Pennsylvania

Partnership to Develop 250,000 SF Life Sciences Facility in Philadelphia’s University City

by Taylor Williams December 4, 2020

PHILADELPHIA — A partnership between developers Silverstein Properties and University Place Associates, as well as financial services firm Cantor Fitzgerald LP, will develop a 250,000-square-foot life sciences facility in Philadelphia. The property will be named 3.0 University Place in reference to its location within the University City area, a hotbed of life sciences growth. The Steward Partnership is designing the eight-story lab and office building, which is expected to come on line in the fourth quarter of 2022. According to the Philadelphia Business Journal, the project has a price tag of $56 million.

December 4, 2020

Acquisitions Northeast Office Pennsylvania

Sidra Capital Acquires 90 Percent Stake in 855,600 SF Office Campus in Blue Bell, Pennsylvania

by Taylor Williams December 3, 2020

BLUE BELL, PA. — Saudi Arabian investment firm Sidra Capital has acquired a 90 percent stake in Arborcrest Corporate Campus, an 855,600-square-foot office property located in the Philadelphia suburb of Blue Bell. The five-building campus was completed in two phases between 2015 and 2019 and maintains a sizable life sciences and biotechnology footprint. JLL brokered the deal between Sidra Capital and Spear Street Capital, which retains the other 10 percent ownership in the campus.

December 3, 2020

Development Industrial Leasing Activity Northeast Pennsylvania

TJX Signs 282,800 SF Build-to-Suit Industrial Lease in Northeast Philadelphia

by Taylor Williams December 2, 2020

PHILADELPHIA — TJX, the parent company of T.J. Maxx, Marshalls and HomeGoods, has signed a 282,800-square-foot build-to-suit industrial lease at 9801 Blue Grass Road in northeast Philadelphia. The site originally housed a commercial bakery that was built in the 1950s. DH Property Holdings owns the site, and Bridge Development is developing the new facility, which will feature 53-foot clear heights and ample trailer parking. Demolition of the existing facility is expected to begin in the first quarter of 2021, and construction is expected to last 12 to 18 months. Richard Gorodesky of Colliers represented TJX in the deal.

December 2, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Global Investors Acquires 832,000 SF Industrial Facility in Myerstown, Pennsylvania

by Taylor Williams November 25, 2020

MYERSTOWN, PA. — A fund sponsored by CBRE Global Investors has acquired an 832,000-square-foot industrial facility located at 53 Central Blvd. in Myerstown, a city located within Lebanon County. The cross-dock building, which was acquired as part of a 1.4 million-square-foot portfolio sale, is situated on 72.8 acres and features 36-foot clear heights, 190-foot truck court depths and an ESFR sprinkler system. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE marketed the facility and negotiated the terms of sale on behalf of the undisclosed seller.

November 25, 2020

Company News Northeast Pennsylvania Retail

Dick’s Sporting Goods Reports 23.2 Percent Third-Quarter Sales Increase, Announces Leadership Change

by Taylor Williams November 24, 2020

PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) reported a 23.2 percent increase in same-store sales for its fiscal third quarter that ended on Oct. 31, the company’s best performance in same-store sales since going public nearly two decades ago. In addition, the Pittsburgh-based retailer saw its e-commerce sales rise by 95 percent relative to the third quarter of 2019, ending the period with roughly $1.1 billion in cash. Net income for the third quarter stood at approximately $177 million, a healthy 67 percent increase from the $57.5 million in net income reported in the third quarter of last year. Dick’s Sporting Goods also announced that as of Feb. 1, 2021, chairman and CEO Edward Stack will assume the role of executive chairman. Lauren Hobart will be the new president and CEO under the long-term succession plan. The company’s stock price opened at $58.74 per share on Tuesday, up from $40.41 per share a year ago.

November 24, 2020

Development Industrial Northeast Pennsylvania

RIDC Completes Phase II of $100M Redevelopment of Steel Mill in Pittsburgh

by Taylor Williams November 24, 2020

PITTSBURGH — Regional Industrial Development Corp. (RIDC) has completed the second phase of the redevelopment of Mill 19, a former steel mill in Pittsburgh, a project valued at more than $100 million. The new buildings feature light industrial, lab, office and workshop space and are located near Uber’s autonomous vehicle test track. Tenants at the redeveloped property include global tech firm Motional, the Advanced Robotics for Manufacturing Institute, Carnegie Mellon University’s Manufacturing Futures Initiative and Catalyst Connection. Construction originally began in 2017. The mill was redeveloped to be eco-friendly and sustainable and includes 110,000 square feet of rooftop solar panels and will produce over 2 million kilowatt hours of energy per year.

November 24, 2020

Acquisitions Industrial Northeast Pennsylvania

Marcus & Millichap Brokers Sale of 59,050 SF Industrial Building in Harrisburg

by Taylor Williams November 23, 2020

HARRISBURG, PA. — Marcus & Millichap has brokered the sale of Hagy Way Industrial Building, a 59,050-square-foot property in Harrisburg. The asset was fully occupied at the time of sale and traded for $4.1 million. Building features include 22-foot clear heights, four drive-in bays and 10 loading docks. Craig Dunkle of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully occupied at the time of sale.

November 23, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Negotiates Sale of 283,500 SF SoPhi Logistics Center in Philadelphia

by Taylor Williams November 17, 2020

PHILADELPHIA — CBRE has negotiated the sale of SoPhi Logistics Center, a 283,500-square-foot industrial property located at 2400 Weccacoe Ave. in Philadelphia. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Wharton Industrial Partners, which acquired the asset in 2019 and implemented a capital improvement program. The property was originally built in 1970 and was fully occupied at the time of sale. The buyer was not disclosed.

November 17, 2020

Acquisitions Company News Northeast Pennsylvania Texas Top Stories

PNC Agrees to Acquire US Operations of BBVA in $11.6B Bank Merger

by John Nelson November 17, 2020

PITTSBURGH AND HOUSTON — PNC Financial Services Group Inc. (NYSE: PNC) and Spanish financial institution Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA) have signed a definitive agreement for PNC to acquire BBVA’s American operations, BBVA USA Bancshares Inc., for $11.6 billion. The transaction, which has been approved by both companies’ boards of directors, is expected to close in mid-2021, subject to customary closing conditions, including regulatory approvals. The transaction will bolster PNC’s national presence and create the fifth-largest bank in the United States, according to the Pittsburgh Post-Gazette. PNC will move beyond Charlotte-based Truist, the newly formed merger of equals between BB&T and SunTrust Bank. Houston-based BBVA USA Bancshares manages $104 billion in assets and provides commercial and retail banking services through its banking subsidiary BBVA USA. The bank operates 637 branches in Texas, Alabama, Arizona, California, Colorado and New Mexico. PNC operates 2,300 bank branches and nearly 18,000 partner ATMs nationwide. As of Sept. 30, 2020, PNC had $300 billion of assets under administration. When combined with PNC’s banking footprint, the expanded company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the United States. “Our acquisition of BBVA USA will accelerate …

November 17, 2020

Fox-Ridge-Apartments-Lebanon-Pennsylvania

Loans Multifamily Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Provides $20.4M Fannie Mae Loan for Fox Ridge Apartments in Lebanon, Pennsylvania

by Taylor Williams November 16, 2020

LEBANON, PA. — Walker & Dunlop has provided $20.4 million in Fannie Mae permanent financing for Fox Ridge Apartments, a 170-unit multifamily community in Lebanon, located in between Harrisburg and Reading. The property features one- and two-bedroom units and amenities such as a clubhouse, fitness center and common outdoor green space. John Banas, Kris Wood. John Wilson, Rhett Saltiel, and Erik DiGirolamo of Walker & Dunlop provided the 10-year, fixed-rate loan to the borrower, multifamily owner-operator Boyd/Wilson.

November 16, 2020

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