Pennsylvania Archives - REBusinessOnline

JLL Arranges Recapitalization of Downtown Pittsburgh Mixed-Use Property

Taylor Williams — Fri, 07 Aug 2026 15:17:27 +0000

PITTSBURGH — JLL has arranged the recapitalization of Tower Two-Sixty, a mixed-use property in downtown Pittsburgh. Completed in 2016, Tower Two-Sixty consists of 130,000 square feet of office space, 14,000 square feet of retail and restaurant space, a 197-key Hilton-branded hotel and a 321-space structured parking garage. Valued at $69 million, the recapitalization entailed a ground-lease bifurcation sale of the land and financing of the leasehold improvements. Working on behalf of the owner, local developer Piatt Cos., JLL’s Nick Unkovic and Mark Popovich procured the buyer for the land component, Woodbranch Investments Corp. The duo also worked to secure the leasehold financing through Dollar Bank.

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Keystone Completes Office-to-Residential Conversion Project in Philadelphia

Taylor Williams — Tue, 04 Aug 2026 14:54:14 +0000

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

Taylor Williams — Wed, 29 Jul 2026 14:53:03 +0000

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

Taylor Williams — Wed, 29 Jul 2026 14:39:02 +0000

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

Taylor Williams — Mon, 27 Jul 2026 13:07:14 +0000

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

Taylor Williams — Mon, 20 Jul 2026 13:58:39 +0000

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

Taylor Williams — Fri, 17 Jul 2026 14:19:05 +0000

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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Roadside Development Acquires 168,000 SF Shopping Center Near Pittsburgh

Taylor Williams — Fri, 10 Jul 2026 14:25:52 +0000

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

Taylor Williams — Tue, 07 Jul 2026 14:56:23 +0000

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

Taylor Williams — Thu, 02 Jul 2026 13:39:48 +0000

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

Taylor Williams — Wed, 10 Jun 2026 14:46:02 +0000

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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Urban Outfitters to Open New Distribution Facility in Metro Philadelphia, Add 1,050 Jobs

John Nelson — Tue, 09 Jun 2026 12:00:00 +0000

PHILADELPHIA AND FALLS TOWNSHIP, PA. — Urban Outfitters Inc. (NASDAQ: URBN), a global portfolio of apparel retail brands and physical shops that includes Urban Outfitters, Anthropologie and Free People, is making a major investment in its home market of metropolitan Philadelphia. The company has announced that it will open a new facility for its Nuuly brand in Falls Township, a city located 28 miles northeast of Philadelphia in Bucks County. According to Urban Outfitters, the new facility will create 600 jobs and work in tandem with the existing 600,000-square-foot Nuuly distribution center in Raymore, Mo., that opened in 2024. Further details about the Falls Township facility were not released. Nuuly is a monthly subscription service that lets patrons rent apparel from URBN’s various brands. According to the Philadelphia Business Journal, Nuuly represents almost 10 percent of URBN’s total net sales. In addition to the new facility, URBN plans to invest at least $150 million in capital and create 450 jobs at its global headquarters campus at the Philadelphia Navy Yard. The company has been headquartered at the former shipyard since 2006 and recently opened the 117,000-square-foot Building 16. Today, URBN employs roughly 2,500 staffers at the Navy Yard, which includes adaptive…

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JLL Arranges $46M Loan for Refinancing of Northeast Philadelphia Industrial Facility

Taylor Williams — Thu, 04 Jun 2026 14:33:51 +0000

PHILADELPHIA — JLL has arranged a $46 million loan for the refinancing of a 287,218-square-foot industrial facility in northeast Philadelphia. The facility sits on a 21.3-acre site at 2121 Wheatsheaf Lane and features a clear height of 40 feet, 36 dock doors, two drive-in doors and parking for 65 trailers and 258 cars. An undisclosed life insurance company provided the three-year, fixed-rate loan to the owner, Greek Real Estate Partners, which broke ground on the facility in late 2023.

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North Palisades Partners Buys 2,298-Unit Self-Storage Portfolio in Philadelphia

Taylor Williams — Wed, 03 Jun 2026 14:23:01 +0000

PHILADELPHIA — North Palisades Partners, a California-based investment firm, has purchased a portfolio of two self-storage facilities in the Northern Liberties neighborhood of Philadelphia. The properties are located at 40 Spring Garden St. and 510 N. Christopher Columbus Blvd. and total 199,288 net rentable square feet of space. The portfolio also includes 6,907 square feet of retail space. The seller and sales price were not disclosed. One property was roughly 90 percent occupied at the time of sale, and the other is in lease-up. Extra Space Storage will manage the facilities. Luke Elliott and Anthony Licari of Cushman & Wakefield represented the undisclosed seller in the transaction.

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Cronheim Arranges $17.6M Loan for Refinancing of Downtown Philadelphia Hotel

Taylor Williams — Fri, 29 May 2026 13:22:21 +0000

PHILADELPHIA — The hotel affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $17.6 million loan for the refinancing of the Fairfield Inn & Suites Center City Philadelphia hotel in the city’s downtown area. The number of rooms was not disclosed. The loan carried a floating interest rate and a five-year term with no prepayment penalty. An unnamed regional bank provided the loan to the sponsor, which also requested anonymity.

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CBRE Negotiates 37,816 SF Healthcare Lease Expansion in Pittsburgh

Taylor Williams — Thu, 28 May 2026 13:10:00 +0000

PITTSBURGH — CBRE has negotiated a 37,816-square-foot healthcare lease expansion in Pittsburgh. The tenant, Blink Health, a New York City-based provider of digital pharmaceutical services, is expanding from 53,076 to 90,892 square feet at the 148,000-square-foot Building 5 within Penn Center West, where Blink has been a tenant since 2009. Carmine DiLucente, Michael Stuart and Danielle Lafe of CBRE represented Blink Health in the lease negotiations. Adam Viccaro, Dominika Demantova and Charlie Must, also with CBRE, represented the landlord, The Soffer Organization.

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CenterSquare Buys 32,242 SF Shopping Center in Warrington, Pennsylvania

Taylor Williams — Wed, 27 May 2026 14:41:26 +0000

WARRINGTON, PA. — CenterSquare Investment Management has purchased a 32,242-square-foot, unanchored shopping center in Warrington, located north of Philadelphia. Built in 2015, Valley Gate Shopping Center is home to tenants such as Sport Clips, T‑Mobile, Visionworks, Crumbl Cookies and Buffalo Wild Wings. Chris Munley, Colin Behr, Ryan Sciullo, Casey Benson Smith and R.J. Mirabile of CBRE represented CenterSquare in the deal. Gregory Bianchi of US Realty Associates represented the seller, Metro Development Co.

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Piazza Auto Group Breaks Ground on 270-Unit Multifamily Project in Ardmore, Pennsylvania

Taylor Williams — Wed, 20 May 2026 14:29:30 +0000

ARDMORE, PA. — An affiliate of Piazza Auto Group has broken ground on a 270-unit multifamily project in Ardmore, a northwestern suburb of Philadelphia. The Plaza at Ardmore will offer 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. The development will also feature 30,000 square feet of ground-floor retail space and 19,000 square feet of outdoor courtyard space. Piazza is partnering with Radnor Property Group on the project, which is being financed by Bank OZK (senior lender) and Affinius Capital (mezzanine lender). Completion is slated for early 2028.

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Partnership Breaks Ground on Phase I of Affordable Housing Redevelopment Project in West Philadelphia

Taylor Williams — Mon, 11 May 2026 14:21:16 +0000

PHILADELPHIA — A partnership between LMXD, which is an affiliate of New York City-based developer L+M Development Partners, MSquared and the Philadelphia Housing Authority has broken ground on the first phase of the redevelopment of Westpark Apartments. The 12-acre affordable housing complex is located on the city’s west side. Phase I will include the construction of a new midrise building with 145 units, 58 of which will be reserved for existing residents and 73 of which will be reserved for incoming households earning between 20 and 80 percent of the area median income (AMI). The new building will also have 1,300 square feet of retail space. Phase I will also involve the rehabilitation of an existing, 141-unit building, 39 of which will be earmarked for existing residences and 76 of which will be earmarked for new households earning between 20 and 80 percent of AMI. Lastly, the development team will construct 41 new units at the southern edge of the campus, all of which will be dedicated first to returning Westpark residents and affordable to households earning up to 50 percent of AMI. Phase I is slated for a 2028 completion.

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JLL Arranges $58M Loan for Refinancing of Metro Philadelphia Office Building

Taylor Williams — Thu, 30 Apr 2026 13:40:00 +0000

CONSHOHOCKEN, PA. — JLL has arranged a $58 million loan for the refinancing of 300 Four Falls, a 298,564-square-foot office building in Conshohocken, a northern suburb of Philadelphia. Built in 2003, 300 Four Falls is a seven-story building that features a redesigned lobby, conference center, café, fitness center and a designated tenant amenity space. At the time of the loan closing, the building was 91.6 percent leased. Chad Orcutt led the JLL team that arranged the five-year, fixed-rate loan through Barclays and an entity managed by Argentic Investment Management LLC. The borrower was Maguire Hayden Real Estate Co.

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