Pennsylvania

Philadelphia 76ers Unveil Plans for $1.3B Stadium in Center City

by Jeff Shaw July 22, 2022

PHILADELPHIA — Josh Harris and David Blitzer, managing directors of the National Basketball Association’s Philadelphia 76ers, have formed a development corporation for construction of the team’s new arena, known as 76 Place, in Center City Philadelphia. Development costs are estimated at $1.3 billion, with plans to complete construction before the 2031-2032 NBA season. The property will be part of Fashion District Philadelphia, a 900,000-square-foot mall redevelopment that opened in September 2019. The team will partner closely with Macerich, which owns Fashion District, on the project. The transit-oriented site is located at Market Street and South 11th Street, adjacent to five SEPTA public transit lines and three blocks from city hall. The Fashion District project was once a highly regarded development with top-tier retailers, but struggled due to the COVID-19 pandemic closing the doors on many retailers just six months after opening. “The decision to repurpose part of Fashion District Philadelphia to include the new 76ers arena is a natural evolution of the site and a unique and once-in-a-lifetime opportunity for our company,” says Tom O’Hern, CEO of Macerich. Team owner Harris Blitzer Sports & Entertainment tapped local real estate magnate David Adelman, CEO of Campus Apartments, co-founder of FS Investments …

July 22, 2022

Industrial Loans New Jersey Northeast Pennsylvania

Cushman & Wakefield Arranges $367.8M in Financing for Mid-Atlantic Industrial Portfolio

by Taylor Williams July 18, 2022

NEW YORK CITY — Cushman & Wakefield has arranged a $367.8 million in financing for a portfolio of 23 industrial properties totaling approximately 3 million square feet in the Mid-Atlantic region. Specifically, the properties are located in Pennsylvania, Maryland and New Jersey and were fully leased to 41 tenants at the time of sale. Tenant footprints range in size from 7,238 to 478,715 square feet. John Alascio, Alex Hernandez, Alex Lapidus, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through J.P. Morgan on behalf of the borrower, Ares Management.

July 18, 2022

Acquisitions Multifamily Northeast Pennsylvania Student Housing

Rittenhouse Realty Arranges $87M Sale of Philadelphia Student Housing Community

by Taylor Williams July 15, 2022

PHILADELPHIA — Locally based brokerage firm Rittenhouse Realty Advisors has arranged the $87 million sale of Hamilton Court, a 295-bed student housing community located near the University of Pennsylvania in Philadelphia. Amenities include a pool, fitness center, outdoor grilling and dining areas and onsite laundry facilities. Hamilton Court also houses 21,400 square feet of retail space. Rittenhouse represented the seller, Post Brothers, which acquired the 103-unit property in 2015 and implemented a $21 million capital improvement program.

July 15, 2022

Acquisitions Industrial Northeast Pennsylvania

Ares Investment Buys 105,000 SF Cold Storage Facility in Philadelphia

by Taylor Williams July 11, 2022

PHILADELPHIA — A fund managed by Ares Investment has purchased a 105,000-square-foot cold storage facility in Philadelphia. The property, which is currently leased to FreezPak Logistics, is located at 1801 N. 5th St., in between the Norris Square and Olde Kensington neighborhoods. Bob Yoshimura of Lee & Associates represented the seller, locally based investment and development firm BG Capital, and the buyer in the transaction. BG Capital originally purchased the facility as a part of a four-property portfolio deal in 2018.

July 11, 2022

Hospitality Loans Northeast Pennsylvania

Cronheim Mortgage Arranges $22M Acquisition Loan for Doubletree Hotel Near Philadelphia

by Taylor Williams July 7, 2022

PLYMOUTH MEETING, PA. — New Jersey-based Cronheim Mortgage has arranged a $22 million loan for the acquisition of a Doubletree Suites hotel in Plymouth Meeting, a northern suburb of Philadelphia. The borrower, Kingsbury Hospitality REIT, plans to renovate the property and rebrand it as an Embassy Suites. An undisclosed balance sheet lender provided the loan. Kingsbury has tapped Newport Hospitality Group to manage the asset.

July 7, 2022

Development Multifamily Northeast Pennsylvania

GMH Communities Completes 462-Unit Anova uCity Square Apartments in Philadelphia

by Taylor Williams July 6, 2022

PHILADELPHIA — GMH Communities has completed Anova uCity Square, a 462-unit apartment community in Philadelphia’s University City area. The six-story, 330,000-square-foot building will be the first of four Anova-branded multifamily developments that will open in the life sciences district by 2025. Anova uCity Square includes 10,000 square feet of retail space and a 157-space parking garage. Units come in studio, one-, two- and three-bedroom formats and feature stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, coworking space, pet care facilities and a package locker system. Construction began in March 2020. Rents start at $1,645 per month for a studio apartment.

July 6, 2022

Loans Multifamily Northeast Pennsylvania

Natixis Provides $73.6M Acquisition Loan for Mansion at Bala Apartments in Philadelphia

by Taylor Williams July 5, 2022

PHILADELPHIA — French investment bank Natixis has provided a $73.6 million acquisition loan for Mansion at Bala, a 276-unit apartment community in northwest Philadelphia. Built in 2010, the property offers one-, two- and three-bedroom units with an average size of 1,059 square feet. Amenities include a pool, resident clubhouse, business center and a fitness center. Robert Lipson, T.J. Piper and Jeremy Lynch of Berkadia arranged the five-year, floating-rate loan on behalf of the borrower, Rose Valley Capital, an affiliate of Hampshire Properties.

July 5, 2022

Development Industrial Northeast Office Pennsylvania

Westrise Capital Completes 60,000 SF Redevelopment Project in Pittsburgh

by Taylor Williams July 5, 2022

PITTSBURGH — Developer Westrise Capital has completed Launchpad, a 60,000-square-foot redevelopment project located in between Pittsburgh’s downtown and West Oakland areas. The site at 304 Jumonville St., which previously housed an industrial laundry facility that served a local hospital, can now support office, technology, life sciences, research and development or light manufacturing and assembly uses. JLL is marketing the property for lease.

July 5, 2022

Development Northeast Office Pennsylvania

KBS Completes Renovation of 205,424 SF Office Building in Metro Philadelphia

by Taylor Williams June 30, 2022

KING OF PRUSSIA, PA. — California-based development and investment firm KBS has completed the renovation of 1000 Continental, a 205,424-square-foot office building located in the northern Philadelphia suburb of King of Prussia. The building was originally constructed in 2007. Renovations included the addition of a conference center with casual gathering spaces, as well as upgrades to the elevators, lobbies and common corridors. KBS plans to implement further improvements to 1000 Continental as part of a strategic multi-year plan. Avison Young provided construction management services for the project.

June 30, 2022

Acquisitions Northeast Office Pennsylvania

Colliers Negotiates Sale of 98,555 SF Office Building in Wilkes-Barre, Pennsylvania

by Taylor Williams June 30, 2022

WILKES-BARRE, PA. — Colliers has negotiated the sale of 2 Public Square, a 98,555-square-foot office building in the downtown area of Wilkes-Barre, located south of Scranton. At the time of sale, the six-story building was 99 percent leased to tenants such as The Pennsylvania Department of Environmental Protection and Luzerne County Community College. Jeff Algatt of Colliers represented the locally based private seller in the transaction. The buyer and sales price were not disclosed.

June 30, 2022

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