YORK, PA. — ROCK Commercial Real Estate has negotiated a 14,479-square-foot office lease at Susquehanna Commerce Center, a 260,000-square-foot office complex in York. The property houses tenants such as Morgan Stanley Wealth Management and Wells Fargo Financial Advisors and offers an onsite parking garage and a café. David Bode of ROCK Commercial represented the landlord in the transaction. The tenant was Dentsply International Inc., a provider of dental equipment.
PHILADELPHIA — An affiliate of Aquinas Realty Partners LLC has received a $13.2 million loan for the refinancing of AQ Overbrook, a 128-unit multifamily asset in Philadelphia. The borrower acquired the property, which formerly served as a student housing complex for St. Joseph’s University, in 2018 and implemented a capital improvements program to reposition the asset as a market-rate apartment community. Cronheim Mortgage arranged the loan, which carries a five-year term and a fixed interest rate, through an undisclosed local bank.
MALVERN, PA. — Avison Young has brokered the sale of a 106,000-square-foot office building located at 70 Valley Stream Parkway in Malvern, located northwest of Philadelphia. The building formerly served as the headquarters of digital services and printing firm Ricoh USA. Scott Williams and Ryan FitzPatrick of Avison Young represented the seller, Star 79VS Owner LLC, in the transaction. The buyer, Commonwealth Charter Academy, purchased the asset for $15.3 million.
WILKES-BARRE, PA. — CHC Hotel Capital has arranged a $10.5 million construction loan for a Home2 Suites by Hilton property in Wilkes-Barre, located south of Scranton. The property will feature 107 rooms and is expected to be complete in late spring of next year. The loan was structured with a 30-month term and a 75 percent loan-to-value ratio. The borrower and lender were not disclosed.
READING, PA. — Marcus & Millichap has brokered the sale of The Madison Building, a 113,300-square-foot office property in Reading. Originally built in 1927, the property is situated on 1.1 acres and rises 12 stories. Craig Dunkle, Jackson Day and Mher Vartanian of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio also procured the buyer, an out-of-state developer that will convert the building into a Class A apartment complex. The Madison Building was 97 percent vacant at the time of sale.
PHILADELPHIA — JLL has arranged $33.3 million in financing for International House, a project that will convert a 14-story office building located at 3701 Chestnut St. in Philadelphia into a 400-unit apartment complex. The borrower, CSC Coliving LLC, will use the funds to acquire the 1.3-acre site, which is located in the University City area, and to begin construction. The two lowest floors will continue to house office and retail users. Chad Orcutt and Blaine Fleming of JLL arranged the financing through PostRoad Group. Completion is slated for summer 2021.
PHILADELPHIA — Parkway Corp., a family-owned real estate developer and manager based in Philadelphia, has started construction of 2222 Market in its hometown. The $200 million office tower will be situated in Philadelphia’s Center City district, and will be the first office property in the submarket not built for Comcast in 30 years. Local law firm Morgan Lewis & Bockius will be the sole occupant of the development and was a key contributor to the design of the property. The office building will span 305,000 square feet and include multiple outdoor terrace amenities, flexible workspaces, a fitness center and a conference center. Designed by Gensler, 2222 Market will also feature 10-foot ceilings throughout with floor-to-ceiling windows. Gensler is aiming to achieve both LEED-CS Gold and Fitwell certifications. The property is located at the corner of 23rd and Market streets, seven blocks from City Hall and one block from the banks of the Schuylkill River. The office building is also situated near Comcast’s new headquarters with multiple transit options available to Morgan Lewis staffers within walking distance, including SEPTA’s Suburban and 30th Street stations, as well as the 22nd Street trolley station. The Philadelphia Inquirer reported that Parkway secured $187 million …
PHILADELPHIA — Nerd Street Gamers, a provider of infrastructure services for the esports industry, will open The Block, an esports campus at 401 N. Broad St. in Philadelphia. Christian Dyer and Jackie Balin of CBRE represented data center owner-operator Netrality, which owns the 1.3 million-square-foot building, in the lease negotiations. The space will not only function as Nerd Street Gamers’ new corporate headquarters, but it will also include global broadcast studios, dedicated training centers for professional teams and schools and educational space for community partners.
FAIRLESS HILLS, PA. — Avison Young has brokered the sale of a 108,225-square-foot manufacturing and distribution facility at 200 Rock Run Road in Fairless Hills, located in Bucks County. Built in 1979 and renovated in 2016, the property offers proximity to several major interstates and has been fully occupied by CSC Sugar since 2012. Erik Foster, Mike Wilson Adam Gillespie, Paul French and Brian Hilger of Avison Young represented the seller, a partnership between Crestpoint Real Estate Investments, H&R REIT and PSP Capital Partners. The buyer was an undisclosed private investor.
CHAMBERSBURG, PA. — Sportsman’s Warehouse Holdings Inc. (NASDAQ: SPWH) will open a new store at 3285 Black Gap Road in Chambersburg, located roughly midway between Pittsburgh and Philadelphia in the southern part of the state. A grand opening celebration will take place Thursday, Sept. 24 through Friday, Sept. 26. The store will be the fourth Sportsman’s Warehouse in Pennsylvania and will offer more than 60,000 region-specific items including brand-name hunting, fishing, camping, shooting, apparel and footwear merchandise.