced.

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LYND Group Acquires 110-Unit Affordable Housing Complex in Pittsburgh

Taylor Williams — Wed, 10 Dec 2025 14:24:59 +0000

PITTSBURGH — An affiliate of San Antonio-based investment firm LYND Group has acquired Kelly Hamilton Apartments, a 110-unit affordable housing complex in Pittsburgh. The 21-building property is located in the city’s Homewood South neighborhood and offers one-, two- and three-bedroom floor plans. LYND, which plans to implement a capital improvement program, purchased the property through a bankruptcy proceeding in the U.S. Bankruptcy Court for the District of New Jersey.

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DH Property Holdings Buys Industrial Property in Metro Philadelphia for $5.2M

Taylor Williams — Tue, 09 Dec 2025 14:58:42 +0000

WILLOW GROVE, PA. — Regional development and investment firm DH Property Holdings has purchased an industrial complex in Willow Grove, located north of Philadelphia, for $5.2 million. The facility at 850 Davisville Road houses a 36,597-square-foot warehouse with a clear height of 18 feet, 10 drive-in doors and 81 car parking spaces, as well as 1.1 acres of rentable outdoor storage space. The facility was fully leased to six tenants at the time of sale. Scott Mertz of NAI Mertz represented DHPH in the off-market transaction.

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Partnership Acquires Industrial Complex in Chester, Pennsylvania, for $6.5M

Taylor Williams — Mon, 08 Dec 2025 15:07:52 +0000

CHESTER, PA. — A partnership between regional development firm DH Property Holdings and New York City-based DRA Advisors has acquired a 63,080-square-foot industrial complex in Chester, located just southwest of Philadelphia. Th sales price was $6.5 million. The facility at 950 Township Line Road includes a 40,080-square-foot warehouse and a 15,000-square-foot service facility and was fully leased to three tenants at the time of sale. Steve Italiano of Italiano Commercial Real Estate Services represented the undisclosed seller in the transaction.

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CBRE Arranges Sale of 3 MSF Industrial Portfolio Across Eight States for ACRE

Abby Cox — Fri, 05 Dec 2025 12:41:00 +0000

NEW YORK CITY — CBRE has arranged the sale of a 20-property last-mile distribution and light-manufacturing industrial portfolio across eight states. New York City-based Ares Commercial Real Estate Corp. (NYSE: ACRE) acquired the portfolio, which spans more than 3 million square feet. Brian Fiumara led CBRE’s National Partners team in marketing the portfolio and representing the undisclosed seller in the transaction. The CBRE team also procured the buyer. The properties include: The industrial portfolio consists of well-maintained industrial buildings ranging in size from 16,000 to 500,000 square feet, while average occupancy across the properties currently sits at 95 percent. “The acquisition by Ares allows the company to expand its existing portfolio with a critical mass of light industrial and well-located last-mile assets in major population centers with access to key distribution infrastructure,” says Fiumara. ACRE is a real estate investment trust (REIT) managed by Ares Commercial Real Estate Management LLC, a subsidiary of Ares Management Corp., which manages approximately $596 billion of assets. ACRE’s stock price closed on Thursday, Dec. 4 at $5.15 per share, down from $6.98 a year ago, a nearly 26 percent decline. — Abby Cox

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Thorofare Capital Provides $54.5M in Financing for Philadelphia Industrial Property

Taylor Williams — Thu, 04 Dec 2025 14:21:46 +0000

PHILADELPHIA — Los Angeles-based Thorofare Capital has provided $54.5 million in financing for a 624,912-square-foot, newly redeveloped industrial property in Philadelphia. The address of the property was not disclosed, but the multi-level facility includes secured trailer parking and is in the process of being leased up to a mix of credit and institutional tenants. The debt was structured with a floating interest rate. The borrower was also not disclosed.

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3650 Capital Provides $37.5M Construction Loan for Philadelphia Multifamily Conversion Project

Taylor Williams — Wed, 03 Dec 2025 15:05:24 +0000

PHILADELPHIA — Miami-based lender 3650 Capital has provided a $37.5 million senior construction loan for Viking Mill Apartments, a two-building, 177-unit multifamily conversion project that will be located in Philadelphia’s East Kensington neighborhood. The borrower, Delaware-based Chatham Bay Group, will redevelop the site of a former mill structure that dates back to the 1870s into a 77-unit complex and also construct a 100-unit building from the ground up. The new complex will offer a fitness center, coworking space, lounge areas and 7,750 square feet of retail space. Christopher Garzone, Ken Wellar and George Johnson of Global Real Estate Advisors (GREA) arranged the debt through 3650 Capital on behalf of the developer.

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Investcorp Acquires 2.6 MSF Industrial Portfolio for $400M

Hayden Spiess — Wed, 03 Dec 2025 11:50:00 +0000

NEW YORK CITY — Global alternative investment firm Investcorp has completed the $400 million acquisition of an industrial portfolio located in markets across the Eastern and Western United States. The seller was not disclosed. Totaling 2.6 million square feet, the portfolio comprises 35 buildings across seven markets. Properties in the portfolio include a 76,000-square-foot, two-building portfolio in Philadelphia; a 44,000-square-foot building in New Jersey; 92,000 square feet across two buildings on Long Island; a 1.3 million-square-foot logistics portfolio in Sacramento, Calif.; 156,000 square feet across two buildings in Tampa, Fla.; a 115,000-square-foot, three-building portfolio in South Florida; and a 12-building, 814,000-square-foot portfolio on Atlanta’s north side. Average occupancy across the portfolio was at 97 percent as of October. According to Green Street Advisors, each of the seven markets associated with the portfolio saw strong demand growth in the industrial sector during the third quarter of 2025. The firm noted that new supply in these markets makes up less than 1.3 percent of current inventory. “Despite shifting trade dynamics and supply chain disruptions across the country, the U.S. industrial sector has retained its foundational strength,” says Herb Myers, global head of real assets at Investcorp. “This is particularly true for these and similar…

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EQT Real Estate Sells 8.7 MSF Logistics Portfolio Across 13 Markets

Kristin Harlow — Wed, 26 Nov 2025 13:00:00 +0000

RADNOR, PA., AND CHEVY CHASE, MD. — EQT Real Estate, on behalf of its EQT Real Estate Industrial Core-Plus Fund II, has sold a 25-property logistics portfolio totaling 8.7 million square feet across 13 markets. The sales price was not disclosed, but the transaction marks the largest U.S. industrial sale so far in 2025, according to Radnor-based EQT Real Estate. Chevy Chase-based Artemis Real Estate Partners was the buyer. The portfolio spans distribution markets such as Atlanta, Chicago, New York, Phoenix and Texas. The assets feature an average clear height of 31 feet, cross-dock and rear-load configurations, expansive truck courts and generous parking accommodations. Most of the properties were developed after 2000, and EQT Real Estate began assembling and managing the portfolio in 2020. The properties are more than 95 percent leased to 25 tenants active in distribution, e-commerce, food and beverage and manufacturing. EQT Real Estate says the transaction marks the culmination of its multi-year strategy to assemble and scale a national logistics platform in high-growth, supply-constrained U.S. markets. Additionally, the sale reflects investor appetite for stabilized, institutional logistics properties with long-term demand drivers and limited new supply. John Huguenard, Trent Agnew and Will McCormack of JLL represented EQT…

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GFI Realty Arranges $96M Loan for Refinancing of Philadelphia Multifamily Property

Taylor Williams — Tue, 25 Nov 2025 14:52:26 +0000

PHILADELPHIA — New York City-based brokerage and advisory firm GFI Realty Services has arranged a $96 million loan for the refinancing of 4701 Pine Street, a 412-unit multifamily property in Philadelphia’s University City neighborhood. The property consists of a 192-unit pre-war building that was recently renovated, a newly constructed, 220-unit building, 10,000 square feet of retail space and a 260-space parking garage. Daniel Lerer of GFI Realty arranged the loan. The borrower and direct lender were not disclosed.

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CBRE Brokers Sale of 100,250 SF Shopping Center in Easton, Pennsylvania

Taylor Williams — Tue, 25 Nov 2025 14:42:37 +0000

EASTON, PA. — CBRE has brokered the sale of Forks Town Center, a 100,250-square-foot shopping center in the Lehigh Valley city of Easton. Grocer GIANT anchors the center, which was fully leased at the time of sale. Other tenants include Dunkin’, PNC Bank, Fine Wine & Good Spirits and Verizon. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE represented the seller, JC Bar Properties Inc., in the deal. The sales price was not disclosed.

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Federal Realty, CBG Begin Leasing 217-Unit Multifamily Redevelopment in Metro Philadelphia

Taylor Williams — Thu, 20 Nov 2025 14:27:16 +0000

BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) and CBG Building Co. have begun leasing Blayr, a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment known as Bala Cynwyd on City Avenue, is a conversion of the former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include an outdoor pool, a golf and multisport simulator and a courtyard with grills and gathering spaces. Federal Realty received zoning approval for the project in February 2024, broke ground a few months later and topped off the project this spring. The first move-ins are scheduled for March.

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Newmark Brokers Sale of 289-Unit Apartment Building in Philadelphia

Taylor Williams — Tue, 18 Nov 2025 15:37:54 +0000

PHILADELPHIA — Newmark has brokered the sale of The Drake, a 289-unit apartment building located in the Rittenhouse Square neighborhood of Philadelphia. According to Apartments.com, The Drake features studio, one- and two-bedroom units that range in size from 328 to 2,163 square feet. The building also includes 8,500 square feet of retail space. Erin Miller and Chris Koehler of Newmark represented the undisclosed seller in the deal. Mark Vinitsky of Lument arranged acquisition financing for the buyer, a partnership between Lionheart Realty Group, Lineage Squared, Avery Cos. and AMS Equities.

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Cushman & Wakefield Negotiates 20,025 SF Office Lease Renewal in Allentown, Pennsylvania

Taylor Williams — Mon, 17 Nov 2025 14:36:48 +0000

ALLENTOWN, PA. — Cushman & Wakefield has negotiated a 20,025-square-foot office lease renewal in the Lehigh Valley city of Allentown. The tenant is Selective Insurance, and the building is located at 1275 Glenlivet Drive. David DeMatteis, Robert Rudin, Jan Randall and Jason Sourbeer of Cushman & Wakefield represented Selective Insurance in the lease negotiations. Bill Wolf of CBRE represented the undisclosed landlord.

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CBRE Brokers Sale of 222,512 SF Shopping Center in Havertown, Pennsylvania

Taylor Williams — Wed, 12 Nov 2025 14:13:22 +0000

HAVERTOWN, PA. — CBRE has brokered the sale of The Quarry Center, a 222,512-square-foot shopping center in Havertown, located west of Philadelphia. Grocer Giant and Lowe’s Home Improvement anchor the center, which was fully leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE represented the seller, an entity doing business as Quarry Center Limited Partnership, in the transaction. The team also procured the undisclosed buyer.

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Tryko Partners to Develop 48-Unit Affordable Housing Project in Pittsburgh

Taylor Williams — Wed, 12 Nov 2025 13:42:23 +0000

PITTSBURGH — New Jersey-based Tryko Partners will develop a 48-unit affordable housing project in Pittsburgh’s West End neighborhood. Hill Top Villas will be an age-restricted complex in which the majority (40) of the one-bedroom units will be reserved for households earning 60 percent or less of the area median income. Amenities will include a fitness center and a community room. Tryko Partners has received 9 percent Low-Income Housing Tax Credits to finance the project, and construction could begin as early as 2027.

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Morgan Stanley, GSA Acquire Eight-Property Student Housing Portfolio Valued at $1B

Kristin Harlow — Wed, 12 Nov 2025 13:00:00 +0000

NEW YORK CITY — Morgan Stanley Real Estate Investing (MSREI) and Global Student Accommodation (GSA) have acquired a portfolio of eight student housing assets in Tier 1 U.S. university markets from a joint venture between a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Landmark Properties. The transaction is valued at more than $1 billion. The properties are located across seven states and offer a mix of cottage-style, high-rise and mid-rise formats. The 6,200-bed portfolio is nearly fully leased. Global student housing operator Yugo will manage and rebrand the newly acquired assets. The assets in the sold portfolio include: The acquisition marks the partnership’s entrance into new markets in Virginia, Georgia and Pennsylvania, while expanding its presence in Texas, Florida, Oregon and North Carolina. Through its partnership, MSREI and GSA now own nearly 24,000 student housing beds across 50 properties in 23 states. “This acquisition is testament to the depth of our global teams, our access to unique opportunities and the strength of our institutional relationships in the United States and globally. An off-market portfolio of this size and quality is rare, and demonstrates our experience and expertise in the student housing market,” says Nicholas Porter, CEO at…

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Milhaus, BAM Capital Complete 272-Unit Apartment Complex Near Pittsburgh

Taylor Williams — Fri, 07 Nov 2025 15:15:00 +0000

ROBINSON TOWNSHIP, PA. — A partnership between two Indiana-based firms, developer Milhaus and investment group BAM Capital, has completed a 272-unit apartment complex located just west of Pittsburgh in Robinson Township. Known as Nox Living, the property offers studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, coworking space, pickleball court, resident lounge and outdoor grilling and dining stations. Rents start at roughly $1,650 per month for a studio apartment, according to the property website.

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CBRE Brokers Sale of 63,392 SF Shopping Center in Lancaster, Pennsylvania

Taylor Williams — Fri, 07 Nov 2025 15:05:00 +0000

LANCASTER, PA. — CBRE has brokered the sale of The Shops at Prospect, a 63,392-square-foot shopping center in Lancaster, located roughly midway between Philadelphia and Harrisburg. Grocer Giant anchors the center, which is also home to tenants such as Penn State Health and Hillcrest Pharmacy. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE represented the seller, Brixmor Property Group, in the transaction. Bennett Williams Commercial represented the buyer, Deerin Cos.

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Landmark, Golden Primera to Develop 546-Bed Student Housing Community Near Penn State University

Taylor Williams — Thu, 06 Nov 2025 14:47:26 +0000

STATE COLLEGE, PA. — A joint venture between Georgia-based Landmark Properties and Golden Primera will develop a 546-bed student housing community near the Penn State University campus in State College. The 11.2-acre site is located at 418-428 Westerly Parkway, and the cottage-style property will be known as The Retreat at Westerly. The community will offer 142 units in two- and five-bedroom configurations with bed-to-bath parity. The property will also feature a 10,500-square-foot amenity area with a pool, pickleball court, sauna, cold plunge, jumbotron, fitness center, multi-sport simulator, study lounges, grilling and fire pit areas and additional green space for outdoor recreation. A construction timeline was not announced.

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