PHILADELPHIA — BridgeInvest has provided a $54.3 million loan for the refinancing of The Avery, a 796-bed student housing property in Philadelphia. The Avery, which serves students at Temple University, features one- and two-bedroom units and amenities such as a fitness center, community kitchen, lounge areas, game rooms and study spaces. The property also houses 5,900 square feet of ground-floor retail space. The undisclosed sponsor acquired The Avery in 2021 and implemented capital improvements and rebranded it from The Edge.
EXTON, PA. — Kimberton Whole Foods will open a new, 14,000-square-foot store in Exton, roughly 30 miles outside Philadelphia. Construction on the building will begin before the end of October, with the opening scheduled for spring 2026. The store will be situated within the 800-acre Eagleview mixed-use development. Hankin Group is the developer and landlord. The store will be the eighth overall for the family-owned organic grocer.
NEWTOWN SQUARE, PA. — Locally based investment firm Equus Capital Partners has completed a 140-room hotel in Newtown Square, a western suburb of Philadelphia, that is operated under the AC by Marriott brand. The site of the five-story building is located within the 218-acre Ellis Preserve master-planned community and was formerly home to the Charles Ellis School for fatherless girls. Amenities include 2,200 square feet of meeting and event space, a daytime café that turns into a nighttime lounge and a 24-hour fitness center. Gulph Creek Hotels manages the property.
ALLENTOWN, PA. — NAI Summit has brokered the sale of a 32,329-square-foot warehouse located at 801 W. Greenleaf St. in the Lehigh Valley city of Allentown. According to LoopNet Inc., the property was originally built in 1925 and renovated in 1990 and features a clear height of 18 feet. Mike Adams and Sarah Finney Miller of NAI Summit represented the seller, personal care products manufacturer Spartan Brands, in the transaction. The Allentown Economic Development Corp. purchased the building for $1.4 million.
WARMINSTER, PA. — Kids Empire has opened a 12,000-square-foot indoor playground in Warminster, a northern suburb of Philadelphia. The space is located within the 266,000-square-foot Center Point Place shopping center and features floor-to-ceiling climbing walls, play structures, ball pits, slides and interactive games. Rob Samtmann of Equity Retail Brokers represented Kids Empire in the lease negotiations. Westover Commercial owns Center Point Place.
LOWER MACUNGIE, PA. — New Jersey-based Woodmont Properties has broken ground on a 120-unit multifamily project in the Lehigh Valley community of Lower Macungie. The project, which represents Phase II of a larger development known as Woodmont Valley, will comprise 10 buildings and 13,300 square feet of commercial space on a 14-acre site. Units will come in one- and two-bedroom formats, with the majority (99) designed as townhome-style residences. Amenities will include a pool, fitness center, clubhouse and resident lounge, outdoor grilling and dining stations, a game room, theater, bark park, walking trails and package concierge service. Completion is slated for mid-2026. Phase I of Woodmont Valley consisted of 204 units and opened in October 2017.
HAZLE TOWNSHIP, PA. — New Jersey-based intermediary G.S. Wilcox Co. has arranged a $19.1 million loan for the refinancing of two warehouses in Hazle Township, located in the Lehigh Valley region. The buildings are located within Humboldt Industrial Park and total 220,500 square feet. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the seven-year, interest-only loan on behalf of the borrower, a partnership between The Lakhani Family Office and Saxum Real Estate. The direct lender was not disclosed.
CHAMBERSBURG, PA. — Marcus & Millichap has brokered the $6.5 million sale of a retail property in Chambersburg, about 150 miles west of Philadelphia. The property houses a 5,330-square-foot building that is under construction and net leased to convenience store operator Wawa for the next 20 years. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller, Paramount Realty, in the transaction. Dougherty and Jacob Haslach, also with Marcus & Millichap, procured the buyer, Maryland-based investment firm W.F. Chesley Real Estate.
HAMBURG, PA. — JLL has negotiated the sale of a 518,140-square-foot industrial facility in Hamburg, about 80 miles northwest of Philadelphia. Hamburg Logistics Center features a cross-dock configuration, a clear height of 40 feet, ESFR sprinkler system, 185-foot truck court depths, 100 dock doors, four drive-in doors and speculative office space. John Plower, Ryan Cottone, Zach Maguire, Jeff Lockard and Paul Torosian of JLL represented the seller, a joint venture between Transwestern Development Co. and QuadReal Property Group, in the transaction. Chad Orcutt, Jon Mikula and Jim Cadranell, also with JLL, arranged acquisition financing on behalf of the buyer, Los Angeles-based PCCP LLC.
PHILADELPHIA — Entrepreneur Justin Meshberg has opened Silk Screen Studios, a 22,774-square-foot creative workspace in Philadelphia. The space is located within the former Process Screen Manufacturing building in the city’s Fishtown neighborhood and houses 57 workstations. Space range in size from 200 to 600 square feet and are equipped with high-speed internet, in-unit climate control options and app-controlled entrances. Members also have access to a bike room, package room and kitchenettes on each floor.