Pennsylvania

Iota Communications Signs 7,150 SF Office Headquarters Lease in Allentown, Pennsylvania

by Alex Patton June 25, 2020

ALLENTOWN, PA. — Iota Communications Inc., a provider of wireless communication and data analytics software, has signed a 7,150-square-foot office lease for its new headquarters in Allentown. Iota leased the entire 10th floor of Tower 6, a 145,000-square-foot, Class A office building located at 600 Hamilton St. The company plans to consolidate its current offices in Phoenix and New Hope, Pennsylvania, when state orders allow. Tower 6 is now fully leased, and other tenants include Bank of America, Talen Energy and ESSA Bank & Trust. City Center Investment Corp. owns the building.

June 25, 2020

Northeast Pennsylvania Retail

Penn National Gaming Reopens 73 Percent of Casino Properties Across National Portfolio

by Alex Patton June 24, 2020

WYOMISSING, PA. — Penn National Gaming, a Pennsylvania-based casino owner and operator, has reopened 73 percent of its casino properties across its national portfolio. The company closed all 41 of its casino properties across 19 states following the COVID-19 outbreak. The company has implemented property-specific safety practices based on the various state laws, including social distancing and the requisition of masks in some venues. In February 2020, the company acquired a 36 percent interest in online sports and entertainment platform Barstool Sports for $163 million. The acquisition introduced an omni-channel approach to the business, including mobile casinos and online retail. The company’s stock price closed at $33.97 per share on June 23, compared with $18.85 per share at the same time last year.

June 24, 2020

Northeast Pennsylvania Retail Top Stories

GNC Files for Chapter 11 Bankruptcy, Plans to Close Up to 1,200 Stores

by Kristin Harlow June 24, 2020

PITTSBURGH — Global health and wellness company GNC Holdings Inc. (NYSE: GNC) has filed for Chapter 11 bankruptcy. Over the past year, the company has executed a strategy to close underperforming stores, while investing further in alternatives to in-store sales, such as e-commerce. With the Chapter 11 filing, GNC expects to accelerate the closure of 800 to 1,200 stores. Pittsburgh-based GNC expects to use the bankruptcy process “to improve its balance sheet and capital structure while continuing to advance its business strategy, right-size its corporate store portfolio and strengthen its brands to protect the long-term sustainability of its business,” according to a press release from the company. Additionally, GNC has reached an agreement with its lenders and Harbin Pharmaceutical Group Holding Co. Ltd., an affiliate of GNC’s largest shareholders, for the sale of the company’s business. The sale transaction has a $760 million purchase price and “would be executed through a court-supervised auction process at which higher and better bids may be presented.” The company expects to either complete the sale or the bankruptcy process this fall. GNC’s largest vendor and a joint venture partner, IVC, is working with the company to ensure a continued supply of products. Looking ahead, …

June 24, 2020

Development Northeast Office Pennsylvania

Oliver Tyrone Pulver Plans to Develop 700,000 SF Office Building in Philadelphia

by Alex Patton June 23, 2020

PHILADELPHIA — Oliver Tyrone Pulver Corp., a metro Philadelphia-based developer, plans to build a 700,000-square-foot office building in the Center City area of Philadelphia. The 30-story building will be located adjacent to City Hall at 1301 Market St. and will feature 25,200 square-foot plates on the lower floors and 17,000-square-foot plates on the upper floors. Amenities will include a 10,000-square-foot fitness center, outdoor terraces, a café, bike lockers, conference rooms, casual workspaces and a two-story, glass-enclosed marble lobby. Construction is slated to be completed in 2023. JLL will lead the leasing program at the building.

June 23, 2020

Development Multifamily Northeast Pennsylvania

Milhaus Underway on Phase II of $75M Multifamily Project in Pittsburgh

by Alex Patton June 23, 2020

PITTSBURGH — Milhaus, an Indianapolis-based developer, is underway on Phase II of Arsenal 201, a $75 million multifamily project in the Lawrenceville neighborhood of Pittsburgh. Located at 147 39th St., the project will add 343 apartment units in studio, one-, two- and three-bedroom floor plans to the existing 243 units. Amenities will include a fitness center, dog park and pet spa, outdoor kitchen, community courtyard and a pool. Ten percent of the units will be designated as affordable to residents earning 50 percent or less of the median area income. CrossHarbor Capital Partners, Citizens Bank, First Merchants Bank and Commonwealth Bank provided debt and equity financing for the project. Dwell Design Studio designed the project, and Franjo Construction is the general contractor. Construction is slated to be complete in summer 2022.

June 23, 2020

Northeast Pennsylvania Retail

PREIT to Reopen All Malls, Retail Centers Across Its Portfolio by July 4

by Alex Patton June 23, 2020

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) plans to open all of its malls and retail centers, including its 900,000-square-foot Fashion District Philadelphia shopping and entertainment destination, by July 4. Following temporary store closures amid the COVID-19 outbreak, PREIT has reported an average occupancy rate of 85 percent among non-anchor tenants at its reopened properties. Retailers and restaurants at PREIT’s properties have implemented expanded sanitation and social distancing procedures, including outdoor dining service and contactless pickup. Many stores also offer complimentary masks to guests on entry. PREIT owns and operates more than 22.5 million square feet of space across more than 20 malls and retail centers concentrated in the Northeast and Southeast regions. Upon reopening, PREIT’s properties will employ more than 30,000 workers. The company’s stock price closed at $1.33 per share on June 22, compared with $6.22 per share at the same time last year.

June 23, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Brokers Sale of 475,800 SF E-Commerce Facility in Easton, Pennsylvania

by Alex Patton June 18, 2020

EASTON, PA. — CBRE has brokered the sale of LogistiCenter at 33, a 475,800-square-foot e-commerce facility in Easton, an eastern suburb of Allentown. Located at 4200 E. Braden Blvd., the facility was constructed in 2016 and features a clear height of 36 feet. The property is located in the Lehigh Valley submarket and offers convenient access to State Route 33 and Interstate 78. Third-party logistics provider Radial Inc. is the sole tenant of the facility. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, a partnership that included Pacific Coast Capital Partners LLC, in the transaction. The buyer and sales price were not disclosed.

June 18, 2020

Development Multifamily Northeast Pennsylvania

GMH Capital, AEW Capital Plan to Develop 225-Unit Multifamily Property in Malvern, Pennsylvania

by Alex Patton June 16, 2020

MALVERN, PA. — A joint venture between GMH Capital Partners LP and AEW Capital Management LP plans to develop The Pendleton at Malvern, a 225-unit multifamily property in Malvern, a northwestern suburb of Philadelphia. The community will offer studio, one- and two-bedroom units. Amenities will include a fitness studio, conference rooms and resident lounge. The property will offer convenient access to State Route 202, Interstate 76 and The Pennsylvania Turnpike. The community is slated to open in summer 2021.

June 16, 2020

Northeast Pennsylvania Retail

Five Below Reopens 90 Percent of Stores, Reports 44.9 Percent Decline in Net Sales in Latest Quarter

by Alex Patton June 11, 2020

PHILADELPHIA — Five Below (NASDAQ: FIVE), a discount retail chain headquartered in Philadelphia, has now reopened 90 percent of its stores across the United States. Due to the COVID-19 pandemic, the company temporarily closed all of its 920 stores across 36 states on March 20 and began reopening them in late April. Five Below reported a net sales decrease of 44.9 percent from $364.8 million to $200.9 million between the first quarters of 2019 and 2020. The first quarter of the company’s 2020 fiscal year ended on May 2. In addition, the company reported a net loss of $50.6 million in the first quarter compared with positive net income of $25.7 million in the first quarter of fiscal 2019. Five Below’s stock price closed at $113.67 per share on June 10, compared with $131.82 per share at the same time last year.

June 11, 2020

Acquisitions Industrial Northeast Pennsylvania

Innovative Industrial Properties Acquires 108,000 SF Cannabis Facility in New Castle, Pennsylvania

by Alex Patton June 11, 2020

NEW CASTLE, PA — Innovative Industrial Properties (IIP) has acquired a 108,000-square-foot industrial property in New Castle, a city about 55 miles northwest of Pittsburgh. The sales price was $8.9 million. The property sits on approximately 7.4 acres at 911 Industrial St. IIP entered into a long-term, triple-net lease agreement with the tenant, Holistic Industries Inc., which will continue to operate the property as a medical-use cannabis cultivation and processing facility. This transaction marks IIP’s third acquisition and lease with Holistic. The seller was undisclosed.

June 11, 2020

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