Pennsylvania Archives - REBusinessOnline

Nokia to Undertake $30M Expansion of Lehigh Valley Semiconductor Facility

Taylor Williams — Thu, 17 Sep 2026 14:36:07 +0000

UPPER MACUNGIE, PA. — Nokia will undertake a $30 million expansion of its photonic semiconductor advanced test and packaging facilities and operations within the Lehigh Valley city of Upper Macungie. The initiative is expected to create about 250 new jobs, effectively doubling the Finnish telecommunications company’s regional workforce, and to account for an estimated economic impact of $500 million over the next five years. According to Lehigh Valley Live, the investment will allow for Nokia to increase production capacity at its Upper Macungie facility by a factor of 10, and the company has also leased additional industrial space for “future product development and logistics.”

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Matthews Negotiates Sale of 513-Unit Self-Storage Facility in State College, Pennsylvania

Taylor Williams — Thu, 10 Sep 2026 13:31:46 +0000

STATE COLLEGE, PA. — Nashville-based brokerage firm Matthews has negotiated the sale of a 513-unit self-storage facility in State College, home of Penn State University, and the facility is located about four miles from campus. State College Storage is a newly constructed facility that features climate-controlled and drive-up units for a total of 58,800 net rentable square feet. Austin McLeod and Jack Connelly of Matthews represented the seller, an undisclosed private developer, in the transaction. U-Haul purchased State College Storage for an undisclosed price.

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Independence Realty Trust, Centerspace to Merge in $8.1B Transaction

Kristin Harlow — Thu, 10 Sep 2026 12:00:00 +0000

PHILADELPHIA — Independence Realty Trust Inc. (NYSE: IRT) and Centerspace (NYSE: CSR) have entered into a definitive merger agreement under which the two companies will combine in an all-stock transaction valued at $8.1 billion, including debt. The combined multifamily REIT will own and operate 163 properties totaling 44,354 units across 17 states. According to Scott Schaeffer, chairman and CEO of IRT, the deal will pair IRT’s Sun Belt portfolio with Centerspace’s Midwest and Mountain West communities. He also cites greater efficiencies across a larger operating base and an expanded value-add renovation program. The combined company is expected to have a pro forma equity market capitalization of approximately $5 billion. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Centerspace shareholders will receive 3.8 shares of IRT common stock for each share of Centerspace common stock owned. Upon closing, IRT stockholders will own approximately 78 percent of the combined company’s equity, while Centerspace shareholders will own roughly 22 percent. IRT’s management team will continue to lead the combined company. Schaeffer will serve as chairman and CEO, and James Sebra will serve as president and CFO. Upon completion of the merger, the…

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American Healthcare REIT Acquires Eight Seniors Housing Communities for $696M

Matthew Auchincloss — Thu, 03 Sep 2026 12:00:00 +0000

IRVINE, CALIF. — American Healthcare REIT Inc. (NYSE: AHR) has acquired eight senior housing communities in six states for $696 million. The properties, which collectively comprise 867 units and were built between 2020 and 2022, are located in Massachusetts, Connecticut, New Jersey, Pennsylvania, Delaware and Georgia. Newmark acted as AHR’s real estate advisor for the transaction. While there were multiple sellers, all eight properties were marketed together. AHR purchased 10 communities all together but assigned the purchase and sale agreements of two properties to another institutional investor. “This series of transactions is an example of disciplined capital allocation supported by strong execution,” says Jeff Hanson, chairman and CEO of AHR. “We understood that only a solution for all 10 communities would clear the market. Rather than either walking away from a highly strategic opportunity or compromising our capital allocation discipline to secure it, we constructed a solution that required neither.” The purchase gives the Irvine-based company a larger presence in the Northeastern seniors housing market. The Northeast properties in the portfolio are located primarily in wealthy suburban markets such as Philadelphia’s Main Line, Westport, Conn., and suburban Boston. AHR is strengthening this newfound foothold via a new operating relationship with Massachusetts-based LCB…

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Chobani Agrees to Buy Former Keurig Dr Pepper Manufacturing Facility in Allentown, Pennsylvania for $125M

Taylor Williams — Tue, 01 Sep 2026 14:07:35 +0000

ALLENTOWN, PA. — Chobani has entered into an agreement to acquire the former manufacturing facility of Keurig Dr Pepper in the Lehigh Valley city of Allentown, including the lease, equipment and operations and related infrastructure, for $125 million. Keurig Dr Pepper first opened the 1.5 million-square-foot facility in 2021, and the announcement coincides with Keurig Dr Pepper agreeing to sell its full equity stake in Chobani back to the company for $800 million. Both of those transactions are expected to close in the third quarter. Chobani’s acquisition of the facility comes as part of a larger capital investment in the Lehigh Valley that is valued at 1.2 billion and expected to add about 900 new jobs to the local economy. The provider of dairy products plans to add up to 10 new production lines and says that the new facility will give the company “the capacity to scale new products while continuing to develop new formats and food-and-beverage platforms.” Production under Chobani is expected to begin sometime next year.

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Boyle Construction Underway on Adaptive Reuse Project in Bethlehem, Pennsylvania

Taylor Williams — Thu, 27 Aug 2026 13:42:48 +0000

BETHLEHEM, PA. — Developer Boyle Construction is underway on an adaptive reuse project in the Lehigh Valley city of Bethlehem. Designed by MKSD Architects, the project will convert the historic former Bethlehem Steel Turn & Grind Shop, a 26,000-square-foot structure that was built in the 1860s, into a mixed-use facility for festivals, private events and community gatherings. The Lehigh Valley Health Network is sponsoring the conversion, and Pennsylvania-based nonprofit organization ArtsQuest will operate the new facility. Completion is slated for next year.

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JLL Arranges $73.5M Loan for Refinancing of Retail Power Center in McCandless, Pennsylvania

Taylor Williams — Wed, 26 Aug 2026 13:05:23 +0000

MCCANDLESS, PA. — JLL has arranged a $73.5 million loan for the refinancing of a 387,771-square-foot retail power center in McCandless, a northern suburb of Pittsburgh. McCandless Crossing was 99 percent leased at the time of the loan closing, with Lowe’s Home Improvement, T.J. Maxx, Trader Joe’s, HomeGoods and Sierra Trading serving as the anchor tenants. The overall tenant roster has a weighted average remaining lease term of 5.7 years. Nick Unkovic, Claudia Steeb and Zachary Barone of JLL arranged the five-year, fixed-rate loan through Nationwide on behalf of the owner, AdVenture Champion Partners.

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Equus Capital Sells Surgical Center in Chalfont, Pennsylvania for $12M

Taylor Williams — Fri, 21 Aug 2026 14:12:06 +0000

CHALFONT, PA. — An affiliate of local owner-operator Equus Capital Partners has sold a 52,622-square-foot surgical center in Chalfont, about 30 miles north of Philadelphia, for $12 million. The facility is located within New Britain Corporate Center and was fully leased at the time of sale to four tenants with a weighted average remaining lease term of 8.7 years. Doug Rodio, Jerome Kranzel and Bruer Kershner of CBRE represented the seller in the transaction. The buyer was Pruthi Properties.

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CBL Properties Closes $50.6M Sale of York Town Center in Pennsylvania

Matthew Auchincloss — Wed, 19 Aug 2026 14:35:00 +0000

YORK, PENN. — CBL Properties, along with its 50 percent joint venture partner, has sold York Town Center, an open-air regional retail center located in the southern Pennsylvania town of York for $50.6 million. The transaction was completed at an 8.5 percent capitalization rate. York Town Center features 14 stores, including DICK’S Sporting Goods, Boot Barn, Best Buy and ULTA, and spans more than 297,000 square feet. The buyer was not disclosed.

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Buchanan Ingersoll & Rooney Extends 115,335 SF Office Lease in Downtown Pittsburgh

Taylor Williams — Wed, 19 Aug 2026 13:21:04 +0000

PITTSBURGH — Buchanan Ingersoll & Rooney has extended its 115,335-square-foot office lease in downtown Pittsburgh. The law firm will remain the anchor tenant at the Union Trust Building, a historic property located at 501 Grant St. Gerry McLaughlin of Newmark represented the tenant in the lease negotiations. Jason Stewart and Jackie Bezek of JLL represented the landlord, Boston-based owner-operator The Davis Cos., which acquired the building in 2017 and subsequently executed a $100 million redevelopment.

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Charter Senior Living Breaks Ground on 162-Unit Project in West Chester, Pennsylvania

Taylor Williams — Wed, 12 Aug 2026 14:28:05 +0000

WEST CHESTER, PA. — Charter Senior Living has broken ground on a 162-unit project in West Chester, located roughly 30 miles west of Philadelphia. Charter Senior Living of West Chester will offer independent living, assisted living and memory care residences. Charter is developing the project in partnership with Paradise Management. Completion is scheduled for late next year.

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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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