Pennsylvania

Gotham, Brandywine Near Completion of 326-Unit Multifamily Project in Philadelphia

by Taylor Williams April 4, 2023

PHILADELPHIA — A partnership between New York City-based developer The Gotham Organization and locally based REIT Brandywine Realty Trust is nearing completion of Avira, a 326-unit multifamily project in Philadelphia. Residences will be constructed atop the 570,000-square-foot mixed-use building at 3025 JFK Blvd. within Brandywine’s Schuylkill Yards development. Units will come in studio, one- and two-bedroom floor plans and will be housed within the top 18 floors of the building. The property already includes 29,000 square feet of indoor and outdoor amenity space, 9,000 square feet of retail space, 200,000 square feet of office and life sciences space, 120 structured parking spaces and a 7,500-square-foot park. The first residences are expected to be available for occupancy this summer.

April 4, 2023

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 10,470 SF Office Lease in Pittsburgh

by Taylor Williams April 4, 2023

PITTSBURGH — CBRE has negotiated a 10,470-square-foot office lease at 525 William Penn Place in Pittsburgh. The tenant, investment advisory firm Signature Financial Planning, will consolidate its offices at 1301 Grandview Avenue and One Gateway Center to the 41-story building, which originally housed the headquarters of U.S. Steel Corp. and Mellon National Bank. Patrick Greene of CBRE represented the undisclosed landlord in the lease negotiations. Dan Paterson of Swearingen Realty Group represented the tenant. The move-in is scheduled for the fourth quarter.

April 4, 2023

Acquisitions Affordable Housing Multifamily Northeast Pennsylvania

Scope Commercial Arranges $4.3M Sale of Affordable Housing Complex in Stroudsburg, Pennsylvania

by Taylor Williams April 3, 2023

STROUDSBURG, PA. — Regional brokerage firm Scope Commercial Real Estate Services has arranged the $4.3 million sale of Bridge Street Apartments, a 52-unit affordable housing complex in the Lehigh Valley community of Stroudsburg. The eight-building, garden-style complex originally opened in 2000 and exclusively offers four-bedroom units. A national multifamily investment firm sold the asset to a regional buyer, with both parties requesting anonymity. Jonathan Massaro of Scope Commercial brokered the deal.

April 3, 2023

Franklin-Square-New-Freedom-Pennsylvania

Development Multifamily Northeast Pennsylvania

Burkentine Opens 134-Unit Multifamily Complex in New Freedom, Pennsylvania

by Taylor Williams March 31, 2023

NEW FREEDOM, PA. — Burkentine, a Pennsylvania-based residential developer, has opened Franklin Square, a 134-unit multifamily complex in New Freedom, located along the Maryland-Pennsylvania border. Franklin Square consists of 62 for-rent townhomes with one- to four-bedroom floor plans and 72 garden-style apartments, all on a six-acre site. Vortex Brewing Co. anchors the complex’s retail component. Information on starting rents was not disclosed.

March 31, 2023

Leasing Activity Life Sciences Northeast Pennsylvania

bioMérieux Signs 32,000 SF Life Sciences Lease at Philadelphia Navy Yard

by Taylor Williams March 29, 2023

PHILADELPHIA — bioMérieux, a French company known for innovations in the field of in vitro diagnostics, has signed a 32,000-square-foot life sciences lease at the Philadelphia Navy Yard. The tenant will occupy most of the second floor of the 137,000-square-foot building at 1201 Normandy Place, which is under construction and nearing a June completion. CBRE brokered the lease. A joint venture between Ensemble Investments and Mosaic Development Partners owns the building.

March 29, 2023

Acquisitions Industrial Northeast Pennsylvania

Newmark Brokers $13.1M Sale of Philadelphia Industrial Portfolio

by Taylor Williams March 24, 2023

PHILADELPHIA — Newmark has brokered the $13.1 million sale of a portfolio of two industrial buildings totaling 32,435 square feet in Philadelphia. At the time of sale, the portfolio, which spans 6.7 acres, was fully leased to logistics company GSR Global. Ryan Guittare of Newmark represented the seller, New York City-based investment firm IG Logistics, and procured the undisclosed buyer in the transaction.

March 24, 2023

Civic Development Northeast Pennsylvania

Pittsburgh International Airport Unveils Next Phase of $1.4B Redevelopment

by Taylor Williams March 21, 2023

PITTSBURGH — Pittsburgh International Airport has unveiled designs for the next phase of its $1.4 billion redevelopment. The latest stage of the project will center around a passenger tunnel/bridge that connects the existing hub of the airport with the new terminal that is under construction. The development team broke ground on the new, 700,000-square-foot terminal in October 2021 and expects to complete the project in 2025. The new terminal will consolidate ticketing, security checkpoints and baggage claim operations and offer a multi-modal complex with a 3,300-space parking garage, rental car facilities, parking lots and roadways.

March 21, 2023

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 268-Unit Self-Storage Facility in Hanover, Pennsylvania

by Taylor Williams March 21, 2023

HANOVER, PA. — Marcus & Millichap has brokered the sale of Hanover Self Storage, a 238-unit facility located about 115 miles west of Philadelphia. The property spans 32,150 net rentable square feet and includes 10 outdoor parking spaces. Gabriel Coe, Brett Hatcher and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.

March 21, 2023

Acquisitions Industrial Northeast Pennsylvania

NAI Mertz Negotiates Sale of 25,080 SF Industrial Building in Trevose, Pennsylvania

by Taylor Williams March 17, 2023

TREVOSE, PA. — NAI Mertz has negotiated the sale of a 25,080-square-foot industrial building that sits on a 1.3-acre parcel in Trevose, a northeastern suburb of Philadelphia. Fraser Optics, which manufactures binoculars and associated products, occupies the entirety of the facility at 210 Andrews Road. Jeff Licht and Jared Licht of NAI Mertz represented the seller, a limited liability company, in the transaction.

March 17, 2023

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 266-Unit Self-Storage Portfolio in Jonestown, Pennsylvania

by Taylor Williams March 15, 2023

JONESTOWN, PA. — Marcus & Millichap has brokered the sale of a portfolio of two self-storage facilities totaling 266 units in Jonestown, about 23 miles northeast of Harrisburg. The facilities, both of which were recently renovated, offer a total of 42,380 net rentable square feet of non-climate-controlled space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.

March 15, 2023

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