Pennsylvania

Philadelphia’s Emergence as Life Sciences Hub Creates Mad Dash For Lab Space

by Taylor Williams March 2, 2022

By: Jamie Rash, Regional Director, Keystone Development + Investment Talk about a spark. When Spark Therapeutics announced plans at the end of last year to develop a $575 million gene therapy manufacturing plant in Philadelphia, it ignited the city’s evolution into a destination for the largest, most innovative life sciences firms in the world. Over $1 billion in venture capital (VC) investment is pouring into more than 50 Philadelphia life sciences companies that employ some 20,000 people, generating unprecedented demand for lab space. Supply is limited — even with 1 million square feet of lab space in development — and this supply shortage is driving some developers to capitalize on the demand by converting existing building stock. Moving Beyond Meds & Eds Philadelphia is a long-reputed “meds and eds” city, meaning it’s home to anchor institutions of higher learning and world-leading medical facilities that are known for innovation and opportunity. These institutions are major drivers of economic growth throughout the city. Previously, much of the activity in pharmaceuticals and biotechnology occurred in labs in suburban office parks and sprawling corporate campuses. In 2017, the city celebrated two cutting-edge, FDA-approved gene and cell therapies to treat specific types of cancer and …

March 2, 2022

Acquisitions Hospitality Northeast Pennsylvania

Hodges Ward Elliott Arranges Sale of 119-Room Hotel in Pittsburgh

by Taylor Williams March 1, 2022

PITTSBURGH — Hodges Ward Elliott (HWE), an Atlanta-based hospitality brokerage firm, has arranged the sale of the 119-room Home2 Suites Pittsburgh McCandless hotel. Built in 2013, Home2 Suites Pittsburgh McCandless offers an indoor pool, fitness center, business center and complimentary breakfast. The property was sold as part of the disposition of a portfolio of three hotels totaling 376 rooms, with the other two assets being located in Portland and Eugene, Ore. Syracuse-based Widewaters Hotels developed and sold the properties to Atlanta-based Peachtree Hotel Group for an undisclosed price.

March 1, 2022

Loans Multifamily Northeast Pennsylvania

Scope Capital Arranges $17.7M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams February 24, 2022

PHILADELPHIA — Locally based financial intermediary Scope Capital Group has arranged a $17.7 million construction loan for Box Factory Lofts, a 63-unit multifamily project that will be located in Philadelphia’s Fishtown neighborhood. Designed by SITIO Architecture + Urbanism, Box Factory Lofts will house studio, one- and two-bedroom units, as well as 1,100 square feet of commercial space. Construction is slated for a mid-2023 completion. Edward Brown of Scope Capital Group arranged the loan, which carried a 24-month term and an 80 percent loan-to-cost ratio, through a local community bank on behalf of the undisclosed, locally based borrower/developer.

February 24, 2022

Loans Multifamily Northeast Pennsylvania Student Housing

iBorrow Provides $52M Loan for Refinancing of Philadelphia Student Housing Property

by Taylor Williams February 23, 2022

PHILADELPHIA — iBorrow, a commercial bridge and direct lender, has provided a $52 million loan for the refinancing of The Edge Student Village, a 798-bed student housing property that serves students at Temple University in Philadelphia. Completed in 2006, the 12-story building’s units feature several different floor plans, and its amenities include a fitness center, community kitchen, lounge areas and study spaces. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.

February 23, 2022

Loans Multifamily Northeast Pennsylvania

White Oak, HIMCO Refinance 180-Unit Multifamily Property in Lansdale, Pennsylvania

by Taylor Williams February 23, 2022

LANSDALE, PA. — A joint venture between Ohio-based White Oak Partners and Hartford Investment Management Co. (HIMCO) has refinanced Flats at Lansdale, a 180-unit multifamily property located northwest of Philadelphia in Montgomery County. Built in 2014, the property features units with an average size of 1,053 square feet that are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, cyber lounge, movie theater and a dog park. Jamie Leachman, Paul Smith and Medina Spiodic of JLL arranged the five-year, fixed-rate loan, the amount of which was not disclose, through Wells Fargo on behalf of the joint venture.

February 23, 2022

Acquisitions Healthcare Northeast Pennsylvania

Joint Venture Acquires Constitution Health Plaza in South Philadelphia for $77M

by Taylor Williams February 21, 2022

PHILADELPHIA — A joint venture between locally based investment firm BG Capital, New Jersey-based Hampshire Cos. and Saudi Arabian investment firm Arbah Capital has acquired Constitution Health Plaza, a 295,000-square-foot medical office complex in South Philadelphia, for $77 million. The seller was not disclosed. The property, which is currently undergoing a renovation, also includes a 425-space parking garage. Major tenants include the City of Philadelphia, Malvern Behavioral Health, University of Pennsylvania Medicine, Mercy Health Systems and the Kidney Center of South Philadelphia.

February 21, 2022

Industrial Loans Northeast Pennsylvania

Ready Capital Closes $1.8M Acquisition Loan for Philadelphia Industrial Property

by Taylor Williams February 21, 2022

PHILADELPHIA — New York City-based Ready Capital has closed a $1.8 million loan for the acquisition, renovation and stabilization of a 34,000-square-foot industrial property in northeast Philadelphia. The nonrecourse, interest-only loan features a 48-month term, floating interest rate, one extension option and a facility to fund future capital improvements. The sponsor was not disclosed.

February 21, 2022

Acquisitions Northeast Pennsylvania Retail Top Stories

JLL Arranges $162M Sale of Providence Town Center Retail Property in Metro Philadelphia

by Taylor Williams February 21, 2022

COLLEGEVILLE, PA. — JLL has arranged the $162 million sale of Providence Town Center, a 759,945-square-foot retail center located in the Philadelphia suburb of Collegeville. Regional grocer Wegmans has been the anchor store for Providence Town Center since the property was developed in 2009. Brandolini Cos. sold the asset to a partnership between Maryland-based Finmarc Management Inc. and New York City-based KPR Centers. The property is the fourth-most-visited open-air retail center in the state, according to the brokerage team that handled the sale. Nearly 65,000 vehicles drive by Providence Town Center via State Route 422 on a daily basis, and an additional 20,000 vehicles pass the site on U.S. Highway 29 each day. At the time of sale, Providence Town Center was 92 percent leased to Wegmans, Old Navy, Dick’s Sporting Goods, HomeGoods, Michaels, LA Fitness and Movie Tavern. The brokerage team also notes that the acquisition of Providence Town Center marks the largest open-air retail transaction in the Philadelphia area since the trade of East Gate Square in 2015. The property drew interest from private and institutional investors alike. James Galbally, Christopher Munley, Colin Behr and Chris Angelone of JLL represented the seller and procured the buyer in the …

February 21, 2022

Loans Northeast Office Pennsylvania

Natixis Provides $162.5M Loan for Refinancing of Downtown Philadelphia Office Tower

by Taylor Williams February 18, 2022

PHILADELPHIA — French investment bank Natixis has provided a $162.5 million loan for the refinancing of 1600 Market, a 39-story office tower in downtown Philadelphia. The building was originally constructed in the early 1980s and spans 825,968 square feet. PNC Bank houses its regional headquarters within 1600 Market as the anchor tenant. Ryan Ade of JLL, in conjunction with Cary Abod of Abod Capital, arranged the five-year, floating-rate loan with Natixis. The borrower, American Real Estate Partners, acquired the asset in 2018 and subsequently implemented a $15 million capital improvement program.

February 18, 2022

Acquisitions Industrial NAI Northeast Pennsylvania

NAI Mertz Brokers Sale of 180,000 SF Industrial Park in Upper Moreland, Pennsylvania

by Taylor Williams February 18, 2022

UPPER MORELAND, PA. — NAI Mertz has brokered the sale of Huntingdon Glen Business Campus, a 180,000-square-foot industrial park in Upper Moreland, located in Bucks County. The 16.8-acre development, which was 98 percent leased to a roster of 38 tenants at the time of sale, consists of five buildings that range in size from 8,000 to 64,000 square feet. Metro Philadelphia-based Velocity Venture Partners purchased Huntingdon Glen Business Park from an undisclosed seller. Jeff Licht and Jared Licht of NAI Mertz brokered the deal.

February 18, 2022

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