Pennsylvania

Philly Retail Market Responds to COVID-19

by Taylor Williams October 9, 2020

By Taylor Williams What a difference a year makes. Around this time in 2019, the Philadelphia retail market was experiencing something of a Renaissance. Driven by forward-thinking projects in chic neighborhoods, such as Fashion District Philadelphia, as well as the delivery of new phases of retail at destinations like Schuylkill Yards and the Philadelphia Navy Yard, the market was embracing new users, customers and spaces alike. The evolution of Philly’s retail market at this time inevitably bred winners and losers. Six months later, the onset of a global pandemic would give rise to political policies that crushed capacities and foot traffic for retailers and restaurants. Add in a healthy dose of elevated online shopping, and the result was a one-two punch that was simply too much for some retailers to survive. Such is the scene playing out today in the City of Brotherly Love. But real estate professionals are quick to point out that the demise of some retailers was unavoidable before COVID-19 came around, and that ultimately the city’s strong demographics will usher its retail market through the recession. “We shouldn’t lose sight of the fact that pre-COVID, several categories of retailers were not thriving or were irrelevant or …

October 9, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Brokers Sale of Two Industrial Properties Near Philadelphia for $18M

by Taylor Williams October 7, 2020

PENNSAUKEN, N.J. — Binswanger Commercial Real Estate Services has brokered the sale of two industrial properties in the Philadelphia suburb of Pennsauken, New Jersey, for $18 million. The first property is a 189,498-square-foot facility located at 9130 Griffith Morgan Lane that includes 16,000 square feet of office space and sold for $7.4 million. The second property was built on 13.5 acres in 1997, totals 201,000 square feet and features 28- to 32-foot clear heights. That property sold for roughly $10.6 million. Simmons Pet Food formerly owned both assets. Kenover Marketing and KB Furniture respectively purchased the first and second properties. Chris Pennington of Binswanger brokered the deals.

October 7, 2020

Leasing Activity Northeast Office Pennsylvania

ROCK Commercial Negotiates 14,479 SF Office Lease in York, Pennsylvania

by Taylor Williams September 30, 2020

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.

September 30, 2020

Loans Multifamily Northeast Pennsylvania

Aquinas Realty Receives $13.2M Loan for Refinancing of Philadelphia Multifamily Asset

by Taylor Williams September 25, 2020

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.

September 25, 2020

Acquisitions Northeast Pennsylvania

Avison Young Brokers Sale of 106,000 SF Office Building in Malvern, Pennsylvania

by Taylor Williams September 24, 2020

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.

September 24, 2020

Development Hospitality Loans Northeast Pennsylvania

CHC Arranges $10.5M Construction Loan for Hotel Project in Wilkes-Barre, Pennsylvania

by Taylor Williams September 24, 2020

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.

September 24, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of 113,300 SF Madison Building in Reading, Pennsylvania

by Taylor Williams September 23, 2020

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.

September 23, 2020

Loans Multifamily Northeast Pennsylvania

JLL Arranges $33.3M in Financing for Multifamily Redevelopment Project in Philadelphia

by Taylor Williams September 22, 2020

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.

September 22, 2020

Development Northeast Office Pennsylvania Texas Top Stories

Parkway Breaks Ground on $200M Office Tower in Philadelphia for Law Firm Morgan Lewis

by John Nelson September 22, 2020

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 …

September 22, 2020

Data Centers Industrial Leasing Activity Northeast Office Pennsylvania

Nerd Street Gamers to Open Esports Campus in Philadelphia

by Taylor Williams September 17, 2020

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.

September 17, 2020

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