PHILADELPHIA — NexPoint, an investment firm based in metro Dallas, has acquired two life sciences buildings totaling 250,000 square feet in Philadelphia. The first building comprises research and development, manufacturing and warehouse space, and the second building features distribution packaging facilities with the potential for future expansion. NexPoint acquired the buildings, which sit on a combined 18 acres, in a sale-leaseback with Frontida Biopharm. The addresses were not disclosed.
HAZLETON, PA. — Exceler Building Solutions, a provider of wall panels for the construction industry, has opened a 180,000-square-foot manufacturing plant in Hazleton, located roughly midway between Scranton and Allentown. The single-story, climate-controlled facility features a clear height of 40 feet, two loading docks, six drive-in docks and 10 production lines. The development team estimates that the project will add about 100 new jobs to the local economy.
PHILADELPHIA — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The 31-story building’s unit mix comprises 44 studios, 154 one-bedroom units, 44 two-bedroom apartments and 25 penthouses with private outdoor spaces. Amenities include a fitness center and yoga studio, piano lounge, private coworking space, chef’s kitchen and a children’s playroom. Move-ins will begin in late summer, and full completion is slated for the fall. Rents start at roughly $2,000 per month for a studio apartment.
PHILADELPHIA — DH Property Holdings has begun sitework on a two-building, 759,210-square-foot industrial project at 5000 Richmond St. on the northeast side of Philadelphia. The 348,210-square-foot Building A will feature a clear height of 40 feet, 42 loading dock doors and parking for 81 trailers. Building B will total 411,000 square feet and offer 70 loading dock doors and 125 trailer parking stalls. Completion is slated for the fourth quarter of 2024. CBRE has been appointed as the leasing agent.
HERSHEY, PA. — Pennsylvania-based owner-operator Shaner Hotels has acquired the Hampton Inn & Suites by Hilton Hershey, and 86-room property located about 100 miles west of Philadelphia. All guestrooms and suites feature microwaves and refrigerators, and the hotel offers amenities such as an indoor pool, fitness center and complimentary breakfast. Shaner plans to invest $1.2 million to remodel guestrooms. The seller and sales price were not disclosed.
LANSDALE, PA. — Locally based firm Westrum Development has opened Luxor Lifestyle Apartments Lansdale, a 211-unit multifamily community located about 30 miles north of Philadelphia. Designed by Pennsylvania-based architecture firm Meyer, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, gaming area, outdoor grilling and dining stations and a dog wash area. Rents start at $1,800 per month for a studio apartment. The project carried a total price tag of about $28 million.
PITTSBURGH — Newmark has arranged the sale of Foster Plaza Nine, a 155,663-square-foot office building in Pittsburgh’s Parkway West submarket. The property was built in 1990 and was 64 percent leased at the time of sale. David Dolan, Michael Margolis, Gerry McLaughlin, Jeff Schultz, Angelo Brutico and John Cook of Newmark represented the seller, Sterling Equities, in the transaction. The undisclosed buyer plans to implement a value-add program.
NORRISTOWN, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $15 million loan for the refinancing of a multifamily property in Norristown, a northwestern suburb of Philadelphia. The unnamed property consists of 17 buildings totaling 328 units that were 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The direct lender and borrower were not disclosed.
PHILADELPHIA — The Philadelphia Inquirer has opened a new, 36,500-square-foot office at 100 S. Independence Mall West in the Old City district. Locally based architecture firm Meyer designed the office, which can accommodate 200 people and represents a consolidated physical footprint. The newspaper employs about 400 people who will utilize the space on a rotating basis and work in “neighborhood” spaces that support individual departments like news, marketing, human resources and administration. Newmark represented the Inquirer in its site selection and lease negotiations. Keystone Property Groups owns the building.
PHILADELPHIA — A partnership between Pennrose and the Philadelphia Chinatown Development Corp. (PCDC) has broken ground on 800 Vine Senior, a 51-unit seniors housing complex. The five-story project is being constructed at the site of a former parking lot and will house studio, one- and two-bedroom units. Six residences will be reserved for renters earning 20 percent or less of the area median income (AMI), and 20 units will be earmarked for households earning 50 percent or less of AMI. The remaining 25 units will be rented to seniors earning 60 percent or less of AMI. Amenities will include a community room, courtyard and onsite laundry facilities. Completion is slated for summer 2024.