PHILADELPHIA — California-based Ensemble Real Estate Investments has acquired a trio of life sciences buildings within Philadelphia’s Navy Yard for $83 million. The properties total 366,803 square feet and are occupied by WuXi Advanced Therapies Inc. Ensemble, which has five offices across the country, now owns five life sciences buildings totaling approximately 550,000 square feet within the Navy Yard. The seller(s) was not disclosed.
QUAKERTOWN, PA. — NAI Summit has arranged the sale of a 7,945-square-foot office building in Quakertown, located in between Philadelphia and Allentown in the Lehigh Valley region. Mike Adams and Mark Magasich of NAI Summit represented the seller, Heather-Jo Inc., in the transaction. Jim Dietrick of Remax represented the buyer, JLKM Property Management.
LOUISVILLE, KY. — Papa John’s International (NASDAQ: PZZA) has signed a store development agreement that will allow the Louisville-based pizza chain to open 49 new stores in the Philadelphia and Southern New Jersey areas between 2021 and 2028. Franchisee HB Restaurant Group, which currently owns and operates 43 Papa John’s locations in the mid-Atlantic, will also own and operate the new stores.
LEVITTOWN, PA. — Colliers International has negotiated a 17,000-square-foot industrial lease at 61 Runway Road in Levittown, located in Bucks County. The property was built in 2012 and features 17- to 19-foot clear heights and both tailgate and drive-in loading doors. Jim Scott of Colliers represented the landlord in the lease negotiations. The tenant was HIAB Crane, a provider of hydraulic load handling equipment.
By Christine Beechan, area vice president, Morgan Properties If there’s one certainty about the unusual year that is 2020, it’s that COVID-19 has significantly impacted every industry across the globe. For apartment owners and operators, we’ve entered uncharted territory in terms of changing renter demands, unconventional leasing methods and new operational procedures. Consequently, it’s especially important right now for apartment professionals to understand the complexities of the current state of the market and where it’s heading. As 2021 is fast approaching, here are three key trends we can expect to see in the Philadelphia multifamily market for the remainder of 2020 and into the new year. Demand Remains Stable When the pandemic initially hit, we noticed a decrease in leasing because Pennsylvania was under strict orders to shelter-in-place. Because of this uncertainty, people wanted to see how the pandemic would shake out and ultimately decided to stay put, affecting markets across the nation. However, as those restrictions were lifted and the economy started to stabilize, we noticed people felt more comfortable moving into new units, which is typical during the summer season prior to school commencing. Unlike most cities, both urban and suburban parts of Philadelphia have seen accelerated growth …
PHILADELPHIA — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Yardley Crossing and RiverQuick Apartments, two adjacent multifamily assets totaling 235 units in Philadelphia. Yardley Crossing consists of 196 units in one-, two- and three-bedroom floor plans. RiverQuick Apartments totals 39 units in one- and two-bedroom formats. Ryan Ade, Jamie Leachman and Travis Hess of JLL arranged the 10-year, fixed-rate loan on behalf of the borrower, Relative Properties LLC.
BRISTOL, PA. — Black Bear Sports Group, an owner of 18 sports facilities around the country, has acquired the Grundy Ice Arena in Bristol, about 20 miles north of Philadelphia. The arena, which frequently hosts youth hockey camps and tournaments throughout the year, features two ice sheets, an athletic training gym, café and a pro shop.
PITTSBURGH — Dollar Bank, a regional lender serving Pennsylvania, Ohio and Virginia, has signed a 76,000-square-foot lease for its new office headquarters in Pittsburgh. The company will relocate from Gateway Center to a building located at 20 Stanwix St., which offers amenities such as a fitness center, conferencing facility and indoor and outdoor tenant lounges. Under the terms of the 16-year lease, Dollar Bank will occupy four floors and a ground-floor reception suite beginning in the first quarter of next year.
ALLENTOWN, PA. — NAI Summit has negotiated an 8,400-square-foot, long-term industrial lease at 1032-1036 N. Irving St. in Allentown. The property recently received more than $100,000 in capital improvements and now houses an office and a showroom in addition to warehouse space. Jay Haines of NAI Summit represented the tenant, JJC Flooring LLC, and the undisclosed landlord in the lease negotiations.
HARRISBURG, PA. — Marcus & Millichap has brokered the sale of a 4,495-square-foot retail property net leased to Panera Bread in Harrisburg. The store is located on an outparcel of High Point Commons, a 324,000-square-foot power center that houses retailers such as Orangetheory Fitness, Petco and Verizon Wireless. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the buyer, a private investor, in the transaction. Sean Beuche of Marcus & Millichap also assisted with the deal.
