Pennsylvania

Independence Realty Trust and Steadfast Apartment REIT to Merge, Creating $7B Multifamily Owner

by John Nelson July 27, 2021

PHILADELPHIA AND IRVINE, CALIF. — Independence Realty Trust Inc. (NYSE: IRT), a publicly traded apartment REIT based in Philadelphia, has agreed to acquire Irvine-based Steadfast Apartment REIT Inc. On a pro-forma basis, the combined company is expected to have a total enterprise value of approximately $7 billion and be equally owned by shareholders of both firms. Post-merger, the company will operate under the Independence Realty Trust banner and trade under the same stock symbol. The portfolio will total 131 apartment communities comprising approximately 38,000 units across 16 states. The combined company’s 10 largest markets by unit count would be Atlanta, Dallas-Fort Worth, Denver, Oklahoma City, Louisville, Columbus, Indianapolis, Raleigh-Durham, Houston and Memphis. According to an investor presentation, the portfolio averages $1,231 in effective rent per month and is 96.2 percent occupied. The combined company would rank at No. 26 on the National Multifamily Housing Council’s (NMHC) 2021 ranking of the top 50 apartment owners. Neither Independence Realty Trust nor Steadfast Apartment REIT is on the NMHC Top 50 Owners ranking for 2021. Both companies expect the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including approval of both companies’ stockholders. The boards of directors …

July 27, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

TUFF, Collaborative Real Estate Acquire 160,000 SF Life Sciences Facility in Pittsburgh

by Taylor Williams July 26, 2021

PITTSBURGH — A partnership between nonprofit developer The University Financing Foundation (TUFF) and full-service firm Collaborative Real Estate has acquired Bridgeside Point, a 160,000-square-foot life sciences facility in Pittsburgh. The property is located adjacent to the University of Pittsburgh and Carnegie Mellon University campuses and includes lab, office and academic space. Patterson Real Estate Advisory Group arranged acquisition financing for the deal through Georgia-based Ameris Bank.

July 26, 2021

Development Industrial Northeast Pennsylvania

River Pointe Logistics, CBRE Reveal Updated Plans for 725-Acre Lehigh Valley Industrial Project

by Taylor Williams July 21, 2021

UPPER MOUNT BETHEL, PA. — Developer River Pointe Logistics and CBRE have revealed updated plans for River Pointe Commerce Park, a 725-acre industrial project located in the Lehigh Valley city of Upper Mount Bethel. The development, which is located 1.5 miles from Interstate 80, will now consist of 15 buildings totaling approximately 6 million square feet. The first, 420,000-square-foot building is expected to deliver in 2022 and will feature a clear height of 45 feet, 42 docks and two drive-in doors. Jake Terkanian and Sean Bleiler of CBRE are the leasing agents for the project.

July 21, 2021

Development Industrial Northeast Pennsylvania

DHL Supply Chain to Open 970,000 SF Distribution Center in Lebanon, Pennsylvania

by Taylor Williams July 15, 2021

LEBANON, PA. — Third-party logistics company DHL Supply Chain will open a 970,000-square-foot distribution center in Lebanon, an eastern suburb of Harrisburg. DHL Supply Chain is both the developer and end user of the project, which will be part of a larger, two-building development. The project is expected to generate $88 million in capital investment for the region and add about 200 jobs to the local economy. Construction of the first facility is expected to begin in mid-July and to be complete in the first quarter of 2022.

July 15, 2021

Development Indiana Midwest Multifamily Northeast Pennsylvania South Carolina Southeast Student Housing Top Stories

Landmark Properties to Develop Three New Student Housing Projects in Pennsylvania, Indiana, South Carolina

by Kristin Harlow July 14, 2021

PHILADELPHIA; BLOOMINGTON, IND.; AND COLUMBIA, S.C. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with 802 beds. Floor plans will range from studios to six bedrooms. Amenities will include a fitness center, pool, hot tub, sauna, study lounge, clubhouse, gaming lounge, grill station and computer labs. The complex will also feature more than 3,000 square feet of retail space on the ground floor. The Standard at Bloomington will include 1,064 beds across 439 units. Amenities will include a pool, spa, exterior jumbotron, fitness center, sports simulator, indoor basketball court, pickleball court, gaming lounge and grilling stations. The Standard at Columbia will consist of 678 beds across 247 units. Floor plans will range from studios to five bedrooms. Amenities will include a …

July 14, 2021

Acquisitions Northeast Pennsylvania Retail Top Stories

JLL Negotiates $114.2M Sale of Grocery-Anchored Retail Portfolio in Metro Philadelphia

by Taylor Williams July 12, 2021

PHILADELPHIA — JLL has negotiated the $114.2 million sale of a portfolio of five grocery-anchored retail centers in the Philadelphia area. The properties include Lionville Shopping Center in Lionville, located west of the city; Marketplace at Westtown in West Chester, another western suburb; Spring Towne Center in Sinking Spring on Philadelphia’s northwestern outskirts; Dreshertown Plaza in Dresher, located just inside the northern ring of Interstate 276; and Limerick Crossing in Limerick, another northwestern suburb. The grocery anchor for Lionville Shopping Center, Marketplace at Westtown and Spring Towne Center is Giant Food Stores, while Lowe’s Home Improvement is a second anchor at Spring Towne Center. George’s Marketplace is the anchor grocer at Dreshertown Plaza, and German discount grocer Aldi anchors Limerick Crossing. Chris Munley, Jim Galbally, Colin Behr and James Graf of JLL marketed the portfolio for sale on behalf of the seller, locally based development and investment firm Brandolini Cos. Jon Mikula, Jim Cadranell, Michael Pagniucci and Carlos Silva of JLL arranged five fixed-rate acquisition loans totaling $80.5 million on behalf of the buyer, a partnership between New Jersey-based Paramount Realty Services and international investment firm Medipower Group. A trio of undisclosed banks provided the financing. “We continue to see …

July 12, 2021

Acquisitions Northeast Pennsylvania Retail

Dunhill Auto Group Acquires 10,000 SF Retail Property in Quakertown, Pennsylvania

by Taylor Williams July 8, 2021

QUAKERTOWN, PA. — New Jersey-based Dunhill Auto Group has acquired a 10,000-square-foot retail property at 840 S. West End Blvd. in Quakertown, located north of Philadelphia in Bucks County. Rich Weitzman of Colliers International represented the seller, Peruzzi Auto Group, in the transaction. A Mitsubishi dealership currently occupies the three-acre site.

July 8, 2021

Acquisitions Multifamily Northeast Pennsylvania Student Housing

JLL Brokers Sale of 552-Bed Student Housing Property in Kutztown, Pennsylvania

by Taylor Williams July 7, 2021

KUTZTOWN, PA. — JLL has negotiated the sale of Edge at Kutztown, a 552-bed student housing property serving students at Kutztown University of Pennsylvania, located roughly midway between Reading and Allentown. The sales price was $20.1 million. The property’s 184 units are furnished with full appliance packages, vinyl tile flooring, Formica countertops and individual washers and dryers. Amenities include a clubhouse, outdoor grilling stations, game room and package receiving area. Fran Coyne, Tom Hall, Mark Thomson and Carl Fiebig of JLL represented the seller, a private investor, in the transaction. The buyer was DLP Real Estate Capital.

July 7, 2021

Acquisitions Northeast Office Pennsylvania

JLAM Acquires 102,000 SF Office Building in Metro Philadelphia

by Taylor Williams July 1, 2021

KING OF PRUSSIA, PA. — Jack Lingo Asset Management (JLAM) has acquired a 102,000-square-foot office building at 211 S. Gulph Road in King of Prussia, a northern suburb of Philadelphia. The single-story building was renovated in 2018 and was 97 percent leased at the time of sale. Mike Margolis and David Dolan of Newmark represented the undisclosed seller in the transaction. Nick Scribani and Ben Kroll of Newmark arranged acquisition financing through Wells Fargo on behalf of JLAM.

July 1, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

CBRE Negotiates Sale of 140,913 SF Life Sciences Building in Philadelphia

by Taylor Williams June 28, 2021

PHILADELPHIA — CBRE has negotiated the sale of a 140,913-square-foot life sciences building located at 3701 Market St. in Philadelphia. Built in 2000, the property was leased to Penn Medicine and Drexel University at the time of sale. Robert Fahey, Jerry Kranzel, Bruer Kershner, Erin Hannan and Jack Corcoran of CBRE represented the seller, University City Science Center, in the transaction. Steven Doherty and Nick Harris of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer, San Francisco-based GI Partners, which purchased the eight-story building for an undisclosed price.

June 28, 2021

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