HUNTINGDON VALLEY, PA. — Locally based brokerage firm Roddy Inc. has negotiated the sale of a 21,600-square-foot warehouse located at 1670 Republic Road in Huntingdon Valley, about 20 miles north of Philadelphia. The property is situated on 1.4 acres and features 18-foot clear heights, two tailgate loading doors and 2,600 square feet of office space. Sean Dunkin of Roddy Inc. represented the sellers, a duo of private investors, in the transaction. The buyer was Republic Holdings LLC, an affiliate of Precision Mechanical Contracting, a Pennsylvania-based provider of refrigeration services.
OLYPHANT, PA. — Cinram, a Canadian producer of Blu-Ray and DVD discs, has sold its 1 million-square-foot manufacturing and distribution facility in Olyphant, a city in northeastern Pennsylvania. Cinram will lease the space back from the new, undisclosed owner. The single-tenant property is situated on 103 acres at 1400 E. Lackawanna Ave. The property was developed in 1980 and features 12- to 30-foot clear heights and 39 dock-high doors, according to LoopNet Inc. Cinram sold the facility as part of a portfolio deal that also included the disposition of the company’s 500,000-square-foot facility in Tuscaloosa, Ala.
PHILADELPHIA — Marcus & Millichap has arranged the $15.3 million sale of The Parkside Portfolio, a collection of retail and office buildings totaling 78,194 square feet in the West Parkside neighborhood of Philadelphia. The buildings are located at 5050, 4946, 4952-64 Parkside Ave. and are leased to national anchor tenants including Davita, Santander Bank and Goodwill. The office portion of the portfolio was fully leased to homecare, government and local professional tenants. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller, Rockland Capital, in the transaction. The team also represented the buyer, The Leser Group.
LEVITTOWN, PA. — Colliers International has arranged the sale of a 40,000-square-foot warehouse in Levittown, a southern suburb of Trenton, for an undisclosed price. The Class C building is located at 1901 Hartel St. and was constructed in 1969. The property offers immediate access to the Pennsylvania Turnpike and Interstate 95. Jim Scott of Colliers represented the buyer, family-owned tire service company McCarthy Tire. Scott also represented the undisclosed seller.
SOUTH WHITEHALL, PA. — Newmark Knight Frank (NKF) has negotiated a 15,499-square-foot retail lease renewal for Grocery Outlet Inc. in South Whitehall, a western suburb of Allentown. Located at 4680 Broadway Road, the property is part of the 248,533-square-foot Tilghman Square shopping center, which offers convenient access to State Routes 22 and 309 and Interstates 78 and 476. Other tenants include New Vision Theaters, Dollar Tree and Staples. Grocery Outlet Inc. had previously leased the space for 14 years. Michael LaRue of NKF represented Grocery Outlet in the lease negotiations. Larken Associates is the landlord.
PHILADELPHIA — Charlie’s Pizza has signed a 2,000-square-foot retail lease at Morrell Plaza, a 103,000-square-foot shopping center that is located at the intersection of Frankford Avenue and State Route 13 in Philadelphia. A 63,000-square-foot ShopRite supermarket anchors the center. Other tenants include Northeast Cycle, Wingstop, Freedom Credit Union, Rite Aid, T-Mobile, Supercuts, Dunkin’ and Yamato Sushi & Hibachi. Sidney Singer of Levin Management Corp., which serves as the property’s exclusive leasing and managing agent, negotiated the lease on behalf of the landlord.
PHILADELPHIA — Independence Blue Cross has acquired 1901 Market Street, a Class A office tower in Center City Philadelphia, for $360 million. The 45-story, 800,000-square-foot building has served as the health insurance company’s headquarters since construction was completed in 1989. Atlanta-based Piedmont Office Realty Trust (NYSE: PDM) was the seller. The property has received more than $110 million in capital improvements over the last eight years. Upgrades included a new lobby, outdoor plaza and mechanical systems, as well as renovations throughout the interiors for a more modern look. The building is the eighth-tallest office tower in Philadelphia and houses nearly 2,500 Independence associates. Independence is the sole occupant of the building. In addition to 1901 Market Street, Independence’s campus includes a customer service call center and Independence LIVE, a customer experience center. Both connect to the company’s headquarters via a courtyard that is open to the public. Prior to the purchase, Independence was in a long-term lease. But the company found the purchase attractive because low interest rates enabled Independence to lower its annual cost of occupancy, according to Donna Farrell, vice president of corporate communications. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets marketed …
PHILADELPHIA — Hilco Global, an Illinois-based developer, has acquired a 1,300-acre industrial development site in Philadelphia. The sales price was $225.5 million. Located at 1735 Market St., the site formerly housed the Philadelphia Energy Solutions (PES) oil refinery for more than 150 years. Hilco plans to redevelop the site as an “environmentally responsible” commercial hub, the exact details of which were undisclosed. According to The Philadelphia Inquirer, PES was the East Coast’s largest refinery until a corroded fuel line ignited in June 2019, leading to the bankruptcy and permanent closing of the refinery. At the height of its activity, the refinery formerly employed as many as 1,000 workers. Hilco plans to demolish and rebuild the site over a period of several years, creating 8,000 union construction jobs and 10,000 permanent jobs, The Philadelphia Inquirer reports.
HARRISBURG, PA. — Indoor dining and entertainment establishments have been cleared to reopen in 12 counties, according to a statement from Pennsylvania Gov. Tom Wolfe’s office on Friday, June 26. The counties include Berks, Bucks, Chester, Delaware, Erie, Lackawanna, Lancaster, Lehigh, Montgomery, Northampton, Philadelphia and Susquehanna, leaving only one county in the state still in the more restrictive yellow phase of reopening. Businesses in the state have reopened in recent weeks according to a phased system as the COVID-19 pandemic has gradually eased in the state. Businesses allowed to reopen in the governor’s green phase of reopening include restaurants and bars at 50 percent capacity, childcare, indoor recreation, fitness and wellness facilities, gyms and spas. Casinos, theaters and shopping malls have also been cleared to reopen at 50 percent capacity. As of June 28, the Centers for Disease Control and Prevention reported nearly 85,500 cases of COVID-19 across the state, and more than 6,600 deaths.
ALLENTOWN, PA. — The Kislak Company Inc. has brokered the sale of a 32,132-square-foot industrial property in Allentown. Located at 2330 26th St. SW, the single-story building was constructed in 1966 and features a clear height of 18.5 feet, four loading docks and one drive-in door. The property was fully leased at the time of sale. The property offers convenient access to Interstate 78, State Route 309 and the Pennsylvania Turnpike. Nearby airports include Lehigh Valley International Airport and the Trenton-Mercer Airport. Matt Weilheimer of Kislak Co. represented the undisclosed seller in the transaction. Davis Briones, also of Kislak Co., represented the buyer, Mitchell Partners Group LLC. The sales price was undisclosed.