PHILADELPHIA — Without A Cue, an entertainment concept that centers on dinner theaters and murder mysteries, will open a 3,346-square-foot venue in Philadelphia. The space will be located within The Curtis, a 912,245-square-foot adaptive reuse building in Washington Square West that is owned by Keystone Development + Investment. Veronica Blum and Alex Snyder of MPN Realty represented Keystone in the lease negotiations. Joe Scarpone, also with MPN Realty, represented Without A Cue, which will open in late fall.
By Marc DeLuca, CEO and eastern regional president, KBS Refreshing office properties with updated amenities is a time-tested strategy for infusing buildings with new life and appealing to future and existing tenants. While an asset’s location is a fixed element and a region’s fundamentals tend to change slowly, amenities are more flexible and can usually be implemented quickly if necessary for immediate impact. A recent report by flexible workspace provider TCC Canada found that many companies and their team members increasingly recognize the benefits of gathering teams in a central workplace. But after more than two years of varying degrees of remote work, it makes sense for property owners to invest in amenities that actually meet the needs and wants of office users — which have recently shifted. So which amenities are the best ones to include in today’s office buildings? As an owner and operator of premier office assets for the last 30 years, KBS has witnessed amenity preferences come and go. We know how to spot a passing fad versus a trend with legs. Based on our expertise in this area, here are a few amenities we see attracting office tenants in the current and emerging environment. Scalable …
PHILADELPHIA — New York City-based Trevian Capital has provided a $17.1 million bridge loan for the acquisition of an undisclosed, 71-unit multifamily property located in Philadelphia’s Fishtown neighborhood. The newly constructed property includes ground-floor retail space and was 74 percent occupied at the time of the loan closing. The borrower was not disclosed.
PHILADELPHIA — The Chatham Bay Group has acquired a former factory located at 2019-53 E. Boston St. in Philadelphia’s East Kensington neighborhood for $9.6 million. The Delaware-based investment firm plans to implement an adaptive reuse program that will convert the facility into a 178-unit apartment complex. Philadelphia-based architecture firm Designblendz is designing the project. Phil Sharrow and Craig Thom of Scope Commercial represented Chatham Bay and the seller, Viking Mill Associates LLC, in the transaction.
By Kari Glinski, vice president of asset management, Federal Realty Investment Trust Philadelphia is known for many things, from being the City of Brotherly Love to a city rich in history, art, culture and food. As a result, the region is desirable for many residents and visitors and has been recognized in real estate circles for its housing and retail development opportunities. Throughout the pandemic, greater Philadelphia has lent itself to commuters, residents, tourists and hybrid employers by providing convenient access to other East Coast cities, vast amenities and outdoor recreation spaces, as well as unique dining, entertainment and shopping experiences. Recognizing the need to continue catering to the remote employees, shopping center owners and developers see ample opportunity across the region, specifically within the inner suburbs. In these locations, there is a great mix of diversity, mature employment bases and irreplaceable real estate where developers can continually create long-term value through blended opportunities. Federal Realty has been reinvesting in the greater Philadelphia and Southern New Jersey region for the past decade, strategically transforming our portfolio. Our company focuses on the ownership, operation and redevelopment of high-quality, retail-focused properties, with a mission to deliver long-term, sustainable growth through investing in …
PHILADELPHIA — Atlanta-based investment management firm Invesco Real Estate and Webster Bank have provided $76.8 million for the refinancing of a 282,737-square-foot industrial property in Philadelphia. DH Property Holdings recently completed the Class A facility, which is a build-to-suit for TJX Cos., the parent company of Marshalls and T.J. Maxx. Building features include a clear height of 53 feet, proximity to Interstates 95 and 76 and ample car and trailer parking. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing.
MONTGOMERY, PA. — Oklahoma-based brokerage firm Stan Johnson Co. has arranged the sale of a 97,000-square-foot industrial complex in Montgomery, located about 80 miles southwest of Scranton. The two-building complex, which was originally constructed in 1930 and last renovated in 2020, was fully leased at the time of sale to New York City-based e-commerce firm Priority Bicycles. Tom Georges of Stan Johnson Co. represented the undisclosed seller in the transaction. The buyer was a California-based 1031 exchange investor.
LANGHORNE, PA. — Provident Bank has provided a $32.1 million loan for an industrial redevelopment project in Langhorne, located near Philadelphia in Bucks County. The borrower, a partnership between Greek Development and Principal Real Estate Investors, first acquired the site at 900 Wheeler Way in 2006 and subsequently expanded one of the two onsite buildings by 60,000 square feet. The partnership is now demolishing the second building in order to construct a last-mile distribution center with a clear height of 40 feet, truck court depths of 150 feet and parking for 242 cars and 80 trailers. Construction is slated for a second-quarter 2023 completion.
HARRISBURG, PA. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the sale of three multifamily properties totaling 78 units in the Harrisburg area for a combined price of $8.2 million. The properties consist of a 34-unit complex in Camp Hill that sold for $3.8 million; a 23-unit asset in Dillsburg that fetched a price of $2.2 million; and a 21-unit property in Harrisburg that traded for $2.2 million. Matt Wolf of Kislak represented the sellers and procured the buyers, all of which requested anonymity, in the three separate transactions.
CARLISLE, PA. — Colliers has negotiated a 114,142-square-foot industrial lease at 1400 Distribution Drive in Carlisle, a western suburb of Harrisburg. According to LoopNet Inc., the property was built in 2005 and totals 550,184 square feet. Mark Chubb, Michael Zerbe and Summer Coulter of Colliers represented the landlord, Prologis, in the lease negotiations. The name and representative of the tenant were not disclosed.