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The-Noble-Philadelphia
DevelopmentMultifamilyNortheastPennsylvania

National Real Estate, KRE Group Top Out 360-Unit Multifamily Project in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between National Real Estate Advisors and New Jersey-based Kushner Real Estate Group has topped out The Noble, a 360-unit multifamily project located at 200 Spring Garden St. in Philadelphia’s Northern Liberties neighborhood. Designed by Handel Architects, the 13-story building will house Class A amenities including a pool, coworking lounge, party room, juice bar, dog run and 10,000 square feet of public green space. City Fitness will anchor the retail component with a 17,000-square-foot facility. Preleasing will begin in December, and the first units are expected to be available for occupancy in the first quarter of 2024.

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DevelopmentLife SciencesNortheastPennsylvania

TN Ward Completes Renovation of 180,000 SF Life Sciences Facility in Philadelphia

by Taylor Williams

PHILADELPHIA — General contractor TN Ward has completed the renovation of Race Street Labs, a 180,000-square-foot life sciences facility in Philadelphia. In addition to base building renovations, two floors of lab facilities were constructed on a speculative basis. The facility now features lab-ready building infrastructure, customizable lab and office spaces and onsite lab management support services. Iron Stone Real Estate Partners owns the property. Cushman & Wakefield is marketing the renovated space for lease.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Tryko Partners Breaks Ground on 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams

PITTSBURGH — New Jersey-based Tryko Partners has broken ground on Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. Merchants Capital secured an $11 million construction and equity bridge loan financing for the project. The Pennsylvania Housing Finance Agency also awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for some time next year.

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AcquisitionsIndustrialNortheastPennsylvania

Progress Realty Partners Acquires Industrial Flex Property in Wyomissing, Pennsylvania, for $11.7M

by Taylor Williams

WYOMISSING, PA. — Progress Realty Partners, a New Jersey-based private equity firm, has acquired Park Place Center, a 143,000-square-foot industrial flex property in Wyomissing, located about 60 miles northwest of Philadelphia. The site spans 11 acres, and the complex consists of 10 buildings ranging in size from 2,985 to 55,080 square feet. Affiliate firm Progress Capital arranged an acquisition loan for the deal that carried a 75 percent loan-to-value ratio and one year of interest-only payments. Alan Cafiero and Mark Gjonbalaj of Marcus & Millichap represented the undisclosed seller in the transaction.

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AcquisitionsNortheastPennsylvaniaRetail

Matthews Brokers $22M Sale of Shopping Center in Erie, Pennsylvania

by Taylor Williams

ERIE, PA. — Matthews Real Estate Investment Services has brokered the $22 million sale of Northgate Commons, a 180,000-square-foot shopping center in Erie, located near the Pennsylvania-Ohio border. Tenants at the property, which was 95 percent occupied at the time of sale, include Quest Diagnostics, DaVita Dialysis, MedCare and Dollar General. Joseph Nelson of Matthews represented the seller, an undisclosed private investor, in the transaction. The buyer was also not disclosed.

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AcquisitionsHospitalityNortheastPennsylvania

Berkadia Negotiates Sale of 103-Room Hampton Inn & Suites Hotel in Washington, Pennsylvania

by Taylor Williams

WASHINGTON, PA. — Berkadia has negotiated the sale of a 103-room Hampton Inn & Suites hotel in Washington, about 30 miles southwest of Pittsburgh. The hotel is situated adjacent to Hollywood Casino at The Meadows and offers a pool, fitness center, business center and 648 square feet of meeting and event space. Dan Hawkins, Kyle Stevenson and Jake Pietras of Berkadia represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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Blueprint-Pennsylvania
AcquisitionsMultifamilyNortheastPennsylvaniaSeniors Housing

Blueprint Negotiates Sale of 1,000-Bed Skilled Nursing Portfolio in Pennsylvania

by Taylor Williams

PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing portfolio totaling more than 1,000 beds in Pennsylvania. A public REIT and its operating partner sold the two campuses, which offer independent living, personal care and memory care services. Although specific property names and locations were not disclosed, the properties are concentrated in northeast and central Pennsylvania. An East Coast-based investor seeking to establish a new footprint in the region acquired the assets for an undisclosed price.

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AcquisitionsIndustrialNortheastPennsylvania

CBRE Brokers $5.2M Sale of Industrial Property in Pottstown, Pennsylvania

by Taylor Williams

POTTSTOWN, PA. — CBRE has brokered the $5.2 million sale of a 60,000-square-foot industrial property in Pottstown, a northwestern suburb of Philadelphia. Built in 2000, the facility sits on a 10.3-acre site within Pottstown Industrial Park. Stephen Marzullo, Adam Silverman and Paul Touhey of CBRE represented the seller, an entity doing business as Wynnestay LLP, in the transaction. A subsidiary of TMC Properties LLC purchased the asset, which was fully leased at the time of sale to Eastwood Co., an e-commerce firm in the automotive space, for an undisclosed price.

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The-Driftway-Philadelphia
DevelopmentMultifamilyNortheastPennsylvania

Method Co., Cimbra Partners Begin Leasing 142-Unit Multifamily Project in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between locally based developer Method Co. and an affiliate of Mexican investment firm Cimbra Capital has begun leasing The Driftway, a 142-unit multifamily project in Philadelphia’s East Falls neighborhood. Designed by Morris Adjmi Architects, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, coworking lounge and a pet wash area. Information on starting rents was not disclosed.

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Leasing ActivityNortheastOfficePennsylvania

The Pittsburgh Foundation Signs 31,308 SF Office Headquarters Lease

by Taylor Williams

PITTSBURGH — The Pittsburgh Foundation, a nonprofit that addresses community needs and promotes philanthropy, has signed a 31,308-square-foot office headquarters lease in the downtown area. The foundation has committed to space on the ninth and 10th floors of 912 Fort Duquesne Blvd. for a term of 15 years. Geoff Greco and Andrew Millberg of JLL represented The Pittsburgh Foundation in the lease negotiations. Jeff Adams and Jesse Ainsman, also with JLL, represented the landlord, The Elmhurst Group.

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