Pennsylvania

Adler Realty Acquires 67,215 SF Bensalem Crossing Retail Center Near Philadelphia

by Taylor Williams July 16, 2020

BENSALEM, PA. — California-based Adler Realty Investments Inc. has acquired Bensalem Crossing, a 67,215-square-foot retail center located on the northeastern outskirts of Philadelphia, for $11.5 million. The center is leased to three tenants: anchor and grocer ShopRite, CVS and a wireless telecommunications provider. Jim Galbally, Chris Munley and Colin Behr of JLL represented the New York City-based seller in the transaction. Chad Orcutt, Brian Halpern and Mike Pagniucci of JLL arranged $7.1 million in acquisition financing on behalf of Adler Realty.

July 16, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of 50,427 SF Gwynedd Office Park Near Philadelphia

by Taylor Williams July 10, 2020

LOWER GWYNEDD, PA. — Marcus & Millichap has brokered the sale of Gwynedd Office Park, a 50,427-square-foot property located in the Philadelphia suburb of Lower Gwynedd. The sales price was $6.8 million. Gwynedd Office Park, which was 98 percent leased at the time of sale, was built on 6.3 acres in 1980 and renovated in 2019. Craig Dunkle of Marcus & Millichap represented the buyer, and Craig Fernsler of KW Commercial Real Estate and Joshua Levin of Levin Commercial Real Estate represented the seller. Both parties were limited liability companies that requested anonymity.

July 10, 2020

Acquisitions Industrial Northeast Pennsylvania

Roddy Inc. Negotiates Sale of 21,600 SF Warehouse in Huntingdon Valley, Pennsylvania

by Taylor Williams July 10, 2020

HUNTINGDON VALLEY, PA. — Locally based brokerage firm Roddy Inc. has negotiated the sale of a 21,600-square-foot warehouse located at 1670 Republic Road in Huntingdon Valley, about 20 miles north of Philadelphia. The property is situated on 1.4 acres and features 18-foot clear heights, two tailgate loading doors and 2,600 square feet of office space. Sean Dunkin of Roddy Inc. represented the sellers, a duo of private investors, in the transaction. The buyer was Republic Holdings LLC, an affiliate of Precision Mechanical Contracting, a Pennsylvania-based provider of refrigeration services.

July 10, 2020

Acquisitions Hospitality Northeast Pennsylvania

Cinram Sells 1 MSF Manufacturing, Distribution Facility in Olyphant, Pennsylvania

by Taylor Williams July 8, 2020

OLYPHANT, PA. — Cinram, a Canadian producer of Blu-Ray and DVD discs, has sold its 1 million-square-foot manufacturing and distribution facility in Olyphant, a city in northeastern Pennsylvania. Cinram will lease the space back from the new, undisclosed owner. The single-tenant property is situated on 103 acres at 1400 E. Lackawanna Ave. The property was developed in 1980 and features 12- to 30-foot clear heights and 39 dock-high doors, according to LoopNet Inc. Cinram sold the facility as part of a portfolio deal that also included the disposition of the company’s 500,000-square-foot facility in Tuscaloosa, Ala.

July 8, 2020

Acquisitions Northeast Office Pennsylvania Retail

Marcus & Millichap Arranges $15.3M Sale of Retail, Office Portfolio in Philadelphia

by Taylor Williams July 2, 2020

PHILADELPHIA — Marcus & Millichap has arranged the $15.3 million sale of The Parkside Portfolio, a collection of retail and office buildings totaling 78,194 square feet in the West Parkside neighborhood of Philadelphia. The buildings are located at 5050, 4946, 4952-64 Parkside Ave. and are leased to national anchor tenants including Davita, Santander Bank and Goodwill. The office portion of the portfolio was fully leased to homecare, government and local professional tenants. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller, Rockland Capital, in the transaction. The team also represented the buyer, The Leser Group.

July 2, 2020

Acquisitions Industrial Northeast Pennsylvania

Colliers Arranges Sale of 40,000 SF Warehouse in Levittown, Pennsylvania

by Alex Patton July 1, 2020

LEVITTOWN, PA. — Colliers International has arranged the sale of a 40,000-square-foot warehouse in Levittown, a southern suburb of Trenton, for an undisclosed price. The Class C building is located at 1901 Hartel St. and was constructed in 1969. The property offers immediate access to the Pennsylvania Turnpike and Interstate 95. Jim Scott of Colliers represented the buyer, family-owned tire service company McCarthy Tire. Scott also represented the undisclosed seller.

July 1, 2020

Leasing Activity Northeast Pennsylvania Retail

NKF Negotiates 15,499 SF Retail Lease Renewal in South Whitehall, Pennsylvania

by Alex Patton July 1, 2020

SOUTH WHITEHALL, PA. — Newmark Knight Frank (NKF) has negotiated a 15,499-square-foot retail lease renewal for Grocery Outlet Inc. in South Whitehall, a western suburb of Allentown. Located at 4680 Broadway Road, the property is part of the 248,533-square-foot Tilghman Square shopping center, which offers convenient access to State Routes 22 and 309 and Interstates 78 and 476. Other tenants include New Vision Theaters, Dollar Tree and Staples. Grocery Outlet Inc. had previously leased the space for 14 years. Michael LaRue of NKF represented Grocery Outlet in the lease negotiations. Larken Associates is the landlord.

July 1, 2020

Leasing Activity Northeast Pennsylvania Retail

Charlie’s Pizza Signs 2,000 SF Retail Lease at Morrell Plaza in Philadelphia

by Alex Patton July 1, 2020

PHILADELPHIA — Charlie’s Pizza has signed a 2,000-square-foot retail lease at Morrell Plaza, a 103,000-square-foot shopping center that is located at the intersection of Frankford Avenue and State Route 13 in Philadelphia. A 63,000-square-foot ShopRite supermarket anchors the center. Other tenants include Northeast Cycle, Wingstop, Freedom Credit Union, Rite Aid, T-Mobile, Supercuts, Dunkin’ and Yamato Sushi & Hibachi. Sidney Singer of Levin Management Corp., which serves as the property’s exclusive leasing and managing agent, negotiated the lease on behalf of the landlord.

July 1, 2020

Acquisitions Northeast Office Pennsylvania Top Stories

Independence Blue Cross Acquires Philadelphia Headquarters for $360M

by Kristin Harlow July 1, 2020

PHILADELPHIA — Independence Blue Cross has acquired 1901 Market Street, a Class A office tower in Center City Philadelphia, for $360 million. The 45-story, 800,000-square-foot building has served as the health insurance company’s headquarters since construction was completed in 1989. Atlanta-based Piedmont Office Realty Trust (NYSE: PDM) was the seller. The property has received more than $110 million in capital improvements over the last eight years. Upgrades included a new lobby, outdoor plaza and mechanical systems, as well as renovations throughout the interiors for a more modern look. The building is the eighth-tallest office tower in Philadelphia and houses nearly 2,500 Independence associates. Independence is the sole occupant of the building. In addition to 1901 Market Street, Independence’s campus includes a customer service call center and Independence LIVE, a customer experience center. Both connect to the company’s headquarters via a courtyard that is open to the public. Prior to the purchase, Independence was in a long-term lease. But the company found the purchase attractive because low interest rates enabled Independence to lower its annual cost of occupancy, according to Donna Farrell, vice president of corporate communications. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets marketed …

July 1, 2020

Development Industrial Northeast Pennsylvania

Hilco Global Acquires 1,300-Acre Industrial Site in Philadelphia for $225.5M

by Alex Patton June 29, 2020

PHILADELPHIA — Hilco Global, an Illinois-based developer, has acquired a 1,300-acre industrial development site in Philadelphia. The sales price was $225.5 million. Located at 1735 Market St., the site formerly housed the Philadelphia Energy Solutions (PES) oil refinery for more than 150 years. Hilco plans to redevelop the site as an “environmentally responsible” commercial hub, the exact details of which were undisclosed. According to The Philadelphia Inquirer, PES was the East Coast’s largest refinery until a corroded fuel line ignited in June 2019, leading to the bankruptcy and permanent closing of the refinery. At the height of its activity, the refinery formerly employed as many as 1,000 workers. Hilco plans to demolish and rebuild the site over a period of several years, creating 8,000 union construction jobs and 10,000 permanent jobs, The Philadelphia Inquirer reports.

June 29, 2020

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