Sunday, November 24, 2024
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Pennsylvania

Doubletree-by-Hilton-Pittsburgh-GreenTree
HospitalityLoansNortheastPennsylvania

Avatar Financial Provides Bridge Loan for 460-Room Hilton-Branded Hotel in Pittsburgh

by Taylor Williams

PITTSBURGH — Seattle-based Avatar Financial Group has provided an $8.4 million bridge loan for the DoubleTree by Hilton Pittsburgh-Green Tree hotel on the city’s southwest side. The property consists of three buildings with a total of 460 rooms. Amenities include three food-and-beverage options, indoor and outdoor pools, a fitness center and 40,000 square feet of meeting and event space. The sponsor, a joint venture between New York City-based investment firms First Choice Investments and The Chetrit Group, acquired the asset in 2021. The financing carries a 24-month term and loan-to-value ratio of approximately 26.5 percent, and the proceeds will be used to complete renovations and pay off existing debt.

Continue Reading
FacebookTwitterLinkedinEmail
IndustrialLeasing ActivityNortheastPennsylvania

Zimmel Associates Negotiates 70,000 SF Industrial Lease in Bethlehem, Pennsylvania

by Taylor Williams

BETHLEHEM, PA. — Regional brokerage firm Zimmel Associates has negotiated a 70,000-square-foot industrial lease in the Lehigh Valley city of Bethlehem. The 120,000-square-foot building at 2500 Emrick Blvd. was constructed in 2017 and features a clear height of 32 feet and 3,500 square feet of office space. David Zimmel of Zimmel Associates represented the tenant, Romeo & Layla Warehousing, in the negotiations for the seven-year lease. Locally based developer J.G. Petrucci Co. owns the building.

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityNortheastPennsylvaniaRestaurantRetail

Dave’s Hot Chicken to Open Three Restaurants in Metro Philadelphia

by Taylor Williams

PHILADELPHIA — Dave’s Hot Chicken will open three restaurants at properties owned by Federal Realty Investment Trust in the Philadelphia metro area. Scheduled to open this month, the first store will span 2,995 square feet at Northeast Shopping Center in Philadelphia. Dave’s will also open restaurants at Ellisburg Shopping Center in Cherry Hill,  New Jersey, and Willow Grove Shopping Center in Willow Grove, Pennsylvania, in the spring and fall of this year. Those stores will span 3,086 and 2,825 square feet, respectively.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialNortheastPennsylvania

Prologis Acquires 449,500 SF Warehouse in Bath, Pennsylvania

by Taylor Williams

BATH, PA. — San Francisco-based Prologis has acquired a 449,500-square-foot speculative warehouse in Bath, located north of Allentown in the Lehigh Valley. The building is located within the 40-acre Cubes at Lehigh Valley development and features a clear height of 40 feet, 42 dock-high doors, four grade-level doors, an ESFR sprinkler system and parking for 111 trailers and 237 cars. CRG, a development and investment firm with eight offices around the country, developed and sold the building, which was fully leased to Smart Warehousing at the time of sale.

Continue Reading
FacebookTwitterLinkedinEmail
Dow-Inc.-Collegeville-Pennsylvania
Leasing ActivityLife SciencesNortheastOfficePennsylvania

Dow Inc. Signs 800,000 SF Office, Life Sciences Lease Extension in Collegeville, Pennsylvania

by Taylor Williams

COLLEGEVILLE, PA. — Chemicals manufacturer Dow Inc. has signed an 800,000-square-foot lease extension at its office and life sciences campus in Collegeville, about 25 miles northwest of Philadelphia. A partnership between New York City-based David Werner Real Estate Investments and regional firm GreenBarn Investment Group purchased the 1.9 million-square-foot campus, which consists of 14 buildings on 340 acres, from Pfizer in August 2023. Newmark represented Dow Inc., which first moved to Collegeville in 2012, in the lease negotiations.

Continue Reading
FacebookTwitterLinkedinEmail
Company NewsNortheastOfficePennsylvania

Spiezle Architectural Group Opens 6,200 SF Office in Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — Spiezle Architectural Group has opened a 6,200-square-foot office at 615 Chestnut St. in downtown Philadelphia. The space features 30 seats and 26 open workstations for collaboration, as well as views of the Liberty Bell and Independence Hall. Bob Reid will lead the new office as principal. Spiezle now operates six offices across the country.

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityNortheastOfficePennsylvania

Excelitas Technologies Signs 45,000 SF Office Headquarters Lease in Pittsburgh

by Taylor Williams

PITTSBURGH — Excelitas Technologies Corp., a provider of photonics products for the medical, defense and automotive industries, has signed a 45,000-square-foot office lease in Pittsburgh’s Strip District for its new headquarters. The company, which is relocating from metro Boston, plans to invest $2.3 million in the build-out and take occupancy this summer. Dan Adamski and Dennis Davin of JLL represented Excelitas Technologies in the lease negotiations. The name and representative of the landlord were not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityNortheastPennsylvaniaRetail

Fresh Market to Open 32,131 SF Grocery Store in Pittsburgh

by Taylor Williams

PITTSBURGH — North Carolina-based grocer The Fresh Market will open a 32,131-square-foot store in Pittsburgh’s East Liberty neighborhood. The building at 5880 Centre Ave. was originally constructed in 2002 for Whole Foods Market, which vacated the space in 2022 for a larger store on nearby Penn Avenue. Herky Pollock of CBRE represented the undisclosed landlord in the lease negotiations. Brian Kerr of Hanna Langholz Wilson Ellis represented the tenant. The store will be Fresh Market’s first in Pittsburgh.

Continue Reading
FacebookTwitterLinkedinEmail
4626-Somerton-Road-Feasterville-Trevose
DevelopmentIndustrialLoansNortheastPennsylvania

JLL Secures Construction Debt, Equity for 320,250 SF Industrial Project Near Philadelphia

by Taylor Williams

FEASTERVILLE-TREVOSE, PA. — JLL has secured construction debt and joint venture equity for a 320,250-square-foot industrial project in Feasterville-Trevose, about 20 miles northeast of Philadelphia. The sponsor is regional developer J.G. Petrucci Co. The building will be situated on a 19.5-acre site at 4626 Somerton Road and will feature a clear height of 36 feet, 55 tailgate doors, two drive-in doors and parking for 56 trailers and 195 cars. Jon Mikula, John Plower, Ryan Cottone and Michael Lachs of JLL arranged the construction loan through Principal Asset Management and structured the joint venture with Boston-based Cabot Properties.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialNortheastPennsylvania

Denholtz Properties Acquires 723,734 SF Industrial Portfolio in Lehigh Valley

by Taylor Williams

ALLENTOWN AND BETHLEHEM, PA. — New Jersey-based investment firm Denholtz Properties has acquired a portfolio of 18 industrial buildings totaling 723,734 square feet in the Lehigh Valley. Denholtz acquired the buildings, which are located in Allentown and Bethlehem, in a joint venture with an undisclosed partner. Brad Ruppel and Tristan Cade of CBRE represented the seller, PennCap Properties, in the transaction. The sales price was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts