Pennsylvania

Federal Realty to Develop 306,448 SF Mixed-Use Project in Willow Grove, Pennsylvania

by Taylor Williams August 3, 2023

WILLOW GROVE, PA. — Federal Realty Investment Trust will develop a 306,448-square-foot mixed-use project in Willow Grove, a northern suburb of Philadelphia. The transit-served project, which will consist of 260 apartments and 20,000 square feet of retail and restaurant space within a six-story building, represents the third phase of the redevelopment of Willow Grove Shopping Center. Construction of Phase III, which will also include a structured parking garage, could commence as early as fall 2024. Phase II of the project, which featured an 18,000-square-foot outparcel retail building and various infrastructural developments, is nearing completion.

August 3, 2023

Industrial Leasing Activity Northeast Pennsylvania

Stateside Vodka Signs 40,000 SF Industrial Lease in Northeast Philadelphia

by Taylor Williams August 3, 2023

PHILADELPHIA — Stateside Vodka has signed a 40,000-square-foot industrial lease at Crown 95 Logistics Center in northeast Philadelphia. The development is located roughly six miles outside of the downtown area and consists of 381,200 square feet of newly built logistics/distribution space and 130,000 square feet of renovated/adaptively reused industrial space. Colliers represented the landlord, Court Street Ventures, in the lease negotiations. Cushman & Wakefield represented the tenant.

August 3, 2023

Development Multifamily Northeast Pennsylvania

EQT Exeter Begins Leasing 327-Unit Apartment Community in Philadelphia

by Taylor Williams August 2, 2023

PHILADELPHIA — Developer EQT Exeter has begun leasing The Clark, a 327-unit apartment community located in Philadelphia’s University City submarket. The Clark features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Amenities include a fitness center, game lounge, coworking space and a rooftop terrace. Greystar manages the property. The first move-ins will begin later this month. Rents start at $1,500 per month for a studio apartment.

August 2, 2023

Industrial Leasing Activity Northeast Pennsylvania

Roddy Inc. Negotiates 11,000 SF Industrial Lease in Northeast Philadelphia

by Taylor Williams August 1, 2023

PHILADELPHIA — Locally based brokerage firm Roddy Inc. has negotiated an 11,000-square-foot industrial lease in northeast Philadelphia. The building at 10081 Sandmeyer Lane sits on 2.8 acres and totals 34,000 square feet. Sean Durkin of Roddy Inc. represented the tenant, Rhoads Industries, a provider of welding and custom fabrication services, in the lease negotiations. Jason Ostach of Binswanger represented the undisclosed landlord.

August 1, 2023

Acquisitions Hospitality Northeast Pennsylvania

JLL Negotiates Sale of 125-Room Holiday Inn Express & Suites Hotel in Pittsburgh

by Taylor Williams July 28, 2023

PITTSBURGH — JLL has negotiated the sale of a 125-room Holiday Inn Express & Suites hotel in Pittsburgh. The six-story hotel sits on a 1.7-acre site on the city’s south side and offers an indoor pool, fitness center, business center and 600 square feet of meeting and event space. Ketan Patel and Phil White of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

July 28, 2023

Acquisitions Industrial Northeast Pennsylvania

Cushman & Wakefield Arranges Back-to-Back Sale of Industrial Property in York, Pennsylvania

by Taylor Williams July 25, 2023

YORK, PA. — Cushman & Wakefield has arranged the back-to-back sale of a 100,232-square-foot industrial property located at 350 N. Sherman St. in York, about 100 miles west of Philadelphia. The property sits on 5.7 acres and features 14 dock doors, a clear height of 32 feet, 43 auto parking spaces and 10 trailer parking spaces. In the first deal, locally based firm Inch & Co. sold the asset to Dallas-based Dalfen Industrial for $12.7 million. That same day, Dalfen sold the property to New York-based furniture retailer Raymour & Flanigan for $16.9 million. Gerry Blinebury and Collin Potter of Cushman & Wakefield brokered the first transaction, and the firm collaborated with Newmark to facilitate the second sale.

July 25, 2023

Acquisitions Industrial NAI Northeast Pennsylvania

NAI Summit Brokers Sale of 30,000 SF Industrial Property in Allentown, Pennsylvania

by Taylor Williams July 20, 2023

ALLENTOWN, PA. — NAI Summit has brokered the sale of a 30,000-square-foot industrial building located in the Eastern Pennsylvania city of Allentown. The sales price was $2 million. The recently renovated building features multiple dock and drive-in doors and clear heights of 20 to 24 feet, and the site spans 9.5 acres with the capacity to support future expansion. Mike Adams and Sarah Finney Miller of NAI Summit represented the undisclosed seller in the transaction.

July 20, 2023

Affordable Housing Development Loans Multifamily Northeast Pennsylvania

KeyBank Provides $21.6M in Financing for Affordable Housing Redevelopment in Pittsburgh

by Taylor Williams July 19, 2023

PITTSBURGH — KeyBank has provided $21.6 million in financing for a project that will convert a former school in Pittsburgh into a 46-unit affordable housing complex. The sponsor, Beacon Communities, is adaptively reusing the former Letsche School and constructing several new buildings from the ground up on adjacent parcels. The unit mix includes 27 one-bedroom apartments, 12 two-bedroom units, and seven three-bedroom residences that will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a community room, courtyard and picnic area, laundry room and a playground, and the property will have a resident services coordinator who will develop onsite educational, recreational and cultural enhancement programs. Eric Steinberg, Seaver Rickert and Anna Belanger of KeyBank originated the financing, which consisted of a $9.8 million construction loan and $11.8 million in Low-Income Housing Tax Credit equity.

July 19, 2023

Leasing Activity Northeast Pennsylvania Retail

Tilted 10 Debuts 103,000 SF Entertainment Center at Philadelphia’s Willow Grove Park Mall

by Taylor Williams July 17, 2023

PHILADELPHIA — Tilted 10, an entertainment concept that combines bowling, minigolf, bumper cars, arcade games, laser tag and other activities, has opened a two-level, 103,000-square-foot center at Philadelphia’s Willow Grove Park Mall. The venue will eventually feature a full-service taco bar as well. Other major tenants at Willow Grove Park Mall, which is owned by Pennsylvania Real Estate Investment Trust (PREIT), include Apple, Bloomingdales, Primark, American Eagle and H&M.

July 17, 2023

Development Multifamily Northeast Pennsylvania Seniors Housing

Marquis Launches $25M Renovation Project at Philadelphia Seniors Housing Community

by Taylor Williams July 14, 2023

PHILADELPHIA — Marquis Health Consulting Services has launched the first phase of a $25 million renovation at Fountain View at Logan Square, a 420,000-square-foot seniors housing community in Philadelphia’s Center City district. The three-year repositioning follows an ownership change and rebranding at Fountain View, formerly known as The Watermark. Designed by ML Group, the project will upgrade the lobby, hallways, apartments and dining room, as well as reconfigure amenity spaces. New features will include an auditorium with space for live entertainment, a makers’ room, theater, piano bar and a sky lounge. Lastly, the development team will add a juice bar and fitness center with a sauna and is exploring possible additions of a pool, outdoor deck and pickleball courts.

July 14, 2023

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