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Pennsylvania

Comcast-Spectacor-Philadelphia
DevelopmentNortheastPennsylvaniaRestaurantRetail

Comcast Spectacor, Cordish Provide Updates on Redevelopment of South Philadelphia Sports Complex

by Taylor Williams

PHILADELPHIA — Philadelphia-based Comcast Spectacor, in partnership with Cordish Cos., a Baltimore-based developer specializing in sports-anchored entertainment districts, has provided updates on the redevelopment of the Xfinity Live! sports complex in South Philadelphia. New developments include the transformation of the Live! plaza into a central two-story building featuring a rooftop oasis known as AVA Rooftop Bar; the expansion of the PBR Cowboy Bar via an outdoor backyard area with a stage and new bar offerings; and a new and improved turf area that will provide flexible space for various activities and community activations. Construction is expected to be fully complete by early 2026, and the facility will remain open while work is ongoing.

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Leasing ActivityNortheastPennsylvaniaRetail

Apple Cinemas to Open 17-Screen Theater Near Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — Metro Boston-based Apple Cinemas will open a 17-screen theater near downtown Philadelphia. The company will backfill a former theater space of Regal Cinemas at Riverview Plaza III, which is owned by Philadelphia-based Tower Investments. Soloff Realty & Development Inc. represented the landlord in the lease negotiations. The opening is scheduled for fall 2025.

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IndustrialLeasing ActivityNortheastOfficePennsylvania

Newmark Negotiates 34,493 SF Lease at Industrial Flex Building in Plymouth Meeting, Pennsylvania

by Taylor Williams

PLYMOUTH MEETING, PA. — Newmark has negotiated a 34,493-square-foot lease in Plymouth Meeting, a northwestern suburb of Philadelphia. The tenant, HVAC and plumbing services provider Donnelly’s Home Comfort Specialists, is taking space at the 143,000-square-foot industrial flex building at 1 Innovation Drive. Jim Dugan, Justin Bell and Patrick Nowlan of Newmark represented the landlord, Alliance HP, in the lease negotiations. The name of the tenant representative was not disclosed.

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Mi-Place-@-Downingtown
LoansMultifamilyNortheastPennsylvania

CBRE Arranges $47.5M Loan for Refinancing of Metro Philadelphia Apartment Complex

by Taylor Williams

DOWNINGTOWN, PA. — CBRE has arranged a $47.5 million bridge loan for the refinancing of Phase I of Mi-Place@Downingtown, a 205-unit apartment complex located on the western outskirts of Philadelphia. The property comprises six three-story buildings that house one- and two-bedroom apartments and three-bedroom townhomes. Amenities include a pool, fitness center, clubhouse, outdoor grilling and dining stations and pickleball and basketball courts. Matthew Klauer and Cassandra Russell of CBRE arranged the three-year loan through an entity managed by Argentic Investment Management on behalf of the sponsor, Fernmoor Homes. At full build-out, Mi-Place@Downingtown will total 400 units.

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Storage-King-USA-Newtown-Square-Pennsylvania
AcquisitionsIndustrialNortheastPennsylvaniaSelf-Storage

JLL Brokers Sale of Three Greater Philadelphia Self-Storage Facilities

by Taylor Williams

PHILADELPHIA — JLL has brokered the sale of three self-storage facilities in the Philadelphia area. The facilities, which traded as part of a 468,266-square-foot portfolio deal that includes three other facilities in South Florida, are located at 1354 Hook Road in Sharon Hill, 3952 N. Providence Road in Newtown Square and 4440 E. Bristol Road in Trevose. A partnership between Metro Self Storage and Heitman sold the portfolio to Andover Properties, which will rebrand the facilities under its Storage King USA flag. Brian Somoza led the JLL team that brokered the deal.

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IndustrialLeasing ActivityNortheastPennsylvania

Veho Signs 148,611 SF Industrial Lease in Northeast Philadelphia

by Taylor Williams

PHILADELPHIA — Veho has signed a 148,611-square-foot industrial lease in northeast Philadelphia. The third-party logistics firm will occupy the entirety of Building 1 at Bridge Point Philadelphia, a two-building, 890,312-square-foot development that was completed recently. Larry Maister and Kyle Lockard of JLL represented the landlord, Bridge Industrial, in the lease negotiations. Barrett Stephan and Brian Hilger of KBC Advisors represented Veho.

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2401-W.-Emaus-Ave.-Allentown
DevelopmentLoansNortheastPennsylvania

JLL Arranges $22M Construction Loan for Lehigh Valley Industrial Project

by Taylor Williams

ALLENTOWN, PA. — JLL has arranged a $22 million construction loan for a 224,000-square-foot industrial project in the Lehigh Valley city of Allentown. The project at 2401 W. Emaus Ave. will be a warehouse and distribution facility with a clear height of 36 feet, 43 dock-high doors and parking for 129 cars and 42 trailers. JLL arranged the floating-rate construction loan through BHI, the U.S. division of Israeli lender Bank Hapoalim, on behalf of the borrower, Woodmont Industrial Partners. Construction is expected to last between 12 to 18 months.

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Leasing ActivityNortheastOfficePennsylvania

Arcfield Signs 36,000 SF Office Lease in Metro Philadelphia

by Taylor Williams

KING OF PRUSSIA, PA. — Defense contractor Arcfield has signed a 36,000-square-foot office lease in King of Prussia, a northern suburb of Philadelphia. The space spans the entire third floor and partial first floor at 1400 Morris Drive, a newly renovated building within the 1.1 million-square-foot Chesterbrook development. Doug Newbert, Mike MacCrory and Whitney Hunter of JLL represented the landlord, Rubenstein Partners, in the lease negotiations. John Shelly and Gina Brennan of Cushman & Wakefield represented Arcfield.

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Crownwood-Industrial-Estates-Bristol-Pennsylvania
AcquisitionsIndustrialNortheastPennsylvania

Benchmark, Regal Ventures Acquire 218,410 SF Industrial Property in Bristol, Pennsylvania

by Taylor Williams

BRISTOL, PA. — A partnership between Pennsylvania-based developer Benchmark Real Estate and New York-based investment firm Regal Ventures has acquired a 218,410-square-foot industrial property in Bristol, located northeast of Philadelphia. Crownwood Industrial Estates comprises three buildings that range in size from 13,042 to 112,348 square feet on a 25-acre site along the I-95 corridor that can support future expansion. At closing, the partnership sold the 112,348-square-foot building to Penn Steel Fabrication, which occupied about half of that building’s space and was facing lease expiration in 2025. Michael Borski and Pat Gilmore of The Flynn Co., a Philadelphia-based brokerage firm, arranged the sale. The seller and sales price were not disclosed.

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AcquisitionsNortheastPennsylvania

Newmark Brokers $59M Sale of Philadelphia Industrial Building

by Taylor Williams

PHILADELPHIA — Newmark has brokered the $59 million sale of a 450,000-square-foot industrial building in Philadelphia. The site at 6250 Baltimore Ave. is located on the city’s west side, and the facility features a clear height of 24 feet, 125-foot truck court depths, more than 80 loading docks and dedicated storage space and trailer parking. An affiliate of Velocity Venture Partners sold the property, which was 96 percent leased at the time of sale, with Ryan Guittare of Newmark brokering the deal. Newmark also arranged acquisition financing on behalf of the undisclosed buyer.

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