Pennsylvania

Cambridge Healthcare Solutions Completes VA Healthcare Center in Butler, Pennsylvania

by Haisten Willis June 1, 2017

BUTLER, PA. — Cambridge Healthcare Solutions has completed development of a Department of Veterans Affairs (VA) healthcare center in Butler. Cambridge teamed with Stantec for design and Mascaro Construction for construction of the building. The VA accepted the facility on May 26, and Cambridge will remain as asset manager throughout a 20-year lease. The 251,000-square-foot facility is located on 46 acres on Duffy Road and valued at approximately $110 million. The healthcare center is expected to open in late August will provide outpatient primary care, specialty services, mental health, dental, physical rehabilitation and women’s health care, augmenting services offered at an existing VA campus in Butler.

June 1, 2017

Northeast Office Pennsylvania

CBRE Arranges Sale of 238,000 SF Office Building in Philadelphia

by Haisten Willis May 30, 2017

PHILADELPHIA — CBRE has arranged for the sale of a 238,000-square-foot office building at One Crown Way in Philadelphia. CBRE’s Michael Kane represented the buyer, One Crown Properties LLC, during the negotiations, while CBRE’s Carl Gersbach represented the seller, Crown Cork & Seal USA. Crown Cork plans to lease back the building for the short term while seeking a site for a new headquarters property. Ballinger designed the property, which was built in 1996, and Nason and Cullen was the construction manager. The corporate campus environment sits on 40 acres and also includes a cafeteria, fitness center, underground parking and a walking trail.

May 30, 2017

Healthcare Northeast Pennsylvania

Construction Begins on Center for Healthcare Technology in Philadelphia

by Haisten Willis May 25, 2017

PHILADELPHIA — Penn Medicine and IMC Construction have broken ground on the new Center for Healthcare Technology in Philadelphia. Located on Civic Center Boulevard, the first phase of the project will be a 250,000-square-foot, eight-story office building. The facility will be used for information technology and human resources. A second phase of the project will add an additional 10 stories totaling 290,000 square feet, bringing the tower to a total height of 18 stories and 540,000 square feet.

May 25, 2017

Industrial Northeast Pennsylvania

NAI Mertz Arranges Trio of Industrial Leases in Metro Philadelphia

by Haisten Willis May 24, 2017

BRISTOL, HATBORO & PHILADELPHIA, PA. — Joe Sternberg of NAI Mertz has arranged three industrial leases totaling over 19,000 square feet in metro Philadelphia. The lease agreements include: A 5,000-square-foot warehouse lease at 200 Rittenhouse Circle in Bristol on behalf of Stiles Machinery. Stiles Machinery manufactures equipment, serving the woodworking, plastics and composites industries and markets. Whitesell Co. owns the facility. A 9,460-square-foot warehouse and office lease at 3235 Sunset Lane in Hatboro. Mike Borski Jr. of the Flynn Co. represented the tenant, Express 4X4 Truck Rental. NAI Mertz represented the building owner. A 5,000-square-foot warehouse and office lease on behalf of Capitol Adjustment Co.at 12285 McNulty Road in Philadelphia.

May 24, 2017

Northeast Office Pennsylvania

Second-phase Renovations Planned at One Oxford Centre in Pittsburgh

by Haisten Willis May 23, 2017

PITTSBURGH — Shorenstein Properties has unveiled plans for phase two of its renovations at One Oxford Centre in downtown Pittsburgh. Permits have been issued and construction is set to commence later this month on the 45-story office tower. The second phase will include a facelift to the lobby, atrium and tenant amenities. Shorenstein has already invested over $10 million on mechanical updates including HVAC replacement, elevator control modernization, exterior window repairs and parking garage work. Future exterior work will include upgraded LED lighting and façade work.

May 23, 2017

Northeast Office Pennsylvania

Markward Group Brokers Sale of Office Building in Bethlehem, Pennsylvania

by Haisten Willis May 23, 2017

BETHLEHEM, PA. — Markward Group has brokered the sale of a 47,070-square-foot office building on 4.1 acres located at 236 Brodhead Road in Bethlehem. Matt Macdonald and Ann Kline of Markward Group represented the seller, BB&T Bank. The building was the former data and operations center for National Penn Bank. Mike Capobianco of Markward Group represented the buyer, 236 Brodhead Road LLC. The buyer plans to remodel the lobby and common areas, and to repave the parking lot. ABEC is the lead tenant in the building.

May 23, 2017

Healthcare Northeast Pennsylvania

Laurus Arranges $22.5M Sale of Hilton Garden Inn in Metro Philadelphia

by Haisten Willis May 22, 2017

FORT WASHINGTON, PA. — Laurus Corp. has arranged the $22.5 million sale of the Hilton Garden Inn located in the Philadelphia suburb of Fort Washington. Laurus acted as sponsor on behalf of Ethika Diversified Opportunity Real Estate Fund. After acquiring the hotel in 2013, Laurus implemented a $2.5 million value-add strategy including a renovated lobby and outdoor seating areas as well as enhancements to the guest rooms. Laurus also selected a new management company. The property is located adjacent to the Fort Washington Office Park.

May 22, 2017

Company News Northeast Pennsylvania Retail

Rue21 Files Chapter 11 Bankruptcy

by Haisten Willis May 17, 2017

WARRENDALE, PA. — Teen apparel retailer Rue21 filed Chapter 11 bankruptcy on Monday, May 15 with plans to reorganize and restructure its assets and debts. In April, the company began to close approximately 400 underperforming stores of the 1,179 stores that it operates. The company stated Monday that it may evaluate further store closures as it continues to manage its real estate lease portfolio. The company expects to emerge from Chapter 11 in fall 2017 with a significantly deleveraged balance sheet. The company has obtained $125 million in debtor-in-possession financing, enabling it to continue day-to-day operations, including payment of employee wages, payment of vendors and honoring customer programs, such as gift cards. Kirkland & Ellis LLP is Rue21’s legal advisor, Rothschild Inc., as its investment banker and financial advisor and Berkeley Research Group as its restructuring advisor.

May 17, 2017

Northeast Pennsylvania Retail

New Tenants Announced at Capital City Mall, Plymouth Meeting Mall in Pennsylvania

by Haisten Willis May 12, 2017

HARRISBURG AND PLYMOUTH MEETING, PA. — PREIT has added new tenants at two of its Pennsylvania malls. At Capital City Mall in Harrisburg, a lease has been executed with Dave & Buster’s. The 28,000-square-foot dining and entertainment venue will open in fall 2018. At Plymouth Meeting Mall in the Philadelphia suburb of Plymouth Meeting, PREIT has executed a lease with 5 Wits, an entertainment destination named after the five senses. The live-action experience is designed to immerse guests in realistic situations including hands-on challenges requiring teamwork. The 14,000-square-foot location will be located across from LEGOLAND Discovery Center and will open this fall. In addition, CYCLEBAR, an indoor cycling concept, will open a Plymouth Meeting Mall location on May 18.

May 12, 2017

Healthcare Northeast Office Pennsylvania

Good Shepherd Medical Center Opens at Weis Plaza in Kutztown, Pa.

by Haisten Willis May 11, 2017

KUTZTOWN, PA. — Good Shepherd Medical Center at Weis Plaza has opened in Kutztown. Weis Plaza is a retail center anchored by Weis Supermarket, with other tenants including Dollar General and National Auto Stores. The center is located one mile from the University of Kutztown. Good Shepherd is an Allentown, Pa.-based rehabilitation center offering care for people with medical needs, physical disabilities, cognitive disabilities and injuries. Nassimi Realty, a privately held development and investment company specializing in the redevelopment of existing properties, is the owner of Weis Plaza.

May 11, 2017

Newer Posts

Older Posts