LANSDALE, PA. — Newmark has negotiated a 128,000-square-foot industrial lease at 1180 Church Road in Lansdale, about 30 miles north of Philadelphia. According to LoopNet Inc., the property spans 452,323 square feet, sits on 37.2 acres and features clear heights of 20 to 24 feet. Justin Bell of Newmark represented the tenant, logistics firm Hughes Relocation Services, in the lease negotiations. Velocity Venture Partners owns the building.
PITTSBURGH — GRB Law, a Pittsburgh-based firm, has signed a 17,160-square-foot office lease for its new headquarters at 525 William Penn Place. The firm has operated out of the historic Frick Building as one of its original tenants dating back to the early 20th century. GRB Law plans to take occupancy of its new space in the fourth quarter. Dan Adamski and Reid Mauro of JLL represented the firm in its site selection and lease negotiations.
PHILADELPHIA — Locally based multifamily developer Post Brothers is underway on construction of Piazza Terminal, a three-building, 1,144-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. The transit-oriented development, which is slated for completion in December 2022, will also include retail and open green space. Piazza Terminal will offer amenities such as a fitness center and a dog park. BKV Group is the project architect, and Bohler is the civil engineer.
READING, PA. — North Carolina-based South Atlantic Packaging Corp. has signed a 133,055-square-foot industrial lease at 1091 Arnold Road in the Eastern Pennsylvania city of Reading. CBRE represented the landlord, an affiliate of Link Logistics Real Estate, in the lease negotiations. Del Markward of Markward Group represented the tenant.
PHILADELPHIA — Naftali Credit Partners, a debt fund and subsidiary of global investment firm Naftali Group, has provided a $10 million mezzanine loan for a multifamily project that is under construction at 4224 Baltimore Ave. in Philadelphia. The six-story property will be located in the University City neighborhood will consist of 132 units and 19,000 square feet of retail space. The borrower and developer is New York City-based Thylan Associates.
PHILADELPHIA — CBRE has negotiated a 44,000-square-foot life sciences headquarters lease for biotechnology firm Biomeme at 401 N. Broad St. in Philadelphia. The new headquarters includes space for lab, office and manufacturing uses. Christian Dyer of CBRE represented the landlord, Netrality Data Centers, in the lease negotiations. The representative of the tenant was not disclosed. Since acquiring the 11-story building in 2014, Netrality Data Centers has invested for more than $50 million in capital improvements.
CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.
WEST WHITELAND TOWNSHIP, PA. — Capitol Seniors Housing has opened Arbor Terrace Exton, an 88-unit seniors housing community in West Whiteland Township, about 30 miles west of Philadelphia. The 78,000-square-foot facility offers personal and memory care services. Amenities include a bistro, clubroom, library with children’s nook, salon, theater and a multi-purpose art room. Meyer Senior Living Studio designed the project, and IMC Construction served as the general contractor.
PHILADELPHIA — PIDC, in partnership with Ensemble Real Estate Investments and Mosaic Development Partners, will build a 220,000-square-foot life sciences project at the Philadelphia Navy Yard. The two-building project is part of the $400 million Phase I of a $2.5 billion expansion at the 7.5 million-square-foot mixed-use development. The building at 1201 Normandy Place will span 100,000 square feet of lab, office and research and development space. The building at 33 Rouse Blvd. will total 120,000 square feet and will house similar uses, along with manufacturing and warehousing space. Both buildings are slated for completion by the end of 2022. PIDC is the public-private partnership behind and master developer of the Philadelphia Navy Yard.
PHILADELPHIA — JLL has arranged a $220 million construction loan for a 452,000-square-foot healthcare project that will be located at 1101 Chestnut St. in downtown Philadelphia’s Center City district. Jefferson Health will occupy the 19-story ambulatory clinic, which is expected to be complete in the first quarter of 2024. Chad Orcutt and Jim Galbally of JLL arranged the debt through a syndicate of banks on behalf of the development team, a joint venture between National Real Estate Advisors LLC, Joss Realty Partners, SSH and Young Capital.