ALLENTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17.8 million sale of Dorneyville Shopping Center, a 101,651-square-foot retail center in the eastern Pennsylvania city of Allentown. German discount grocer Aldi anchors the property, which was 86 percent leased at the time of sale. Brad Nathanson and J.P. Colussi of IPA represented the seller, Joshi Hotel Group, in the transaction. LS Property acquired the center.
YARDLEY, PA. — Regional grocer Wegmans will open an 88,000-square-foot store in Yardley, about 30 miles northeast of Philadelphia, with plans to hire about 400 people on full- and part-time bases. The site is located within the Prickett Preserve mixed-use development, and the store offers a selection of approximately 1,200 wines and 500 beers and ciders. The store, which will open in March, is Wegmans’ second in Bucks County.
PHILADELPHIA — Los Angeles-based Parkview Financial has provided a $19.8 million construction loan for a 108-unit multifamily project that will be located at 2000 E. Hagert St. in Philadelphia’s Fishtown neighborhood. The property will comprise four studios, 82 one-bedroom units and 22 two-bedroom units. The average unit size will be 707 square feet, and the property will also house 13 live/work artist lofts that will average 571 square feet. Amenities will include a rooftop terrace, pet park and a courtyard. The borrower is M&B Development. Completion is slated for early 2025.
PHILADELPHIA — California-based brokerage firm Matthews Real Estate Investment Services has arranged the $5.2 million sale of a 10,640-square-foot retail strip center in Philadelphia’s Kensington area. Built on two acres in 2015, the center was fully leased at the time of sale to Rise Dispensary and Fine Wine & Good Spirits. Alexander Machado, Daniel Gonzalez, Robert Goldberg and Ben Snyder of Matthews brokered the deal. The buyer and seller were not disclosed.
LEWISBURG, PA. — Cushman & Wakefield has brokered the $6.5 million sale of a 133,239-square-foot industrial building in Lewisburg, located north of Harrisburg in the central part of the Keystone State. The building features seven dock doors, a clear height of 21 feet and 13,239 square feet of office space. Gerry Blinebury, Brendan McGeary and Hunter Kessell of Cushman & Wakefield represented the seller, SK Realty, in the transaction. The buyer was an entity doing business as JasPinLin Lewisburg LLC.
PHILADELPHIA — New Jersey-based developer Saxum Real Estate has broken ground on a 187-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. The project marks the second phase of a larger, 466-unit development. Amenities will include a pool, courtyard, fitness center and a dog wash. Michael Klein, Tom Didio and Ryan Ade of JLL arranged undisclosed amounts of construction financing through Corebridge Financial and joint venture equity from an unnamed partner on behalf of Saxum Real Estate. Information on floor plans and an expected completion date was also not disclosed.
YORK, PA. — A division of home appliances and interior furnishings provider Middleby Residential has signed a 204,269-square-foot industrial lease in York, about 100 miles west of Philadelphia. Del Markward of Pennsylvania-based brokerage firm Markward Group represented the tenant in the lease negotiations. Cushman & Wakefield represented the landlord, an affiliate of Atlanta-based Core5 Industrial Partners. Brad Pope of Hailey Real Estate also assisted in closing the deal as a referring consultant.
NEWVILLE, PA. — Northmarq has negotiated the sale of Big Spring Terrace, a 159-unit manufactured housing community in Newville, about 140 miles west of Philadelphia. The property was originally constructed on a 94-acre site in 1975 and was roughly 94 percent occupied at the time of sale. Anthony Pino and Ari Azarbarzin of Northmarq represented the seller, Pennsylvania-based Big Springs Properties, in the transaction. The buyer and sales price were not disclosed.
UPPER DARBY, PA. — Dwight City Group, the investment arm of New York City-based lender Dwight Capital, has completed a multifamily adaptive reuse project in Upper Darby, a western suburb of Philadelphia. The project converted a 125,000-square-foot warehouse at 901 Quarry St. that was constructed in 1925 and had been dormant for three decades into an 84-unit apartment complex. The complex now features one- and two-bedroom units and amenities such as a playground and dog park. Rents start at roughly $1,500 per month for a one-bedroom apartment.
RADNOR, PA. — Locally based REIT Brandywine Realty Trust has sold a 17,884-square-foot shopping center in Radnor, a northwest suburb of Philadelphia, for $14.2 million. Built in 2014, the property was fully leased at the time of sale to tenants such as Estia, Pietro’s, Honeygrow and Buena Onda. Jim Galbally, Chris Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented Brandywine in the transaction. The buyer was an undisclosed, New York-based private investor.