Pennsylvania

Capitol Seniors Housing Breaks Ground on 87-Unit Project in Evesham Township, New Jersey

by Taylor Williams April 26, 2021

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on Arbor Terrace Marlton, a project in Evesham Township near Philadelphia that will consist of 60 assisted living apartments and 27 memory care units. The 76,500-square-foot community will be located near several major medical facilities and will offer amenities such as a private dining area, theater, bistro, hair salon, lounges and outdoor amenity spaces with artwork and a pond. Meyer Senior Living Studio is designing the project, and IMC Construction is the general contractor. The opening is scheduled for early 2022.

April 26, 2021

Loans Multifamily Northeast Pennsylvania

Black Bear Arranges $11M Acquisition Loan for Multifamily Asset in Willow Street, Pennsylvania

by Taylor Williams April 20, 2021

WILLOW STREET, PA. — Black Bear Capital Partners has arranged an $11 million acquisition loan for The Villas at Willow Run, a 72-unit multifamily asset in Willow Street, located roughly midway between Philadelphia and Harrisburg. The 12-building property was completed in 2019. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the loan, which carried a 3.74 percent fixed interest rate and 10 years of interest-only payments, through Morgan Stanley. The borrower was Laub Realty, an owner-operator with more than 2,000 multifamily units and 1 million square feet of commercial space in its portfolio.

April 20, 2021

Industrial Leasing Activity Northeast Pennsylvania

NAI Mertz Negotiates 200,000 SF Industrial Lease in Northeast Philadelphia

by Taylor Williams April 19, 2021

PHILADELPHIA — NAI Mertz has negotiated a 200,000-square-foot industrial lease in the Port Richmond neighborhood of northeast Philadelphia. The building at 225 Castor Ave. features clear heights of 15 and 16 feet, 14 loading docks and 1,512 square feet of office space. Jonathan Klear and Fred Meyer of NAI Mertz represented the landlord in the lease negotiations. The tenant is Dependable Distribution Services Inc., the largest cocoa bean storage company in North America that also recently signed a 71,445-square-foot lease in nearby Camden, New Jersey.

April 19, 2021

Loans Multifamily Northeast Pennsylvania

Black Bear Capital Arranges $17.5M Loan for Refinancing of Philadelphia Multifamily Portfolio

by Taylor Williams April 16, 2021

PHILADELPHIA — Black Bear Capital Partners has arranged a $17.5 million loan for the refinancing of a portfolio of five multifamily properties totaling 239 units in Philadelphia. The properties are located at 4619-4621 Chester Ave.; 4601 Chester Ave.; 419-429 S. 48th St.; 241 S. 47th St.; and 4416-18 Osage Ave. Peapack-Gladstone Bank provided the loan, specific terms of which were not disclosed, to New Horizons Housing, an owner-operator of more than 800 units in Philadelphia and Columbus, Ohio. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the financing.

April 16, 2021

Leasing Activity New Jersey Northeast Pennsylvania Retail

Levin Management Negotiates Four Lease Renewals for Dollar Tree in New Jersey, Pennsylvania

by Taylor Williams April 16, 2021

NORTH PLAINFIELD, N.J. — Levin Management Corp. has negotiated four lease renewals for Virginia-based discount retailer Dollar Tree in New Jersey and Pennsylvania. The New Jersey locations include a 14,500-square-foot space at Brunswick Shopping Center, a 10,300-square-foot shop in Watchung and a 9,400-square-foot store in Franklin Township. The Pennsylvania location is situated in Middletown and spans 9,000 square feet.

April 16, 2021

Fishtown-Kensington-Village-Philadelphia

Development Multifamily Northeast Pennsylvania

Saxum Real Estate to Develop 297-Unit Apartment Community in Philadelphia

by Taylor Williams April 15, 2021

PHILADELPHIA — New Jersey-based Saxum Real Estate Cos. will develop Fishtown Kensington Village, a 297-unit apartment community in the Fishtown neighborhood of Philadelphia. The property will feature loft, studio, one- and two-bedroom units with stainless steel appliances, tile backsplashes and quartz countertops. Amenities will include a coworking café, two clubrooms, an industrial kitchen, lounge, two rooftop terraces and a fitness center. Thomas Didio, Michael Klein and Ryan Ade of JLL arranged a three-year, floating-rate construction loan in the amount of $46.5 million for the project through Valley Bank. Completion is slated for summer 2022.

April 15, 2021

Acquisitions Industrial Northeast Pennsylvania

J.G. Petrucci Acquires 135,082 SF Industrial Portfolio in Lehigh Valley

by Taylor Williams April 15, 2021

ALLENTOWN, PA. — Locally based investment and development firm J.G. Petrucci Co. Inc. has acquired the Iron Run Lehigh Portfolio, two industrial buildings totaling 135,082 square feet in Allentown. The portfolio consists of a 99,782-square-foot building that is situated on 10.6 acres at 6980 Snowdrift Road and a 41,390-square-foot building that sits on four acres at 7020 Snowdrift Road. Michael Hines, Brad Ruppel, Brian Fiumara, Bo Cashman, Jonathan Board and Lauren Dawicki of CBRE represented the seller, Penwood Real Estate Management, in the transaction.

April 15, 2021

Industrial Leasing Activity Northeast Pennsylvania

Newmark Negotiates 128,000 SF Industrial Lease in Lansdale, Pennsylvania

by Taylor Williams April 15, 2021

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.

April 15, 2021

Leasing Activity Northeast Office Pennsylvania

GRB Law Signs 17,160 SF Office Lease in Pittsburgh

by Taylor Williams April 15, 2021

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.

April 15, 2021

Development Multifamily Northeast Pennsylvania

Post Brothers Underway on 1,144-Unit Multifamily Project in Philadelphia

by Taylor Williams April 12, 2021

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.

April 12, 2021

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