EXTON, PA. — Capitol Seniors Housing has started construction of Arbor Terrace Exton, an 86-unit assisted living and memory care community in the Philadelphia suburb of Exton. The 78,000-square-foot community will be located near major medical facilities, restaurants and shopping centers. The Arbor Company will operate the community upon completion, which is slated for winter 2020. Meyer Senior Living Studio is the designer on the project.
PITTSBURGH — The parent company of First National Bank (FNB) has signed a 160,000-square-foot office lease to open its corporate headquarters at the upcoming FNB Financial Center development in downtown Pittsburgh. The development will feature a 24-story tower with 387,000 square feet of Class A office space, 20,000 square feet of retail space and a two-story parking structure. The FNB headquarters will anchor the tower and its technology branch will occupy 2,000 square feet of retail space. The tower will be situated on the site of the former Civic Arena, home of the Pittsburgh Penguins hockey team, which will comprise multiple structures and over 1 million square feet of office, residential, retail and green space. Buccini/Pollin Group and the Penguins are co-developers of the mixed-use development, which is slated for completion in 2022.
WILKES BARRE, PA. — HREC Investment Advisors has brokered the sale of the 152-room Holiday Inn Wilkes Barre East Mountain, a hotel located approximately 115 miles north of Philadelphia. Amenities include an onsite business center, laundry facilities, an indoor pool and two restaurants. Mark Rousseau and Mark von Dwingelo of HREC represented the seller, Plains Hotel Associates. Regal Hospitality was the buyer. The sales price was undisclosed.
PHILADELPHIA —Anchor Shops plans to open a 7,000-square-foot store at Fashion District Philadelphia, a concept which will accomodate online retailers with a brick-and-mortar location to better compete with legacy retailers. In addition, Anchor Shops has leased a 30,000-square-foot space at Moorestown Mall in New Jersey, which is also owned by PREIT. The company plans to take occupancy of both properties in the second quarter of 2020. A project of ShopFulfill, Anchor Shops was conceived to help digitally native brands by providing online retailers with a turnkey solution that enables them to benefit from a low-cost regional distribution network. Depending on the size and type of space required, brands will have the option to join Anchor Shops and its national distribution network starting at $600 per month. PREIT opened Fashion District Philadelphia in September.
PHILADELPHIA — Counter Capital Management LLC has acquired Shirt Corner Apartments, a 62-unit multifamily community in the Old City District of Philadelphia, for $22 million. The property, which was delivered in July 2015, offers studio, one- and two-bedroom floor plans. Counter Capital plans to improve the amenities offered at the property.
PHILADELPHIA — J.P. Morgan Chase has provided a $388 million loan for the refinancing of 1500 Market Street, a 1.7 million -square-foot, Class A office complex in Philadelphia. The property comprises two towers that rise 36 and 43 floors and are connected by a three-story atrium. Amenities include a fitness center and direct access to food options, retail and subway lines. The property is also the only office in the Philadelphia CBD with its own subterranean parking garage, offering 450 spots. Dustin Stolly and Jordan Roeschlaub led a Newmark Knight Frank team that arranged the financing in conjunction with David Rosenberg and Mark Silbersher of Walker & Dunlop. A partnership between Nightingale Properties and Wafra Capital Partners is the borrower and landlord of 1500 Market Street.
PHILADELPHIA — Cliffs Climbing + Fitness will open a 40,000-square-foot climbing and fitness facility called in Philadelphia on Saturday, Dec. 7. The Cliffs at Callow Hill will be located in a single-tenant warehouse at 1010 Callowhill St. and will offer climbing walls with classes and clinics for all skill levels, plus a private yoga studio and a full-scale fitness center. The facility was built by Caledonia Builders Inc. and the climbing walls were built by Walltopia. Michael Gorman and Stephen Carrozza of Metro Commercial Real Estate represented Cliffs in the lease negotiations.
KING OF PRUSSIA, PA. — Hotel owner-operator MCR has acquired the 149-room Hampton Inn by Hilton Philadelphia/ King of Prussia, located on the northern outskirts of Philadelphia. The hotel is located at 530 West Dekalb Pike, less than one mile from the King of Prussia Mall. Amenities include a 24-hour fitness center, business center and 600 square feet of meeting and event space. The seller and sales price were not disclosed.
Office vacancies are falling across the big metros of the Northeast as robust user demand outpaces the supply of new construction. Deliveries in the last year have primarily been limited to Class A, build-to-suit properties and mixed-use developments. Meanwhile, office tenants are seeking high-end amenities at favorable prices. Nationally, the office vacancy rate stood at 16.8 percent in the second quarter, up slightly from 16.6 percent a year ago, according to real estate research firm Reis. Net absorption for the quarter totaled 3.2 million square feet, down from 3.9 million square feet a year ago. The average asking rent was $33.79 per square foot, up 2.2 percent on a year-over-year basis. Approximately 11.1 million square feet of office space was under construction at the end of the second quarter across Philadelphia, New York and Boston, according to CoStar Group. Helped by approximately 8.3 million square feet of absorption in the second quarter, the average vacancy rate across all three markets was 8.1 percent. Rather than undertake costly new ground-up construction projects, many developers are choosing to redevelop existing assets and efficiently incorporate office space into mixed-use projects. Coworking tenants occupied 54.2 million square feet of office space nationally at the …
BALA CYNWYD, PA. — Newmark Knight Frank (NKF) has brokered the $8.9 million sale of 130 Monument Road, a 5.2-acre development site in Bala Cynwyd, a northwestern suburb of Philadelphia. The site is zoned and approved for the development of 205 multifamily units with a mix of studio, one-bedroom and two-bedroom apartments, along with a parking garage and a leasing office. Mike Margolis, Dave Dolan, Dave Garonzik and Jeff Mack of NKF represented the seller, Roseland Residential Trust, in the transaction. Woodfield Development of Chevy Chase was the buyer. Further details and the schedule of the construction were undisclosed.