Pennsylvania

MultiVersity Housing Partners Acquires 94-Bed Student Housing Community in Pittsburgh

by Alex Patton April 8, 2020

PITTSBURGH — MultiVersity Housing Partners has acquired Union on 5th, a 94-bed student housing community located near Duquesne University and the University of Pittsburgh, for an undisclosed price. The property features 35 fully furnished units in two- and three-bedroom floor plans. Renovations are planned for the property and will include a redesign of the lobby, the relocation of the office and leasing area, the addition of study space, hallway renovations, the construction of additional beds and the addition of a new package locker system. MultiVersity Property Management will oversee renovations and has been tapped to manage the community. Ryan Lang, Brandon Buell and Jack Brett of NKF Student Housing represented MultiVersity in the transaction. The seller was undisclosed.

April 8, 2020

Acquisitions Northeast Office Pennsylvania

JLL Arranges Sale of 123,087 SF Office Building in Blue Bell, Pennsylvania

by Alex Patton April 7, 2020

BLUE BELL, PA. — JLL has arranged the sale of a 123,087-square-foot office building in Blue Bell, a northern suburb of Philadelphia. Located at 518 Township Line Road, the building was completed in 2001 and renovated in 2019 with a new lobby, conference center, café and fitness center. At the time of sale, the property was 80 percent leased to six tenants including Jefferson Blue Bell Surgery. Doug Rodio, Brett Segal and Brett Grifo of JLL represented the seller, a partnership between Kairos Real Estate Partners and Artemis Real Estate Partners. The team also procured the buyer, Apex Financial Advisors.

April 7, 2020

Leasing Activity Northeast Pennsylvania Retail

Domino’s Pizza Signs 1,300 SF Retail Lease in Easton, Pennsylvania

by Alex Patton April 7, 2020

EASTON, PA. — Domino’s Pizza has signed a 1,300-square-foot retail lease in Easton, approximately 70 miles north of Philadelphia. Located at 3011 William Penn Highway in William Penn Plaza shopping center, the retail space has been vacant for the last four years. Other tenants include Weis Supermarket, GameStop and several other retail businesses and restaurants. The new lease for the 1,300-square-foot space carries a 10-year initial term. The opening is slated for late spring or early summer 2020, in accordance with timelines established by the state regarding COVID-19. Seth Lacey and Scott Horner of Colliers International represented the landlord in the lease negotiations.

April 7, 2020

Acquisitions Industrial Northeast 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

Newer Posts

Older Posts