Pennsylvania

KeyBank Provides $41.4M in Financing for Pittsburgh Affordable Seniors Housing Redevelopment

by Taylor Williams March 4, 2025

PITTSBURGH — KeyBank has provided $41.4 million in financing for First & Market, an adaptive reuse project that will convert a former office building in downtown Pittsburgh into a 93-unit affordable seniors housing complex. The financing consists of a $27 million construction loan and a $14.4 million permanent loan. Units will be reserved for renters age 62 and above, with the majority (83) of residences reserved for individuals earning 50 percent or less of the area median income (AMI). The other 10 units will be earmarked for households earning 20 percent or less of AMI. Residents will have access to support services in technology education, healthcare education and coordination, financial literacy and mental and behavioral health. Seaver Rickert and Leslie Meyers of KeyBank originated the financing on behalf of the developer, Beacon Communities. Completion is slated for the third quarter of 2026.

March 4, 2025

Leasing Activity Northeast Pennsylvania Restaurant Retail

Brandywine to Open 13,000 SF Food Hall at Schuylkill Yards in Philadelphia

by Taylor Williams March 4, 2025

PHILADELPHIA — Local REIT Brandywine Realty Trust will open a 13,000-square-foot food hall at its Schuylkill Yards mixed-use development in the University City area of Philadelphia. Gather Food Hall & Bar will feature six eateries and a bar and will be housed on the ground floor of the historic Bulletin Building at 3025 Market St., which was converted to a life sciences facility in 2021. Hospitality HQ, a platform operated by New York chef and restaurateur Akhtar Nawab, will operate the venue, which is scheduled to open in the fall.

March 4, 2025

Acquisitions Northeast Pennsylvania Retail

CBL Properties Sells Monroeville Mall Near Pittsburgh for $34M, Buyer Plans Redevelopment

by Taylor Williams February 20, 2025

MONROEVILLE, PA. — CBL Properties, a shopping center REIT based in Tennessee, has sold Monroeville Mall, a 1.2 million-square-foot, 186-acre regional shopping and dining destination located roughly 20 miles east of Pittsburgh. According to the Pittsburgh Post-Gazette, the buyer was Walmart. The sales price was $34 million. Macy’s, Dick’s Sporting Goods and JCPenney anchor Monroeville Mall, which is also home to tenants such as Barnes & Noble, Cinemark Theatres, Guitar Center and Best Buy. Dallas-based Cypress Equities will manage and lead redevelopment efforts for the property on behalf of Walmart. JLL represented CBL in the transaction, and Tom Flynn of CBRE represented Walmart.

February 20, 2025

Acquisitions Healthcare Northeast Pennsylvania

ESJ Capital Buys Medical Office Portfolio in Langhorne, Pennsylvania, for $16M

by Taylor Williams February 20, 2025

LANGHORNE, PA. — Florida-based investment firm ESJ Capital Partners has purchased a portfolio of nine medical office buildings totaling 152,310 square feet in Langhorne, located northeast of Philadelphia, for $16 million. The portfolio was roughly 70 percent leased at the time of sale to tenants such as Quest Diagnostics, DaVita, LabCorp and the American Red Cross. The new ownership plans to invest in capital improvements across the portfolio, including upgrading HVAC systems, adding new roofing, updating wayfinding signage and modernizing vacant spaces. Michael Margolis, David Dolan and Angelo Brutico of Newmark represented the seller, SkyREM, in the transaction.

February 20, 2025

Leasing Activity Northeast Office Pennsylvania

FS Investments Signs 117,000 SF Office Headquarters Lease at Schuylkill Yards in Philadelphia

by Taylor Williams February 20, 2025

PHILADELPHIA — FS Investments has signed a 117,000-square-foot office headquarters lease in the Schuylkill Yards mixed-use development in Philadelphia. The locally based alternative asset manager will relocate and expand from an 80,000-square-foot space at the Philadelphia Navy Yard, where it has been a tenant since 2015, to the mixed-use building at 3025 JFK Blvd. Tactix Real Estate Advisors represented FS Investments in the negotiations for the 16-year lease. The landlord, locally based REIT Brandywine Realty Trust, was self-represented.

February 20, 2025

Keystone-Trade-Center-Fairless-Hills-Pennsylvania

Industrial Leasing Activity Northeast Pennsylvania

Colliers, KBC Advisors Negotiate 517,641 SF Industrial Lease in Fairless Hills, Pennsylvania

by Taylor Williams February 17, 2025

FAIRLESS HILLS, PA. — Colliers and KBC Advisors have negotiated a 517,641-square-foot industrial lease in Fairless Hills, located just outside of Trenton in Eastern Pennsylvania. The space is located within Keystone Trade Center, a 15 million-square-foot campus that is a redevelopment of a former steel mill. Michael Golarz and Tom Golarz of Colliers, in conjunction with Mark Chubb, Mike Zerbe and Summer Coulter of KBC Advisors, represented the landlord, Missouri-based NorthPoint Development, in the lease negotiations. Michael Lee and Drew Maffey with Lee & Associates represented the tenant, global third-party logistics provider Cirro.

February 17, 2025

Development Northeast Pennsylvania

DH Property Holdings Completes Two Industrial Buildings Totaling 760,000 SF in Northeast Philadelphia

by Taylor Williams February 14, 2025

PHILADELPHIA — DH Property Holdings has completed construction of two industrial buildings totaling 760,000 square feet in northeast Philadelphia. The site at 5000 Richmond St. spans 67 acres. The first building is a 348,000-square-foot, single side-load facility with a clear height of 40 feet, 60-foot speed bays and 22 loading dock doors. The second building totals 411,000 square feet and features a cross-dock configuration, 125 trailer parking stalls and 50 loading dock doors. Mancini Duffy served as the project architect, and Blue Rock Construction served as the general contractor. DH Property Holdings developed the project in partnership with Corebridge Financial.

February 14, 2025

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Development Multifamily Northeast Pennsylvania

Jefferson Apartment Group, CP Capital Deliver 310-Unit Project in Metro Philadelphia

by Taylor Williams February 13, 2025

FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has delivered the first building of a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, now houses five mid-rise buildings that comprise a community known as J Veridian at Upper Dublin. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, outdoor grilling and dining stations, dog park, clubroom with a bar, game room, fitness center, coworking lounge and a movie theater. The property also features multiple acres of open green space. Rents start at $1,800 per month for a one-bedroom apartment. Full completion is scheduled for the coming months.

February 13, 2025

Affordable Housing Loans Multifamily Northeast Pennsylvania

Lument Provides $24.8M Agency Acquisition Loan for Metro Philadelphia Affordable Housing Complex

by Taylor Williams February 12, 2025

LEVITTOWN, PA. — Lument has provided a $24.8 million Freddie Mac acquisition loan for an affordable housing complex in Levittown, a northeastern suburb of Philadelphia. The name of the property, which was built in 1972 and offers amenities such as clubhouse, fitness center, playground and outdoor grilling stations, was not disclosed. John Hurley of Lument originated the financing, which carried a five-year term and a 35-year amortization schedule, on behalf of the buyer, an affiliate of New Jersey-based owner-operator Silverstein Properties. Zach Schwartz of Brook Hollow Capital acted as the mortgage broker on the deal.

February 12, 2025

Acquisitions Northeast Pennsylvania Retail

Palomar Group Negotiates Sale of 221,157 SF Shopping Center in South Philadelphia

by Taylor Williams February 4, 2025

PHILADELPHIA — The Palomar Group, a Georgia-based brokerage firm, has negotiated the sale of a 221,157-square-foot shopping center in South Philadelphia. The grocery-anchored property is known as the South Philadelphia Shopping Center and is home to tenants such as ShopRite, Ross Dress for Less, Five Below, Burger King, Sherwin-Williams, Dunkin’ and Aaron’s. Palomar represented the seller, a publicly traded REIT, in the transaction. The buyer was a New York-based investor. Both parties requested anonymity.

February 4, 2025

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