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.
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.