Pennsylvania

KeyBank Provides $90.7M in Financing for Affordable Housing Property Near Pittsburgh

by Taylor Williams January 2, 2024

MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property in Monroeville, an eastern suburb of Pittsburgh. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Cambridge Square Apartments consists of eight three-story buildings in one-, two- and three-bedroom floor plans, with 97 percent (198) of the units subject to a 20-year Section 8 Housing Assistance contract. Residents have access to services such as healthcare education, financial and computer literacy, childcare, youth activities, nutritional services, disability services, tenant homeownership training and parenting programs. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing for the transaction. Robbie Lynn of KeyBank structured the tax-exempt bonds, which were marketed for sale by Sam Adams of KeyBanc Capital Markets. The sponsor is Community Preservation Partners.

January 2, 2024

Industrial Leasing Activity Northeast Pennsylvania

Lecangs Signs 504,000 SF Industrial Lease in Whitehall, Pennsylvania

by Taylor Williams January 2, 2024

WHITEHALL, PA. — Lecangs, a third-party logistics company and subsidiary of Loctek, has signed a 504,000-square-foot industrial lease at 3585 Church St. in the Eastern Pennsylvania community of Whitehall. According to LoopNet Inc., the single-tenant property was built in 2001. Del Markward and Mike Capobianco of locally based brokerage firm Markward Group represented Lecangs in the lease negotiations. JLL represented the undisclosed landlord. Jeff Collins of Commercial Florida Realty Inc. also assisted in closing the deal.

January 2, 2024

Development Industrial Northeast Pennsylvania

Lovett Industrial Buys 109,000 SF Manufacturing Facility in Philadelphia, Plans Redevelopment

by Taylor Williams December 21, 2023

PHILADELPHIA — Houston-based developer Lovett Industrial has purchased a 109,000-square-foot manufacturing facility in Philadelphia with plans to redevelop the property as a 176,000-square-foot warehouse and distribution center. The 14.5-acre site is located at the southeast corner of U.S. Highway 1 and Red Lion Road in northeast Philadelphia. The new facility will have a rear-load configuration, clear height of 36 feet, 185-foot truck court depths and ample trailer parking space. Cushman & Wakefield represented the undisclosed seller in the land deal. Lovett Industrial plans to begin demolitions next fall following the current manufacturing tenant’s vacating of the premises in the first quarter of next year.

December 21, 2023

Leasing Activity Life Sciences Northeast Pennsylvania

Zahav Biosciences Signs 8,200 SF Lease at Race Street Labs in Philadelphia

by Taylor Williams December 21, 2023

PHILADELPHIA — Zahav Biosciences, a developer of cancer treatments and therapies, has signed an 8,200-square-foot lease for its new headquarters at Race Street Labs, a 180,000-square-foot life sciences facility in Philadelphia. Patrick Kelley of Avison Young represented Zahav Biosciences in the lease negotiations. Brian Young and Paul Garvey of Cushman & Wakefield represented the landlord, Iron Stone Real Estate Partners.

December 21, 2023

Development Mixed-Use Northeast Pennsylvania Retail Top Stories

St. John Properties to Redevelop 1 MSF Harrisburg Mall in Pennsylvania into Swatara Exchange

by Kristin Harlow December 20, 2023

HARRISBURG, PA. — St. John Properties Inc. has unveiled plans for the redevelopment of Harrisburg Mall, a 1 million-square-foot regional mall located in the Swatara Township section of Dauphin County. The company plans to build Swatara Exchange, a mixed-use development consisting of multi-use commercial space and supporting inline retail and retail pad sites. The mall will undergo an extended demolition program that is expected to conclude in 2025. The existing Bass Pro Shops and Applebee’s Grill + Bar restaurant will remain operational, and the former Toys ‘R’ Us building will be marketed for a new use. At full build-out, Swatara Exchange is expected to support up to 1,000 new jobs in its nearly 550,000 square feet of space and contribute approximately $1 million in additional tax revenue annually. Twelve new buildings, including two retail pad sites, will be constructed in total. “When formulating our long-term strategy for Harrisburg Mall, we factored in trends occurring throughout the retail industry, changing consumer shopping patterns, the local real estate landscape and the greater Harrisburg economic climate,” says Lawrence Maykrantz, president and CEO of St. John Properties. The developer plans to build 13,600 square feet of single-story office space and nearly 200,000 square feet …

December 20, 2023

Acquisitions Industrial Northeast Pennsylvania

JLL Arranges $110.2M Sale of Central Pennsylvania Warehouse

by Taylor Williams December 18, 2023

MANCHESTER, PA. — JLL has arranged the $110.2 million sale of a 1 million-square-foot warehouse located at 84 Zions View Road in the Central Pennsylvania community of Manchester. Built on 102 acres in 2019, the cross-dock distribution facility features a clear height of 36 feet, three drive-in doors, 88 dock doors, 126 trailer stalls and 455 parking spaces. John Plower, John Huguenard, Ryan Cottone, Zach Maguire, Jordan Schwartz, Jeff Lockard and Maria Ratzlaff of JLL brokered the deal. The buyer and seller were not disclosed. The building was fully leased at the time of sale.

December 18, 2023

Rockefeller-Group-Logistics-Center-at-Roosevelt-Boulevard

Development Industrial Northeast Pennsylvania

Rockefeller Group, PCCP to Undertake 656,904 SF Industrial Redevelopment in Philadelphia

by Taylor Williams December 18, 2023

PHILADELPHIA — A joint venture between New York City-based Rockefeller Group and Los Angeles-based PCCP LLC will undertake a 656,904-square-foot industrial redevelopment project in Philadelphia. The 50.4-acre site at 1500 Roosevelt Blvd. formerly housed the Byberry State Hospital, and the development team will convert the fully entitled property into a logistics campus. Rockefeller Group Logistics Center at Roosevelt Boulevard will feature two buildings totaling 318,696 and 338,208 square feet. The seller was an affiliate of the Philadelphia Industrial Development Corp. (PIDC), which is the city’s public-private economic development organization. CBRE advised on the sale of the land and will serve as the project leasing agent. John Alascio, Aaron Graves, Alex Lapidus, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged $100 million in construction financing through New York Life Real Estate Investors for the project.

December 18, 2023

Leasing Activity Northeast Pennsylvania Retail

Norman’s Hallmark Opens 7,280 SF Store in Plymouth Meeting, Pennsylvania

by Taylor Williams December 13, 2023

PLYMOUTH MEETING, PA. — Norman’s Hallmark has opened a 7,280-square-foot store at The Metroplex in Plymouth Meeting, a northern suburb of Philadelphia. The store offers a complete line of Hallmark products, cards and Keepsake Ornaments, as well as apparel, accessories, books, stationery, games, home décor, candy and gourmet foods. Norman’s Hallmark currently operates 75 stores.

December 13, 2023

Company News Northeast Pennsylvania Retail Top Stories

PREIT Files for ‘Prepackaged’ Chapter 11 Bankruptcy, Will Operate as Private Company

by John Nelson December 12, 2023

PHILADELPHIA — PREIT (OTCQB: PRET), a mall REIT giant based in Philadelphia, has filed for Chapter 11 bankruptcy protection. The “prepackaged” bankruptcy was agreed to ahead of time by PREIT’s creditors, which will shorten the duration of the company’s bankruptcy proceedings. PREIT expects it will be able to emerge from bankruptcy by early February 2024. PREIT owns and operates 18 malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. The company has also expanded in recent years to the multifamily, hotel and healthcare sectors. According to PREIT’s third-quarter financial results, the company’s same-store net operating income declined 5.3 percent year-over-year. Additionally, its total mall occupancy was 93.6 percent, a decrease of 70 basis points from third-quarter 2022. Joseph Coradino, chairman and CEO of PREIT, cites a trifecta of COVID-19 disruptions, inflation and rising interest rates as leading to its voluntary filing with the U.S. Bankruptcy Court for the District of Delaware. “Following the pandemic disruption, PREIT has worked tirelessly to enhance the portfolio, dramatically improve occupancy and diversify its tenancy,” says Coradino. “However, unusual economic conditions have limited the company’s options with respect to its debt obligations as meaningful achievements on the operating front were …

December 12, 2023

Sullivan-Parke-Forks-Township-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania

Joint Venture Sells Lehigh Valley Apartment Complex for $35.5M

by Taylor Williams December 11, 2023

FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit apartment complex in the Lehigh Valley community of Forks Township, for $35.5 million. Sullivan Parke consists of four buildings on seven acres and features amenities such as multiple fitness centers, lounges and outdoor recreation areas. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer.

December 11, 2023

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