Pennsylvania

Keystone, Concord Complete 127-Room Hotel in Metro Philadelphia

by Taylor Williams October 7, 2022

CONSHOHOCKEN, PA. — A partnership between locally based firm Keystone Development + Investment and Concord Hospitality has completed Hotel West & Main, a 127-room project in Conshohocken, a northern suburb of Philadelphia. The hotel, which will be operated under the Tapestry Collection by Hilton brand, is located within the $340 million SORA West mixed-use development. The property houses two food and beverage options and is the first new hotel to open in Conshohocken in 22 years, according to the development team. SORA West is also home to AmerisourceBergen’s corporate headquarters campus.

October 7, 2022

Richland-Marketplace-Quakertown-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

FNRP Acquires 162,000 SF Richland Marketplace in Quakertown, Pennsylvania

by Taylor Williams October 5, 2022

QUAKERTOWN, PA. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Richland Marketplace, a 162,000-square-foot shopping center in Quakertown, about 50 miles north of Philadelphia. Built in 2009, the center houses tenants such as Aldi, Best Buy, PetSmart, Planet Fitness, Staples, Ulta, Visionworks, Sally Beauty and Skechers. Colin Behr, Jim Galbally, Chris Munley and James Graf of JLL represented the seller, KPR, in the transaction.

October 5, 2022

Industrial Loans Northeast Pennsylvania

G.S. Wilcox Arranges $17M in Financing for Lehigh Valley Industrial Project

by Taylor Williams October 5, 2022

EAST STROUDSBURG, PA. — G.S. Wilcox & Co. has arranged $17 million in construction-to-permanent financing for a 130,435-square-foot industrial project in the Lehigh Valley community of East Stroudsburg. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the loan through a local bank on behalf of the undisclosed borrower. Further details about the project were also not disclosed.

October 5, 2022

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates Sale of 410,432 SF Retail Power Center in Harrisburg

by Taylor Williams September 30, 2022

HARRISBURG, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Colonial Commons, a 410,432-square-foot retail power center in Harrisburg. Built in 1989 and renovated in 2014, the center was 98 percent leased at the time of sale to tenants such as Hobby Lobby, Dick’s Sporting Goods, HomeGoods, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, Ulta and Old Navy. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, Prasavi Inc., in the transaction.

September 30, 2022

Leasing Activity Northeast Office Pennsylvania

Capital One Signs 22,382 SF Office Lease in Downtown Philadelphia

by Taylor Williams September 29, 2022

PHILADELPHIA — Capital One Finance Corp. has signed a 22,382-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. The lease term is nine years. Scott Gabrielsen of CBRE represented the tenant, which will relocate to the 37th floor from a suburban office next spring, in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.

September 29, 2022

Leasing Activity Northeast Office Pennsylvania

UBS Signs 22,625 SF Office Lease in Downtown Philadelphia

by Taylor Williams September 27, 2022

PHILADELPHIA — UBS Financial Services has signed a 22,625-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. UBS will relocate within the building to a space on the 44th floor in August 2023. Jack Meyers of Cushman & Wakefield represented the tenant in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.

September 27, 2022

Loans Northeast Pennsylvania Retail

Cronheim Mortgage Arranges $9M in Permanent Financing for Shopping Center in Quakertown, Pennsylvania

by Taylor Williams September 26, 2022

QUAKERTOWN, PA. — New Jersey-based Cronheim Mortgage has arranged $9 million in permanent financing for a 210,000-square-foot shopping center in Quakertown, located north of Philadelphia in Bucks County. Anchored by grocer Giant, the unnamed center also houses tenants such as Rite Aid, Buffalo Wild Wings, H&R Block and Panera Bread. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing on behalf of the borrower, a subsidiary of New York City-based ADCO Group. An undisclosed life insurance company provided the loan.

September 26, 2022

Loans Multifamily Northeast Pennsylvania

Natixis Provides $150M Loan for Refinancing of Philadelphia Apartment Community

by Taylor Williams September 22, 2022

PHILADELPHIA — French investment bank Natixis has provided a $150 million loan for the refinancing of LVL North, a 410-unit apartment community located just north of downtown Philadelphia at 510 Broad St. The property includes 108,000 square feet of commercial space that is anchored by grocer Giant. Kelly Gaines, Chad Orcutt and Blaine Fleming of JLL arranged the five-year, floating-rate loan on behalf of the borrower, Philadelphia-based Alterra Property Group.

September 22, 2022

Acquisitions Development Industrial Northeast Pennsylvania

JLL Arranges Sale of 85-Acre Industrial Development Site in Mount Pocono, Pennsylvania

by Taylor Williams September 21, 2022

MOUNT POCONO, PA. — JLL has arranged the sale of an 85-acre industrial development site in Mount Pocono, located in the northeastern part of the state. The buyer, Newland Capital Group, will construct a 1.2 million-square-foot warehouse and distribution center at the site and has already secured an undisclosed tenant for a full-building lease. Completion of the facility, which will feature four drive-in doors and parking for 359 trailers and 426 cars, is scheduled for the first quarter of 2024. Jeff Lockard, Ryan Barros and Kevin Lammers of JLL represented Newland Capital in the land deal. The trio also worked with Casey Mungo of DAUM Commercial to arrange the sale and negotiate the lease. Steve Cooper, also with JLL, represented the land seller.

September 21, 2022

Development Industrial Northeast Pennsylvania

Endurance Completes 251,200 SF Industrial Project in Middletown, Pennsylvania

by Taylor Williams September 20, 2022

MIDDLETOWN, PA. — Endurance Real Estate has completed construction of Middletown Logistics Center, a 251,200-square-foot industrial project located on the southeastern outskirts of Harrisburg. The Pennsylvania-based developer also signed industrial products manufacturer IPEX USA to a full-building lease at the property. Jeff Lockard, Jason Webb, Maria Ratzlaff and Ryan Barros of JLL represented Endurance in the lease negotiations. Sean Bleiler of CBRE represented the tenant. Middletown Logistics Center features clear heights of 36 feet, 33 trailer stalls and 102 car parking spaces.

September 20, 2022

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