PHILADELPHIA — Pennrose, Wynnefield Overbrook Revitalization Corp. (WORC) and other project partners have broken ground on Good Shepherd, a 55-unit affordable seniors housing project in Philadelphia’s Overbrook area. The site formerly housed the Good Shepherd Presbyterian Church. The four story, 53,000-square foot building will offer one-bedroom apartments for seniors earning between 20 and 60 percent of the area median income. Delivery is slated for fall 2025.
MIDDLETOWN, PA. — EQT Exeter has purchased a 1.2 million-square-foot industrial property in Middletown, located on the southeastern outskirts of Harrisburg, for $170 million. The 196-acre site at 3327 E. Harrisburg Pike offers proximity to two major American shipping carriers and Harrisburg International Airport. Building features include a clear height of 40 feet, 224 dock-high doors and parking for 702 cars and 363 trailers (expandable to 500). EQT Exeter acquired the property, which was constructed last year and fully leased at the time of sale, in conjunction with a 638,000-square-foot industrial facility in Portland, Tennessee, for a combined price of $245 million. John Plower, John Huguenard, Ryan Cottone, Zach Maguire, Paul Torosian and Jeff Lockard of JLL represented the seller, Atlanta-based Core5 Industrial Partners, in the transaction.
LAVAL, QUEBEC AND CRANBERRY TOWNSHIP, PA. — Alimentation Couche-Tard Inc., the Canadian parent company of Circle K, has agreed to acquire GetGo Café + Markets from Giant Eagle Inc., a supermarket chain based in Pennsylvania. GetGo operates 270 gas station and convenience store locations in Pennsylvania, Ohio, West Virginia, Maryland and Indiana. The company staffs approximately 3,500 employees. “We are excited to welcome GetGo into the Couche-Tard family,” says Brian Hannasch, president and CEO of Couche-Tard. “We look forward to growing together as we learn from and continue GetGo’s innovative approaches to serving its local customers and communities.” “We are energized by the potential for both Giant Eagle and GetGo as a result of this transaction,” adds Bill Artman, CEO of Giant Eagle. “This enhances our focus on our core supermarket and pharmacy businesses.” GetGo has multiple retail models, including open-concept stores and standalone kiosks, with an emphasis on “food first.” As part of this transaction, Couche-Tard and Giant Eagle have agreed to maintain and partner together on Giant Eagle’s myPerks loyalty program for customers. Couche-Tard expects the deal to close in 2025 following standard regulatory approvals and customary closing conditions. The financial terms of the transaction were not disclosed …
WARMINSTER, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $7.3 million loan for the refinancing of a 106-room hotel in Warminster, a northern suburb of Philadelphia. The hotel is operated under the Home2Suites by Hilton brand. Katie Vivian of Largo Capital originated the loan, which was structured with a five-year term and fixed interest rate, through an undisclosed life insurance company. The borrower was also not disclosed.
MANCHESTER, PA. — Marcus & Millichap has brokered the $3.8 million sale of a 6,129-square-foot gas station in Manchester, a southern suburb of Harrisburg, that is occupied by fuel station and convenience store operator Sheetz. The newly built facility sits on a 3.3-acre site next to East Manchester Village Centre shopping center. Derrick Dougherty and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which were Pennsylvania-based entities that requested anonymity, in the transaction.
PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income adaptive reuse project in Philadelphia’s East Falls neighborhood. The project converted the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013, into a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015 and subsequently brought in architecture firm Looney Ricks Kiss to facilitate the transition of the site into a mixed-income property.
PITTSBURGH — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $10 million loan for the refinancing of the 98-room Fairfield Inn & Suites hotel in downtown Pittsburgh. The hotel was built in 2019. The nonrecourse loan features a floating interest rate and flexible prepayment options. David Turley of Cronheim Mortgage arranged the loan through an undisclosed bridge lender based on the West Coast. The borrower was a joint venture partnership between Blue Vista Capital, Woodmont Lodging and Milestone Hospitality Management.
WAYNE, PA. — Tremont Realty Capital, a division of metro Boston-based investment firm RMR Group, has provided a $27 million loan for the refinancing of a 138,065-square-foot industrial property in Wayne, a northwestern suburb of Philadelphia. The building at 400 Devon Park Drive was originally constructed in 1969 and features clear heights of 20 to 24 feet. JLL arranged the loan, which was structured with a three-year initial term with two one-year extension options. The borrower was a joint venture between Mainstreet Capital Partners and Contrarian Capital Management.
EXTON, PA. — Locally based developer Hankin Group has broken ground on Phase II of Haywood Business Park, a 70,000-square-foot industrial flex project in Exton, about 35 miles west of Philadelphia. Phase II of Haywood Business Park is being developed on a speculative basis and will consist of two 35,000-square-foot buildings that can support light manufacturing, warehousing and research-and-development uses. Leasing is underway on the first building, which features a clear height of 20 feet, four dock doors and 54 parking spaces. Construction of that building is slated for an early 2025 completion. Phase I of Haywood Business Park delivered 105,000 square feet of product.
PITTSBURGH — New Jersey-based Tryko Partners has completed Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the property’s 46 one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in financing for Cedarwood Homes, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer, and leasing commenced in February.