Pennsylvania

Rockefeller Group Sells Lehigh Valley Warehouse for $91M

by Taylor Williams January 20, 2023

NORTHAMPTON, PA. — New York City-based investment and development firm Rockefeller Group has sold a 453,600-square-foot warehouse located in the Lehigh Valley community of Northampton for $91 million. The site spans 36 acres and is located within the 1.8 million-square-foot Rockefeller Group Logistics Park. The cross-dock facility was completed in 2022 and features a clear height of 36 feet, four drive-in doors, 90 dock doors, 59 trailer stalls and 264 car parking spaces. John Plower, Ryan Cottone, Zach Maguire, Paul Torosian and Jeff Lockard of JLL represented Rockefeller Group in the transaction. The buyer was New York City-based Link Logistics.

January 20, 2023

Development Multifamily Northeast Pennsylvania Student Housing

Landmark Properties to Develop 909-Bed Student Housing Project in Philadelphia

by Taylor Williams January 17, 2023

PHILADELPHIA — Landmark Properties, a Georgia-based owner-operator, will develop The Mark Philadelphia, a 909-bed student housing project that will be located at 3615 Chestnut St. in Philadelphia’s University City district. The 34-story tower will offer studio to six-bedroom units that will serve students at the University of Pennsylvania and Drexel University. Shared amenities will include a rooftop pool and a hot tub with lounge space, 24-hour study lounges, a computer lab, sauna and a fitness center. The development will also include 55,938 square feet of office space located adjacent to the high-rise community. Landmark Construction will serve as general contractor for the project, which is set for completion in 2026.

January 17, 2023

Acquisitions Civic Northeast Pennsylvania

Colliers Brokers $22.5M Sale of Community Service Center in Norristown, Pennsylvania

by Taylor Williams January 13, 2023

NORRISTOWN, PA. — Colliers has brokered the $22.5 million sale of a 262,000-square-foot community service center located at 1430 Dekalb Ave. in Norristown, a northwestern suburb of Philadelphia. The 3.1-acre site of the five-story building was formerly home to Sacred Heart Hospital and includes a parking deck. Eric Grad of Colliers, in conjunction with CBRE and local brokerage firm Flynn Co., represented the seller in the transaction. Both parties involved requested anonymity.

January 13, 2023

Development Loans Multifamily Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Arranges $134.6M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams January 12, 2023

PHILADELPHIA — Walker & Dunlop has arranged a $134.6 million construction loan for Northern Liberties, 360-unit multifamily project that will be located at 200 Spring Garden St. in Philadelphia. The transit-served building will offer a pool, fitness center, coworking lounge, conference center and a party room, as well as 23,070 square feet of retail space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler of Walker & Dunlop arranged the loan through insurance company Ullico on behalf of the borrower and developer, a partnership between Kushner Real Estate Group and National Real Estate Advisors.

January 12, 2023

Westfall-Town-Center-Matamoras-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

Larken Associates Acquires 203,907 SF Shopping Center in Matamoras, Pennsylvania

by Taylor Williams January 12, 2023

MATAMORAS, PA. — New Jersey-based investment firm Larken Associates has acquired Westfall Town Center, a 203,907-square-foot shopping center in Matamoras, located at the nexus of the New York-New Jersey-Pennsylvania border. The sales price was $28.6 million. A 73,000-square-foot ShopRite grocery store anchors the property, and other tenants include Flagship Cinemas, T.J. Maxx, Planet Fitness, Dollar Tree and Wendy’s. The seller was Chicago-based CenterPoint Properties. Derek Zerfass and Scott Horner of Colliers represented both parties in the transaction.

January 12, 2023

The-Shops-at-Rockvale-Lancaster-Pennsylvania

Acquisitions Development Multifamily Northeast Pennsylvania Retail

Fernmoor Homes Buys 581,462 SF Power Center in Lancaster, Pennsylvania, Plans Multifamily Redevelopment

by Taylor Williams January 11, 2023

LANCASTER, PA. — Fernmoor Homes has purchased The Shops @ Rockvale, a 581,462-square-foot retail power center located about 80 miles west of Philadelphia in Lancaster, with plans to undertake a multifamily redevelopment. The New Jersey-based multifamily developer intends to demolish 265,198 square feet of commercial space and construct a 13-building, 416-unit apartment community at the 63-acre site. Brad Nathanson, David Crotts and Dean Zang of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, New Jersey-based Wharton Realty Group, in the transaction. The trio also procured Fernmoor Homes, which purchased the property for $30.5 million, as the buyer. At the time of sale, The Shops @ Rockvale was home to 40 retailers and restaurants, including Carter’s, Crate & Barrel Outlet, Olive Garden and Cracker Barrel. The redevelopment is valued at approximately $100 million and could take up to five years to complete.

January 11, 2023

Acquisitions Healthcare Northeast Pennsylvania

CBRE Arranges $11.6M Sale of Medical Office Complex in Broomall, Pennsylvania

by Taylor Williams January 9, 2023

BROOMALL, PA. — CBRE has arranged the $11.6 million sale of Marple Commons, a three-building, 57,760-square-foot medical office complex in Broomall, a western suburb of Philadelphia. Stephen Marzullo, Adam Silverman and Stephen Kriz of CBRE represented the seller, Pennsylvania-based Hudson Cos., in the transaction. The buyer was Maryland-based Thomas Park Investments. Marple Commons was 98 percent leased at the time of sale to tenants such as Premier Orthopaedics, Children’s Hospital of Philadelphia, Main Line Healthcare, Kidney Care Specialists and Labcorp.

January 9, 2023

Ashbridge-Square-Downingtown-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates Sale of 386,248 SF Retail Power Center in Downingtown, Pennsylvania

by Taylor Williams January 4, 2023

DOWNINGTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Ashbridge Square, a 386,248-square-foot retail power center in Downingtown, a western suburb of Philadelphia. Built in 2000, Ashbridge Square was 88 percent leased at the time of sale to tenants such as The Home Depot, Ashley Furniture, Dollar Tree, Jo-Ann Fabrics, Christmas Tree Shops, Staples, Chick-fil-A, Patient First and Wine & Spirits. Brad Nathanson of IPA represented the undisclosed seller in the transaction and procured the buyer, a partnership between regional firms E. Kahn Development Corp. and J. Loew & Associates.

January 4, 2023

Greater-Lewistown-Plaza-Burnham-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

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

by Taylor Williams January 4, 2023

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.

January 4, 2023

Acquisitions Northeast Pennsylvania Retail

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

by Taylor Williams January 3, 2023

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.

January 3, 2023

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