NEW FREEDOM, PA. — Burkentine, a Pennsylvania-based residential developer, has opened Franklin Square, a 134-unit multifamily complex in New Freedom, located along the Maryland-Pennsylvania border. Franklin Square consists of 62 for-rent townhomes with one- to four-bedroom floor plans and 72 garden-style apartments, all on a six-acre site. Vortex Brewing Co. anchors the complex’s retail component. Information on starting rents was not disclosed.
PHILADELPHIA — bioMérieux, a French company known for innovations in the field of in vitro diagnostics, has signed a 32,000-square-foot life sciences lease at the Philadelphia Navy Yard. The tenant will occupy most of the second floor of the 137,000-square-foot building at 1201 Normandy Place, which is under construction and nearing a June completion. CBRE brokered the lease. A joint venture between Ensemble Investments and Mosaic Development Partners owns the building.
PHILADELPHIA — Newmark has brokered the $13.1 million sale of a portfolio of two industrial buildings totaling 32,435 square feet in Philadelphia. At the time of sale, the portfolio, which spans 6.7 acres, was fully leased to logistics company GSR Global. Ryan Guittare of Newmark represented the seller, New York City-based investment firm IG Logistics, and procured the undisclosed buyer in the transaction.
PITTSBURGH — Pittsburgh International Airport has unveiled designs for the next phase of its $1.4 billion redevelopment. The latest stage of the project will center around a passenger tunnel/bridge that connects the existing hub of the airport with the new terminal that is under construction. The development team broke ground on the new, 700,000-square-foot terminal in October 2021 and expects to complete the project in 2025. The new terminal will consolidate ticketing, security checkpoints and baggage claim operations and offer a multi-modal complex with a 3,300-space parking garage, rental car facilities, parking lots and roadways.
HANOVER, PA. — Marcus & Millichap has brokered the sale of Hanover Self Storage, a 238-unit facility located about 115 miles west of Philadelphia. The property spans 32,150 net rentable square feet and includes 10 outdoor parking spaces. Gabriel Coe, Brett Hatcher and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.
TREVOSE, PA. — NAI Mertz has negotiated the sale of a 25,080-square-foot industrial building that sits on a 1.3-acre parcel in Trevose, a northeastern suburb of Philadelphia. Fraser Optics, which manufactures binoculars and associated products, occupies the entirety of the facility at 210 Andrews Road. Jeff Licht and Jared Licht of NAI Mertz represented the seller, a limited liability company, in the transaction.
JONESTOWN, PA. — Marcus & Millichap has brokered the sale of a portfolio of two self-storage facilities totaling 266 units in Jonestown, about 23 miles northeast of Harrisburg. The facilities, both of which were recently renovated, offer a total of 42,380 net rentable square feet of non-climate-controlled space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.
PHILADELPHIA — A partnership between two developers, Maryland-based Bozzuto and New York-based Kimco Realty, will soon begin construction on Coulter Place, a 131-unit multifamily project in Philadelphia’s Main Line district. The 1.7-acre site is an assemblage of six existing office buildings and their adjoining surface parking lots. Coulter Place will feature onsite parking, 20,000 square feet of ground-floor retail space and 7,000 square feet of indoor amenity space, as well as a pool and two elevated courtyards. Units will come in one- and two-bedroom formats. The development team has secured all necessary approvals and has construction financing in place. A tentative completion date was not released.
PHILADELPHIA — Architecture and engineering firm EwingCole has signed a 55,000-square-foot office lease renewal at the Federal Reserve Bank of Philadelphia building. The eight-story, 775,000-square-foot building is located in the downtown area and houses a conference facility with a 180-seat auditorium, a café and a fitness center. Jeffrey Tertel of Newmark represented the landlord, The Federal Reserve Bank of Philadelphia, in the lease negotiations. The tenant representative was not disclosed.
READING, PA. — Steel packaging manufacturer Can Corp. of America has signed a 114,550-square-foot industrial lease at Route 61 Distribution Center in Reading, about 65 miles northwest of Philadelphia. The building at 184 Tuckerton Road spans 392,030 square feet and is now fully leased. Paul Touhey, Sean Bleiler and Abraham Kromah of CBRE represented the landlord, Endurance Real Estate, in the lease negotiations. The tenant representative was not disclosed.
