PITTSBURGH — Private wealth management firm Glenmede Trust Co. has signed a 7,989-square-foot office lease at the historic Union Trust Building in downtown Pittsburgh. The move-in is scheduled for May. The Union Trust Building originally opened in 1917 and spans 460,000 square feet. The landlord, The Davis Cos., recently completed a $100 million redevelopment of the property, which also houses 40,000 square feet of restaurant space in addition to a fitness center, conference facility and an auditorium.
READING, PA. — JLL has negotiated the sale of Exeter Commons, a 361,095-square-foot shopping center in the Eastern Pennsylvania city of Reading. Grocer Giant Food and Lowe’s Home Improvement anchor Exeter Crossing, which was built in 2009 and was 99.5 percent leased at the time of sale. Other tenants include Ross Dress for Less, PA Wine & Spirits, Five Below, Petco, Staples, Famous Footwear, America’s Best Contacts, Moe’s Southwest Grill, Red Robin, Supercuts and Mattress Firm. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed seller in the transaction. Wharton Realty Group purchased the center for an undisclosed price.
By Taylor Williams Industrial brokers and developers throughout New Jersey and Eastern Pennsylvania are flush with tenant demand, but the frenetic pace and frequency at which revenues and costs change in this market has introduced a whole new set of operating challenges. In terms of the supply side of the market, developers of industrial product, like those of every other property type, have been squeezed by supply chain disruption. Prices and lead times for ordering key materials change radically and often without warning. Developers who try to circumvent these obstacles by ordering way earlier than normal in the process now run an increased risk of having to take delivery of supplies without having all permits and sources of construction financing in place. Such a misfire in timing can create lags in delivery, potentially alienating tenants needing turnkey space and generating additional short-term costs via storage of the materials before construction begins. In addition, misaligning these timelines can spook potential investors that want the certainty of knowing that a project is moving forward. “We’re buying supplies a year in advance and trying to sync up deliveries of those materials with when we expect to have full project approval,” says Peter Polt, …
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) will redevelop Bala Cynwyd Shopping Center, a 174,000-square-foot retail and dining destination located in the northwestern Philadelphia suburb of Bala Cynwyd. The $8 million project will include upgrading façade aesthetics, creating common and tenant-designated outdoor dining and gathering areas and improving pedestrian and vehicular circulation. Additionally, up to 80 outdoor seats and eight curbside pickup spaces will be added. Completion is slated for summer 2023. Current tenants at the 23-acre center include ACME Markets, Michaels, Five Guys and Honeygrow. All tenants will remain open during construction.
PITTSBURGH — CIT, a division of First Citizens Bank, has provided a $37.2 million acquisition loan for a 510,000-square-foot distribution center in Pittsburgh that is fully leased to Amazon and e-commerce consulting firm Nogin. The property serves as one of Amazon’s two sortation facilities in the Pittsburgh area. The borrower is Aminim Group, an investment firm with offices in Houston and Jerusalem. Specific loan terms were not disclosed.
CONSHOHOCKEN, PA. — Lutron Electronics has signed a 27,000-square-foot office lease at Seven Tower Bridge in the northern Philadelphia suburb of Conshohocken. The Pennsylvania-based energy products manufacturer will occupy space at Seven Tower Bridge, a 260,000-square-foot building situated along the Schuylkill River that is owned by a partnership between American Real Estate Partners and Oliver Tyrone Pulver Corp. (OTP). Tyler Vandegrift of JLL represented Lutron Electronics in the lease negotiations. Esther Pulver of OTP, in conjunction with Ken Kearns of Cadence Real Estate Advisors, represented the landlord.
BROOMALL, PA. — Federal Realty Investment Trust (NYSE: FRT) is underway on the second phase of the redevelopment of Lawrence Park Shopping Center, a 374,000-square-foot retail and dining destination located in the northwestern Philadelphia suburb of Broomall. The project carries a total price tag of $30 million. Grocer ACME Markets currently anchors the 29-acre center, and other tenants include HomeGoods, T.J. Maxx and Mrs. Marty’s Deli. The redevelopment began last year with the delivery of a healthcare facility for Main Line Health. Phase II includes the addition of 32,000 square feet of retail space that is preleased to users such as P.J. Whelihan’s Pub + Restaurant, Kindercare and Crumbl Cookies. In addition, Federal Realty will upgrade the center’s landscaping and outdoor seating and dining areas. All current tenants will remain open during construction.
PITTSBURGH — Law firm Dickie, McCamey & Chilcote PC has signed a 79,719-square-foot office lease at Four Gateway Center, a 1.5 million-square-foot office building in downtown Pittsburgh. The firm will relocate from its longtime space at PPG Place to occupy five floors at Four Gateway Center, which features a newly built conference facility and fitness center, in spring 2025. Dan Adamski, Nick Francic and Reid Mauro of JLL represented the tenant in its site selection and lease negotiations. The representative of the landlord, Hertz Investment Group, was not disclosed.
PITTSBURGH — Terravet Real Estate Solutions, an investment firm focused on commercial properties occupied by veterinary users, has purchased two such facilities totaling 48,000 square feet in Pittsburgh. The sales price was $22.6 million. The buildings represent the real estate holdings of the Pittsburgh Veterinary Specialty & Emergency Center. Following this transaction, Terravet now owns and operates about 70,000 square feet of veterinary facilities in the Pittsburgh area and 1 million square feet nationwide.
WHITEHALL, PA. — Maryland-based investment firm 1788 Holdings LLC has sold Riverside Business Center, a 423,900-square-foot industrial facility located in the Lehigh Valley city of Whitehall. The property was originally built on 34 acres in 1910 and has been renovated numerous times over the years. Those renovations most recently included a $9 million capital improvement program in 2006 that converted the property from a single-use manufacturing facility to a multi-tenant warehouse. Michael Hines of CBRE represented 1788 Holdings in the transaction. The buyer, Buligo Capital Partners, purchased the asset for $34.6 million.