MIDDLETOWN, PA. — Marcus & Millichap has brokered the sale of Londonderry Storage, a 371-unit self-storage facility in Middletown, a suburb of Harrisburg. Built in 1999 and expanded on an adjacent parcel in 2003, the property consists of 49,250 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer and sales price were not disclosed. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
PHILADELPHIA — A partnership between developer Court Street Ventures and Chicago-based private equity firm Walton Street Capital will develop Crown 95 Logistics Center, a 381,200-square-foot distribution center that will be located in northeast Philadelphia. Crown 95 Logistics Center will feature a clear height of 36 feet and 3.5 acres of secured off-street parking for trailers, vans and cars. Construction is expected to begin before the end of the year and to be complete in the third quarter of 2022. Colliers International has been tapped to lease the Class A development.
JENKINTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Noble Town Center, a 167,689-square-foot shopping center in Jenkintown, a northern suburb of Philadelphia. The property was originally constructed in 1958 as a Wanamaker’s department store and was converted into a multi-tenant center in 1999. Anchor tenants include Ross Dress for Less, PetSmart, Bed Bath & Beyond and Walgreens. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, a joint venture between Paramount Realty Services and Edgewood Properties, in the transaction. Noble Town Center was 64 percent leased at the time of sale following the shuttering of space previously occupied by Stein Mart, which filed for Chapter 11 bankruptcy in August of last year.
PHILADELPHIA — A partnership between National Real Estate Development LLC and The KRE Group will develop 200 Spring Garden, a 355-unit multifamily project that will be located in the East Callowhill Overlay District of Philadelphia. The project represents the first phase of a larger master-planned community. Amenities will include a pool, multiple grilling stations, community gardens and a private outdoor dog run. Construction is expected to begin in the second quarter of next year and to last 24 to 28 months.
MORRISTOWN, N.J. — JLL has arranged two loans totaling $16.8 million for the refinancing of a portfolio of three industrial properties that are located in the Lehigh Valley cities of Upper Macungie and Allentown and the coastal New Jersey city of Toms River. The portfolio totals 258,123 square feet across six buildings. Jon Mikula, Michael Klein, Michael Pagniucci and Carlos Silva of JLL placed the nonrecourse, fixed-rate loans with Minnesota Life Insurance Co. on behalf of the borrower, Denholtz Properties.
PHILADELPHIA — Los Angeles-based PCCP LLC has provided a $62 million senior construction loan for a 282,737-square-foot industrial facility in northeast Philadelphia that is preleased to TJX Cos., the parent company of discount retailers Marshalls and T.J. Maxx. The borrower, DH Property Holdings, expects to break ground on the 22-acre facility in June and to complete it in third quarter of 2022. Building features will include 52-foot clear heights, 149 trailer parking spaces and 141 car parking spaces.
KING OF PRUSSIA, PA. — The Perelman School of Medicine at the University of Pennsylvania has signed a 150,000-square-foot life sciences lease at Discovery Labs’ 1 million-square-foot campus on Swedeland Road in King of Prussia, a northern suburb of Philadelphia. The university will use the space for its gene therapy program, which centers on researching gene functionality and development of genetic medicines for rare diseases. The lease encompasses two buildings. Discovery Labs is an affiliate of MLP Ventures, which was represented internally by Joe Corcoran and Julian O’Neill in the lease negotiations. Joe Fetterman of Colliers International represented the university.
WILLOW GROVE, PA. — Developer J.G. Petrucci Co. Inc. and its subsidiary, Petrucci Residential, have completed the lease-up of The Station at Willow Grove, a 275-unit multifamily property located on the northern outskirts of Philadelphia. The community is now 100 percent occupied. Units feature stainless steel appliances, granite countertops and glass mosaic backsplashes. The property features 20,000 square feet of commercial space and amenities such as a pool, fitness center, business center, resident clubroom, cinema lounge and a furnished courtyard.
HAMBURG, PA. — Colliers International has negotiated the sale of a 37,840-square-foot retail center located at 552 State St. in the Lehigh Valley city of Hamburg. Pennsylvania-based grocer Weis Markets anchors the center. Scott Horner and Derek Zerfass of Colliers represented the seller, private investor Linda King, in the transaction. The duo also procured the buyer, Sar & Co.
BELLEFONT, PA. — Lument has arranged a $35.6 million construction loan for Centre Care Rehabilitation and Wellness Service, a 240-bed skilled nursing facility in Bellefonte, located in the central part of the state. The new facility will replace an existing 240-bed property that was deemed unsuitable for substantial renovations due to its age and location. Miles Kingston of Lument arranged the construction financing through First National Bank on behalf of the borrower, Complete Healthcare Resources Eastern.