Pennsylvania

J.G. Petrucci, Cabot to Develop 225,000 SF Industrial Project in Fairless Hills, Pennsylvania

by Taylor Williams January 13, 2021

FAIRLESS HILLS, PA. — A partnership between New Jersey-based developer J.G. Petrucci Co. and Boston-based Cabot Properties will develop a 225,000-square-foot industrial project in Fairless Hills, about 25 miles north of Philadelphia. The property will be situated on 18.3 acres and will feature 36-foot clear heights, 50 trailer parking spaces and 172 parking stalls. Jon Mikula and John Plower of JLL arranged the partnership between the co-developers. The project is expected to be complete by the end of the year. Jeffrey Licht, Adam Lashner and Jared Licht of NAI Mertz represented the seller, Hiossen, a supplier of implants and prosthetics, in the disposition of the land.

January 13, 2021

Development Industrial Northeast Pennsylvania

Core5 Industrial Partners Begins Work on 591,360 SF Spec Project in Souderton, Pennsylvania

by Taylor Williams January 12, 2021

SOUDERTON, PA. — Atlanta-based Core5 Industrial Partners has begun construction on Core5 Logistics Center at Park 31, a 591,360-square-foot speculative industrial project that will be situated on 74.4 acres in Souderton, about 35 miles north of Philadelphia. The first phase of the development will consist of two buildings totaling approximately 400,000 square feet that are expected to be complete in the third quarter. Michael Golarz and Tom Golarz of Colliers International are handling leasing of the project.

January 12, 2021

Teleflex-Knitting-Mills-Wyomissing-Pennsylvania

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

Equus Sells 262,615 Life Sciences Portfolio in Wyomissing, Pennsylvania

by Taylor Williams January 6, 2021

WYOMISSING, PA. — Philadelphia-based Equus Capital Partners has sold a three-building, 262,615-square-foot life sciences portfolio in Wyomissing, located just outside Reading in Berks County. An affiliate of Miami-based Kawa Capital Management purchased the portfolio for an undisclosed price. The buildings are located within the 53-acre Knitting Mills campus and house office and lab space that is leased to tenants such as UGI Energy Services, Teleflex and Tower Health. The site was originally built in the early 20th century as a manufacturing hub for The Berkshire Knitting Mills. Equus bought the site in 2016 with plans to redevelop it into a life sciences campus.

January 6, 2021

2401-Northampton-St.-Easton-Pennsylvania

Acquisitions Healthcare Northeast Pennsylvania

J.G. Petrucci Sells 40,000 SF Medical Office Building in Easton, Pennsylvania

by Taylor Williams January 5, 2021

EASTON, PA. — Developer J.G. Petrucci Co. has sold a 40,000-square-foot medical office building located at 2401 Northampton St. in the Lehigh Valley city of Easton. Cerminara Architect designed the project, and Iron Hill Construction Management, a subsidiary of J.G. Petrucci, served as the general contractor. The property is leased to Lehigh Valley Health Network and houses primary care, lab testing, orthopedic, imaging and physical therapy service providers.

January 5, 2021

Development Northeast Pennsylvania

DH Property Holdings to Develop 733,800 SF Distribution Center in Philadelphia

by Taylor Williams January 4, 2021

PHILADELPHIA — DH Property Holdings will develop a 733,800-square-foot distribution center on a 69-acre parcel at 5000 Richmond St. in Philadelphia, a project that is valued at $115 million. The site is located near Interstate 95, about six miles from the Center City area, and will house a 351,800-square-foot side-load building and a 382,000-square-foot cross-dock building. Walker & Dunlop arranged a limited equity partner to assist DH Property Holdings with the project. A construction timeline was not released.

January 4, 2021

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Redevelopment Authority Selects Tryko Partners for Seniors Housing Project in Pittsburgh

by Taylor Williams December 23, 2020

PITTSBURGH — The Urban Redevelopment Authority of Pittsburgh has tapped New Jersey-based Tryko Partners to redevelop the former Fairywood School into a 46-unit affordable housing community for seniors age 62 and older. The majority of the units (39) will be reserved for renters earning 60 percent or less of the area median income. The new community will feature one-bedroom units surrounded by walkable green space. A community building will allow residents to take advantage of financial literacy, nutrition and exercise programs, health screenings and other support services. The Pennsylvania Housing Finance Agency provided 9 percent low-income housing tax credits for the project. A construction timeline was not disclosed.

December 23, 2020

Industrial Loans Northeast Pennsylvania

Thrivent Provides $20.5M Loan for Refinancing of Distribution Buildings in Easton, Pennsylvania

by Taylor Williams December 22, 2020

EASTON, PA. — Life insurance company Thrivent Financial has provided a $20.5 million loan for the refinancing of two adjacent distribution buildings in Easton. The buildings range in size from 140,000 to 200,000 square feet, and both feature 32- to 36-foot clear heights, ESFR sprinkler systems and extra parking for vehicles and truck trailers. Proceeds from the fixed-rate, nonrecourse loan will be used to pay off existing construction debt. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the financing on behalf of the borrower, a private REIT based in Southern California.

December 22, 2020

Acquisitions Industrial Northeast Pennsylvania

Endurance, Thackeray Sell 174,572 SF Industrial Facility in York, Pennsylvania

by Taylor Williams December 21, 2020

YORK, PA. — A partnership between an affiliate of Endurance Real Estate Group and Thackeray Partners has sold a 174,572-square-foot industrial building located at 2075 Loucks Road in York. The sales price was $11.3 million. Built in 1980, expanded in 1986 and renovated in 1996, the building features 18- to 30-foot clear heights and proximity to Interstates 76 and 81. John Plower, Ryan Cottone and Zach Maguire of JLL represented the seller and procured the undisclosed buyer. The property was 100 percent leased to York Wallcoverings at the time of sale.

December 21, 2020

Loans Multifamily Northeast Pennsylvania

Greystone Provides $20.6M Agency Acquisition Loan for Multifamily Asset in Bensalem, Pennsylvania

by Taylor Williams December 21, 2020

BENSALEM, PA. — Greystone has provided a $20.6 million Freddie Mac acquisition loan for Grandview Gardens, a 226-unit multifamily property located in the Lehigh Valley city of Bensalem that was originally built in 1965. Dan Sacks of Greystone originated the floating-rate loan, which features a 10-year term and 30-year amortization schedule with four years of interest-only payments. Jack Miller of Platinum Capital Group arranged the loan on behalf of an undisclosed borrower.

December 21, 2020

Acquisitions Industrial Northeast Pennsylvania

KKR Acquires 600,000 SF Warehouse, Distribution Facility in Lehigh Valley

by Taylor Williams December 18, 2020

SHOEMAKERSVILLE, PA. — Global investment firm KKR has acquired a 600,000-square-foot warehouse and distribution facility within Hamburg Commerce Park in the Lehigh Valley community of Shoemakersville. Built in 2020, the 38.6-acre property features 36-foot clear heights, 50 dock-high doors, 169 trailer stalls and an ESFR sprinkler system. John Plower, Pete Pittroff, Rob Kossar, Jeff Lockard and Ryan Cottone of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. The sales price was not disclosed.

December 18, 2020

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