REBusinessOnline

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc.The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post.The properties span 687,000 square feet and include: Olde Ivy …

Longfellow Real Estate to Undertake $365M Life Sciences Expansion Project at UPenn

PHILADELPHIA — Longfellow Real Estate Partners will undertake a $365 million expansion project at Pennovation Center, a life sciences development located across the Schuylkill River from the University of Pennsylvania in Philadelphia. The university owns the 23-acre site on which the facility will be constructed. The initial, 65,000-square-foot lab opened last year, and the expansion will add 387,000 square feet of research and development space and 68,000 square feet of biomanufacturing …

Endurance Real Estate Sells 130,942 SF Office Complex in Blue Bell, Pennsylvania

BLUE BELL, PA. — Pennsylvania-based investment firm Endurance Real Estate Group has sold a three-building, 130,942-square-foot office complex in Blue Bell, a northern suburb of Philadelphia. The property, which was built in 1988 and renovated in 2015, sold for $12.7 million. Mike Margolis, David Dolan, Ryan Guittare, Angelo Brutico and Jim Dugan of Newmark represented Endurance Real Estate in the transaction and procured the undisclosed

Planet Fitness to Open 16,369 SF Gym in Matamoras, Pennsylvania

MATAMORAS, PA. — Planet Fitness will open a 16,369-square-foot gym at Westfall Town Center, a 115,360-square-foot shopping center in Matamoras, located near the confluence of the New Jersey-New York-Pennsylvania border. The opening is slated for this fall. A 73,000-square-foot ShopRite grocery store anchors the center. Derek Zerfass and Scott Horner of Colliers represented the landlord, Chicago-based CenterPoint Properties, in the lease negotiations. Royal Properties represented the

MMCC Arranges $4.8M Acquisition Loan for Retail Property in Monroeville, Pennsylvania

MONROEVILLE, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $4.8 million acquisition loan for a 12,738-square-foot retail property in Monroeville, an eastern suburb of Pittsburgh, that is fully leased to Rite Aid. Jared Cassidy of MMCC arranged the loan, which was structured with a 10-year term, fixed interest rate and a 30-year amortization schedule, through an undisclosed credit union. The undisclosed borrower acquired the asset via a 1031

T.J. Maxx Opens 25,000 SF Store at Westfall Town Center in Matamoras, Pennsylvania

MATAMORAS, PA. — Discount retailer T.J. Maxx has opened a 25,000-square-foot store at Westfall Town Center, a 115,360-square-foot shopping center in Matamoras, located near the confluence of the New Jersey-New York-Pennsylvania border. A 73,000-square-foot ShopRite grocery store anchors the center. Derek Zerfass and Scott Horner of Colliers represented the landlord, Chicago-based CenterPoint Properties, in the lease negotiations. The representative of the tenant was not

Rittenhouse Realty Brokers $23.5M Sale of Student Housing Community in Philadelphia

PHILADELPHIA — Rittenhouse Realty Advisors, a member of GREA, has brokered the $23.5 million sale of Diamond Green, a 350-bed student housing community located near Temple University in Philadelphia. Orens Brothers Real Estate developed the 92-unit property using modular construction. The community features six retail spaces on the ground floor and a 28-stall parking garage. Apex Student Living, a joint venture between Alexandra Capital and Axela Group, acquired the

Southern Land Breaks Ground on 254-Unit Multifamily Project in Philadelphia

PHILADELPHIA — Tennessee-based developer Southern Land Co. has broken ground on a 254-unit multifamily project at 1620 Sansom St. in Philadelphia’s Center City District. The development will include 22,000 square feet of flexible commercial space for restaurant or health and wellness users. The 27-story building will offer amenities such as a 12,000-square-foot rooftop deck, fitness center, pool and communal dining and entertainment spaces. Solomon Cordwell Buenz is designing the project, …

JLL Brokers Sale of 488,037 SF West Manchester Town Center in York, Pennsylvania

YORK, PA. — JLL has brokered the sale of West Manchester Town Center, a 488,037-square-foot retail power center that is situated on a 94-acre site in York, located in the southern central part of the state. Built as an enclosed mall in 1981 and renovated into an open-air center in 2014, West Manchester Town Center houses tenants such as Kohl’s, At Home, HomeGoods, Hobby Lobby and Burlington. Chris Munley, Jim Galbally and Colin Behr of JLL represented the seller, Dallas-based ATR Corinth …

Colliers Negotiates $14M Sale of Medical Office Building Near Pittsburgh

PLEASANT HILLS, PA. — Colliers has negotiated the $14 million sale of a 33,172-square-foot medical office building in Pleasant Hills, a southern suburb of Pittsburgh. Gregg Broujos and Kim Kretowicz of Colliers represented the undisclosed seller and the buyer, Tampa-based Sila Realty Trust, in the transaction. At the time of sale, the building was fully leased to tenants such as Jefferson Hospital / Allegheny Health Network, Kids Plus Pediatrics, Miracle Dental Associates and Vision Care …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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