REBusinessOnline

JLL Arranges $43M Loan for Office, Retail Redevelopment Project in Metro Philadelphia

DREXEL HILL, PA. — JLL has arranged a $43 million loan for Drexeline Town Center, an office and retail redevelopment project located on the western outskirts of Philadelphia. The 18.5-acre site currently houses five retail and office buildings that were originally constructed between the early 1950s and 2000s. The borrower, a partnership between Baltimore-based MCB Real Estate and New Jersey-based Hampshire Cos., plans to redevelop the center into a mixed-use destination. Initial plans call …

Marcus & Millichap Brokers $30M Sale-Leaseback of Industrial Facility in Bridgeville, Pennsylvania

BRIDGEVILLE, PA. — Marcus & Millichap has brokered the $30 million sale-leaseback of a 346,009-square-foot industrial facility in Bridgeville, a southern suburb of Pittsburgh. Built on 31 acres in 1980, the four-building property features clear heights of 11 to 28.5 feet, 26 dock-high doors and five grade-level doors. Adam Abushagur of Marcus & Millichap represented the seller, a sister company of the tenant, IT firm Black Box Corp., in the transaction. Abushagur also procured the …

IPA Negotiates Sale of 293,000 SF Shops at Valley Square in Warrington, Pennsylvania

WARRINGTON, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Shops at Valley Square, an approximately 293,000-square-foot shopping center in Warrington, a northern suburb of Philadelphia. Built in 2007, the center consists of 89,447 square feet of office space and 203,701 square feet of retail space that houses tenants such as Ulta Beauty, Designer Shoe Warehouse, Bath & Body Works, Sleep Number and Eastern Mountain Sports. …

Tishman Speyer, Bellco Capital to Develop 200,000 SF Life Sciences Campus in Philadelphia

PHILADELPHIA — A joint venture between Tishman Speyer and Bellco Capital has purchased a development site at the 2300 Market Street city block in Philadelphia’s Center City district. The joint venture, which goes by the name Breakthrough Properties, plans to redevelop the site into 200,000 square feet of life sciences space. The site is located adjacent to the University of Pennsylvania and Drexel University and within walking distance to several academic medical centers. The property …

Newmark Arranges $70.5M Construction Loan for Pittsburgh Multifamily Project

PITTSBURGH — Newmark has arranged a $70.5 million construction loan for The Park at Southside Works, a 247-unit multifamily project in Pittsburgh. The five-story property will be situated within SomeraRoad’s Southside Works mixed-use development, about 1.5 miles outside the downtown area. Units will be available in studio, one- and two-bedroom floor plans, as well as in townhome-style formats, and will be furnished with stainless steel appliances, quartz countertops and individual washers …

Colliers Arranges Sale of 120,000 SF Auto Dealership in West Chester, Pennsylvania

WEST CHESTER, PA. — Colliers has arranged the sale of a 120,000-square-foot retail property in West Chester, a western suburb of Philadelphia, that houses a dealership for Mercedes-Benz. The property sits on 10 acres along U.S. Route 202. Virginia-based Capital Automotive sold the property to Piazza Auto Group for an undisclosed price. Rich Weitzman of Colliers brokered the deal in conjunction with

Starkman Realty Arranges $3.1M Sale of Affordable Housing Building in Chester, Pennsylvania

CHESTER, PA. — Locally based brokerage firm Starkman Realty Group has arranged the $3.1 million sale of Buckman Meadows, a 42-unit affordable housing building in Chester, a southwestern suburb of Philadelphia. The property was originally constructed in 1917 to house shipbuilders during World War I and subsequently converted to a veterans’ hospital and then an affordable housing complex for veterans in 2015. New Jersey-based Tunic Group purchased Buckman Meadows from an undisclosed …

Montecito Medical Acquires 73,255 SF Healthcare Property in Hazelton, Pennsylvania

HAZELTON, PA. — Montecito Medical, a Nashville-based healthcare real estate investment firm, has acquired a 73,255-square-foot facility in Hazelton that is fully leased to Lehigh Valley Health System. The building houses a 13,500-square-foot ambulatory surgery center, and its specialty providers include cardiology, orthopedics, physical therapy/rehabilitation, neurology, bariatric medicine, diagnostic imaging services, chiropractic and primary care. The seller and sales price were not …

CBRE Negotiates $7.2M Sale of Multifamily Building in Philadelphia

PHILADELPHIA — CBRE has negotiated the $7.2 million sale of The Retro Apartments, a 21-unit multifamily building located in Philadelphia’s Fishtown/East Kensington neighborhood. The  five-story property was built in 2021 and offers one-, two- and three-bedroom units. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Stamm Development Group, in the transaction. The buyer was a partnership between private investors Laibel Newhouse and Joel

DEPG Associates, ARCTRUST Break Ground on 40,000 SF Medical Office Building in Lehigh Valley

SMITHFIELD TOWNSHIP, PA. — Co-developers DEPG Associates and ARCTRUST have broken ground on a 40,000-square-foot medical office building in Smithfield Township, located in Lehigh Valley. The project, which represents the first of a larger, five-building development for St. Luke’s University Health, will be situated within the 120-acre Smithfield Gateway mixed-use development. Completion of the building is slated for January 2023, and the first phase of the larger project is scheduled for a …

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‣ Lee & Associates
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