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.
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.
BLUE BELL, PA. — Pennsylvania-based investment firm Endurance Real Estate Group has sold a three-building, 130,942-square-foot office complex in Blue Bell, a northern suburb of Philadelphia. The property, which was built in 1988 and renovated in 2015, sold for $12.7 million. Mike Margolis, David Dolan, Ryan Guittare, Angelo Brutico and Jim Dugan of Newmark represented Endurance Real Estate in the transaction and procured the undisclosed buyer.
MATAMORAS, PA. — Planet Fitness will open a 16,369-square-foot gym at Westfall Town Center, a 115,360-square-foot shopping center in Matamoras, located near the confluence of the New Jersey-New York-Pennsylvania border. The opening is slated for this fall. A 73,000-square-foot ShopRite grocery store anchors the center. Derek Zerfass and Scott Horner of Colliers represented the landlord, Chicago-based CenterPoint Properties, in the lease negotiations. Royal Properties represented the tenant.
MONROEVILLE, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $4.8 million acquisition loan for a 12,738-square-foot retail property in Monroeville, an eastern suburb of Pittsburgh, that is fully leased to Rite Aid. Jared Cassidy of MMCC arranged the loan, which was structured with a 10-year term, fixed interest rate and a 30-year amortization schedule, through an undisclosed credit union. The undisclosed borrower acquired the asset via a 1031 exchange.
MATAMORAS, PA. — Discount retailer T.J. Maxx has opened a 25,000-square-foot store at Westfall Town Center, a 115,360-square-foot shopping center in Matamoras, located near the confluence of the New Jersey-New York-Pennsylvania border. A 73,000-square-foot ShopRite grocery store anchors the center. Derek Zerfass and Scott Horner of Colliers represented the landlord, Chicago-based CenterPoint Properties, in the lease negotiations. The representative of the tenant was not disclosed.
PHILADELPHIA — Rittenhouse Realty Advisors, a member of GREA, has brokered the $23.5 million sale of Diamond Green, a 350-bed student housing community located near Temple University in Philadelphia. Orens Brothers Real Estate developed the 92-unit property using modular construction. The community features six retail spaces on the ground floor and a 28-stall parking garage. Apex Student Living, a joint venture between Alexandra Capital and Axela Group, acquired the property.
PHILADELPHIA — Tennessee-based developer Southern Land Co. has broken ground on a 254-unit multifamily project at 1620 Sansom St. in Philadelphia’s Center City District. The development will include 22,000 square feet of flexible commercial space for restaurant or health and wellness users. The 27-story building will offer amenities such as a 12,000-square-foot rooftop deck, fitness center, pool and communal dining and entertainment spaces. Solomon Cordwell Buenz is designing the project, and Hunter Roberts Construction Group is serving as the general contractor. Completion is slated for winter 2023.
YORK, PA. — JLL has brokered the sale of West Manchester Town Center, a 488,037-square-foot retail power center that is situated on a 94-acre site in York, located in the southern central part of the state. Built as an enclosed mall in 1981 and renovated into an open-air center in 2014, West Manchester Town Center houses tenants such as Kohl’s, At Home, HomeGoods, Hobby Lobby and Burlington. Chris Munley, Jim Galbally and Colin Behr of JLL represented the seller, Dallas-based ATR Corinth Partners, in the transaction. A joint venture led by Paramount Realty acquired the center for an undisclosed price.
PLEASANT HILLS, PA. — Colliers has negotiated the $14 million sale of a 33,172-square-foot medical office building in Pleasant Hills, a southern suburb of Pittsburgh. Gregg Broujos and Kim Kretowicz of Colliers represented the undisclosed seller and the buyer, Tampa-based Sila Realty Trust, in the transaction. At the time of sale, the building was fully leased to tenants such as Jefferson Hospital / Allegheny Health Network, Kids Plus Pediatrics, Miracle Dental Associates and Vision Care Associates-Eye Care Specialties of Pennsylvania.