WAYNE, PA. — JLL has negotiated the sale of a 155,200-square-foot life sciences facility in Wayne, a northwestern suburb of Philadelphia. The property sits on 10 acres and offers amenities such as a fitness center, conference room and a cafeteria. Jim Galbally and Brett Segal of JLL represented the seller, Pennsylvania-based Maguire Hayden Real Estate, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the facility was fully leased to Charles River Laboratories, which conducts pharmaceutical research and development.
PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE brokered the sale of the campus.
WAYNE, PA. — JLL has negotiated the sale of a 155,200-square-foot life sciences facility in Wayne, a northwestern suburb of Philadelphia. The property sits on 10 acres and offers amenities such as a fitness center, conference room and a cafeteria. Jim Galbally and Brett Segal of JLL represented the seller, Pennsylvania-based Maguire Hayden Real Estate, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the facility was fully leased to Charles River Laboratories, which conducts pharmaceutical research and development.
POTTSTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $85.7 million sale of Upland Square, a 400,716-square-foot retail power center in Pottstown, located northwest of Philadelphia. Built in 2009 and expanded in 2019, Upland Square is anchored by a 76,500-square foot Giant Food grocery store. Other tenants include Burlington, LA Fitness, Five Below, Ross Dress for Less, Bed Bath & Beyond, Staples, T.J. Maxx, Petco and Ulta Beauty. Brad Nathanson of IPA represented the seller, New Jersey-based Paramount Realty Services Inc., and procured the buyer, United Hampshire US REIT, in the transaction. The property was 95 percent leased at the time of sale.
PHILADELPHIA — Locally based development and investment firm BG Capital will build an $85 million cold storage project on a seven-acre site in Philadelphia’s Port Richmond neighborhood. New Jersey-based cold storage operator FreezPak Logistics has committed to leasing the 170,117-square-foot facility on a triple-net basis, with the expectation of adding about 60 new permanent jobs to the local economy. Building features will include a clear height of 75 feet, an automated inventory storage and retrieval system, 20 loading docks, 30 trailer parking stalls and 60 parking spaces. Construction is scheduled to begin in the third quarter. New Jersey-based OceanFirst Bank has provided $42.5 million construction-to-permanent loan for the project, and Nuveen Green Capital has committed another $30 million in financing.
POTTSTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $85.7 million sale of Upland Square, a 400,716-square-foot retail power center in Pottstown, located northwest of Philadelphia. Built in 2009 and expanded in 2019, Upland Square is anchored by a 76,500-square foot Giant Food grocery store. Other tenants include Burlington, LA Fitness, Five Below, Ross, Bed Bath & Beyond, Staples, T.J. Maxx, Petco and Ulta Beauty. Brad Nathanson of IPA represented the seller, New Jersey-based Paramount Realty Services Inc., and procured the buyer, United Hampshire US REIT, in the transaction.
PHILADELPHIA — Locally based development and investment firm BG Capital will build an $85 million cold storage project on a seven-acre site in Philadelphia’s Port Richmond neighborhood. New Jersey-based cold storage operator FreezPak Logistics has committed to leasing the 170,117-square-foot facility on a triple-net basis, with the expectation of adding about 60 new permanent jobs to the local economy. Building features will include a clear height of 75 feet, an automated inventory storage and retrieval system, 20 loading docks, 30 trailer parking stalls and 60 parking spaces. Construction is scheduled to begin in the third quarter.
PHILADELPHIA — SmartLabs, a Boston-based life sciences operator, will open a new facility within Drexel University’s campus in Philadelphia. The square footage was not disclosed, but the space will span two stories within a 508,000-square-foot facility that is being developed by a partnership between Gattuso Development Partners and New York-based Vigilant Holdings. The facility, which is scheduled to open in 2025 and will include research and development, office and manufacturing space, will be SmartLabs’ seventh in the country.
PHILADELPHIA — SmartLabs, a Boston-based life sciences operator, will open a new facility within Drexel University’s campus in Philadelphia. The square footage was not disclosed, but the space will span two stories within a 508,000-square-foot facility that is being developed by a partnership between Gattuso Development Partners and New York-based Vigilant Holdings. The facility, which is scheduled to open in 2025 and will include research and development, office and manufacturing space, will be SmartLabs’ seventh in the country.
PHIILADELPHIA — JLL has brokered the sale of two apartment complexes totaling 213 units in Philadelphia. The Broderick is a 69-unit property in the Society Hill area that houses one- and two-bedroom units with an average size of 854 square feet and 5,240 square feet of ground-floor retail space. The Republic is a 144-unit complex in the Rittenhouse neighborhood with studio, one- and two-bedroom residences averaging 695 square feet. The Republic also houses 5,267 square feet of retail space. Mark Thomson, Carl Fiebig, Francis Coyne and Tyler Margraf of JLL represented the seller, a partnership between Barings Real Estate and MRP Realty, in the two separate transactions. Sentinel Real Estate Corp. acquired the assets for undisclosed prices.