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AcquisitionsMultifamilyNortheastPennsylvania

Radnor Property Group Begins Leasing Phase II of Hamilton Apartments in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based developer Radnor Property Group has begun leasing the 297-unit second phase of The Hamilton, a two-building, 576-unit apartment community located in the Logan Square area of Philadelphia. The Hamilton features studio, one-, two- and three-bedroom units with quartz countertops, stainless steel appliances and individual washers and dryers. Amenities include two media rooms, two game rooms, conference centers, kitchen spaces, multiple coworking lounges and a rooftop deck with outdoor grilling stations and a sports simulator. The building will also house 2,820 square feet of retail space upon full completion. Rents start at $1,420 per month for a studio unit. Greystar manages the community.

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LoansMultifamilyNortheastPennsylvania

Asia Capital Funds $28.8M Loan for Refinancing of Historic Heinz Multifamily Building in Pittsburgh

by Taylor Williams

PITTSBURGH — Global real estate private equity firm Asia Capital Real Estate has funded a $28.8 million bridge loan for the refinancing of Heinz at 950 North Shore, a 151-unit multifamily building in downtown Pittsburgh. The property was originally built in 1930 as part of the Heinz manufacturing complex and was converted to residential use in 2017. Amenities include bike and kayak storage, a fitness center, game room, business center and outdoor grilling areas. Asia Capital provided the loan, which carried a loan-to-value ratio of 79.8 percent and a two-year initial term with three one-year extension options, to borrower MCM Co. Inc.

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AcquisitionsMultifamilyNortheastPennsylvania

Kislak Arranges $17M Sale of The Villas at Willow Run Apartments in Willow Street, Pennsylvania

by Taylor Williams

WILLOW STREET, PA. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has arranged the $17 million sale of The Villas at Willow Run, a 72-unit multifamily complex in Willow Street, located in Lancaster County. The property was built in 2019 and was fully occupied at the time of sale. Units feature granite countertops, individual washers and dryers and private patios. Matt Wolf and Robert Holland of Kislak represented the seller and buyer in the transaction. Both parties requested anonymity.

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Market ReportsMultifamilyNortheastNortheast Market ReportsPennsylvania

Pittsburgh Development Landscape Favors More Multifamily, Adaptive Reuse Projects

by Taylor Williams

By Mark Fogel, president and CEO, ACRES Capital As the state’s second-most populous metro, the Pittsburgh MSA is the anchor of western Pennsylvania. Over the last 20 years, Pittsburgh has pivoted and evolved into a hub for the healthcare, education and technology industries, thus attracting an influx of young, high-earning millennials. Over the last 10 years, Pittsburgh has undergone an economic resurgence. Firms such as Google and Uber have opened regional headquarters in the city, lured by the strong base of talent graduating from Carnegie Mellon University’s (CMU) computer science and robotics programs. In fact, Pittsburgh has been the epicenter for autonomous vehicles (AVs) since the mid-1980s, when CMU’s Robotics Department developed the world’s first self-driving car. AV research, development and testing are expected to be catalysts of growth for the city in the coming years. In addition, the cutting-edge research at the University of Pittsburgh School of Medicine and the associated University of Pittsburgh Medical Center, which operates eight hospitals within the MSA and plans to build three more over the next several years, is attracting medical professionals from around the world. These factors, combined with a low cost of living and proximity to high-end amenities, have helped Pittsburgh …

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AcquisitionsIndustrialNortheastPennsylvania

Endurance Real Estate Acquires 191,979 SF Industrial Facility in Hazelton, Pennsylvania

by Taylor Williams

HAZELTON, PA. — Endurance Real Estate Group has acquired 360 Maplewood Drive, a 191,979-square-foot manufacturing and distribution facility in Hazelton, located roughly midway between Allentown and Scranton. The property was built in 1993, expanded in 1995 and features a clear height of 30 feet, 11 dock doors and rail access. Endurance plans to upgrade the facility’s roof, lighting and sprinkler system. Endurance acquired the property from an undisclosed seller in an off-market sale-leaseback transaction. Mike Hess of CBRE arranged that deal. CBRE will also market the building for lease upon completion of the capital improvements program in the third quarter.

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Leasing ActivityNortheastPennsylvaniaRetail

ShopRite to Open 73,000 SF Grocery Store in Matamoras, Pennsylvania

by Taylor Williams

MATAMORAS, PA. — ShopRite will open a 73,000-square-foot grocery store within the former Kmart building at Westfall Town Center in Matamoras, located along the New Jersey-Pennsylvania border. The opening is slated for this fall. Metro Chicago-based CenterPoint Properties owns Westfall Town Center. Derek Zerfass and Scott Horner of Colliers International brokered the deal. An undisclosed user is also set to occupy 25,000 square feet within the former Kmart store beginning this fall.

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Central-Logistics-Park-Bethel-Pennsylvania
AcquisitionsDevelopmentIndustrialNortheastPennsylvania

Dalfen Industrial Acquires Land in Bethel, Pennsylvania, for 1.2 MSF Project

by Taylor Williams

BETHEL, PA. — Dallas-based Dalfen Industrial has acquired 149 acres in Bethel, located in the Lehigh Valley region, for the development of Central Logistics Park, an industrial facility that will total approximately 1.2 million square feet. Dalfen plans to develop three buildings on the site, which is located just off Interstate 78. Construction is scheduled to be complete in the first quarter of 2023.

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AcquisitionsNortheastPennsylvania

Marcus & Millichap Arranges Sale of 269-Unit Self-Storage Facility in Brodheadsville, Pennsylvania

by Taylor Williams

BRODHEADSVILLE, PA. — Marcus & Millichap has arranged the sale of Brodheadsville Self Storage, a 269-unit facility located on a 4.4-acre site about 30 miles north of Allentown. Built in 2003, the facility spans 38,550 net rentable square feet of non-climate-controlled space and includes 24 rentable parking spaces. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, and procured the undisclosed buyer in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.

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IndustrialMarket ReportsNortheastNortheast Market ReportsPennsylvania

Pittsburgh Industrial Market Displays Resilience, Sees More Development

by Taylor Williams

By Justin Brown, director of research, Cushman & Wakefield | Grant Street Associates Inc. While the last year has been extremely challenging, one bright spot within Pittsburgh’s commercial real estate markets has been the industrial sector, the resiliency of which cannot be overstated. Consistent increases in asking rents, flat vacancy rates and positive levels of absorption have been the norms for the past few quarters. Like many metros, the Pittsburgh industrial market saw very strong absorption in the fourth quarter of last year — about 391,000 square feet, to be exact. Net absorption slid to approximately 92,000 square feet in the first quarter of this year, but there rem ains ample reason to believe that leasing activity will stay steady, if not improve, in the coming months. Much of the new leasing activity has been concentrated within the airport corridor. This region features both considerable land for new development and exceptional access to key pieces of infrastructure, making it popular with tenants and landlords alike. Currently, there is approximately 1.8 million square feet of industrial space under construction throughout the metro, with more than half of those projects (about 1 million square feet) concentrated in the airport corridor. The average …

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AcquisitionsIndustrialNortheastPennsylvania

Venture One, Kovitz Acquire 17-Acre Industrial Outdoor Storage Facility in Philadelphia

by Taylor Williams

PHILADELPHIA — A partnership between Chicago-based investment firm Venture One Real Estate and investment advisory firm Kovitz Investment Group has acquired a 17-acre industrial outdoor storage facility at 6501 Essington Ave. in Philadelphia. The property, which was fully leased at the time of sale, consists of a 6,575-square-foot freestanding office building and a 34,520–square-foot repair/maintenance facility equipped with 15 drive-in repair bays and floor drains. The site can accommodate more than 475 trailers, 1,050 sprinter vans, fleet maintenance and outdoor storage. Chris Pennington of Binswanger represented the undisclosed seller in the transaction.

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