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Pennsylvania

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AcquisitionsMultifamilyNortheastPennsylvania

Livingston Street Capital Acquires 231-Unit Active Adult Community Near Philadelphia

by Taylor Williams

KING OF PRUSSIA, PA. — Livingston Street Capital, a private equity firm with offices in Radnor, Pa., and New York City, has acquired Canvas Valley Forge, a 231-unit active adult community located north of Philadelphia in King of Prussia. The property offers 147 one-bedroom units and 84 two-bedroom units. Indoor amenities include a fitness center, salon and spa, craft room, game room, library/media room, resident lounge, package room and concierge services. Outdoors, residents have access to a pool with a sundeck and hot tub, courtyard with grills and seating areas, a dog park with a washing station and a bocce ball court. The seller and sales price were not disclosed.

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Leasing ActivityLife SciencesNortheastPennsylvania

BioLabs Signs 30,151 SF Life Sciences Lease Expansion at The Curtis in Philadelphia

by Taylor Williams

PHILADELPHIA — BioLabs, an incubator for life sciences companies, has signed a 30,151-square-foot lease expansion at The Curtis, a facility in Philadelphia’s Center City District that is a redevelopment of a historic publishing house. The tenant’s footprint is now 53,529 square feet, and the move-in is scheduled for early 2023. Other tenants at The Curtis, which also houses traditional office space, include Aro Biotherapeutics, IMVAX Inc. and Vivodyne. Keystone Development + Investment owns the property.

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AcquisitionsNortheastPennsylvaniaRetail

JLL Negotiates Sale of 174,063 SF Shopping Center in Chambersburg, Pennsylvania

by Taylor Williams

CHAMBERSBURG, PA. — JLL has negotiated the sale of Franklin Center, a 174,063-square-foot shopping center in Chambersburg, located in the southern central part of the state. Built in 1990 and renovated in 2015, Franklin Center was 91.5 percent leased at the time of sale. Dick’s Sporting Goods, T.J.Maxx, Ulta Beauty, Petco and Ollie’s Bargain Outlet are the anchor tenants. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL represented the seller, Florida-based investment firm Coastal Equities, in the transaction. Milbrook Properties Ltd. acquired the asset for an undisclosed price.

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DevelopmentNortheastOfficePennsylvania

DLP Capital Opens 254,782 SF Grand Plaza Office Building in Allentown, Pennsylvania

by Taylor Williams

ALLENTOWN, PA. — Florida-based investment and development firm DLP Capital has opened Grand Plaza, a 254,782-square-foot office building located in the Lehigh Valley city of Allentown. DLP Capital acquired the building, which is located in the downtown area, via auction in 2021 and implemented a capital improvement program. Grand Plaza now features open, full-floor and multi-tenant floor plans, with office spaces ranging in size from 5,000 to 33,600 square feet. Additionally, Grand Plaza offer energy-efficient workspaces, winter gardens and a landscaped roof.

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AcquisitionsIndustrialNortheastPennsylvania

Larken Associates Acquires 137,404 SF Industrial Complex Near Harrisburg

by Taylor Williams

LEWISBERRY, PA. — New Jersey-based investment firm Larken Associates has acquired Fairview Industrial Park, a 137,404-square-foot complex in Lewisberry, a southern suburb of Harrisburg. The three-building complex was close to fully leased at the time of sale to tenants such as LeafGuard, Best Dressed Associates, Precision Pulley, Eastern Surfaces and Paul Davis Restoration. Buildings range in size from 16,800 to 61,714 square feet and feature clear heights of 18 feet. Gerry Blinebury and Brendan McGeary of Cushman & Wakefield represented the undisclosed seller in the transaction. Larken Associates was represented by its in-house brokerage division, Raider Realty.

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IndustrialLoansNortheastPennsylvania

CIT Provides $17M in Construction Financing for Two Industrial Projects in Hazleton, Pennsylvania

by Taylor Williams

HAZLETON, PA. — CIT, a division of First Citizens Bank, has provided $17 million in construction financing for two industrial projects in Hazleton, located roughly midway between Scranton and Allentown. The sites are located within the 3,000-acre Humboldt Park and can support Class A developments of 105,000 and 115,000 square feet. The borrower was Saxum Real Estate.

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Inland-Portfolio
AcquisitionsCaliforniaGeorgiaIllinoisMarylandMichiganMidwestMinnesotaNortheastPennsylvaniaRetailSoutheastTexasTop StoriesWestern

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

by Katie Sloan

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include:  Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …

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DevelopmentLife SciencesNortheastPennsylvania

Longfellow Real Estate to Undertake $365M Life Sciences Expansion Project at UPenn

by Taylor Williams

PHILADELPHIA — Longfellow Real Estate Partners will undertake a $365 million expansion project at Pennovation Center, a life sciences development located across the Schuylkill River from the University of Pennsylvania in Philadelphia. The university owns the 23-acre site on which the facility will be constructed. The initial, 65,000-square-foot lab opened last year, and the expansion will add 387,000 square feet of research and development space and 68,000 square feet of biomanufacturing space to the local supply. Architectural and engineering firm Jacobs is designing the project, construction of which is scheduled to begin next year, with completion slated for 2025.

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DevelopmentMultifamilyNortheastPennsylvania

Accurate to Develop 404-Unit Multifamily Project in Philadelphia

by Taylor Williams

PHILADELPHIA — New Jersey-based developer Accurate will build a 404-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. The development will consist of 297 rental units in micro studio, studio, one- and two-bedroom floor plans, as well as 107 for-sale townhomes. A construction timeline has not yet been finalized, though that phase of the project is expected to last about 24 months.

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Leasing ActivityNortheastOfficePennsylvania

Philadelphia Inquirer Signs 36,744 SF Office Lease at 100 Independence Mall West

by Taylor Williams

PHILADELPHIA — The Philadelphia Inquirer has signed a 36,744-square-foot office lease at 100 Independence Mall West. The building was originally constructed in 1963 and was acquired by Keystone Development + Investment in 2013. Following the lease with the 193-year-old newspaper, which expects to take occupancy in the first quarter of 2023, the building is 97 percent leased. Other tenants include The Macquarie Group, U.S. General Services Association and Nelson Worldwide.

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