Pennsylvania

Patagon Ventures Acquires 29,994 SF Property in Philadelphia for Self-Storage Redevelopment Project

by Alex Patton April 14, 2020

PHILADELPHIA — Patagon Ventures LLC, a Utah-based developer and investment firm, has acquired a 29,994-square-foot industrial building located at 533 E. Hunting Park Ave in Philadelphia for $1.6 million. Patagon plans to redevelop the property as a self-storage facility. A construction timeline was not released. Jason Ostach and Chris Pennington of Binswanger Commercial Real Estate Services represented Patagon in the transaction. Tony Rod of The Flynn Co. represented the seller, SBG Real Estate LLC.

April 14, 2020

Loans Multifamily Northeast Pennsylvania Seniors Housing

BMO Harris Provides $12.3M Refinancing for Two Seniors Housing Properties in Pennsylvania

by Alex Patton April 9, 2020

LEBANON AND MOUNT JOY, PA. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $12.3 million refinancing for two seniors housing properties owned by Juniper Communities LLC. The loan will refinance the mortgages on Juniper Village at Lebanon and Juniper Village at Mount Joy, both located in southeastern Pennsylvania. The Lebanon location features 40 independent living and 83 assisted living units, while the Mount Joy location features 63 assisted living units. An affiliate of Juniper Communities LLC, Juniper Management LLC, has managed the Lebanon and Mount Joy locations since acquisition in 2012.

April 9, 2020

Acquisitions Multifamily Northeast Pennsylvania Student Housing

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

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