BALA CYNWYD, PA. — Locally based investment firm Keystone Property Group has sold a 132,986-square-foot office building located at 150 Monument Road in Bala Cynwyd, a northeastern suburb of Philadelphia. The six-story building is situated on 6.5 acres and recently underwent a full renovation. Brett Segal and Doug Rodio of JLL represented Keystone Property Group in the transaction. The buyer, FLD Group, purchased the asset for an undisclosed price.
STOCKHOLM AND CONSHOHOCKEN, PA. — EQT AB, a private equity firm based in Stockholm, has agreed to purchase Exeter Property Group, an industrial real estate owner and developer based in the Philadelphia suburb of Conshohocken. EQT plans to purchase Exeter using $800 million in EQT shares and nearly $1.1 billion in cash for a total acquisition price of nearly $1.9 billion, including the refinancing of Exeter’s existing $300 million in debt. Founded in 2006, Exeter has approximately $10 billion in assets under management. In addition to industrial properties, Exeter also owns life sciences and office space in the United States and Europe. Exeter has 37 offices in North America, Europe and Asia. EQT expects Exeter’s revenue in 2020 to total $135 million. Exeter’s recent acquisitions include Creekview Corporate Center in metro Dallas, a 193,000-square-foot industrial building in Illinois and a new distribution center in Pennsylvania totaling 1.2 million square feet. The company also recently developed a 673,920-square-foot speculative industrial building in the St. Louis suburb of Edwardsville, Ill. Upon completion of the transaction, Exeter will operate as EQT Exeter and will be part of the EQT Real Estate Assets division, which comprises EQT Infrastructure and EQT Real Estate. EQT Exeter …
WILKES-BARRE, PA. — Colliers International has brokered the sale of the Bicentennial Building, a 74,452-square-foot office and retail property in Wilkes-Barre, located near Scranton in the northeastern part of the state. The six-story building was 83 percent occupied at the time of sale. Bicentennial Building Associates sold the asset to a private investment group based in the New York metro area. Jeff Algatt and John Susanin of Colliers brokered the deal.
CHALFONT, PA. — NAI Mertz has arranged the sale of a 151,220-square-foot industrial property located at 90 Hamilton St. in Chalfont, located north of Philadelphia. The sales price was approximately $6 million. The building is situated on 14 acres and includes 6,000 square feet of office/showroom space. Jeff Licht, Jared Licht and Adam Lashner of NAI Mertz represented the buyer, AVL Properties LLC, in the transaction. Binswanger Commercial Real Estate Services represented the seller.
LEHIGHTON, PA. — Lehigh Valley Health Network (LVHN) will open a 100,000-square-foot hospital in Lehighton in central Pennsylvania. The facility will be situated on a 34.5-acre site and will feature 18 inpatient beds, a 12-bay emergency department, two operating rooms, two procedure rooms and four observation rooms with plans for future expansion. The opening is scheduled for spring 2022. Matt Macdonald of Markward Group represented LVHN and the seller in the disposition of the land.
PITTSBURGH — CBL Properties, a Tennessee-based retail REIT, has debuted Live! Casino Pittsburgh, a $150 million entertainment destination that operates out of the company’s Westmoreland Mall in metro Pittsburgh. The Cordish Cos. of Baltimore developed the 100,000-square-foot casino and will operate it under its Live! brand, which is known for baseball-themed entertainment destinations in Atlanta, St. Louis and Arlington, Texas. The two-level destination replaces a former Bon-Ton department store and offers an array of entertainment and fresh dining concepts, including American Kitchen + Craft Bar from celebrity chef Guy Fieri. CBL also plans to open a casino at York Galleria in York, Pennsylvania.
PHILADELPHIA — Urban Outfitters (NASDAQ: URBN) reported an 8.4 percent sales decrease for the two months that ended on Dec. 31, 2020 compared with the same period a year earlier. The Philadelphia-based apparel retailer said that lower sales within its brick-and-mortar stores were partially offset by double-digit sales growth across the digital platforms of its family of brands, which includes Free People and Anthropologie Group. For the fiscal year 2020, the company’s net sales declined by 14.3 percent year-over-year, although the retailer did open 18 new stores over the last 12 months. In addition, Urban Outfitters has announced that current CEO Trish Donnelly will be stepping down on Jan. 31, 2021 after a seven-year stint with the company and will be replaced by Sheila Harrington. Urban Outfitters’ stock price opened at $27.90 per share on Wednesday, Jan. 13, up from $26.47 per share a year ago.
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.
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.
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.
