Pennsylvania

DHL Supply Chain Underway on 1 MSF Industrial Project in Annville, Pennsylvania

by Taylor Williams February 3, 2023

ANNVILLE, PA. — DHL Supply Chain, a developer and third-party logistics firm based in Germany, is underway on construction of a 1 million-square-foot industrial project in Annville, about 100 miles west of Philadelphia. The building will be located within Clear Springs Logistics Park and will feature a clear height of 40 feet, 100 dock doors, four drive-in doors, 246 car parking spaces (expandable to 339) and 230 trailer parking stalls. Harris Architects is the general contractor for the project, and Peak Construction Corp. is the general contractor. Warehaus is the civil engineer. Completion is slated for late in the third quarter.

February 3, 2023

Development Multifamily Northeast Pennsylvania

Jefferson Apartment Group, CP Capital Buy Land for 310-Unit Project in Metro Philadelphia

by Taylor Williams February 1, 2023

FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has purchased land for a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, will house five mid-rise buildings. Amenities will include a pool, outdoor grilling and dining stations, a dog park, clubroom with a bar, game room, fitness center, movie theater, coworking lounge and a movie theater. Construction is slated to begin in February and to be complete in late 2024.

February 1, 2023

Development Life Sciences Northeast Pennsylvania Top Stories

SkyREM to Redevelop Philadelphia’s Historic Quartermaster Site into $250M Life Sciences Project

by Kristin Harlow February 1, 2023

PHILADELPHIA — SkyREM has unveiled plans to redevelop Philadelphia’s historic Quartermaster site into the Quartermaster Science + Technology Park, a $250 million life sciences project. The development will include wet and dry lab space for both life sciences startups and established companies to conduct full-scale research and development, and bio-manufacturing. Plans also call for retail and restaurant space, a hotel and other amenities. Named the Schuylkill Arsenal when it was first built in 1800, the Quartermaster site provided the U.S. military with supplies and outfitted the Lewis and Clark expedition. Around the time of World War I, the facility was expanded to meet demand for uniforms and gear and was renamed Philadelphia Quartermaster Depot. The campus was again expanded during World War II. The clothing factory at the Quartermaster site officially closed in 1994 after operations were transferred to Northeast Philadelphia. The demolition of five original World War I warehouses took place in 1999. SkyREM purchased the campus in 2001 and it was listed on the National Register of Historic Places in 2010. Currently, the property serves as the headquarters for Indego bicycle transit and is home to other tenants in the healthcare and security sectors. The Quartermaster Science + …

February 1, 2023

Acquisitions Northeast Pennsylvania Retail

Agora Commercial Acquires Shopping Center in Mount Pocono, Pennsylvania, for $17M

by Taylor Williams January 26, 2023

MOUNT POCONO, PA. — Metro Philadelphia-based investment firm Agora Commercial has acquired Mount Pocono Plaza, a 195,735-square-foot shopping center located in northeastern Pennsylvania, for $17 million. Regional grocer Weis anchors Mount Pocono Plaza, and other tenants include Ollie’s Bargain Outlet, Harbor Freight, Planet Fitness and Dollar Tree. The center’s occupancy rate at the time of sale was roughly 90 percent. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, New Jersey-based Heidenberg Properties Group, in the transaction.

January 26, 2023

800-Willowbrook-Road-Northampton-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

Rockefeller Group Sells Lehigh Valley Warehouse for $91M

by Taylor Williams January 20, 2023

NORTHAMPTON, PA. — New York City-based investment and development firm Rockefeller Group has sold a 453,600-square-foot warehouse located in the Lehigh Valley community of Northampton for $91 million. The site spans 36 acres and is located within the 1.8 million-square-foot Rockefeller Group Logistics Park. The cross-dock facility was completed in 2022 and features a clear height of 36 feet, four drive-in doors, 90 dock doors, 59 trailer stalls and 264 car parking spaces. John Plower, Ryan Cottone, Zach Maguire, Paul Torosian and Jeff Lockard of JLL represented Rockefeller Group in the transaction. The buyer was New York City-based Link Logistics.

January 20, 2023

Development Multifamily Northeast Pennsylvania Student Housing

Landmark Properties to Develop 909-Bed Student Housing Project in Philadelphia

by Taylor Williams January 17, 2023

PHILADELPHIA — Landmark Properties, a Georgia-based owner-operator, will develop The Mark Philadelphia, a 909-bed student housing project that will be located at 3615 Chestnut St. in Philadelphia’s University City district. The 34-story tower will offer studio to six-bedroom units that will serve students at the University of Pennsylvania and Drexel University. Shared amenities will include a rooftop pool and a hot tub with lounge space, 24-hour study lounges, a computer lab, sauna and a fitness center. The development will also include 55,938 square feet of office space located adjacent to the high-rise community. Landmark Construction will serve as general contractor for the project, which is set for completion in 2026.

January 17, 2023

Acquisitions Civic Northeast Pennsylvania

Colliers Brokers $22.5M Sale of Community Service Center in Norristown, Pennsylvania

by Taylor Williams January 13, 2023

NORRISTOWN, PA. — Colliers has brokered the $22.5 million sale of a 262,000-square-foot community service center located at 1430 Dekalb Ave. in Norristown, a northwestern suburb of Philadelphia. The 3.1-acre site of the five-story building was formerly home to Sacred Heart Hospital and includes a parking deck. Eric Grad of Colliers, in conjunction with CBRE and local brokerage firm Flynn Co., represented the seller in the transaction. Both parties involved requested anonymity.

January 13, 2023

Development Loans Multifamily Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Arranges $134.6M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams January 12, 2023

PHILADELPHIA — Walker & Dunlop has arranged a $134.6 million construction loan for Northern Liberties, 360-unit multifamily project that will be located at 200 Spring Garden St. in Philadelphia. The transit-served building will offer a pool, fitness center, coworking lounge, conference center and a party room, as well as 23,070 square feet of retail space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler of Walker & Dunlop arranged the loan through insurance company Ullico on behalf of the borrower and developer, a partnership between Kushner Real Estate Group and National Real Estate Advisors.

January 12, 2023

Westfall-Town-Center-Matamoras-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

Larken Associates Acquires 203,907 SF Shopping Center in Matamoras, Pennsylvania

by Taylor Williams January 12, 2023

MATAMORAS, PA. — New Jersey-based investment firm Larken Associates has acquired Westfall Town Center, a 203,907-square-foot shopping center in Matamoras, located at the nexus of the New York-New Jersey-Pennsylvania border. The sales price was $28.6 million. A 73,000-square-foot ShopRite grocery store anchors the property, and other tenants include Flagship Cinemas, T.J. Maxx, Planet Fitness, Dollar Tree and Wendy’s. The seller was Chicago-based CenterPoint Properties. Derek Zerfass and Scott Horner of Colliers represented both parties in the transaction.

January 12, 2023

The-Shops-at-Rockvale-Lancaster-Pennsylvania

Acquisitions Development Multifamily Northeast Pennsylvania Retail

Fernmoor Homes Buys 581,462 SF Power Center in Lancaster, Pennsylvania, Plans Multifamily Redevelopment

by Taylor Williams January 11, 2023

LANCASTER, PA. — Fernmoor Homes has purchased The Shops @ Rockvale, a 581,462-square-foot retail power center located about 80 miles west of Philadelphia in Lancaster, with plans to undertake a multifamily redevelopment. The New Jersey-based multifamily developer intends to demolish 265,198 square feet of commercial space and construct a 13-building, 416-unit apartment community at the 63-acre site. Brad Nathanson, David Crotts and Dean Zang of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, New Jersey-based Wharton Realty Group, in the transaction. The trio also procured Fernmoor Homes, which purchased the property for $30.5 million, as the buyer. At the time of sale, The Shops @ Rockvale was home to 40 retailers and restaurants, including Carter’s, Crate & Barrel Outlet, Olive Garden and Cracker Barrel. The redevelopment is valued at approximately $100 million and could take up to five years to complete.

January 11, 2023

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