PHILADELPHIA — Rhode Island-based construction firm Gilbane Building Co. has signed a 16,655-square-foot office lease at 1200 Intrepid Ave. within the Philadelphia Navy Yard. Gilbane is relocating from the Wanamaker Building, a historic structure in the Center City neighborhood that originally housed a department store, where the company has been a tenant since 1996. Tony Rossi and Richard Levine of CBRE represented Gilbane in the lease negotiations., Ensemble Real Estate Solutions & Investments owns the property.
YORK, PA. — National developer CRG has sold The Cubes at Emig Road, a 311,920-square-foot speculative industrial facility in York. The newly built, cross-dock warehouse sits on 29 acres and features a clear height of 36 feet, high-efficiency LED lighting, 29 dock doors, 149 car parking spaces and 27 trailer stalls. Approximately 125,000 square feet of the building is leased to DCL Logistics, a third-party logistics company based in Fremont, Calif. JLL is marketing the remainder of the space for lease. CRG’s parent company, Clayco, served as design-builder on the project, and its subsidiary, Lamar Johnson Collaborative, was the architect. The buyer was not disclosed.
PHILADELPHIA — Greystone has provided a $20 million HUD-insured loan for the refinancing of Croydon Hall Apartments, a 127-unit multifamily property near Philadelphia’s University City neighborhood. Originally built in 1925 and renovated in 2012, the property houses one, two- and three-bedroom units. Jason Yuen of Greystone originated the financing, which was structured with a fixed interest rate, 35-year term and a 35-year amortization schedule. The borrower was an entity doing business as 49th & Spruce Associates LP.
BETHLEHEM, PA. — Global logistics operator Realterm has acquired a 45-acre parking and maintenance facility in the Lehigh Valley community of Bethlehem. The site offers proximity to Interstate 78 and U.S. Route 22, as well as rail service from Lehigh Valley Rail Management. John Plower, Ryan Cottone, Chad Hillyer, Zach Maguire and Sean Christman of JLL represented the undisclosed seller in the transaction. The property was fully leased at the time of sale.
PHILADELPHIA — A partnership between developer Silverstein Properties, New York City-based investment firm Cantor Fitzgerald and University Place Associates has topped out 3.0 University Place, a 250,000-square-foot life sciences building in Philadelphia’s University City neighborhood. Construction of the eight-story lab and office building began in May 2021. The Sheward Partnership designed the project. Ben Franklin Technology Partners has already signed a lease to open an incubation lab and coworking facility at 3.0 University Place. The opening is scheduled for the fourth quarter.
PHILADELPHIA — A joint venture between Ensemble Real Estate Investments, Mosaic Development Partners and Oxford Properties Group has broken ground on a 137,000-square-foot life sciences project at the Philadelphia Navy Yard. The project is being developed on a speculative basis for cell and gene therapy users and will be able to support tenants with space requirements ranging in size from 5,000 to 35,000 square feet. CRB is designing the project. A completion date was not disclosed.
PHILADELPHIA — Locally based investment firm OneFive Capital has acquired Next LVL, a 281-unit modular housing community in Philadelphia’s University City neighborhood, for $88 million. The seven-story building includes 7,391 square feet of commercial space and 54 underground parking spots. Ken Wellar, Douglas Sitt, Mark Duszak and Corey Lonberger of Rittenhouse Realty Advisors represented the seller and developer, Philadelphia-based Alterra Property Group, in the transaction. The Rittenhouse team also procured OneFive Capital, which plans to rebrand the community as SOLO on Chestnut, as the buyer. ACORE Capital provided acquisition financing.
PITTSBURGH — Aeroterm, a division of global logistics operator Realterm, will enter into a 30-year ground lease with the Allegheny County Airport Authority to develop a cargo facility at Pittsburgh International Airport. The facility will be situated on an 8.8-acre site and will span between 140,000 and 170,000 square feet. Completion is slated for the second quarter of 2023. More than 250 million pounds of freight passed through the airport in 2021, a 30 percent increase in volume from 2020, according to Aeroterm executives.
ARDMORE, PA. — Locally based brokerage firm Starkman Realty Group has negotiated the sale of Greenfield Commons, a 53-unit affordable housing property located in the eastern Philadelphia suburb of Ardmore. The property was built in 2006. Starkman Realty represented the locally based seller, Canus Development, as well as the undisclosed buyer, in the transaction.
HARRISBURG, PA. — New Jersey-based investment firm First National Realty Partners has acquired Dauphin Plaza, a 216,000-square-foot, open-air shopping center in Harrisburg. Grocer Price Rite has served as the anchor tenant since 2006 and currently operates a 33,500-square-foot store. Other tenants include Big Lots, Ashley Furniture, Crunch Fitness, Dollar General, Waffle House, Subway, Weight Watchers and H&R Block. James Galbally, Chris Munley and Colin Behr of JLL represented the undisclosed seller in the transaction.