Pennsylvania

Harvest Health Acquires Cannabis Grower, Cultivation Facility in Reading, Pennsylvania for $25.5M

by Alex Patton April 6, 2020

READING, PA. — Arizona-based cannabis grower and retailer Harvest Health & Recreation has acquired Reading-based grower Franklin Labs LLC for $15.5 million in cash and a $10 million promissory note. The acquisition of the company included a 46,800-square-foot cultivation and processing facility in a former Pepsi warehouse, located at 1800 Centre Ave. in Reading. Harvest owns and operates five medical cannabis dispensaries in Pennsylvania and plans to begin growing and processing at its new facility during the second quarter of this year. The Pennsylvania Department of Health defines medical cannabis dispensaries and healthcare providers as essential services that will remain open during the COVID-19 crisis.

April 6, 2020

Acquisitions Industrial Northeast Pennsylvania

Colliers Brokers Sale of 15,200 SF Industrial Property in Allentown, Pennsylvania

by Alex Patton April 6, 2020

ALLENTOWN, PA. — Colliers International has brokered the $1.5 million sale of a 15,200-square-foot industrial property in Allentown, about 65 miles north of Philadelphia. Located at 1633 Airport Road, the property was constructed in 1970 and offers convenient access to the Lehigh Valley International Airport. The property was vacant at the time of sale. Seth Lacey and Derek Zerfass of Colliers represented the seller, Calumet Properties, in the transaction. Greg Bianchi of U.S. Realty represented the buyer, Victory Development.

April 6, 2020

Acquisitions Industrial Northeast Pennsylvania

Phoenix Investors Acquires 625,000 SF Industrial Facility in West Mifflin, Pennsylvania

by Alex Patton April 2, 2020

WEST MIFFLIN, PA. — An affiliate of Wisconsin-based developer Phoenix Investors has acquired a 625,000-square-foot industrial facility in West Mifflin, a southwestern suburb of Pittsburgh. The property is situated on 53 acres at 1200 Lebanon Road and includes approximately 15 acres of unused developable land. Originally built for Continental Can Co., the property features 24-foot clear heights and 57 loading doors. The property was approximately 70 percent leased by more than 20 tenants at the time of sale. John Jackson and Evan Cicirello of Grant Street Associates Inc., an affiliate of Cushman & Wakefield, represented the undisclosed seller in the transaction. The team also procured Phoenix Investors as the buyer. The sales price was undisclosed.

April 2, 2020

Northeast Pennsylvania

Pennsylvania Governor Extends School, Business Closures Indefinitely Due to Coronavirus

by Alex Patton March 31, 2020

HARRISBURG, PENN. — Schools and nonessential businesses in Pennsylvania will remain closed indefinitely due to the novel coronavirus, COVID-19, according to a Pennsylvania Gov. Tom Wolf. The governor previously closed all nonessential businesses for a period of two weeks but has extended the time frame after increased cases of the virus in the state. Wolf also extended the state’s shelter-in-place order to April 30. As of March 31, The Wall Street Journal tracked 4,155 cases in Pennsylvania and 51 confirmed deaths. President Donald Trump has extended social distancing guidelines, including avoiding nonessential travel and gatherings of groups larger than 10 people, until at least April 30.

March 31, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Arranges $11.9M Sale of Shops at Red Lion Retail Center in Philadelphia

by Alex Patton March 31, 2020

PHILADELPHIA — Marcus & Millichap has arranged the $11.9 million sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia. Located at 10000-90 Roosevelt Blvd., the property was 100 percent leased at the time of sale to tenants such as Starbucks, Verizon and Dunkin’. Derrick Dougherty, Mark Krantz and Scott Woodard of Marcus & Millichap represented the seller, a limited liability company affiliated with Abrams Realty Development, in the transaction. The team also procured the buyer, a limited liability company controlled by David Adam Realty.

March 31, 2020

Healthcare Leasing Activity Northeast Pennsylvania

Broad Street Healthcare Offers to Lease Shuttered Medical Center to City of Philadelphia to Treat Covid-19 patients

by Alex Patton March 25, 2020

PHILADELPHIA — Broad Street Healthcare Properties, owner of the shuttered Hahnemann University Hospital, has offered to lease the medical facility to the City of Philadelphia below market cost in the event that a surge of coronavirus cases occurs. The 496-bed former acute care hospital is located in the Logan Square neighborhood, a central district of the city. Broad Street offered the facility at a daily rental price of approximately $27 per bed plus operating costs. As of March 25, The Wall Street Journal tracked 946 cases in Pennsylvania and 8 confirmed deaths.

March 25, 2020

Acquisitions Industrial Northeast Pennsylvania Self-Storage

JLL Arranges Sale of 3,596-Unit Self-Storage Portfolio in New York City, Boston

by Alex Patton March 25, 2020

NEW YORK CITY AND BOSTON — JLL has arranged the sale of three-property self-storage portfolio totaling 3,596 units. The facilities are located in the greater New York City and Boston areas. The assets were all constructed in 2018 or 2019 and are located at 5002 2nd Ave. in Brooklyn; 479 5th Ave. in New Rochelle; and 490 Eastern Ave. in metro Boston. Steve Mellon, Brian Somoza, Andrew Scandalios and Coleman Benedict of JLL represented the sellers, affiliates of Banner Real Estate Group. The team also procured the buyer, an affiliate of California-based REIT Public Storage.

March 25, 2020

Development Northeast Office Pennsylvania

Rubenstein Plans Amenity Overhaul Project at 276,533 SF Office Complex in Yardley, Pennsylvania

by Alex Patton March 25, 2020

YARDLEY, PENN. — Rubenstein Partners L.P. is planning an amenity overhaul project at Makefield Crossing, a four-building office complex in Yardley, a southwestern suburb of Trenton. Rubenstein plans to upgrade the fitness center, conference center, full-service café and tenant lounge, and will also replace a portion of the parking lot with green space. In the past 12 months, several new tenants have signed office leases at Makefield Crossing, including Biohaven Pharmaceuticals (21,082 square feet) and Cello Health (21,690 square feet). Further details of the project, including the project cost and construction schedule, were not disclosed. Rubenstein owns three of the complex’s four buildings totaling 276,533 square feet of Class A space

March 25, 2020

Hospitality Massachusetts New Jersey New York Northeast Pennsylvania

Oxford Economics Study Projects 44 Percent Hotel Job Losses Nationwide

by Alex Patton March 24, 2020

NEW YORK, NEW JERSEY, PENNSYLVANIA, MASSACHUSETTS — An Oxford Economics study for the American Hotel & Lodging Association (AHLA) has found that 44 percent of hotel employees in every state have lost or are projected to lose their jobs as a result of the COVID-19 outbreak. AHLA reports that hotel occupancy rates in some markets are below 20 percent following restrictions of air-travel and business shutdowns in many states, including New York. Of the state’s 112,897 direct hotel operations jobs, 49,674 have been lost or are projected to be lost in the coming weeks. Hotel job loss has also affected other major markets in the Northeast including New Jersey (52,490 jobs, 23,096 lost); Pennsylvania (65,229 jobs, 28,701 lost); and Massachusetts (40,562 jobs, 17,847 lost).

March 24, 2020

Hospitality Northeast Pennsylvania

Cambridge Landmark Completes $30M Renovation of Sheraton Philadelphia Downtown Hotel

by Alex Patton March 23, 2020

PHILADELPHIA — Hospitality owner Cambridge Landmark has completed a $30 million renovation of its 760-room Sheraton Philadelphia Downtown hotel in the Center City area of Philadelphia. The project upgraded the hotel’s guestrooms and 2,071-square-foot fitness center, which now features four Peloton bikes, among other new fitness equipment. The renovation also delivered a new 60,000-square-foot event space with two dining options.

March 23, 2020

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