Pennsylvania

JLL Brokers $54.5M Sale of Lehigh Valley Warehouse, Distribution Center

by Taylor Williams August 19, 2022

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.

August 19, 2022

Loans Multifamily Northeast Pennsylvania Seniors Housing

VIUM Capital Provides $14.3M Bridge Loan for 144-Unit Seniors Housing Community in Pennsylvania

by Taylor Williams August 18, 2022

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.

August 18, 2022

Leasing Activity Northeast Pennsylvania Retail

Whole Foods Market Opens 54,667 SF Store in Pittsburgh’s East Liberty Area

by Taylor Williams August 17, 2022

PITTSBURGH — Austin, Texas-based Whole Foods Market has opened a 54,667-square-foot store at 5700 Penn Ave. in Pittsburgh’s East Liberty neighborhood. The store will feature full-service meat and seafood counters, an artisanal cheesemaking department, coffee bar, prepared foods section and a selection of more than 250 craft beers and 700 wines. The store, which is a relocation of a market at 5880 Centre Ave. that served the community for more than 20 years, officially opened on Wednesday, Aug. 10.

August 17, 2022

Hospitality Loans Northeast Pennsylvania

JLL Arranges $56.3M Acquisition Loan for Sofitel Philadelphia Hotel

by Taylor Williams August 10, 2022

PHILADELPHIA — JLL has arranged a $56.3 million acquisition loan for the 306-room Sofitel Philadelphia Hotel, located in the city’s Rittenhouse Square area. The luxury hotel offers a variety of room plans, including suites, as well as multiple onsite dining options. Mark Fisher and Ryan Ade of JLL arranged the loan through Square Mile Capital Management on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital.

August 10, 2022

Leasing Activity Northeast Office Pennsylvania

Ace American Insurance Signs 140,585 SF Office Lease Renewal in Philadelphia

by Taylor Williams August 10, 2022

PHILADELPHIA — Ace American Insurance Co. has signed a 140,585-square-foot office lease renewal at The Washington, a historic building located within Philadelphia’s Independence Mall. The owner, Keystone Development + Investment, purchased the 880,000-square-foot building in 2016 and implemented an adaptive reuse program. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented Keystone in the lease negotiations.

August 10, 2022

Acquisitions Multifamily Northeast Pennsylvania Student Housing

MultiVersity Housing Partners Sells Student Housing Property in Slippery Rock, Pennsylvania

by Taylor Williams August 9, 2022

SLIPPERY ROCK, PA. — MultiVersity Housing Partners (MVHP) has sold University Village at Slippery Rock, a student housing community located north of Pittsburgh. The community offers two- and four-bedroom fully furnished units alongside additional shared amenities including a fitness center, volleyball and basketball courts, fire pits and a dog park. The buyer was undisclosed. MVHP acquired the asset in August 2010 and implemented $3.5 million in capital expenditures over the course of the 12-year holding period, including renovations to units, the addition of a resort-style pool and enhancements to the clubhouse and other amenity spaces.

August 9, 2022

Civic Leasing Activity Northeast Pennsylvania

Cushman & Wakefield Negotiates 31,718 SF Lease at The Washington in Philadelphia

by Taylor Williams August 9, 2022

PHILADELPHIA — Cushman & Wakefield has negotiated a new lease at The Washington, a historic building located within Philadelphia’s Independence Mall. The tenant, Lighthouse Immersive & Impact Museums, will open a 31,718-square-foot exhibition gallery on the building’s ground floor next spring. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented the locally based landlord, Keystone Development + Investment, in the lease negotiations.

August 9, 2022

Acquisitions Industrial Northeast Pennsylvania

Golden East Investors Buys 985,000 SF Former Heinz Manufacturing Campus in Pittsburgh

by Taylor Williams August 4, 2022

PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting of the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE was the listing broker on the first-time sale of the campus by Riverbend Foods via bankruptcy proceedings.

August 4, 2022

Acquisitions Life Sciences Northeast Pennsylvania

JLL Negotiates Sale of 155,200 SF Life Sciences Facility in Wayne, Pennsylvania

by Taylor Williams August 4, 2022

WAYNE, PA. — JLL has negotiated the sale of a 155,200-square-foot life sciences facility in Wayne, a northwestern suburb of Philadelphia. The property sits on 10 acres and offers amenities such as a fitness center, conference room and a cafeteria. Jim Galbally and Brett Segal of JLL represented the seller, Pennsylvania-based Maguire Hayden Real Estate, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the facility was fully leased to Charles River Laboratories, which conducts pharmaceutical research and development.

August 4, 2022

Acquisitions Industrial Northeast Pennsylvania

Golden East Investors Buys 985,000 SF Former Heinz Manufacturing Campus in Pittsburgh

by Taylor Williams August 4, 2022

PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE brokered the sale of the campus.

August 4, 2022

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