SHARON, PA. — MAG Capital Partners has purchased two manufacturing facilities totaling 62,063 square feet in Sharon, located on the Ohio-Pennsylvania border. The company acquired the adjacent properties via a sale-leaseback with HuFriedy Group, a manufacturer of dental supplies and equipment. J.C. Asensio, Andrew Sandquist and Briggs Goldberg of Newmark represented the seller in the transaction. The sales price was not disclosed.
DREXEL HILL, PA. — Regional brokerage firm Hudson Atlantic has arranged the sale of Garrett House Apartments, a 57-unit multifamily building in Drexel Hill, a western suburb of Philadelphia. The property was built in 1960 and exclusively houses one-bedroom units. Adam Zweibel led the Hudson Atlantic team that brokered the deal, which traded at a price of $6 million and a cap rate of 5.75 percent. The buyer and seller, which was also the original owner, were not disclosed.
CONSHOHOCKEN, PA. — New York-based investment firm Midland Properties has purchased a 74,703-square-foot industrial property in Conshohocken, a northern suburb of Philadelphia. The sales price was $2.9 million. The site at 1304 Conshohocken Road spans 5.6 acres and houses multiple buildings and outdoor storage space. Steve Marzullo, Adam Silverman and Michael Roden of CBRE represented the seller, Pennsylvania-based Emanuel Properties, in the negotiations.
BELLEFONT, PA. — Marcus & Millichap has brokered the $10.1 million sale of a retail building in Bellefont, about 120 miles northwest of Harrisburg, that is net leased to grocer Giant Food. The building was constructed in 2022 and is part of Paradise Shopping Center. Dean Zang, Brad Nathanson and David Crotts of Marcus & Millichap represented the seller, a Pennsylvania-based developer, in the transaction. JRW Realty represented the buyer, an affiliate of Exchange Right.
PHILADELPHIA — The Children’s Hospital of Philadelphia (CHOP) has topped out the Morgan Center for Research & Innovation, a healthcare project valued at $480 million. The 17-story, 350,000-square-foot facility is located on CHOP’s campus in South Philadelphia and will include both wet and dry lab space. Construction began in October 2022, and the development team includes a trio of general contractors and construction managers: Gilbane Building Co., Pride Enterprises and McKissack & McKissack. Mitchell Morgan, founder and chairman of multifamily development firm Morgan Properties, and his family donated $50 million to the project. Full completion is slated for some time next year.
BALA CYNWYD, PA. — Federal Realty Investment Trust has broken ground on a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment, will convert a former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Bernardon is the project architect, and Bohler is the civil engineer. Construction is slated for a 2026 completion. Federal Realty received zoning approval for the project in February.
WEST ROCKHILL, PA. — JLL has arranged an undisclosed amount of construction financing and joint venture equity for a 330,000-square-foot industrial project in West Rockhill, located roughly midway between Philadelphia and Allentown. The building will be situated on a 29.6-acre site and feature 36-foot clear heights, 85 loading positions and parking for 280 cars and 76 trailers. Jon Mikula, John Plower, Ryan Cottone and Michael Lachs of JLL worked on behalf of the developer, J.G. Petrucci, to arrange the loan with Provident Bank and structure the joint venture with Boston-based Cabot Properties.
MIDDLETOWN, PA. — JLL has brokered the sale of Middletown Logistics Center, a 251,200-square-foot industrial property located just south of Harrisburg. The property was built in 2021-2022 and features a clear height of 36 feet, an ESFR sprinkler system, 42 loading doors, one drive-in door and parking for 193 cars and 33 trailers. John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard of JLL represented the seller, an affiliate of Endurance Real Estate Group, in the transaction and procured the buyer, a fund backed by Ares Management.
MECHANICSBURG, PA. — CBRE has brokered the sale of a 57,000-square-foot office property in Mechanicsburg, located just outside Harrisburg. Built in 1988, the property at 5035 Ritter Road is situated within the 1.9 million-square-foot Rossmoyne Business Center and is leased to the Administrative Office of Pennsylvania Courts. Steve Marzullo and Adam Silverman of CBRE represented the undisclosed seller in the transaction. CBRE also procured the buyer, Triple Crown Corp.
HORSHAM, PA. — Align Precision has signed an 85,396-square-foot industrial lease at 425 Privet Road in Horsham, a northern suburb of Philadelphia. The defense and aerospace contractor is relocating from nearby Huntingdon Valley and essentially doubling its footprint. Tim Morris, Mike Maloney and Brian Smyth of CBRE represented the landlord, a partnership between Griffith Properties and DRA Advisors, in the lease negotiations. Mike Cohen of Situs Properties represented Align Precision.