PITTSBURGH — Northmarq has brokered the $7.1 million sale of a 13,575-square-foot restaurant building in downtown Pittsburgh. The freestanding building is located within the Southside Works development and is leased to The Cheesecake Factory, which has occupied the property since its original construction in 2004. Asher Wenig of Northmarq represented the buyer and seller, both of which were New York-based firms that requested anonymity, in the transaction.
WILLOW STREET, PA. — JLL has negotiated the sale of Kendig Square, a 186,749-square-foot shopping center in Willow Street, about 70 miles west of Philadelphia. Built in 1991, the property was 95 percent leased at the time of sale, with grocer Weis Markets serving as the anchor. Other tenants include Rite Aid, Planet Fitness, Dollar Tree and PNC. Northpath Investments sold Kendig Square to Triple Bar Properties Inc. for an undisclosed price. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL brokered the deal.
KING OF PRUSSIA, PA. — Locally based investment firm Equus Capital Partners has sold a 150,466-square-foot office campus in King of Prussia, located north of Philadelphia. Built in 1978, the two-building complex was 95 percent leased at the time of sale. Brett Grifo and Keith Braccia of Cushman & Wakefield represented Equus, which acquired the property in 2018 and invested roughly $5 million in capital improvements, in the transaction. The buyer and sales price were not disclosed.
LEWISBERRY, PA. — Lee & Associates has brokered the sale of a 189,000-square-foot industrial facility in Lewisberry, a southern suburb of Harrisburg. The distribution center at 525 Industrial Drive was built on a speculative basis and features a clear height of 32 feet, 45 loading docks and an ESFR sprinkler system. Bob Yoshimura, Joe Hill, Eric Mattson and Connor Sanbower of Lee & Associates represented the seller, a partnership between Boston-based firms High Street Logistics Properties and TA Realty, in the transaction.
LEWISBERRY, PA. — Industrial design-build firm Stellar has signed a 10,412-square-foot lease renewal within Fairview Industrial Park in Lewisberry, a southern suburb of Harrisburg. Dan Alderman of NAI CIR represented Stellar in the lease negotiations. Victor Kelly represented the owner, Larken Associates, on an internal basis. Fairview Industrial Park comprises three buildings totaling 137,404 square feet.
PHILADELPHIA — Locally based developer Exeter Property Group is nearing completion of an adaptive reuse project that converted a former church at 1701 Race St. in Philadelphia’s Logan Square neighborhood into a 271-unit multifamily tower. Designed by Solomon Cordwell Buenz, the 23-story building is known as One Cathedral Square and houses studio, one-, two- and three-bedroom units, as well as ground-floor retail space. Amenities include a fitness center, rooftop kitchen and lounge, coworking spaces and Amazon package lockers. Leasing began this summer, and rents start at roughly $1,700 per month for a studio apartment.
NORRISTOWN, PA. — CBRE has brokered the $7.4 million sale of a 25,150-square-foot veterinary clinic in Norristown, a northwestern suburb of Philadelphia. Metropolitan Veterinary Associates occupies the facility, which was originally built in 1987 and renovated in 2019, on a triple-net basis. Michael Shover, Matthew Gorman, Thomas Finnegan and Rob Thompson of CBRE represented the seller, an entity doing business as LMP Van Buren LLC, in the transaction. The team also procured the buyer, a Nashville-based limited liability company.
NEW JERSEY — French investment bank Natixis has provided an $89.1 million loan for the refinancing of the Crossings Industrial Portfolio, a collection of 25 buildings totaling roughly 1.2 million square feet that are located throughout Southern New Jersey and Bucks County, Pennsylvania. Specifically, the properties are located in Delran, Bridgeport, Evesham, Cinnaminson and Mount Laurel, New Jersey, and Bristol, Pennsylvania. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the debt. The borrower was Camber Real Estate Partners, an investment firm based in Northern New Jersey.
By Taylor Williams Though very much in its infancy, the Philadelphia 76ers’ recent decision to assemble a development team and file a formal proposal for a new arena at the current site of Fashion District Philadelphia has drawn the city’s retail market into speculation on how buildings, operators and streetscapes will be impacted. Known as 76 Place, the $1.3 billion venue would theoretically anchor the Market East corridor that connects Center City to Chinatown and Old City via its location atop the city’s largest public transit hub. The ability to centralize the arrival of fans, shoppers and diners from all cardinal directions, as well as multiple states, automatically sparks excitement for growth opportunities in the world of retail real estate. This project would immediately check that box. “The announcement of the new 76ers arena has generated a lot of discussion in the retail world,” says Steve Gartner, executive vice president at CBRE. “Bringing an arena to downtown Center City, especially one that’s adjacent to a convention center, will allow Philadelphia to hold more concerts and global events, like political conventions, that impact retailers and restaurants. These positive impacts will permeate the fabric of all of downtown.” “The retail community is …
ELIZABETHTOWN, PA. — Chicago-based First Industrial Realty Trust has inked a 1.1 million-square-foot lease with boohoo, an online fashion retailer based in the United Kingdom, at First Logistics Center @ 283 in Elizabethtown, a southeastern suburb of Harrisburg. Jeff Lockard, Paul Torosian, Ryan Barros and Kyle Lockard of JLL represented the landlord in the lease negotiations. First Industrial has also broken ground on a 700,000-square-foot building at the site that will feature a clear height of 40 feet, 143 loading doors, 194 trailer parking stalls and 318 car parking spaces. Completion of that building is scheduled for the second quarter of 2023.
