Pennsylvania Archives - REBusinessOnline

Banco Inbursa Provides $150M Construction Loan for South Philadelphia Multifamily Project

Taylor Williams — Thu, 26 Feb 2026 13:39:47 +0000

PHILADELPHIA — Banco Inbursa has provided a $150 million senior construction loan for a multifamily project that will be located within Wharton Piers, a mixed-use waterfront development in South Philadelphia. The project will consist of a 36-story residential building and a single-story commercial building for a total of 620 market-rate apartments and 30,800 square feet of retail space. The borrower/developer is New York City-based Brevet Capital. Construction is expected to begin in early 2027, with leasing to commence in the fourth quarter of 2028. Full completion is slated for the first quarter of 2029.

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CBRE Brokers Sale of 54,810 SF Shopping Center in Ephrata, Pennsylvania

Taylor Williams — Thu, 19 Feb 2026 14:30:00 +0000

EPHRATA, PA. — CBRE has brokered the sale of Ephrata Commons, a 54,810-square-foot shopping center located roughly midway between Philadelphia and Harrisburg. Regional grocer Redner’s Markets anchors the center, which is also home to tenants such as Tigon’s Nail & Spa, Wild Wings & Pizza and Gehman Jewelers. S&S Singh Partners purchased the center from Heidenberg Properties Group for an undisclosed price. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE brokered the deal.

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Drexel University to Open 150,741 SF Healthcare, Life Sciences Facility in Philadelphia

Taylor Williams — Wed, 18 Feb 2026 14:39:11 +0000

PHILADELPHIA — Drexel University will open a 150,741-square-foot healthcare and life sciences facility in Philadelphia’s University City area. The space spans four of the 11 stories within the building at 3201 Cuthbert St., which is adjacent to Drexel’s campus. The university plans to consolidate the entirety of its research and laboratory operations within the Drexel University College of Medicine in the new building, which was designed by Robert A.M. Stern Architects and is owned by a partnership between Gattuso Development Partners and Vigilant Holdings Occupancy is slated for mid-2027.

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CBRE Brokers Sale of 52,750 SF Shopping Center in North Pittsburgh

Taylor Williams — Wed, 18 Feb 2026 14:28:54 +0000

PITTSBURGH — CBRE has brokered the sale of a 52,750-square-foot shopping center in North Pittsburgh. Located at 4885 McKnight Road and known as McKnight Siebert, the center is home to tenants such as Walgreens, Starbucks, The UPS Store, Bruegger’s Bagels, Sport Clips and T-Mobile. First Washington Realty sold the center to full-service firm Shannon Waltchack for an undisclosed price. Chris Munley, Colin Behr, Ryan Sciullo, Casey Benson Smith, R.J. Mirabile and Michael Pascavis of CBRE brokered the deal.

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PCCP Acquires Industrial Property Near Harrisburg for $141.6M

Taylor Williams — Fri, 13 Feb 2026 14:59:37 +0000

NEWVILLE, PA. — Los Angeles-based PCCP LLC has acquired a 1.2 million-square-foot industrial property in Newville, about 35 miles west of Harrisburg, for $141.6 million. Completed in 2020 on a 93-acre site at 3419 Ritner Highway, the building features a clear height of 236 feet, 120 dock-high doors (expandable to 241), 200-foot truck court depths and parking for 265 cars and 437 trailers. John Plower and Ryan Cottone of JLL represented the undisclosed seller in the transaction. JLL also arranged an $82 million acquisition loan through QuadReal Property Group on behalf of PCCP. The building was fully leased at the time of sale to Newell Brands, a Fortune 500 manufacturer and distributor of consumer and commercial products.

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JLL Brokers Sale of 251,043 SF Distribution Center in Greencastle, Pennsylvania

Taylor Williams — Thu, 12 Feb 2026 14:24:42 +0000

GREENCASTLE, PA. — JLL has brokered the sale of a 251,043-square-foot distribution center in Greencastle, located near the Pennsylvania-Maryland border. The cross-dock facility at 12316 Molly Pitcher Highway was built on a 32.8-acre site in 2023 at and was fully leased at the time of sale to U.S. government entities. Building features include a clear height of 32 feet, 45 dock-high doors, three drive-in doors, 130-foot truck court depths, parking for 125 cars and 300 trailers, vehicle repair and wash bays and climate-controlled storage areas. John Plower and Ryan Cottone of JLL represented the seller, Atapco Properties Inc., in the transaction.

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Beacon Communities Begins Affordable Housing Redevelopment Project in Downtown Pittsburgh

Taylor Williams — Thu, 12 Feb 2026 14:18:41 +0000

PITTSBURGH — Nonprofit owner-operator Beacon Communities has begun an affordable housing redevelopment project in downtown Pittsburgh. The project involves The May Building, 12-story structure at 111 Fifth Ave. that was originally completed in 1908 for the May Drug Co. The building was converted from office to an 87-unit apartment complex with studio and one-bedroom units in 1974. This latest redevelopment will convert 66 of those residences into affordable housing and also upgrade the building’s exterior elements, mechanical/utility systems and common spaces.

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PPR Capital Management Buys 199-Unit Apartment Complex in Limerick, Pennsylvania

Taylor Williams — Fri, 06 Feb 2026 15:29:50 +0000

LIMERICK, PA. — Pennsylvania-based private equity firm PPR Capital Management has purchased Botanica Cottages, a 199-unit apartment complex in Limerick, a northwestern suburb of Philadelphia. Built in 1999, Botanica Cottages offers one-, two- and three-bedroom units that are equipped with private entrances and attached garages. Amenities include a pool, spa, clubhouse and a fitness center. PPR acquired the property in partnership with Bel Canto Asset Growth Fund. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

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Marcus & Millichap Brokers Sale of 10-Store Dollar General Portfolio in Pennsylvania

Taylor Williams — Fri, 06 Feb 2026 15:12:00 +0000

PENNSYLVANIA — Marcus & Millchap has brokered the sale of a portfolio of 10 Dollar General stores in Pennsylvania. The addresses were not disclosed, but the stores are all new construction and are operated under 15-year, triple-net leases. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group of Marcus & Millichap brokered the deal. The seller was a developer, and the buyer was an institutional investment firm. Both parties requested anonymity.

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Mosaic Development Completes 88,000 SF Academic Project in Philadelphia

Taylor Williams — Fri, 06 Feb 2026 15:07:37 +0000

PHILADELPHIA — Locally based firm Mosaic Development Partners has completed an 88,000-square-foot academic project for the School District of Philadelphia. The Alternative Middle Years at James Martin Middle School is a four-story building in the Port Richmond neighborhood that includes specialty art, science and technology labs and was designed to LEED Gold standards. Project partners included design firms KSS Architects and Moody Nolan and construction firm Daniel J. Keating Co.

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Realterm Buys Industrial Outdoor Storage Facility in Lehigh Valley

Taylor Williams — Tue, 03 Feb 2026 15:35:47 +0000

ALLENTOWN, PA. — Realterm, a Maryland-based investment manager focused on the transportation real estate industry, has purchased an industrial outdoor storage (IOS) facility in the Lehigh Valley city of Allentown. The site at 925 N. Godfrey St. spans 4.2 acres, includes a 27,407-square-foot warehouse and was fully leased at the time of sale to Student Transportation of America Inc. Ryan Cottone and John Plower of JLL represented the undisclosed seller in the transaction.

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Cronheim Arranges $28.5M Loan for Refinancing of Downtown Philadelphia Hotel

Taylor Williams — Mon, 02 Feb 2026 14:52:58 +0000

PHILADELPHIA — Cronheim Hotel Capital, a division of New Jersey-based intermediary Cronheim Mortgage, has arranged a $28.5 million loan for the refinancing of the Renaissance Philadelphia Downtown hotel. The number of rooms was not disclosed. The hotel’s amenities include business and fitness centers, as well as meeting/event space and two onsite restaurants. The loan was structured with interest-only payments and a fixed interest rate. The direct lender and borrower were also not disclosed.

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Eli Lilly to Open $3.5B Manufacturing Facility in Pennsylvania’s Lehigh Valley

Taylor Williams — Mon, 02 Feb 2026 12:52:00 +0000

UPPER MACUNGIE, PA. — Pharmaceutical giant Eli Lilly & Co. (NYSE: LLY) will open a $3.5 billion manufacturing facility in the Lehigh Valley community of Upper Macungie. The development will span about 925,000 square feet across multiple buildings and is expected to bring about 850 new jobs to the region. A construction timeline was not announced. Lilly is acquiring the property at 9802 Main St. in Upper Macungie from Jaindl Land Development for the project. According to local news outlet WFMZ, this property is known as Fogelsville Corporate Center and is undeveloped agricultural land. In addition to the 850 permanent jobs, development of the new facility is expected to create about 2,000 construction jobs. According to Pennsylvania Gov. Josh Shapiro, the state committed more than $100 million in incentives to land the project, including $50 million in tax credits. Lehigh Carbon Community College will receive additional state funding and feed Lilly’s talent pipeline by creating and expanding academic and workforce training programs in life sciences. “Lilly’s commitment to the Lehigh Valley and to Pennsylvania will bring billions of dollars of investment and hundreds of good-paying jobs, solidifying our position as a leader in the growing life sciences industry,” Shapiro said…

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Largo Capital Arranges $19M Loan for Refinancing of Metro Philadelphia Apartment Complex

Taylor Williams — Fri, 30 Jan 2026 14:50:00 +0000

WILLOW GROVE, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $19 million permanent loan for the refinancing of Willow Run Apartments, a 172-unit multifamily complex in Willow Grove, located on the northern outskirts of Philadelphia. The pet-friendly property offers one- and two-bedroom units, as well as a fitness center. Neal Colligan of Largo Capital arranged the debt. The direct lender and borrower were not disclosed.

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Eastdil Secured Arranges $140.7M in Construction Financing for Metro Philadelphia Multifamily Project

Taylor Williams — Tue, 27 Jan 2026 16:13:28 +0000

ARDMORE, PA. — Eastdil Secured has arranged $140.7 million in construction financing for a 270-unit multifamily project in Ardmore, a northwestern suburb of Philadelphia. The development is known as The Plaza at Ardmore, and the financing consists of a $112.6 million senior loan from Bank OZK and a $28.1 million mezzanine loan from Affinius Capital. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, outdoor grilling and dining stations, a fitness center and dedicated coworking and private study spaces, as well as 30,000 square feet of ground-floor retail space. Nick Seidenberg of Eastdil Secured arranged the financing on behalf of the borrower, an affiliate of Piazza Auto Group, which has partnered with Radnor Property Group for the overseeing of development and construction of the project. A tentative completion date was not announced.

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EQT Real Estate Buys 1 MSF Industrial Property in Olyphant, Pennsylvania

Taylor Williams — Mon, 26 Jan 2026 13:21:00 +0000

OLYPHANT, PA. — Global investment firm EQT Real Estate has purchased a 1 million-square-foot industrial property in Olyphant, located just outside of Scranton. Completed in 2023, Scranton North Logistics Center features a clear height of 40 feet, 185-foot truck court depths, 233 trailer parking stalls, 163 dock-high doors and four drive-in doors. John Plower, Ryan Cottone and Zach Maguire of JLL brokered the sale of the property, which was fully leased at the time of sale to an unnamed tenant. The seller was regional owner-operator Endurance Real Estate.

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Marcus & Millichap Brokers $7.4M Sale of Metro Philadelphia Retail Property

Taylor Williams — Mon, 19 Jan 2026 15:18:05 +0000

PHOENIXVILLE, PA. — Marcus & Millichap has brokered the $7.4 million sale of Phoenixville Shopping Center, a 33,093-square-foot retail property located roughly 28 miles northwest of Philadelphia. Built in 2007, the center was fully leased at the time of sale to tenants such as Fresenius Kidney Care, Labcorp, NovaCare Rehabilitation, State Farm and Benchmark Federal Credit Union. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the seller, a private investor based in Pennsylvania, in the deal.

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JLL Negotiates $30.8M Sale of Northeast Philadelphia Shopping Center

Taylor Williams — Fri, 16 Jan 2026 15:21:12 +0000

PHILADELPHIA — JLL has negotiated the $30.8 million sale of Shoppes at Wissinoming, a roughly 98,000-square-foot shopping center in northeast Philadelphia. Grocer ShopRite anchors the center, which was built on 11.3 acres in 2008, with a 67,846-square-foot store. Additional tenants include Wawa, Popeyes, AT&T, Elite Dental and Wissinoming Laundromat. Jim Galbally, Patrick Higgins and JP Colussi of JLL represented the seller, ARCTRUST, in the transaction. The buyer was an affiliate of Brown’s Real Estate. Shoppes at Wissinoming was 98 percent leased at the time of sale.

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Largo Capital Arranges $17.6M Refinancing for Multifamily Property in Levittown, Pennsylvania

Taylor Williams — Tue, 13 Jan 2026 14:20:41 +0000

LEVITTOWN, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17.6 million loan for the refinancing of Country Manor Apartments, a 200-unit multifamily property in Levittown, located along the Pennsylvania-New Jersey border. The property offers one- and two-bedroom units. Amenities include a pool, playground, courtyard, fitness center and onsite laundry facilities. Neal Colligan of Largo Capital arranged the loan. The names of the direct lender and borrower were not disclosed.

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DrinkPAK Signs 1.4 MSF Industrial Lease at Bellwether District in Philadelphia

Taylor Williams — Mon, 12 Jan 2026 12:56:00 +0000

PHILADELPHIA — California-based canned beverage manufacturer DrinkPAK has signed a 1.4 million-square-foot industrial lease at The Bellwether District, a 1,300-acre logistics campus in South Philadelphia. The Bellwether District is a redevelopment of the former Philadelphia Energy Solutions refinery campus that can support traditional industrial uses, as well as life sciences and manufacturing uses. Hilco Redevelopment Partners (HRP) is the master developer of The Bellwether District. Jim Belcher, Nick Pickard, Stephen Cook and Mike Spaeder of Newmark represented DrinkPAK in the lease negotiations. According to the Newmark’s analysis of CoStar Group’s data, the deal represents one of the largest industrial transactions in the history of the Philadelphia market and the largest lease since 2020. “DrinkPAK’s commitment at The Bellwether District represents a defining moment for both the project and the region,” says Pickard. “This type of investment brings significant upside to greater Philadelphia, fueling job creation, supply chain expansion and regional economic growth.” Newmark also recently represented DrinkPAK in its negotiations for a pair of industrial lease expansions totaling 2.9 million square feet in Fort Worth. — Taylor Williams

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