Pennsylvania

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

Acquisitions Northeast Pennsylvania Retail

James Balliet Property Group Negotiates Sale of 225,000 SF Shopping Center in Quakertown, Pennsylvania

by Taylor Williams July 12, 2023

QUAKERTOWN, PA. — The James Balliet Property Group, a division of brokerage firm Keller Williams Real Estate, has negotiated the sale of Richland Plaza, a 225,000-square-foot shopping center located in the Lehigh Valley city of Quakertown. Velocity Venture Partners acquired the property for $16.7 million and plans to implement a redevelopment, specific details of which were not disclosed. Tenants at the center, which is situated on 20 acres, include Wells Fargo, Ollie’s Bargain Outlet and Pearle Vision Center. James Balliet represented the seller, APS Associates, in the transaction.

July 12, 2023

Industrial Loans Northeast Pennsylvania Top Stories Walker & Dunlop

Walker & Dunlop Arranges $175M in Equity, Construction Financing for Last-Mile Distribution Facility in Philadelphia

by Kristin Harlow July 12, 2023

PHILADELPHIA — Walker & Dunlop Inc. has arranged $40 million in limited partner equity and $135 million in construction financing for 5000 Richmond Street, a 750,000-square-foot, last-mile distribution facility in Philadelphia. The project will include two Class A buildings each with clear heights of 40 feet, a total of 112 loading dock doors, 206 trailer parking stalls and 759 car parking stalls. The site is within a Qualified Opportunity Zone and benefits from a long-term tax abatement from the city. The development will be situated six miles from Center City and offer immediate access to I-95, I-276 and I-476, which connect to New York City and Washington, D.C. Vacancy in the metro Philadelphia industrial market ticked up slightly in the first quarter to 4.4 percent, according to CBRE. But the market remains undersupplied, leading rents to gain upward momentum, states the brokerage. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Mo Beler, Michael Diaz and Michael Ianno of Walker & Dunlop represented the borrower, DH Property Holdings LLC (DHPH). Barings provided the construction financing. “This multi-year effort began with our team sourcing limited partner capital to help DHPH acquire the land in the depths of COVID, and culminated in a …

July 12, 2023

Development Multifamily Northeast Pennsylvania

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

by Taylor Williams July 10, 2023

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.

July 10, 2023

Development Life Sciences Northeast Pennsylvania

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

by Taylor Williams June 30, 2023

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.

June 30, 2023

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

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

by Taylor Williams June 30, 2023

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.

June 30, 2023

Acquisitions Industrial Northeast Pennsylvania

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

by Taylor Williams June 28, 2023

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.

June 28, 2023

Acquisitions Northeast Pennsylvania Retail

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

by Taylor Williams June 22, 2023

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.

June 22, 2023

Acquisitions Hospitality Northeast Pennsylvania

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

by Taylor Williams June 22, 2023

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.

June 22, 2023

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

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

by Taylor Williams June 21, 2023

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.

June 21, 2023

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