Pennsylvania

PennFIRST Designs $1.5B Hospital Pavilion for University of Pennsylvania

by Kristin Harlow May 5, 2017

PHILADELPHIA — PennFIRST is completing the planning and design process for the University of Pennsylvania’s new $1.5 billion hospital. The “Pavilion” will be situated on Penn Medicine’s West Philadelphia campus where it will create a new public square and a focal point for all surrounding buildings to anchor the health system. An official groundbreaking took place on Wednesday, May 3. The Pavilion will house inpatient care for the Abramson Cancer Center, heart and vascular medicine and surgery, neurology and neurosurgery, and a new emergency department. The project is slated for completion in 2021. Located on the former site of Penn Tower, the Pavilion will be home to about 500 new private patient rooms and 47 operating/interventional rooms in a 1.5 million-square-foot, 16-story facility. The Pavilion will be linked to the Hospital of the University of Pennsylvania and the adjacent Perelman Center for Advanced Medicine as well as the train station via a network of public bridges and walkways. Long-term flexibility was incorporated into the design so that patient rooms can be adapted and changed over time with minimal impact to the building fabric. The patient rooms will be equipped with in-room technologies to strengthen communication between patients, families and care …

May 5, 2017

Industrial Northeast Pennsylvania

Duke Realty Purchases 73 Acres in Bethel Township, Pa., for Industrial Project

by Haisten Willis May 3, 2017

BETHEL TOWNSHIP, PA. — The northeast regional office of Duke Realty Corp. has purchased 73 acres in Bethel Township for future development. The land, known as Central Logistics Park, fronts I-78 and can support the construction of a warehouse up to 832,000 square feet. Duke plans to develop a bulk warehouse on the site, which will be its fifth building in the Lehigh Valley area.

May 3, 2017

Loans Multifamily Northeast Pennsylvania

Eastern Union Funding Arranges $14.2M Acquisition Loan for Hawthorne Gardens in Lancaster, Pa.

by Haisten Willis May 1, 2017

LANCASTER, PA. — Eastern Union Funding has arranged $14.2 million in acquisition financing for Hawthorne Gardens Associates’ purchase of Hawthorne Gardens in Lancaster. Eastern Union’s David Metzger and Nate Hyman worked with Greystone on behalf of the New Jersey-based private investor, securing a 12-year, fixed-rate loan with six years of interest-only payments. Located at 99 Dickens Drive, Hawthorne Gardens includes six, three-story apartment buildings. All apartments are two-bedroom, two-bathroom units. The 144-unit community was built in 2014 and is 97-percent occupied. Robert Holland of The Kislak Co. represented the seller in the transaction.

May 1, 2017

Industrial Loans Northeast Pennsylvania

Cronheim Mortgage Secures $12M Financing for Industrial Park in Metro Philadelphia

by Haisten Willis May 1, 2017

HORSHAM TOWNSHIP, PA. — Cronheim Mortgage has secured $12 million in financing for a 562,000-square-foot industrial park located in Horsham Township. The 10-year loan includes a 20-year amortization schedule for the borrower, Heffernan and Partners. The loan was placed with American United Life Insurance Co., which Cronheim represented as correspondent and servicing agent. The subject property is Babylon Business Campus, a 15-building property constructed between 1972 and 1987 on 55 acres. There are over 50 tenants in the industrial park, with leases ranging from 600 square feet to more than 100,000 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim originated and placed the loan.

May 1, 2017

Northeast Pennsylvania Retail

Orchestra Premaman to Open First U.S. Store in King of Prussia, Pa.

by Haisten Willis May 1, 2017

KING OF PRUSSIA, PA. — CBRE has arranged a 4,405-square-foot lease for Orchestra Premaman at the King of Prussia Mall near Philadelphia. The store will be the first U.S. location for the French retailer. Orchestra Premaman, a children’s fashion and apparel store, operates more than 700 stores in 40 countries worldwide. The company opened its first location in 1995. CBRE’s John Krause and Matt Mandel assisted Orchestra in its overall market analysis, site selection process and negotiated on the company’s behalf. The store is scheduled to open May 15.

May 1, 2017

Northeast Office Pennsylvania

Cushman & Wakefield Brokers 68,846 SF Office Lease in Metro Harrisburg

by Haisten Willis April 25, 2017

CAMP HILL, PA. — Cushman & Wakefield has brokered a 68,846-square-foot office lease in the Harrisburg suburb of Camp Hill. St. Louis-based Centene Management Co., a healthcare services provider, is the new tenant at at 300 Corporate Center Dr. in the Camp Hill Corporate Center. Jason Sourbeer and Scott Bazoian led the Cushman & Wakefield teams in the transaction. Cushman & Wakefield represented both the tenant and landlord, LNR Partners, a division of Starwood Property Trust.

April 25, 2017

Loans Northeast Pennsylvania Retail

Cronheim Mortgage Closes $50.5M Financing for Retail Center in Easton, Pa.

by Haisten Willis April 19, 2017

EASTON, PA. — Cronheim Mortgage has secured $50.5 million in financing for Northampton Crossings, a 622,000-square-foot power center in Easton. The refinancing loan was structured with a 15-year fixed-rate, which was locked 11 months prior to closing. American General Life Insurance Co., The Variable Annuity Life Insurance Co., National Union Fire Insurance Co. and American Home Assurance Co. funded the loan. Northampton Crossings was constructed in 1995 and anchor tenants include Walmart, Sam’s Club, Kohl’s, Staples and a 14-screen Regal Cinemas. Inline tenants include Hobby Lobby, Lane Bryant, Starbucks, Sleepy’s, GameStop, Panera Bread, Sally Beauty Supply, GNC and Sears Hardware. Andrew Stewart, Dev Morris and Andrew Tsukamoto of Cronheim Mortgage originated the loan.

April 19, 2017

New Jersey Northeast Pennsylvania Retail

Metro Commercial Brokers Leases for Save-A-Lot Locations in Philadelphia, New Jersey

by Haisten Willis April 19, 2017

PAULSBORO, N.J., AND PHILADELPHIA — Metro Commercial Real Estate has brokered leases for four new Save-A-Lot locations in Philadelphia and Paulsboro. Michael Murray of Metro Commercial represented Save-A-Lot in the following leases: 2101 W. Lehigh Ave., Philadelphia, at Hope Plaza Shopping Center. The 17,500-square-foot store will open this spring. 545 W. Broad St., Paulsboro, at Paulsboro Plaza Shopping Center. The 17,795-square-foot store will open this spring. 400 W. Allegheny Ave., Philadelphia. The 16,338-square-foot store will open this summer. 6301 Chew Ave., Philadelphia. The 18,425-square-foot store opened March 9.

April 19, 2017

Northeast Pennsylvania Retail Top Stories

Teen Retailer rue21 to Close 400 Stores, Focus on Online Sales

by Katie Sloan April 18, 2017

WARRENDALE, PA. — Teen clothing retailer rue21 is set to close about one-third of its stores nationwide as it shifts its focus to e-commerce. The privately held company will shutter 400 stores, according to reports by The Associated Press, leaving more than 700 rue21 locations in 48 states. The retailer confirmed upcoming closures in a Facebook post, stating that “it was a difficult but necessary decision.” A spokeswoman for rue21 recently alluded to the retailer’s unfavorable financial state, according to reports by Women’s Wear Daily. The decision to shrink the company’s store footprint comes about two weeks after entering into forbearance agreements with lenders in order to stave off a default. In 2002, the company filed for bankruptcy under its former name — Pennsylvania Fashions Inc. It emerged under the name rue21 the following year. The company, based in the Pittsburgh suburb of Warrendale, didn’t say how soon the stores would close. Rue21 took to Facebook, once again, to explain to customers that they could search for stores near them on the company’s “Store Locator” page. Those set to close will show a “Closing Store” label above the address. Rue21 is the latest retailer to struggle amid the expansion of …

April 18, 2017

Northeast Pennsylvania Retail

Metro Commercial Brokers Leases for Six New Target Locations in Philadelphia

by Haisten Willis April 14, 2017

PHILADELPHIA — Metro Commercial Real Estate has brokered leases for six small-format Target stores in Philadelphia. The company’s Steve Niggeman and Tom Londres represented Target in the following leases: Lincoln Square: Store opening in October 2018 at 1000 S. Broad St. Alterra Property Group and Kimco Realty Corp. will be the owners of the 36,000-square-foot location. Northern Liberties: Store opening in July 2018 at 456 N. 5th St. Alliance Partners HSP will own the 47,000-square-foot location. Ivy Ridge Shopping Center: Store opened in March at 7162 Ridge Ave. Brixmor Property Group owns the 47,000-square-foot location. 2100 Pennsylvania Ave.: Store opening in October. Range Properties will own the 32,000-square-foot location. 1122-28 Chestnut St.: Store opened in July 2016. Brickstone Co. owns the 19,000-square-foot location. 1900-06 Chestnut St.: Store opened in October 2016. Pearl Properties owns the 23,000-square-foot location.

April 14, 2017

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