Pennsylvania

PIDC, Ensemble/Mosaic Unveil $6B Mixed-Use Redevelopment Plan for Philadelphia’s Navy Yard

by Kristin Harlow June 29, 2022

PHILADELPHIA — PIDC and Ensemble/Mosaic have revealed the “2022 Navy Yard Plan,” a roadmap for $6 billion of new investment for Philadelphia’s Navy Yard over the next 20 years. Plans call for 12,000 new jobs and 8.9 million square feet of new life sciences, commercial, residential, retail and mixed-use development. Of the total $6 billion investment, Ensemble/Mosaic’s development initiatives are slated to generate $4.8 billion. This is the third plan undertaken since PIDC, Philadelphia’s public-private economic development corporation, took ownership of the former military base on behalf of the City of Philadelphia. The original plan was formulated in 2004, followed by an updated one in 2013. “The Navy Yard has been an anchor and economic driver for Philadelphia for more than two centuries, serving in both times of war and peace. Today, the progress it has made and will continue to make as outlined in this plan will help reinforce its role as a leading business and life sciences campus and an unrivaled asset to the city,” says Philadelphia Mayor Jim Kenney. The development team plans to significantly expand the Navy Yard’s cluster of cell and gene therapy firms by building out an additional 4.3 million square feet of lab …

June 29, 2022

Acquisitions Industrial Northeast Pennsylvania

Sealy & Co. Acquires 148,172 SF Light Industrial Portfolio in Pittsburgh

by Taylor Williams June 27, 2022

PITTSBURGH — Sealy & Co., an investment firm with offices in Dallas and Shreveport, La., has acquired The Imperial Light Industrial Portfolio, which comprises two buildings totaling 148,172 square feet in Pittsburgh. The buildings are located within the Chapman Westport master-planned development near Pittsburgh International Airport and can support office, distribution and lab uses. John Plower of JLL represented the undisclosed seller in the transaction. Jason Gandy and Davis Gibbs internally represented Sealy & Co.

June 27, 2022

Acquisitions Multifamily Northeast Pennsylvania

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

by Taylor Williams June 24, 2022

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.

June 24, 2022

Leasing Activity Life Sciences Northeast Pennsylvania

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

by Taylor Williams June 24, 2022

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.

June 24, 2022

Acquisitions Northeast Pennsylvania Retail

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

by Taylor Williams June 23, 2022

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.

June 23, 2022

Development Northeast Office Pennsylvania

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

by Taylor Williams June 22, 2022

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.

June 22, 2022

Acquisitions Industrial Northeast Pennsylvania

Larken Associates Acquires 137,404 SF Industrial Complex Near Harrisburg

by Taylor Williams June 22, 2022

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.

June 22, 2022

Industrial Loans Northeast Pennsylvania

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

by Taylor Williams June 20, 2022

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.

June 20, 2022

Acquisitions California Georgia Illinois Maryland Michigan Midwest Minnesota Northeast Pennsylvania Retail Southeast Texas Top Stories Western

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

by Katie Sloan June 16, 2022

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, …

June 16, 2022

Development Life Sciences Northeast Pennsylvania

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

by Taylor Williams June 15, 2022

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.

June 15, 2022

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