Pennsylvania

Anchor Shops to Open 7,000 SF Store at Fashion District Philadelphia

by Alex Patton December 12, 2019

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.

December 12, 2019

Acquisitions Multifamily Northeast Pennsylvania

Counter Capital Acquires Philadelphia’s Shirt Corner Apartments for $22M

by Alex Patton December 11, 2019

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.

December 11, 2019

Loans Northeast Office Pennsylvania

J.P. Morgan Chase Provides $388M Loan for Refinancing of Office Complex in Philadelphia

by Alex Patton December 10, 2019

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.

December 10, 2019

Development Northeast Pennsylvania Retail

Cliffs Climbing + Fitness to Open 40,000 SF Facility in Philadelphia on Dec. 7

by Alex Patton December 6, 2019

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.

December 6, 2019

Acquisitions Hospitality Northeast Pennsylvania

MCR Acquires 149-Room Hampton Inn Near Philadelphia

by Alex Patton December 4, 2019

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.

December 4, 2019

Market Reports Massachusetts New York Northeast Northeast Market Reports Office Pennsylvania

Developers Adapt to Tight Office Market in Northeast

by Taylor Williams December 4, 2019

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 …

December 4, 2019

Acquisitions Development Multifamily Northeast Pennsylvania

NKF Brokers $8.9M Sale of Multifamily Development Site in Metro Philadelphia

by Alex Patton December 3, 2019

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.

December 3, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Arranges Sale of 180-Unit Seniors Housing Community in Metro Philadelphia

by Alex Patton December 2, 2019

WYNDMOOR, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyndmoor Hills, a 180-unit rental continuing care retirement community (CCRC). The community is located on 12 acres in Wyndmoor, a northern suburb of Philadelphia. The building totals 214,288 square feet. A regional buyer acquired the property for an undisclosed price with plans to reposition it. Steve Thomes, Michael Segal and Dan Mahoney of Blueprint were the lead advisors on the transaction.

December 2, 2019

Industrial Leasing Activity Northeast Pennsylvania Retail

Gobrands Inc. Signs Two Industrial, Retail Leases Totaling 7,560 SF in Philadelphia

by Alex Patton December 2, 2019

PHILADELPHIA — Gobrands Inc. has signed two separate leases totaling 7,560 square feet for adjacent buildings in Aramingo Village, a shopping center in Philadelphia. The buildings will house the company’s digital convenience delivery service goPuff, utilizing 6,060 square feet for warehouse and distribution space and 1,500 square feet as a beer retail store. Richard Soloff of Soloff Realty & Development Inc. represented Gobrands in the lease negotiations. Soloff also represented the undisclosed landlord.

December 2, 2019

Industrial Leasing Activity Northeast Pennsylvania

NAI Merts Secures 67,000 SF Industrial Lease in Levittown, Pennsylvania

by Alex Patton November 27, 2019

LEVITTOWN, PA. — NAI Mertz has secured a 67,000-square-foot office lease for mobile phone accessory manufacturer Ondigo Electronics in Levittown, a southwestern suburb of Trenton. The property is situated within Bristol Industrial Park, which is located at 37 Runway Road and was completed in 1999. Jeff Licht and Adam Lashner of NAI Mertz represented Ondigo in the lease negotiations. The team also represented the landlord, F. Greek Bristol Properties.

November 27, 2019

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