Pennsylvania

Acts Acquires 80,000 SF Office Building in Pennsylvania for New Headquarters

by Alex Patton November 21, 2019

FORT WASHINGTON, PA. — Nonprofit senior living organization Acts Retirement-Life Communities has acquired an 80,000-square-foot office building in Fort Washington, a northern suburb of Philadelphia. The company will move its operations from West Point, where it has been headquartered since 1989, and will be the sole occupant of the new building. The office complex was built in 2006 and will serve Acts Retirement’s primary base of operations for its 26 senior living campuses located throughout the East Coast, including 12 in the greater Philadelphia area. Employees have already begun transferring to the new office, completion of which is slated for December. The sales price was undisclosed.

November 21, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

LCS Real Estate Acquires 98-Unit Seniors Housing Community in Pennsylvania

by Alex Patton November 19, 2019

WARRINGTON, PA. — LCS Real Estate has acquired The Solana Doylestown, a 98-unit seniors housing community in Warrington, located approximately 20 miles north of Philadelphia. LCS Real Estate brokered the transaction, and Life Care Services will provide management services; both are LCS companies. The community opened in 2016 and has a total of 70 personal care apartments and 28 memory care residences. Financial details and the name of the seller were not disclosed.

November 19, 2019

Acquisitions Industrial Northeast Pennsylvania

Colliers Brokers Sale of 100,800 SF Industrial Facility in Bristol, Pennsylvania

by Taylor Williams November 18, 2019

BRISTOL, PA. — Colliers International has brokered the $6.8 million sale of 220 Rittenhouse Circle, a 100,800-square-foot industrial facility in Bristol, a southern suburb of Trenton. The property is located within Keystone Industrial Park, which offers immediate access to I-95 and also houses tenants including FedEx, L3 Communications and Office Depot. Jim Scott of Colliers represented the buyer, Penwood Real Estate Investment Management. The seller was undisclosed.

November 18, 2019

Acquisitions Northeast Office Pennsylvania

JLL Brokers $33M Sale of Woodland Falls Office Complex Near Philadelphia

by Taylor Williams November 14, 2019

CHERRY HILL, N.J. — JLL has brokered the $33 million sale of Woodland Falls, a Class A office complex located in the eastern Philadelphia suburb of Cherry Hill. Woodland Falls comprises three buildings totaling 217,986 square feet and offers proximity to Cherry Hill Mall and Garden State Park, two retail centers with numerous shopping and dining options. The property was built in the late 1980s and was 92 percent leased at the time of sale. Doug Rodio of JLL represented the seller, Crown Properties, and procured the buyer, Strategic Funding Alternatives.

November 14, 2019

Leasing Activity Northeast Pennsylvania Retail

McCarthy Tire Service Signs 48,485 SF Retail Lease in Bristol, Pennsylvania

by Alex Patton November 13, 2019

BRISTOL, PA. — Pennsylvania-based McCarthy Tire Service has signed a 48,485-square-foot retail lease in Bristol, a southern suburb of Trenton. McCarthy offers tire sales, repair and 24-hour roadside assistance for commercial trucks. The company will use the new location to consolidate its Bensalem and Philadelphia stores. Sean Durkin of Roddy Inc. represented McCarthy in the lease negotiations. John Bown III represented the landlord, Industrial Investments Inc., in-house.

November 13, 2019

Industrial Leasing Activity Northeast Pennsylvania

ROCK Negotiates 19,000 SF Industrial Lease in York, Pennsylvania

by Alex Patton November 12, 2019

YORK, PA. — ROCK Commercial Real Estate has negotiated a 19,000-square-foot industrial lease for Continental Paper Grading in York, located approximately 55 miles north of Baltimore. The space is located at 3635-3725 Board Road, a 152,700-square-foot industrial complex with 12 drive-in doors and 26 docks. The landlord is Fielder Enterprises. Ted Turnbull and Jason Turnbull of ROCK brokered the transaction.

November 12, 2019

Leasing Activity Northeast Office Pennsylvania

Elephat Printing & Design Signs 3,024 SF Office Lease in York, Pennsylvania

by Alex Patton November 6, 2019

YORK, PA. — Elephat Printing & Design LLC has signed a 3,024-square-foot office lease at 1285 West King Street in York, located approximately 25 miles south of Harrisburg. The property is part of a 47,954-square-foot office complex shared by tenants including York Roofing and Raymundo Drywall LLC. Nate Resh and David Bode of ROCK Commercial Real Estate, brokered the transaction.

November 6, 2019

Loans Multifamily Northeast Pennsylvania

JLL Arranges $23M Construction Loan for Multifamily Development in Wind Gap, Pennsylvania

by Alex Patton November 1, 2019

WIND GAP, PA. — JLL has arranged a $23 million construction loan for the development of Dream Lehigh Valley, a 200-unit apartment complex in the Lehigh Valley community of Wind Gap, located approximately 70 miles north of Philadelphia. A regional bank provided the floating-rate construction loan to the project’s developer, DLP Capital Partners. Dream Lehigh Valley will include nine residential buildings comprising one-, two- and three-bedroom apartments, as well as a two-story clubhouse with a lounge, game room, fitness center and pool. Construction is slated for completion in 2021. Michael Pagniucci and Jason Bond of JLL arranged the loan for DLP Capital Partners.

November 1, 2019

Development Northeast Pennsylvania Retail

Primark to Open 34,200 SF Store at Fashion District Philadelphia

by Alex Patton October 31, 2019

PHILADELPHIA — Fast fashion retailer Primark will open a 34,200-square-foot store to anchor the west end of Fashion District Philadelphia, an apparel-focused mall redevelopment located in the Center City area of Philadelphia. Cosmetic retailer Sephora and apparel retailers Forever 21 and Kate Spade New York Outlet also recently signed new leases at the retail center. PREIT and Macerich developed Fashion District Philadelphia, which opened in September.

October 31, 2019

Acquisitions Multifamily New York Northeast Pennsylvania

Morgan Properties Acquires 18,000-Unit Multifamily Portfolio in Northeast

by Alex Patton October 29, 2019

KING OF PRUSSIA, PA. — Metro Philadelphia-based Morgan Properties has acquired multifamily portfolio comprised of 80 apartment communities totaling approximately 18,000 units across 15 states. The portfolio is primarily located in upstate New York markets, including Rochester, Buffalo, Syracuse and Albany, as well as Pennsylvania submarkets that include Pittsburgh and Harrisburg. Properties in New York include Henrietta Highlands, a 338-unit community in Henrietta; Waverlywood, a 381-unit property in Webster; and North Ponds, a 196-unit asset in Webster. The portfolio also comprises assets in the Southeast and Midwest United States. The seller was Morgan Communities, a company based in Rochester, New York, which has no relation to Morgan Properties. The sales price was undisclosed.

October 29, 2019

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