EAST STROUDSBURG, PA. — G.S. Wilcox & Co. has arranged $17 million in construction-to-permanent financing for a 130,435-square-foot industrial project in the Lehigh Valley community of East Stroudsburg. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the loan through a local bank on behalf of the undisclosed borrower. Further details about the project were also not disclosed.
HARRISBURG, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Colonial Commons, a 410,432-square-foot retail power center in Harrisburg. Built in 1989 and renovated in 2014, the center was 98 percent leased at the time of sale to tenants such as Hobby Lobby, Dick’s Sporting Goods, HomeGoods, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, Ulta and Old Navy. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, Prasavi Inc., in the transaction.
PHILADELPHIA — Capital One Finance Corp. has signed a 22,382-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. The lease term is nine years. Scott Gabrielsen of CBRE represented the tenant, which will relocate to the 37th floor from a suburban office next spring, in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.
PHILADELPHIA — UBS Financial Services has signed a 22,625-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. UBS will relocate within the building to a space on the 44th floor in August 2023. Jack Meyers of Cushman & Wakefield represented the tenant in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.
QUAKERTOWN, PA. — New Jersey-based Cronheim Mortgage has arranged $9 million in permanent financing for a 210,000-square-foot shopping center in Quakertown, located north of Philadelphia in Bucks County. Anchored by grocer Giant, the unnamed center also houses tenants such as Rite Aid, Buffalo Wild Wings, H&R Block and Panera Bread. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing on behalf of the borrower, a subsidiary of New York City-based ADCO Group. An undisclosed life insurance company provided the loan.
PHILADELPHIA — French investment bank Natixis has provided a $150 million loan for the refinancing of LVL North, a 410-unit apartment community located just north of downtown Philadelphia at 510 Broad St. The property includes 108,000 square feet of commercial space that is anchored by grocer Giant. Kelly Gaines, Chad Orcutt and Blaine Fleming of JLL arranged the five-year, floating-rate loan on behalf of the borrower, Philadelphia-based Alterra Property Group.
MOUNT POCONO, PA. — JLL has arranged the sale of an 85-acre industrial development site in Mount Pocono, located in the northeastern part of the state. The buyer, Newland Capital Group, will construct a 1.2 million-square-foot warehouse and distribution center at the site and has already secured an undisclosed tenant for a full-building lease. Completion of the facility, which will feature four drive-in doors and parking for 359 trailers and 426 cars, is scheduled for the first quarter of 2024. Jeff Lockard, Ryan Barros and Kevin Lammers of JLL represented Newland Capital in the land deal. The trio also worked with Casey Mungo of DAUM Commercial to arrange the sale and negotiate the lease. Steve Cooper, also with JLL, represented the land seller.
MIDDLETOWN, PA. — Endurance Real Estate has completed construction of Middletown Logistics Center, a 251,200-square-foot industrial project located on the southeastern outskirts of Harrisburg. The Pennsylvania-based developer also signed industrial products manufacturer IPEX USA to a full-building lease at the property. Jeff Lockard, Jason Webb, Maria Ratzlaff and Ryan Barros of JLL represented Endurance in the lease negotiations. Sean Bleiler of CBRE represented the tenant. Middletown Logistics Center features clear heights of 36 feet, 33 trailer stalls and 102 car parking spaces.
PHILADELPHIA — Without A Cue, an entertainment concept that centers on dinner theaters and murder mysteries, will open a 3,346-square-foot venue in Philadelphia. The space will be located within The Curtis, a 912,245-square-foot adaptive reuse building in Washington Square West that is owned by Keystone Development + Investment. Veronica Blum and Alex Snyder of MPN Realty represented Keystone in the lease negotiations. Joe Scarpone, also with MPN Realty, represented Without A Cue, which will open in late fall.
By Marc DeLuca, CEO and eastern regional president, KBS Refreshing office properties with updated amenities is a time-tested strategy for infusing buildings with new life and appealing to future and existing tenants. While an asset’s location is a fixed element and a region’s fundamentals tend to change slowly, amenities are more flexible and can usually be implemented quickly if necessary for immediate impact. A recent report by flexible workspace provider TCC Canada found that many companies and their team members increasingly recognize the benefits of gathering teams in a central workplace. But after more than two years of varying degrees of remote work, it makes sense for property owners to invest in amenities that actually meet the needs and wants of office users — which have recently shifted. So which amenities are the best ones to include in today’s office buildings? As an owner and operator of premier office assets for the last 30 years, KBS has witnessed amenity preferences come and go. We know how to spot a passing fad versus a trend with legs. Based on our expertise in this area, here are a few amenities we see attracting office tenants in the current and emerging environment. Scalable …