BLAKESLEE, PA. — NAI Summit has negotiated a 52,800-square-foot industrial lease at 196 Commercial Blvd. in Blakeslee, located roughly midway between Scranton and Allentown. According to LoopNet Inc., the property comprises three buildings on an 8.3-acre site. Mike Adams and Sarah Finney Miller of NAI Summit represented the tenant, international freight firm Ally Global Logistics, in the lease negotiations. The duo also represented the landlord, an entity doing business as 196 Commercial LLC.
EASTON, PA. — Los Angeles-based e-commerce firm GOAT Group has signed a 341,400-square-foot, full-building industrial lease in the Lehigh Valley city of Easton. The space is situated within First 33 Commerce Center and features a clear height of 32 feet, 140 car parking spaces, 75 trailer parking stalls and 3,950 square feet of office space. Mark Chubb, Michael Zerbe and Summer Coulter of Colliers represented the landlord, Chicago-based First Industrial Realty Trust, in the lease negotiations. The representative of the tenant was not disclosed.
BETHLEHEM, PA. — Dallas-based Trammell Crow Co. has broken ground on Lehigh Valley Trade Center III, a 588,000-square-foot industrial project in the Eastern Pennsylvania city of Bethlehem. The project comprises two single-story buildings that are expected to be complete in late 2023. Trammell Crow Co. is also nearing completion of Lehigh Valley Trade Center II, a 527,000-square-foot, cross-dock facility that features a clear height of 40 feet, 119 dock doors, 250 car parking spaces and 154 trailer parking spaces. Trammell Crow is developing both properties in partnership with New York-based Clarion Partners. Peak Construction is serving as the general contractor for the project, and KSS Architects is designing the facility.
PHILADELPHIA — An affiliate of the Teachers Insurance & Annuity Association (TIAA) has provided a $265.2 million loan for a life sciences expansion project in Philadelphia. The Curtis is a 12-story, 912,245-square-foot building in the Center City District that originally housed a publishing operation and now features lab, office and research and development space. The borrower, Keystone Development + Investment, purchased the historic building in 2014 and has subsequently converted portions of the leasable space to support life sciences usage. Proceeds from this loan will enable Keystone to continue that initiative with the conversion of 200,000 square feet of additional space within The Curtis. A portion of the proceeds will also be used to fund infrastructure upgrades and leasing costs. Current tenants at The Curtis include BioLabs, IMVAXM Vivodyne and Aro Biotherapeutics.
WEST CONSHOHOCKEN, PA. — High Street Residential and MetLife Investment Management have completed a 280-unit multifamily project located on the northern outskirts of Philadelphia. Matson Mill is a transit-served property located along the banks of the Schuylkill River in West Conshohocken that offers one-, two and three-bedroom units. Amenities include a pool, outdoor kitchen with seating areas, fitness center, package handling room, game room and a dog wash station. Hord, Coplan & Macht Inc. designed the project, and IMC Construction served as the general contractor. Rents start at approximately $2,000 per month for a one-bedroom unit.
CONSHOHOCKEN, PA. — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Birch, a 304-unit apartment community located in the northern Philadelphia suburb of Conshohocken. The property offers studio, one- and two-bedroom units and 17,000 square feet of amenity space that houses a pool, fitness center, lounges and a golf simulator. Rents start at $1,755 per month for a studio apartment. The first move-ins will begin on Sept. 1.
ALLENTOWN, PA. — Bellwether Enterprise Real Estate Capital has arranged a $20 million loan for the renovation and construction of Cityplace North & South, a 204-unit apartment complex in the Lehigh Valley city of Allentown. The North Building is a conversion of a hotel into apartments that opened in early 2020, and the South Building is ground-up construction. An undisclosed life insurance company provided the loan. The borrower was also not disclosed.
CHERRY HILL, N.J. — Bellwether Enterprise Real Estate Capital has arranged a $40 million loan for the permanent financing of a 192-unit apartment and townhome community located outside of Philadelphia in Cherry Hill. The newly built property offers one-, two- and three-bedroom units, and amenities such as a pool, rooftop terrace, fitness center, dog park and a clubhouse with a billiards room, lounge and bar area. An undisclosed life insurance company provided the loan. The borrower was Montgomery Group.
SHOEMAKERSVILLE, PA. — JLL has brokered the $54.5 million sale of a 310,238-square-foot warehouse and distribution center located in the Lehigh Valley community of Shoemakersville. Built on roughly 24 acres in 2022, the facility features a clear height of 36 feet, 40 loading doors, 185-foot truck court depths and parking for 81 trailers and 185 cars. John Plower, Ryan Cottone, Jeff Lockard and Ryan Barros of JLL represented the seller, a joint venture between The Keith Corp. and The Kiel Group, in the transaction. The buyer was not disclosed. At the time of sale, the facility was fully leased to online fashion retailer Revolve Group and Arcadian Crossing Consumer Products, which provides disposable tabletop and food storage solutions.
PENNSYLVANIA — VIUM Capital has provided a $14.3 million bridge-to-HUD loan for the refinancing of a 144-unit seniors housing community in Pennsylvania. The name and address of the property, which provides independent living, assisted living and memory care services, were not disclosed. The undisclosed borrower will use a portion of the proceeds to fund a change in unit mix and other capital upgrades.