Pennsylvania

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

Acquisitions Multifamily Northeast Pennsylvania

Harbor Group International Buys Royal Athena Apartments Near Philadelphia for $59.5M

by Taylor Williams June 25, 2021

BALA CYNWYD, PA. — Affiliates of Harbor Group International (HGI) have acquired Royal Athena, a 275-unit waterfront apartment community in the Philadelphia suburb of Bala Cynwyd, for $59.5 million. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a resident clubhouse. Erin Miller of Newmark brokered the deal, the seller in which was not disclosed. Henry Stimler, Ari Schwarbad and Bill Weber, also with Newmark, arranged acquisition financing on behalf of HGI.

June 25, 2021

Northeast Pennsylvania Retail Top Stories

Institutional Property Advisors Arranges $90M Sale of Camp Hill Shopping Center Near Harrisburg, Pennsylvania

by Katie Sloan June 24, 2021

CAMP HILL, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $90 million sale of Camp Hill Shopping Center. The property is located at 3301 Trindle Road in the borough of Camp Hill, roughly three miles outside Harrisburg. The 430,198-square-foot center was 96 percent leased at the time of sale to tenants including Giant Food Markets, Boscov’s Department Store, Staples, Five Below, Barnes & Noble and LA Fitness. Brad Nathanson of IPA represented the seller, Cedar Realty Trust (NYSE: CDR), and identified the buyer, GSD CampHill Pradsavi Group LLC, in the transaction. Marcus & Millichap also arranged financing on behalf of the buyer. Cedar Realty Trust will be retaining management of the property. “There is tremendous demand for dominant grocery-anchored shopping centers nationally, given the rebound in the markets post-COVID-19 and the attractive debt markets,” says Nathanson. “Demand is outpacing the supply of first-class, high-performing assets like Camp Hill Shopping Center.” Cedar Realty Trust is a real estate investment trust (REIT) focused on owning, operating and redeveloping grocery-anchored shopping centers across urban markets from Washington, D.C., to Boston. The Port Washington, N.Y.-based company’s stock price closed on Wednesday, June 23, at $16.61 per share, up …

June 24, 2021

Acquisitions Industrial Northeast Pennsylvania

J.G. Petrucci Acquires 46-Acre Industrial Campus in Bensalem, Pennsylvania

by Taylor Williams June 22, 2021

BENSALEM, PA. — Locally based developer J.G. Petrucci Co. Inc. has acquired the former Suez Water Technologies & Solutions Campus, a 46-acre industrial development in Bensalem, located in Bucks County. The namesake tenant will continue to lease 93,000 square feet of space at the 12-building campus, while RLS USA Inc., a former subsidiary of General Electric, will lease 20,000 square feet of R&D space. J.G. Petrucci will demolish and redevelop the remainder of the campus. Jon Mikula, Chad Orcutt and Michael Lachs of JLL arranged $13 million in acquisition financing for the deal on behalf of J.G. Petrucci.

June 22, 2021

Acquisitions Multifamily Northeast Pennsylvania

CBRE Negotiates $13M Sale of Philadelphia Apartment Building

by Taylor Williams June 17, 2021

PHILADELPHIA — CBRE has negotiated the $13 million sale of a 35-unit apartment building in Philadelphia’s Northern Liberties neighborhood. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Trinity Realty Cos., in the transaction. The buyer, Pittsburgh-based Hudson Cos., has rebranded the property from Liberty Flats to Hudson Liberties.

June 17, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

CBRE Brokers Sale of 50,000 SF Life Sciences Building in Bristol, Pennsylvania

by Taylor Williams June 16, 2021

BRISTOL, PA. — CBRE has brokered the sale of 360 George Patterson Boulevard, a 50,000-square-foot life sciences building situated within Bridge Business Center in Bristol, located in Bucks County. At the time of sale, the building was fully leased to Abzena, a pharmacological research and manufacturing company that recently extended its lease through 2032. Stephen Marzullo, Adam Silverman, Robert Zwengler, Ken Zirk, Matthew Knowles and Anthony Hayes of CBRE represented the undisclosed seller in the transaction.

June 16, 2021

Acquisitions Industrial Northeast Pennsylvania

Greek Development Acquires Industrial Facility in Philadelphia for $31.5M

by Taylor Williams June 14, 2021

PHILADELPHIA — New Jersey-based Greek Development has acquired a 305,706-square-foot industrial facility located at the base of the Betsy Ross Bridge in Philadelphia. The price was $31.5 million. The property features clear heights of 19 to 21 feet, 30 loading doors and more than 350 parking spaces. John Plower, Ryan Cottone, Larry Maister and Kyle Lockard of JLL represented the seller, an entity doing business as 2121 Wheatsheaf Lane LLC, in the transaction. The property was leased to cocoa bean distributor Dependable Distribution Services at the time of sale.

June 14, 2021

1405-1473-Zeager-Road-Elizabethtown-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

CBRE Negotiates Sale of Two Industrial Properties Totaling 198,721 SF in Elizabethtown, Pennsylvania

by Taylor Williams June 14, 2021

ELIZABETHTOWN, PA. — CBRE has negotiated the sale of two industrial properties totaling 198,721 square feet within Conewago Industrial Park in Elizabethtown, located in Lancaster County. Built in 2019, the properties were fully leased at the time of sale to Bel-Aqua Pool Supply Co. and Packaging Corp. of America. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki of CBRE represented the seller, a partnership between Novaya Foxfield Industrial and Drake Real Estate Partners, in the transaction. Boston-based Cabot Properties purchased the assets for an undisclosed price.

June 14, 2021

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