PHILADELPHIA — JLL has arranged a $55 million bridge loan for Quartermaster Plaza, a 456,208-square-foot retail power center in South Philadelphia. Built in 2004, the property was 99 percent leased at the time of sale, with BJ’s Wholesale Club, The Home Depot and Sprouts Farmers Market serving as the anchor tenants. Other tenants include Bank of America, Wendy’s, Walgreens, PetSmart and Planet Fitness. Michael Gigliotti, James Galbally, Michael Pagniucci and Blaine Fleming of JLL arranged the five-year loan through an undisclosed bank. The borrower was a partnership between two New York City-based firms, DRA Advisors and KPR Centers, which acquired the center from Cedar Realty Trust in July 2022 as part of an $879 million portfolio deal. Cedar Realty Trust bought the center in 2014 for $92.3 million.
TREXLERTOWN, PA. — Northmarq has brokered the sale of Mayo’s Mobile Home Park, a 75-site manufactured housing property in the Lehigh Valley city of Trexlertown. Mayo’s Mobile Home Park was built in 1950 and was 98 percent occupied at the time of sale. Ari Azarbarzin and Anthony Pino of Northmarq represented the seller, Mayo Homes Co., in the transaction. The buyer and sales price were not disclosed. The deal marks the first time that the property has traded hands since 1963.
ALLENTOWN, PA. — Northmarq has arranged the sale of Red Maple Acres, a 202-site manufactured housing property in the Lehigh Valley city of Allentown. Red Maple Acres was built in 1960 and was 98 percent occupied at the time of sale. Ari Azarbarzin and Anthony Pino of Northmarq represented the seller, an entity doing business as Red Maple Acres LLC, in the transaction. The buyer and sales price were not disclosed.
PITTSBURGH — New Jersey-based Tryko Partners has begun leasing Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in project financing, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer.
ANNAPOLIS, MD. — Annapolis, Md.-based investment firm Realterm has acquired three industrial outdoor storage sites totaling 24.8 acres in the Northeast. The sites are located in the metro areas of Boston, Providence and Philadelphia and are all utilized as truck terminals, with a combined capacity to support 163 such vehicles. Realterm acquired the sites from logistics giant Yellow Corp. as part of its Chapter 11 bankruptcy proceedings. The sales price(s) was not disclosed.
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) has received approval for a multifamily project in Bala Cynwyd, a northwestern suburb of Philadelphia. The development will add 217 residential units above 16,000 square feet of retail space in the former Lord & Taylor building. Federal Realty is redeveloping the site to ultimately feature more than 300 apartments and 190,000 square feet of retail space for a total investment of $170 million. Construction on the new multifamily complex is slated to begin this spring and to be complete in summer 2026.
SCRANTON, PA. — CBRE has brokered the $6.5 million sale of a 108,000-square-foot light industrial complex in Scranton. The development consists of three buildings ranging in size from 27,000 to 40,500 square feet on an 11.8-acre site. Buildings feature clear heights of 19 to 21 feet. Steve Marzullo, Adam Silverman, Michael Hines and Joe Hill of CBRE represented the seller, CEP Family Office LLC, in the transaction. The buyer, an affiliate of Pennsylvania-based Industrial Investments Inc., was represented internally.
READING, PA. — Cushman & Wakefield has brokered the sale of a 250,955-square-foot distribution center in Reading, about 60 miles northwest of Philadelphia. The property at 615 Aviation Road features 10,383 feet of office space, a clear height of 32 feet, 58 dock doors, 15 van dock doors and 10 drive-in doors. Chris Sheldon, Gerry Blinebury and Brendan McGeary of Cushman & Wakefield represented the developer and seller, SunCap Property Group, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the property was fully leased to an undisclosed transportation and logistics company.
NORTH FAYETTE TOWNSHIP, PA. — CBRE has arranged a 28,857-square-foot retail lease in North Fayette Township, a western suburb of Pittsburgh. The tenant, furniture retailer Arhaus The Loft, will move into its new space at Plaza at the Point shopping center in the second quarter. Herky Pollock and John Jackson of CBRE represented the landlord, Kossman Development Co., in the lease negotiations. Scott Smith of Hanna Langholz Wilson Ellis represented the tenant. The deal brings Plaza at the Point to full occupancy.
READING, PA. — An affiliate of Pennsylvania-based developer Mediplex Property Group has opened a 365-bed residence hall that will serve students at Albright College in Reading, located about 65 miles northwest of Philadelphia. The five-story, 135,000-square-foot building sits on a four-acre site adjacent to campus and features suite-style residences consisting of single and double rooms, as well as lounge areas on every floor. Mediplex developed the property, which according to local news sources is known as Lion Hall, in partnership with Albright College.