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Pennsylvania

Greater-Lewistown-Plaza-Burnham-Pennsylvania
AcquisitionsNortheastPennsylvaniaRetail

Axiom Realty Acquires 177,752 SF Shopping Center in Burnham, Pennsylvania

by Taylor Williams

BURNHAM, PA. — Axiom Realty Services, a metro Philadelphia-based investment firm, has acquired Greater Lewistown Plaza, a 177,752-square-foot shopping center in Burnham, located in the central part of the Keystone State. Regional grocer Weis Markets anchors the center, which was 94 percent leased at the time of sale. Other tenants include J.C. Penney, Dunham’s Sports, Geisinger Health and Citizens Bank. Bennett Williams of Bennett Williams Commercial represented the seller, Northpath Investments, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsNortheastPennsylvaniaRetail

FNRP Acquires 289,000 SF Loyal Plaza Shopping Center in Williamsport, Pennsylvania

by Taylor Williams

WILLIAMSPORT, PA. — New Jersey-based First National Realty Partners (FNRP) has acquired Loyal Plaza, a 289,000-square-foot shopping center in Williamsport, located in the northern-central part of the Keystone State. Anchored by a 67,000-square-foot Giant Food Store, the center was approximately 85 percent leased at the time of sale. Other tenants include Hobby Lobby, Planet Fitness, Rite Aid, Advance Auto Parts and BB&T. Colin Behr and Chris Munley of JLL represented the undisclosed seller in the transaction.

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DevelopmentLife SciencesLoansNortheastPennsylvaniaTop Stories

JLL Arranges $290M Construction Loan for Life Sciences Project in Philadelphia’s University City Neighborhood

by Jeff Shaw

PHILADELPHIA — JLL Capital Markets has arranged a $290 million construction loan for project partners Gattuso Development Partners and Vigilant Holdings of New York to build a new research facility and life sciences development in the heart of Philadelphia’s University City submarket. The development will be the largest life sciences research and lab facility in the city, according to JLL. Located at 3201 Cuthbert St., the 11-story development features 519,647 square feet of wet lab and dry space, 11,908 square feet of street-level retail space and 137 underground parking stalls. SmartLabs and Drexel University have preleased 45 percent of the lab space. This will be SmartLab’s first location in a market outside of San Francisco or Boston. Infrastructure will include lab-friendly column spacing, expanded floor-to-floor heights, an HVAC system designed specifically for lab research, best-practice chemical storage space and ph neutralization capability, and six enclosed loading docks. Robert A.M. Stern Architects designed the property to meet LEED Gold certification. University City spans 2.4 square miles and is home to one of the largest concentrations of health systems, teaching institutions, life sciences, biotech and pharmaceutical companies in the world. “We believe the project validates Philadelphia’s emergence as a global hub for …

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AcquisitionsMultifamilyNortheastPennsylvania

Prestige Group Arranges $8.2M Sale of Philadelphia Multifamily Portfolio

by Taylor Williams

PHILADELPHIA — Locally based brokerage firm The Prestige Group has arranged the $8.2 million sale of a portfolio of two multifamily buildings totaling 50 units in Philadelphia’s Mount Airy neighborhood. Both buildings rise four stories and predominantly house one- and two-bedroom units. Bob Cohen of Prestige Group represented the seller in the off-market transaction, and Jon Mirsky and Sajan Shah of Prestige Group represented the buyer. Both parties requested anonymity. The portfolio was 95 percent occupied at the time of sale.

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Chubb-Parkway-Philadelphia
DevelopmentNortheastOfficePennsylvaniaTop Stories

Parkway Corp. Plans 438,000 SF Office Building in Downtown Philadelphia

by Taylor Williams

PHILADELPHIA — Parkway Corp. has announced plans for a 438,000-square-foot office building at 2000 Arch St. in Philadelphia’s Center City district. The locally based developer has also received a commitment from insurance giant Chubb to serve as the anchor tenant of the 18-story building. With an anchor tenant in place, construction is now scheduled to begin in the first quarter of 2023, with completion slated for the second quarter of 2026. Chubb expects to place approximately 3,000 employees at the new building within three to five years of opening, with about 1,200 of those positions representing newly created jobs. The new office will be the largest in the country for the New Jersey-based insurance giant, which currently employs about 2,000 people throughout Pennsylvania. In addition, Chubb insures approximately $500 billion in property in Pennsylvania, including $70 billion in Philadelphia, that large users in the healthcare, manufacturing, financial services and media industries occupy. Chubb also has historical ties to Philadelphia, having established its oldest subsidiary, The Insurance Co. of North America, at Independence Hall in 1792. Chubb’s current offices in Philadelphia are located at 436 and 510 Walnut St., just steps away from Independence Hall. “Our new building will have a …

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Leasing ActivityNortheastOfficePennsylvania

CBIZ Inc. Signs 50,850 SF Office Lease in Metro Philadelphia

by Taylor Williams

WEST CONSHOHOCKEN, PA. — Financial advisory firm CBIZ Inc. has signed a 50,850-square-foot office lease in West Conshohocken, located on the northwestern outskirts of Philadelphia. Seamus Byrne, Eric Galanti and Bill Main of CBIZ Gibraltar Real Estate Services, along with Ryan Conner of Tactix, represented the tenant in the lease negotiations. Rich Jones and Tom Sklow internally represented the landlord, Keystone Development + Investment. CBIZ plans to take occupancy in the third quarter of 2023.

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Four-Gateway-Center-Pittsburgh
Leasing ActivityNortheastOfficePennsylvania

Law Firm Signs 19,228 SF Office Lease at Four Gateway Center in Pittsburgh

by Taylor Williams

PITTSBURGH — Law firm Metz Lewis Brodman Must O’Keefe has signed a 19,228-square-foot office lease at Four Gateway Center, a 22-story building in Pittsburgh. The locally based law firm will relocate from the Henry W. Oliver Building in summer 2023. Nick Francic and Reid Mauro of JLL represented the tenant in the lease negotiations. Jeremy Kronman, Adam Viccaro and Dominika Demantova of CBRE represented the landlord, Hertz Investment Group.

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AcquisitionsNortheastOfficePennsylvania

NAI Mertz Brokers Sale of 23,433 SF Office Building in Bristol, Pennsylvania

by Taylor Williams

BRISTOL, PA. — NAI Mertz has brokered the sale of a 23,433-square-foot office building in Bristol, located northeast of Philadelphia in Bucks County. Zena Charokopos and Rick Gordon of NAI Mertz represented the seller in the transaction. Adam Lashner and Jeff Licht, also with NAI Mertz, represented the buyer, which plans to use the property as an adult care facility. Both parties requested anonymity.

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DevelopmentNortheastPennsylvaniaRetail

Federal Realty Breaks Ground on 18,000 SF Phase II of Metro Philadelphia Shopping Center

by Taylor Williams

WILLOW GROVE, PA. — Federal Realty Investment Trust has broken ground on the second phase of construction at Willow Grove Shopping Center, a 211,000-square-foot development located on the northern outskirts of Philadelphia. Phase II will deliver an 18,000-square-foot outparcel building, new dining and public amenities and newly designed walkways and pocket plazas. Completion is slated for summer 2023.

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The-Bellwether-District-Philadelphia
IndustrialLife SciencesMarket ReportsNortheastNortheast Market ReportsPennsylvania

Logistics, Life Sciences at Center of Philadelphia’s New, Transformational Development

by Taylor Williams

By Andrew Chused, founding partner, head of investments, Hilco Redevelopment Partners From the nation’s beginning to modern times, Philadelphia has been a bellwether city with a proud legacy of leading the nation to many of its firsts, including the country’s inaugural medical school, library, hospital, business school and stock exchange. In this city of firsts, Hilco Redevelopment Partners (HRP) is unlocking and reinventing a large portion of the city: the former 1,300-acre Philadelphia Energy Solutions (PES) site on the city’s southwest side. Not only is the redevelopment of this site transforming a relic of the city’s industrial age into a new, sustainable economy for the first time, but the project will also transform the way logistics and life sciences companies grow in southwest Philadelphia. An Economic Hub The site, aptly named The Bellwether District, represents a new ecosystem for a variety of tenants, including logistics, e-commerce and life sciences. Located in the shadows of University City and along the Schuylkill River, the project will create over 32,000 jobs and serve as an economic catalyst that drives growth to the city and region for generations to come. Upon its acquisition of the property in June of 2020, HRP quickly began the …

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