Pennsylvania

CBRE Negotiates 32,500 SF Office, Lab Prelease at One uCity Square in Philadelphia

by Alex Patton June 3, 2020

PHILADELPHIA — CBRE has negotiated a 32,500-square-foot office and lab prelease for biotechnology company Century Therapeutics in Philadelphia’s University City district. The space is located at One uCity Square, a 400,000-square-foot mixed-use development currently under construction and that will feature Class A office, lab and retail space. The project is slated for completion in early 2022. Bob Zwengler, Matthew Knowles and Anthony Pell led a CBRE team that represented Century Therapeutics in the lease negotiations. A joint venture between University City Science Center, Wexford Science & Technology LLC and Ventas Inc. owns the property.

June 3, 2020

Industrial Leasing Activity Northeast Pennsylvania

MillPress Imports Signs 10,000 SF Industrial Lease in Bethlehem, Pennsylvania

by Alex Patton June 1, 2020

BETHLEHEM, PA. — MillPress Imports, a supplier of extra virgin olive oil, has signed a 10,000-square-foot industrial lease in Bethlehem, an eastern suburb of Allentown. The space is located within 2198 Industrial Drive, a 101,508-square-foot Class B industrial property constructed in 1982. The tenant is headquartered at a nearby building also owned by the same landlord and will use the new space for overflow storage. Other tenants include Cooper Electric, PolyOne Corp. and IDI Distributors.

June 1, 2020

Northeast Pennsylvania

Pennsylvania Gov. Wolf Lifts Pandemic Restrictions in 26 Counties, Allows Retailers, Businesses to Reopen

by Alex Patton May 29, 2020

HARRISBURG, PA. — Pennsylvania Gov. Tom Wolf has lifted pandemic restrictions, including a strict stay-at-home order, from 26 counties and given, retailers and businesses in those counties the green light to reopen with social distancing measures in place. The governor made the announcement this morning. Under the terms of the plan, businesses must enforce public health protocols including wearing masks, restricting restaurants to outdoor dine-in seating only and limiting all gatherings to 25 people. Business allowed to reopen with restrictions include overnight camps and organized youth sports, restaurants, bars, salons and barber shops, gyms, theaters, malls and casinos. The reopened counties are primarily concentrated in the northwestern region of the state, while the metro Philadelphia region remains shut down until at least June 5. As of May 28, the Centers for Disease Control and Prevention reported more than 70,000 confirmed cases of COVID-19 in Pennsylvania and nearly 5,400 deaths.

May 29, 2020

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Ideal Property Group Acquires Self-Storage Portfolio in Pennsylvania for $5.2M

by Alex Patton May 29, 2020

NEW YORK CITY — Ideal Property Group, a New York City-based investment firm, has acquired three-property portfolio of Stop & Store self-storage properties in Pennsylvania for $5.2 million. Located in in Dillsburg, York and Dover, the properties total 94,976 net rentable square feet and were 75.6 percent leased at the time of sale. The total number of units was not disclosed. Mike Mele, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, an individual private owner, in the transaction.

May 29, 2020

Loans Multifamily Northeast Pennsylvania

Berkadia Funds $661M Freddie Mac Loan for Refinancing of Multifamily Portfolio

by Alex Patton May 28, 2020

KING OF PRUSSIA, PA. — Berkadia has funded a $661 million Freddie Mac loan for the refinancing of Morgan 22 Portfolio, a portfolio of 22 multifamily properties totaling 4,670 units. Morgan Properties, a REIT based in King of Prussia, Pennsylvania, was the borrower. The portfolio includes properties located in New Jersey, Pennsylvania, Delaware and Maryland. The financing package consists of 22 individual fixed-rate loans, all of which carry 10-year terms. The proceeds from this refinance were used to pay off existing debt, which was provided by Freddie Mac and originated by Berkadia in 2013. T.J. Piper and Robert Falese of Berkadia arranged the loan.

May 28, 2020

Acquisitions Industrial Northeast Pennsylvania

NewAge Industries Acquires 46,618 SF Industrial Property in Warrington, Pennsylvania

by Alex Patton May 28, 2020

WARRINGTON, PA. — NewAge Industries Inc., a hose supplier headquartered in Southampton, Pennsylvania, has acquired a 46,618-square-foot industrial property in the northern Philadelphia suburb of Warrington. The one-story property is part of an industrial park located at 364 Valley Road. The property features 20-foot clear heights, five tailgate loading doors and approximately 3,000 square feet of office space. Andrew McGhee of Colliers International represented NewAge Industries in the transaction. Sean Durkin of Roddy Inc. represented the seller, 364 Valley Road LP

May 28, 2020

Loans Multifamily Northeast Pennsylvania

Greystone Provides $45.8M Fannie Mae Acquisition Loan for Multifamily Property in Ambler, Pennsylvania

by Alex Patton May 22, 2020

AMBLER, PA. — Greystone has provided a $45.8 million Fannie Mae loan for the acquisition of The Woods Apartments, a 321-unit multifamily property in the northern Philadelphia suburb of Ambler.The borrower was Woods Realty Associates. Located at 1410 E. Butler Pike, the garden-style property was originally constructed in 1974 and features one-, two- and four-bedroom floor plans. Dan Sacks of Greystone arranged the loan, which carries a 12-year term with a 30-year amortization schedule.

May 22, 2020

Development Industrial Northeast Pennsylvania

Duke Realty Nears Completion of 615,000 SF Build-to-Suit Industrial Project in Myerstown, Pennsylvania

by Alex Patton May 20, 2020

MYERSTOWN, PA. — Indiana-based REIT Duke Realty Corp. is nearing completion of Central Logistics Park 100, a 615,000-square-foot warehouse in Myerstown, approximately 35 miles east of Harrisburg. Located at 100 Fort Motel Drive, the building will feature 45-foot clear heights and 7,000 square feet of office space. The remaining acreage on the site can accommodate additional development of up to 584,820 square feet. The development is a build-to-suit project for wholesale tire distributor Max Finkelstein Inc. Duke expects to complete construction in late spring or early summer of 2020.

May 20, 2020

Acquisitions Industrial Northeast Pennsylvania

Mountain Development Corp. Acquires 86,315 SF Industrial Building in Philadelphia

by Alex Patton May 18, 2020

PHILADELPHIA — Mountain Development Corp., a New Jersey-based developer, has acquired an 86,315-square-foot industrial building in Philadelphia. Located at 3445-3535 S. Front St., the property features clear heights ranging from 18 to 44 feet, 14 loading docks and a 10 percent office finish. The property offers convenient access to the CSX Rail Yard, the Philadelphia Nay Yard and Interstate 95. At the time of sale, plumbing supplies distributor Ferguson Enterprises was the sole tenant of the entire facility. Michael Oliver and Jose Cruz led a JLL team that represented the seller, The Hampshire Cos., in the deal. The sales price was undisclosed.

May 18, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of Two Office Buildings Totaling 77,464 SF in Mechanicsburg, Pennsylvania

by Alex Patton May 18, 2020

MECHANICSBURG, PA. — Marcus & Millichap has brokered the $8.2 million sale of a pair of office buildings totaling 77,464 square feet in Mechanicsburg, a western suburb of Harrisburg. The properties are located at 600 and 1000 Bent Creek Blvd. and were completed in 2006. At the time of sale, the properties were fully leased to a mix of medical and other professional office tenants. Craig Dunkle of Marcus & Millichap represented the buyer, a locally based limited liability company, in the transaction. Laura Martin of SVN Latus represented the seller, another limited liability company. Both parties requested anonymity.

May 18, 2020

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