BRYN MAWR, PA. — Colliers has arranged the sale of Ferrari Philadelphia, a 41,311-square-foot car dealership located on the city’s northwestern outskirts in Bryn Mawr. The property comprises a 36,314-square-foot sales and service building and a 4,997-square-foot repair building across the street. An affiliate of Piazza Auto Group purchased Ferrari Philadelphia from an affiliate of RDS Automotive for an undisclosed price. Rich Weitzman of Colliers brokered the deal.
BETHLEHEM, PA. — IDLogistics, a third-party provider based in France, has signed a 526,662-square-foot, full-building industrial lease at Lehigh Valley Trade Center in Bethlehem. The cross-dock facility features a clear height of 40 feet, 119 dock doors, 250 car parking spaces and 154 trailer parking spaces. Mark Chubb, Michael Zerbe and Summer Coulter of Colliers represented the landlord, a partnership between New York-based Clarion Partners and Dallas-based Trammell Crow Co., in the lease negotiations. Todd Steffen, also with Colliers, represented the tenant. The partnership also recently broke ground on a third phase at Lehigh Valley Trade Center that will deliver two buildings totaling roughly 588,000 square feet.
PHILADELPHIA — Developer LCOR has topped out The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The property will offer a mix of studio, one- and two-bedroom units, as well as two- and three-bedroom penthouses. The amenity package will comprise an outdoor pool, fitness center, multiple lounges, a rooftop deck, a children’s play area and concierge services. Hunter Roberts Construction Group is the general contractor for the project, which is scheduled for a fourth-quarter 2023 completion.
PHILADELPHIA — A partnership between National Real Estate Development (NRED) and New Jersey-based Kushner Real Estate Group has broken ground on 200 Spring Garden, a 360-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. Designed by Handel Architects, the 13-story building will house Class A amenities, including a pool and a two-story fitness center, as well as retail and public green space. A tentative completion date was not disclosed.
CHADDS FORD, PA. — San Francisco-based investment firm FPA Multifamily has acquired Valleybrook at Chadds Ford, a 352-unit multifamily property located about 30 miles southwest of Philadelphia, for $96.5 million. Built in 2002, the property offers one-, two- and three-bedroom units with an average size of 992 square feet. Residences feature stainless steel appliances, quartz and granite countertops and individual washers and dryers. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas and a resident clubhouse. Mark Thomson, Carl Fiebig, Francis Coyne and Tyler Margraf of JLL represented the seller, a fund advised by Crow Holdings Capital, in the transaction. FPA Multifamily plans to implement a value-add program.
CHAMBERSBURG, PA. — Pennsylvania-based investment and development firm Endurance Real Estate Group has broken ground on Chambersburg Logistics Park, a 1 million-square-foot industrial project that will be located about 55 miles southwest of Harrisburg. The site spans 93 acres and is located immediately off Exit 10 of I-81. Building features will include a clear height of 40 feet, 166 overhead dock positions, four drive-in doors, 213 trailer stalls (expandable to 303), 375 car parking spaces (expandable to 561) and an ESFR sprinkler system. PNC Bank provided construction financing for the project, which is slated for a fourth-quarter 2023 completion. Endurance is developing Chambersburg Logistics Park in partnership with an affiliate of Guardian Life Insurance Co. and has tapped Cushman & Wakefield to lease the facility. Cushman & Wakefield also advised on Endurance’s capitalization of the project.
PITTSBURGH — JLL has arranged a $74 million loan for the refinancing of Southside Works, a 471,939-square-foot office and retail development in Pittsburgh. Built in phases between 2002 and 2004 and renovated in 2021, Southside Works comprises 245,570 square feet of office space and 226,369 square feet of retail space. The development also features multiple pocket parks, open green spaces, sport courts and a dog park. Nick Unkovic and Jeremy Bernstein of JLL arranged the six-year, floating-rate loan through Dollar Bank on behalf of the borrower, SomeraRoad.
PHILADELPHIA — Locally based brokerage firm Starkman Realty Group has negotiated the $29 million sale of Carlton Park Apartments, a 117-unit multifamily property in Philadelphia’s East Falls neighborhood. New Jersey-based AJH Management sold the garden-style property, which was originally built in 1958 and offers one-, two- and three-bedroom units, to an undisclosed buyer. Jason Starkman of Starkman Realty Group brokered the deal.
PHILADELPHIA — Post Brothers has sold Presidential City, a 1,015-unit luxury apartment community in Philadelphia. KKR and Mack Real Estate Group (MREG) purchased the high-rise property for approximately $357 million. The deal represents the most expensive apartment property sale in the city’s history, according to The Wall Street Journal. Presidential City was originally built in 1950. Post Brothers acquired the asset in 2012 and extensively renovated it to Class A standards. The property comprises four apartment buildings as well as the 41,000-square-foot Sora Pool Club and Spa amenity center and an office building. The residential units consist of studio to three-bedroom floor plans up to 2,920 square feet. Mack Property Management LP, a wholly owned subsidiary of MREG, will handle property operations. Mark Thomson, Carl Fiebig, Fran Coyne, Jose Cruz and Tyler Margraf of JLL represented the seller in the transaction. Although details on the office building were not disclosed, the brokerage referred to it as “well leased.” “Post Brothers continues to be at the forefront of game-changing multi-housing projects in Philadelphia with notable projects, including Piazza Alta in Northern Liberties and their project at Broad and Washington, where they will be delivering a combined 2,500 units,” notes Coyne. New …
WEST CHESTER, PA. — New Jersey-based investment firm Tryko Partners has acquired a 180-bed skilled nursing facility in West Chester, approximately 25 miles west of Philadelphia. Tryko will rebrand the asset as West Chester Rehabilitation & Healthcare Center. The seller and sales price were not disclosed. Blueprint Healthcare Real Estate Advisors brokered the sale of the property.