Pennsylvania

Keystone-Trade-Center-Fairless-Hills-Pennsylvania

FAIRLESS HILLS, PA. — Colliers and KBC Advisors have negotiated a 517,641-square-foot industrial lease in Fairless Hills, located just outside of Trenton in Eastern Pennsylvania. The space is located within Keystone Trade Center, a 15 million-square-foot campus that is a redevelopment of a former steel mill. Michael Golarz and Tom Golarz of Colliers, in conjunction with Mark Chubb, Mike Zerbe and Summer Coulter of KBC Advisors, represented the landlord, Missouri-based NorthPoint Development, in the lease negotiations. Michael Lee and Drew Maffey with Lee & Associates represented the tenant, global third-party logistics provider Cirro.

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5000-Richmond-St.-Philadelphia

PHILADELPHIA — DH Property Holdings has completed construction of two industrial buildings totaling 760,000 square feet in northeast Philadelphia. The site at 5000 Richmond St. spans 67 acres. The first building is a 348,000-square-foot, single side-load facility with a clear height of 40 feet, 60-foot speed bays and 22 loading dock doors. The second building totals 411,000 square feet and features a cross-dock configuration, 125 trailer parking stalls and 50 loading dock doors. Mancini Duffy served as the project architect, and Blue Rock Construction served as the general contractor. DH Property Holdings developed the project in partnership with Corebridge Financial.

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J-Veridian-at-Upper-Dublin-Fort-Washington

FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has delivered the first building of a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, now houses five mid-rise buildings that comprise a community known as J Veridian at Upper Dublin. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, outdoor grilling and dining stations, dog park, clubroom with a bar, game room, fitness center, coworking lounge and a movie theater. The property also features multiple acres of open green space. Rents start at $1,800 per month for a one-bedroom apartment. Full completion is scheduled for the coming months.  

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LEVITTOWN, PA. — Lument has provided a $24.8 million Freddie Mac acquisition loan for an affordable housing complex in Levittown, a northeastern suburb of Philadelphia. The name of the property, which was built in 1972 and offers amenities such as clubhouse, fitness center, playground and outdoor grilling stations, was not disclosed. John Hurley of Lument originated the financing, which carried a five-year term and a 35-year amortization schedule, on behalf of the buyer, an affiliate of New Jersey-based owner-operator Silverstein Properties. Zach Schwartz of Brook Hollow Capital acted as the mortgage broker on the deal.

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PHILADELPHIA — The Palomar Group, a Georgia-based brokerage firm, has negotiated the sale of a 221,157-square-foot shopping center in South Philadelphia. The grocery-anchored property is known as the South Philadelphia Shopping Center and is home to tenants such as ShopRite, Ross Dress for Less, Five Below, Burger King, Sherwin-Williams, Dunkin’ and Aaron’s. Palomar represented the seller, a publicly traded REIT, in the transaction. The buyer was a New York-based investor. Both parties requested anonymity.

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CRANBERRY TOWNSHIP, PA. — Wegmans, a grocer based in upstate New York, has announced plans to open its first Pittsburgh-area store. An opening date was not announced, but the store will span 115,000 square feet and will be located on a 13-acre site on Cool Springs Drive in Cranberry Township, a northern suburb of the Steel City. Wegmans plans to hire between 400 and 500 full- and part-time employees to staff the new store.

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WHITEHALL, PA. — Philadelphia-based brokerage firm SCOPE Commercial Real Estate has negotiated the $11.8 million sale of Aspen Apartments, an 80-unit multifamily building located in the Lehigh Valley city of Whitehall. The three-story building offers one-, two- and three-bedroom units that range in size from 1,080 to 1,600 square feet. The undisclosed buyer purchased the asset via a 1031 exchange following its disposition of two multifamily assets totaling 52 units in nearby Allentown. Zeke Rotter led the SCOPE team led that handled those sales as well as the purchase of Aspen Apartments.

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QUAKERTOWN, PA. — CBRE has negotiated the $5.7 million sale of two industrial buildings totaling 165,175 square feet in Quakertown, about 50 miles north of Philadelphia. The interconnected buildings sit on an 8.1-acre site in the downtown area and were originally constructed in the late 1800s by the Quakertown Electric Light Co. Steve Marzullo, Adam Silverman and Dale Lewis of CBRE represented the seller, a division of Mativ Holdings, in the deal and procured the buyer, Pennsylvania-based Coleman Investment Properties.

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PITTSBURGH — Florida-based investment firm Driftwood Capital has received a $34 million CMBS loan for the refinancing of the 399-room Sheraton Pittsburgh Hotel at Station Square. The full-service hotel is located along the Monongahela River in the Mount Washington area and includes 29,000 square feet of meeting and event space, as well as an onsite restaurant. Starwood Mortgage Capital and Greystone Commercial Mortgage Capital provided the financing. Driftwood purchased the asset several years ago and renovated it.

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BETHLEHEM, PA. — NAI Summit has brokered the $5.5 million sale of a 48,000-square-foot industrial and research and development (R&D) facility in the Lehigh Valley city of Bethlehem. The facility features 32 clean rooms, warehouse space, an office area and a machine shop. Mike Adams and Sarah Finney Miller of NAI Summit represented the seller and former occupant, semiconductor manufacturer IQE, in the transaction. The buyer, German pharmaceutical company GfM Bremen, will also occupy the building.

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