Pennsylvania

Cushman & Wakefield Arranges Sale of 250,000 SF Office Building in Allentown, Pennsylvania

by Taylor Williams October 26, 2020

ALLENTOWN, PA. — Cushman & Wakefield has arranged the sale of 2100 Mack Boulevard, a 250,000-square-foot office building in Allentown, located in the Lehigh Valley region. The six-story property is situated on 22 acres and features an auditorium, fully equipped fitness center and a full-service cafeteria. Lehigh Valley Health Network has occupied the building since 2009; prior to that, the property served as the headquarters for Mack Trucks. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Frank DiTommaso, Seth Zuidema and Gerry Blinebury of Cushman & Wakefield represented the seller, J.G. Petrucci Co., in the transaction. BHN Associates purchased the asset for an undisclosed price.

October 26, 2020

Company News Multifamily New Jersey Northeast Pennsylvania

Bellwether Enterprise Acquires Maher Mortgage, Expands Regional Presence

by Taylor Williams October 26, 2020

PHILADELPHIA — Bellwether Enterprise Real Estate Capital has acquired Philadelphia-based Maher Commercial Mortgage LLC, effectively expanding its presence in the Southern Pennsylvania and New Jersey region. The acquisition will add more than $900 million in annual loan volume and $3 billion in servicing to Bellwether Enterprise’s existing portfolios. Firm leader Thompson Maher will join Bellwether Enterprise as an executive vice president, and his six support staff and five loan producers will also join the acquiring entity.

October 26, 2020

3419-Ritner-Highway-Newville-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

Exeter Property Group Buys Distribution Center in Newville, Pennsylvania, for $85M

by Taylor Williams October 22, 2020

NEWVILLE, PA. — Metro Philadelphia-based investment and development firm Exeter Property Group has purchased a 1.2 million-square-foot warehouse and distribution center located at 3419 Ritner Highway in Newville, located west of Harrisburg, for $85 million. The property is situated on 85.3 acres just off Interstate 81 and features a 60-foot loading bay, a 200-foot truck court, 249 automobile parking spaces and 243 trailer parking spaces. Gerry Blinebury, Gary Gabriel and Adam Campbell of Cushman & Wakefield represented the seller, Artemis Real Estate Property, in the transaction. The asset was constructed on a speculative basis and is currently vacant.

October 22, 2020

Loans Multifamily Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Provides $25.2M Agency Loan for Refinancing of Lehigh Valley Apartments

by Taylor Williams October 19, 2020

BETHLEHEM, PA. — Walker & Dunlop has provided a $25 million Fannie Mae loan for the refinancing of Bethlehem Fields Apartments a multifamily community located in Pennsylvania’s Lehigh Valley region. The property features one- and two-bedroom apartments and townhomes for a total of 216 residences. John Banas, Kris Wood, John Wilson and Rhett Saltiel of Walker & Dunlop originated the 10-year, fixed-rate loan, which was also structured with three years of interest-only payments. The borrower was Pennsylvania-based Boyd Wilson.

October 19, 2020

Loans Northeast Pennsylvania Retail

JLL Arranges Acquisition Financing for 185,282 SF Shopping Center in Burnham, Pennsylvania

by Taylor Williams October 15, 2020

BURNHAM, PA. — JLL has arranged an undisclosed amount of acquisition financing for Greater Lewistown Plaza, a 185,282-square-foot, grocery-anchored shopping center located in the Central Pennsylvania town of Burnham. Grocer Weis is the anchor tenant at the 22-acre property, and other users include CVS, Dunham Sports, Goodwill and Rent-a-Center. Michael Klein and Claudia Steeb of JLL arranged the fixed-rate loan through AmeriServ Financial. The borrower, Logan GL Holdings LLC, plans to implement a capital improvement program.

October 15, 2020

Development Healthcare Northeast Pennsylvania

Mediplex Property Group Delivers 20,000 SF Medical Office Building Near Philadelphia

by Taylor Williams October 14, 2020

ABINGTON, PA. — Mediplex Property Group has delivered a 20,000-square-foot medical office building in Abington, located north of Philadelphia. The two-story building is fully leased to Abington Neurological Associates, LabCorp, Wink Optical & Eyecare and RMA-Jefferson Health. Pennsylvania-based firms Linn Architects and Axis Construction Management served as the architect and construction manager of the project, respectively. Bryn Mawr Trust Corp. provided construction financing.

October 14, 2020

Loans Multifamily Northeast Pennsylvania

ACRES Capital Provides $33M Construction Loan for Pittsburgh Multifamily Project

by Taylor Williams October 13, 2020

PITTSBURGH — ACRES Capital Corp. has provided a $33 million loan for the construction and stabilization of a 161-unit multifamily project located at 5803 Centre Ave. in the Shadyside neighborhood of Pittsburgh. The property will house 6,000 square feet of retail space and offer amenities such as a fitness center with a yoga studio, coworking office space with indoor and outdoor workstations and a self-checkout convenience mart. The borrower, Colorado-based Charles Street Investment Partners, expects to complete the project in the third quarter of 2022.

October 13, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Brokers Sale of 151,220 SF Industrial Building Near Philadelphia

by Taylor Williams October 13, 2020

CHALFONT, PA. — Binswanger has brokered the sale of a 151,220-square-foot industrial building located at 90 Hamilton St. in Chalfont, about 30 miles north of Philadelphia. The sales price was approximately $6 million. The property sits on 13.7 acres and features 23-foot clear heights and 6,000 square feet of office space. Chris Pennington and Tim Pennington of Binswanger represented the seller, specialty gifts maker Harriet Carter, in the transaction. The buyer was not disclosed.

October 13, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Arranges Sale of 171,646 SF Industrial Property Near Philadelphia

by Taylor Williams October 12, 2020

MONTGOMERYVILLE, PA. — Binswanger Commercial Real Estate Services has arranged the sale of a 171,646-square-foot industrial property located at 425 Stump Road in Montgomeryville, a northern suburb of Philadelphia. The sales price was $8.5 million. Built on 9.8 acres in 1970, the property features 12 dock-high doors, 16-foot clear heights and 20,000 square feet of office space. Chris Pennington and Tim Pennington of Binswanger represented the seller, specialty gift maker Harriet Carter, in the transaction.

October 12, 2020

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

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

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