WAYNE, PA. — CBRE has negotiated a 38,572-square-foot office headquarters lease in Wayne, a western suburb of Philadelphia. The tenant is iPipeline, a software provider for the financial services and life insurance industries, and the space is located within the 200,000-square-foot, freshly renovated building at 1111 Old Eagle School Road. Scott Gabrielsen of CBRE represented the landlord, De Lage Landen Financial Services, in the lease negotiations. Mitch Reading of Tactix Real Estate Advisors represented the tenant.
MECHANICSBURG, PA. — Gannett Fleming TranSystems has signed a 100,000-square-foot office lease in Mechanicsburg, about 115 miles west of Philadelphia. The architecture, engineering and construction (AEC) consulting firm is consolidating and relocating from nearby Camp Hill to Sterling Place Corporate Center. Jeremy Shyk of CBRE represented the landlord, a partnership between Sterling Place Associates and Waterday Properties, in the lease negotiations. Mark Gola of Gola Corporate Real Estate represented the tenant.
BENSALEM, PA. — Locally based firm Empire Realty Investments has sold the 109,057-square-foot Bensalem Shopping Center on the northeastern outskirts of Philadelphia. The center was built on 8.8 acres in 1972 and was fully leased at the time of sale. Indian grocer Patel Brothers anchors the center, and other tenants include Dollar General, Advance Auto Parts and Unlimited PCS. Jim Galbally and Patrick Higgins of JLL represented Empire Realty Investments in the transaction. The buyer and sales price were not disclosed, but the deal traded at a cap rate of 6.41 percent.
GLENSIDE, PA. — Marcus & Millichap has brokered the $7.2 million sale of a single-tenant retail building in Glenside, located just north of Philadelphia, that is net leased to local convenience store operator Wawa. The site spans 1.3 acres at 200 S. Easton Road, and the facility, which opened in 2022, includes a fuel station. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WYNNEWOOD, PA. — Club Studio Fitness has signed a 50,000-square-foot retail lease in Wynnewood, a northwestern suburb of Philadelphia. The space within Wynnewood Shopping Center formerly housed a Bed Bath & Beyond store, and the new facility will feature a juice bar, cryotherapy recovery services and personal stretch stations. The opening is slated for next spring. Federal Realty Investment Trust owns Wynnewood Shopping Center.
SOMERSET, PA. — Marcus & Millichap has brokered the sale of Edgewood Grove Storage, a 265-unit self-storage facility in Somerset, about 65 miles southeast of Pittsburgh. The property, which also features a residential component of seven houses and five apartments, was built in phases beginning in 1997 and totals 35,100 net rentable square feet of storage space. Jared Houck, Kevin Bledsoe and Matthew Junkin of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
DOYLESTOWN, PA. — Whole Foods Market has opened a 43,617-square-foot store at 1745 S. Easton Road in Doylestown, a northern suburb of Philadelphia. The store features full-service meat and seafood counters, a bakery, prepared foods section and a wellness and beauty section, as well as a selection of more than 750 wines and 280 craft beers. A grand opening celebration was held this morning.
BETHLEHEM, PA. — International developer and construction firm Skanska has completed the $70 million redevelopment of a historic building on the campus of Lehigh University in Bethlehem. The Clayton University Center was originally built in 1868. The redevelopment involved upgrading the electrical and mechanical systems, installing a full fire protection system and adding multiple kitchen and food delivery areas. The redevelopment also entailed renovations of numerous interior common areas, as well as the preservation of the building’s façade, and the project team also undertook various sustainability measures. Shepley Bulfinch designed the redevelopment, which began in late 2022.
PHILADELPHIA — Federal Realty Investment Trust has broken ground on a $30 million retail redevelopment project in northwest Philadelphia. Federal Realty is repositioning 30,000 square feet of inline space at Andorra Shopping Center and developing a 50,000-square-foot GIANT grocery store from the ground up. Other plans for the redevelopment call for approximately 14,000 square feet of landscaped plazas and outdoor dining spaces, as well as expanded sidewalks and curbside pickup spaces and a reconfiguration of the north-end parking lot to create an internal pathway to the main shopping center. Andorra Shopping Center currently houses tenants such as T.J. Maxx, Five Below and Kohl’s, and childcare provider KinderCare is planning to open a 10,000-square-foot facility as part of the redevelopment. Construction work is expected to be complete by the end of the year, with store openings slated for 2026.
EAST STROUDSBURG, PA. — Marcus & Millichap has brokered the $12.6 million sale of a 40,000-square-foot healthcare building in East Stroudsburg, located about 100 miles north of Philadelphia. The building at 125 Smithfield Lane is an outpatient facility for St. Luke’s Health System and is located within the 120-acre Smithfield Gateway mixed-use development. The tenant has invested more than $3 million in the build-out of the space since taking occupancy, and the lease includes 13.5 years of remaining term with two five-year renewal options. Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.