HEMPFIELD TOWNSHIP, PA. — CBL Properties, in partnership with Stadium Casino LLC, has unveiled plans to develop a 100,000-square-foot casino and entertainment complex at CBL’s Westmoreland Mall in Hempfield Township. Stadium Casino LLC is a joint venture between The Cordish Cos. and Greenwood Gaming & Entertainment. The new casino will backfill space currently occupied by Bon-Ton, which will close in early August. The project, which is expected to create 600 jobs, is subject to the review and approval of the Pennsylvania Gaming Control Board. A construction timeline will be released upon approval.
HAVERTOWN, PA. — Marcus & Millichap has brokered the sale of a 2,735-square foot, retail property located at 800 N. Eagle Road in Havertown. The net-leased property, which was renovated in 2017, sold for $2.4 million or approximately $877 per square foot. Mark Taylor, Shannon Bona and Derrick Dougherty of Marcus & Millichap represented the seller, a partnership, in the transaction. The undisclosed buyer acquired the property as part of a 1031 exchange. The current tenants at the property are convenience store Swiss Farms and Tony Roni’s, a pizzeria.
PHILADELPHIA — Binswanger has negotiated the sale of a 247,447-square-foot industrial facility in Philadelphia for $14.3 million. The Trustees of the University of Pennsylvania purchased the property, located at 3250 S. 76th St., from seller GMIP South 76thStreet LP. Chris Pennington of Binswanger represented the buyer in the transaction.
Cherry Hill, N.J. — PREIT has signed 1776 to a lease at Cherry Hill Mall, a 1.3 million-square-foot shopping center in Cherry Hill, located nine miles east of Philadelphia. Founded in 2013, 1776 is a public benefit corporation that scouts and funds business startups focused on sectors like education, energy, transportation and financial services. The incubator will occupy more than 11,000 square feet of space at the property for its local member community, which will focus on retail and e-commerce initiatives and will be home to corporate and startup members in the retail and e-commerce industries. This will be the first mall location for 1776, which joins tenants including Nordstrom, Apple, Zara, Hugo Boss, The LEGO Store, The North Face Seasons 52 and Maggiano’s.
WARMINSTER, PENN. — NKF Capital Markets has negotiated the $11.2 million sale of County Line Commerce Center, a 427,421-square-foot office building in Warminster. Mike Margolis, Dave Dolan and Dave Garonzik of NKF Capital Markets represented the seller, Crossroad Partners, in the transaction. The buyer was a joint venture between Corvest Realty Group and Balashine Properties. County Line Commerce Center is currently occupied by tenants ABB and Advanced Coatings with an additional 275,000 square feet of vacant space. The new owners plan to install a full suite of amenities including a fitness center, on-site food service and conference facilities. The property also offers a shuttle service to and from the Warminster Regional rail line.
PHILIPSBURG, PA. — Presbyterian Senior Living has completed a $10 million expansion at Windy Hill Village, a continuing care retirement community (CCRC) in the Central Pennsylvania borough of Philipsburg. The project added a 48-unit apartment building to the property. The expansion was based on the Passive House design, which requires 50 percent less energy than other heating and cooling systems. Dan Rothschild served as the project architect. Of the 48 total units, eight are priced at market rate, ranging from $850 to $1,100, and the remaining rentals will be subsidized by tax credits for individuals who apply and meet income-limit requirements. Presbyterian Senior Living was awarded $7.7 million in tax credits by the Pennsylvania Housing Finance Agency for this project.
LUZERNE COUNTY, PA. — Hinerfeld Commercial Real Estate has sold two transportation-related industrial properties in Luzerne County for a combined $1.9 million. The first property is located at 137 Armstrong Road in the O’Hara Industrial Park in Pittston Township. NFI acquired the 10,700-square-foot property for $1.05 million. The second property, located at 90 Eugene Drive, features 31 cross-dock terminals as well as shops and offices. Saia Motor Freight Line LLC acquired the property for $850,000.
YORK, PA. — Endurance Real Estate Group and Thackeray Partners have acquired a 174,572-square-foot warehouse/distribution building in York for $8.2 million. The property, located at 2075 Loucks Road, is fully leased to York Wallcoverings Inc., a global manufacturer of residential and commercial wallpaper. Rock Commercial Real Estate represented the seller, the former long-time owner of York Wallcoverings, in the transaction. Built in 1980, the property was expanded in 1986 and 1995 and features ceiling heights up to 30 feet as well as 13 dock-high loading doors and two drive-in doors.
SCRANTON, PA. — Hinerfeld Commercial Real Estate has negotiated the sale of the Mount Pleasant Medical and Professional Center in Scranton for $6.4 million. The two-story, 30,750-square-foot office building sits on a three-acre parcel and is located at 521 Mt. Pleasant Drive. Geisinger-Community Medical Center purchased the property. The seller was undisclosed. The building was fully occupied at the time of sale to a tenant roster that includes Valley Oral & Maxillofacial Surgery, Physicians Health Alliance and LabCorp.
PHILADELPHIA — Marcus & Millichap has brokered the sale of Victory Square, a 38,234-square-foot retail center in Philadelphia. The property sold for $9.2 million. Derrick Dougherty, Scott Woodard and Mark Taylor of Marcus & Millichap represented the seller, Post Brothers, and the out-of-market buyer, in the transaction. Victory Square is located at 4424 N. Broad St in North Philadelphia. The shopping center is fully leased and is anchored by an 18,500-square-foot Save-A-Lot grocery store. The tenant roster also includes Dollar Tree, Taco Bell and a laundromat. Originally constructed in 1980, the two-acre property was renovated in 2016.