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Dow-Inc.-Collegeville-Pennsylvania
Leasing ActivityLife SciencesNortheastOfficePennsylvania

Dow Inc. Signs 800,000 SF Office, Life Sciences Lease Extension in Collegeville, Pennsylvania

by Taylor Williams

COLLEGEVILLE, PA. — Chemicals manufacturer Dow Inc. has signed an 800,000-square-foot lease extension at its office and life sciences campus in Collegeville, about 25 miles northwest of Philadelphia. A partnership between New York City-based David Werner Real Estate Investments and regional firm GreenBarn Investment Group purchased the 1.9 million-square-foot campus, which consists of 14 buildings on 340 acres, from Pfizer in August 2023. Newmark represented Dow Inc., which first moved to Collegeville in 2012, in the lease negotiations.

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Company NewsNortheastOfficePennsylvania

Spiezle Architectural Group Opens 6,200 SF Office in Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — Spiezle Architectural Group has opened a 6,200-square-foot office at 615 Chestnut St. in downtown Philadelphia. The space features 30 seats and 26 open workstations for collaboration, as well as views of the Liberty Bell and Independence Hall. Bob Reid will lead the new office as principal. Spiezle now operates six offices across the country.

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Leasing ActivityNortheastOfficePennsylvania

Excelitas Technologies Signs 45,000 SF Office Headquarters Lease in Pittsburgh

by Taylor Williams

PITTSBURGH — Excelitas Technologies Corp., a provider of photonics products for the medical, defense and automotive industries, has signed a 45,000-square-foot office lease in Pittsburgh’s Strip District for its new headquarters. The company, which is relocating from metro Boston, plans to invest $2.3 million in the build-out and take occupancy this summer. Dan Adamski and Dennis Davin of JLL represented Excelitas Technologies in the lease negotiations. The name and representative of the landlord were not disclosed.

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Leasing ActivityNortheastPennsylvaniaRetail

Fresh Market to Open 32,131 SF Grocery Store in Pittsburgh

by Taylor Williams

PITTSBURGH — North Carolina-based grocer The Fresh Market will open a 32,131-square-foot store in Pittsburgh’s East Liberty neighborhood. The building at 5880 Centre Ave. was originally constructed in 2002 for Whole Foods Market, which vacated the space in 2022 for a larger store on nearby Penn Avenue. Herky Pollock of CBRE represented the undisclosed landlord in the lease negotiations. Brian Kerr of Hanna Langholz Wilson Ellis represented the tenant. The store will be Fresh Market’s first in Pittsburgh.

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4626-Somerton-Road-Feasterville-Trevose
DevelopmentIndustrialLoansNortheastPennsylvania

JLL Secures Construction Debt, Equity for 320,250 SF Industrial Project Near Philadelphia

by Taylor Williams

FEASTERVILLE-TREVOSE, PA. — JLL has secured construction debt and joint venture equity for a 320,250-square-foot industrial project in Feasterville-Trevose, about 20 miles northeast of Philadelphia. The sponsor is regional developer J.G. Petrucci Co. The building will be situated on a 19.5-acre site at 4626 Somerton Road and will feature a clear height of 36 feet, 55 tailgate doors, two drive-in doors and parking for 56 trailers and 195 cars. Jon Mikula, John Plower, Ryan Cottone and Michael Lachs of JLL arranged the construction loan through Principal Asset Management and structured the joint venture with Boston-based Cabot Properties.

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AcquisitionsIndustrialNortheastPennsylvania

Denholtz Properties Acquires 723,734 SF Industrial Portfolio in Lehigh Valley

by Taylor Williams

ALLENTOWN AND BETHLEHEM, PA. — New Jersey-based investment firm Denholtz Properties has acquired a portfolio of 18 industrial buildings totaling 723,734 square feet in the Lehigh Valley. Denholtz acquired the buildings, which are located in Allentown and Bethlehem, in a joint venture with an undisclosed partner. Brad Ruppel and Tristan Cade of CBRE represented the seller, PennCap Properties, in the transaction. The sales price was not disclosed.

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Cambridge-Square-Apartments-Monroeville
Affordable HousingLoansMultifamilyNortheastPennsylvania

KeyBank Provides $90.7M in Financing for Affordable Housing Property Near Pittsburgh

by Taylor Williams

MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property in Monroeville, an eastern suburb of Pittsburgh. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Cambridge Square Apartments consists of eight three-story buildings in one-, two- and three-bedroom floor plans, with 97 percent (198) of the units subject to a 20-year Section 8 Housing Assistance contract. Residents have access to services such as healthcare education, financial and computer literacy, childcare, youth activities, nutritional services, disability services, tenant homeownership training and parenting programs. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing for the transaction. Robbie Lynn of KeyBank structured the tax-exempt bonds, which were marketed for sale by Sam Adams of KeyBanc Capital Markets. The sponsor is Community Preservation Partners.

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IndustrialLeasing ActivityNortheastPennsylvania

Lecangs Signs 504,000 SF Industrial Lease in Whitehall, Pennsylvania

by Taylor Williams

WHITEHALL, PA. — Lecangs, a third-party logistics company and subsidiary of Loctek, has signed a 504,000-square-foot industrial lease at 3585 Church St. in the Eastern Pennsylvania community of Whitehall. According to LoopNet Inc., the single-tenant property was built in 2001. Del Markward and Mike Capobianco of locally based brokerage firm Markward Group represented Lecangs in the lease negotiations. JLL represented the undisclosed landlord. Jeff Collins of Commercial Florida Realty Inc. also assisted in closing the deal.

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DevelopmentIndustrialNortheastPennsylvania

Lovett Industrial Buys 109,000 SF Manufacturing Facility in Philadelphia, Plans Redevelopment

by Taylor Williams

PHILADELPHIA — Houston-based developer Lovett Industrial has purchased a 109,000-square-foot manufacturing facility in Philadelphia with plans to redevelop the property as a 176,000-square-foot warehouse and distribution center. The 14.5-acre site is located at the southeast corner of U.S. Highway 1 and Red Lion Road in northeast Philadelphia. The new facility will have a rear-load configuration, clear height of 36 feet, 185-foot truck court depths and ample trailer parking space. Cushman & Wakefield represented the undisclosed seller in the land deal. Lovett Industrial plans to begin demolitions next fall following the current manufacturing tenant’s vacating of the premises in the first quarter of next year. 

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Leasing ActivityLife SciencesNortheastPennsylvania

Zahav Biosciences Signs 8,200 SF Lease at Race Street Labs in Philadelphia

by Taylor Williams

PHILADELPHIA — Zahav Biosciences, a developer of cancer treatments and therapies, has signed an 8,200-square-foot lease for its new headquarters at Race Street Labs, a 180,000-square-foot life sciences facility in Philadelphia. Patrick Kelley of Avison Young represented Zahav Biosciences in the lease negotiations. Brian Young and Paul Garvey of Cushman & Wakefield represented the landlord, Iron Stone Real Estate Partners.

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