PHILADELPHIA — Iovance Biotherapeutics Inc. (NASDAQ: IOVA) has opened a 136,000-square-foot life sciences facility at the Philadelphia Navy Yard, where the biomanufacturing firm will produce T cell-based immunotherapies for cancer patients. Gattuso Development Partners developed the facility, which is located within an opportunity zone, and CRB provided design and construction services.
MALVERN, PA. — Metro Philadelphia-based developer GMH Communities has begun leasing The Yards at Malvern, a 225-unit apartment community located on the western outskirts of Philadelphia. The property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, conference room, courtyard, golf simulator, bocce ball court and a package locker system. GMH Communities developed The Yards at Malvern in a joint venture with AEW Capital Management LP. Rents start at approximately $1,500 per month for a studio unit.
By Taylor Williams Relative to a year ago, life is much better right now for many retailers and restaurants in Philadelphia’s Center City district, but the recent surge of transmission of the Delta variant is keeping a key ingredient of the demand recipe at bay: office users. According to CBRE’s second-quarter report on the Philadelphia office market, the most current data available at the time of this writing, the marketwide vacancy rate was 18.9 percent at the end of that period. Specifically with regard to the downtown area, the largest office submarket by far in terms of inventory, vacancy stood at 14.7 percent at the end of the second quarter. Office metrics aside, as Philadelphia grappled with the novelty of COVID-19 in 2020, its merchants and food purveyors adapted, adjusting inventory levels, rolling out improvised outdoor seating areas and expanding takeout and curbside pick-up options. The colder months saw the introduction of igloos — enclosed, heated nooks for private dining — as well as larger, city-led efforts to clear major retail corridors for street-side experiences, known locally as “streateries.” The innovations saved many-a-retailer and restaurant and are likely here to continue through 2021 and beyond. Yet within the city’s most …
PHILADELPHIA — Richmond, Va.-based general contractor EDC will build a 700-unit self-storage facility in Philadelphia’s East Falls neighborhood. The developer is a local entity doing business as 4002-22 Ridge Ave. Acquisition LLC. The facility will rise five stories and span 103,000 square feet of net rentable space. A groundbreaking date has not yet been determined, but construction is expected to be complete in late 2022.
PHILADELPHIA — CBRE has arranged the $8 million sale of N15, a 75-bed student housing complex serving Temple University in Philadelphia. Built in 2012, the 36-unit, four-story building was 99 percent occupied at the time of sale. Adrian Sam and Spencer Yablon of CBRE represented the seller, North Broad Living, in the transaction. The buyer was an undisclosed private investor.
SELINSGROVE, PA. — JLL has negotiated the $44.8 million sale of Monroe Marketplace, a 372,794-square-foot retail power center in Selinsgrove, about 170 miles northwest of Philadelphia. Giant Food Stores anchors the property, and other soft goods retailers include T.J. Maxx, Dick’s Sporting Goods, Kohl’s, Ross Dress for Less, Michaels, Old Navy, PetSmart and Ulta Beauty. Restaurant users include Longhorn Steakhouse and Buffalo Wild Wings. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed institutional seller in the transaction. Acadia Realty Trust purchased the asset for an undisclosed price.
GLEN MILLS, PA. — Erickson Senior Living has completed Evergreen Pointe, an expansion at Maris Grove, a continuing care retirement community (CCRC) in the western Philadelphia suburb of Glen Mills. The project, which is part of a multi-year plan to grow and renovate the CCRC, added a 76,000-square-foot assisted living building to the property. In addition to its continuing care neighborhood, Maris Grove has three independent living neighborhoods, with more than 1,200 independent living apartments on an 87-acre campus. Evergreen Pointe’s designer was architectural firm SFCS.
WEST MAHONING TOWNSHIP, PA. — Regional Industrial Development Corp. of Southwestern Pennsylvania (RIDC) has partnered with the industrial development council of Armstrong County, located outside of Pittsburgh, to bring vertical development to Northpointe Industrial Park. The site spans more than 800 acres and is located adjacent to the Allegheny Expressway. Northpointe Industrial Park’s 115 shovel-ready acres can accommodate more than 500,000 square feet of new development. A construction timeline has not yet been established.
PHILADELPHIA — Real estate technology firm Compass Inc. has signed a 17,239-square-foot office lease at 1430 Walnut St. in Philadelphia. Built in 2015, the property also houses tenants such as The Cheesecake Factory and Verizon Innovation Center. Craig Scheuerle and Matthew Guerrieri of Newmark represented the landlord and developer, Midwood Investment & Development, in the lease negotiations. Joshua Meltzer and Jay Joyce of Savills Inc. represented the tenant.
PHILADELPHIA — Novaya Foxfield Industrial, the Mid-Atlantic investment arm of Novaya Real Estate Ventures and Foxfield Ventures, has purchased a 360,800-square-foot industrial facility in Philadelphia for $8.5 million. Novaya Foxfield purchased the nine-building complex from metals processor and recycler Thalheimer Brothers LLC, which will retain occupancy of the space via a 20-year sale-leaseback agreement. Steve Marzullo, Adam Silverman, Bruce Westwood-Booth and Kyle Sals of CBRE brokered the deal.