Pennsylvania

ESI Negotiates $18.2M Sale of Seniors Housing Community in Sellersville, Pennsylvania

by Alex Patton January 29, 2020

SELLERSVILLE, PA. — Evans Senior Investments (ESI) has negotiated the $18.2 million sale of a 94-unit seniors housing community in Sellersville, located approximately 30 miles north of Philadelphia. Hidden Meadows on the Ridge features 54 assisted living units, while The Laurels features 40 memory care units. Built in 2007 and renovated in 2018, the community recently underwent a capital improvements program that delivered new flooring, full facility furniture replacement and new dining options. The two facilities had a combined occupancy rate of 94 percent at the time of sale. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was an undisclosed REIT based on the East Coast.

January 29, 2020

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 240-Bed Skilled Nursing Facility in Philadelphia

by Alex Patton January 28, 2020

PHILADELPHIA — Private equity investment firm Tryko Partners has acquired Glendale Uptown Home, a 240-bed skilled nursing facility in the Lexington Park neighborhood of Philadelphia. The center, which has been renamed Roosevelt Rehabilitation & Healthcare Center, is located at 7800 Bustleton Ave. and is situated close to the Nazareth Hospital. Tryko plans to invest in a new therapy gym for the facility and to update patient rooms and mechanical systems. The sales price and seller were undisclosed.

January 28, 2020

Development Multifamily Northeast Pennsylvania

Equus Completes 182-Unit Madison Lansdale Station Apartments Near Philadelphia

by Taylor Williams January 23, 2020

LANSDALE, PA. — Equus Capital Partners, a locally based private equity fund, has completed Madison Lansdale Station, a 182-unit multifamily property in Lansdale, about 25 miles north of Philadelphia. The property, which features studio, one- and two-bedroom units, is part of a 6.7-acre mixed-use development located adjacent to Lansdale station on the SEPTA transit line. Additional uses include single-family homes and 15,000 square feet of retail space. Amenities at Madison Lansdale Station, which is now 50 percent leased, include a fitness center, business center, clubhouse, demonstration kitchen, billiard room and outdoor spaces with lounges and fire pits.

January 23, 2020

Acquisitions Northeast Office Pennsylvania

JLL Negotiates $180M Sale of Westinghouse Electric Headquarters Near Pittsburgh

by Taylor Williams January 22, 2020

CRANBERRY TOWNSHIP, PA. — JLL has negotiated the sale of the Westinghouse Electric Co. headquarters building, an 823,979-square-foot office asset located in Cranberry Township, about 20 miles north of Pittsburgh. Columbia Property Trust sold the property to an institutional investment firm for $180 million.Built in 2009, the Class A complex houses Westinghouse’s executive offices, research and development branch and other various support functions. Amenities at the center include tennis, basketball and volleyball courts, childcare services, walking trails and a bank branch. John Pelusi, Mark Popovich, Mark West, Coler Yoakam and Nick Unkovic of JLL represented the seller, Columbia Property Trust, in the transaction.

January 22, 2020

Acquisitions Industrial Northeast Pennsylvania

Markward Group Negotiates Sale of 20,295 SF Industrial Property in Easton, Pennsylvania

by Alex Patton January 20, 2020

EASTON, PA. — Markward Group has negotiated the sale of a 20,295-square-foot industrial property for plastic extrusion manufacturer Fluortek in Easton, a northeastern suburb of Allentown. The company, which manufactures custom tubing for medical devices, is moving from 12 McFadden Road in Easton to 3370 3370 Hill Road. Matt Macdonald of Markward Group represented Fluortek in the transaction. The sales price was undisclosed.

January 20, 2020

Leasing Activity Northeast Office Pennsylvania

NAI Mertz Opens 1,650 SF Office in Feasterville-Trevose, Pennsylvania

by Alex Patton January 20, 2020

FEASTERVILLE-TREVOSE, PA. — Commercial brokerage firm NAI Mertz has opened a 1,650-square-foot office in Feasterville-Trevose, a southwestern suburb of Trenton. The company relocated its southeastern Pennsylvania office to 210 E. Street Road. The property is situated within the Village Suites at Lower Southampton Village, a 123,000-square-foot retail shopping center. Other tenants include Panera Bread, Cold Stone Creamery and Pier 1 Imports.

January 20, 2020

Northeast Office Pennsylvania

CBRE’s Hana to Open 50,000 SF Coworking Office Space in Philadelphia

by Alex Patton January 17, 2020

PHILADELPHIA — Coworking office space provider Hana, a subsidiary of CBRE Group Inc., will open a 50,000-square-foot space in Philadelphia. The office will occupy two floors at 1818 Market Street, a 981,000-square-foot office building in the Center City district. Slated for to come on line in 2020, the space will provide rentable coworking office space as well as conference rooms and event space. Shorenstein Properties is the owner of the building.

January 17, 2020

Leasing Activity Northeast Pennsylvania Retail

Mathnasium Signs 1,862 SF Retail Lease in Montgomeryville, Pennsylvania

by Alex Patton January 17, 2020

MONTGOMERYVILLE, PA. — Math tutoring company Mathnasium Learning Centers has signed a 1,862-square-foot retail lease at 202 Marketplace, a shopping center in Montgomeryville, located approximately 25 miles north of Philadelphia. The center will tutor students in introductory and advanced math skills. Other tenants of the shopping center include Outback Steakhouse, The MAX Challenge of Montgomeryville and Five Points Pizza. Brandon Anapol of Metro Commercial brokered the lease.

January 17, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Arranges $40M Sale of Grocery-Anchored Retail Center in Blue Bell, Pennsylvania

by Alex Patton January 15, 2020

BLUE BELL, PA. — Marcus & Millichap has arranged the $40 million sale of Centre Square Commons, an 88,598-square-foot retail center in Blue Bell, a northern suburb of Philadelphia. A 22,450-square-foot Aldi Supermarket anchors the shopping center, which was 96 percent occupied at the time of sale. Other tenants include Pennsylvania Fine Wine & Spirits Signature Premium Store, Starbucks and Anthony’s Coal Fired Pizza. Brad Nathanson of Institutional Property Advisors represented the seller, Kinsley Properties, in the transaction. Nathanson also procured the buyer, Medipower Overseas Co.

January 15, 2020

Development Northeast Office Pennsylvania

Center City Investment to Develop 296,000 SF Spec Office Building in Allentown

by Alex Patton January 13, 2020

ALLENTOWN, PA. — Center City Investment Corp. will develop 1 Center Square, a 296,000-square-foot Class A office building in the City Center business district of Allentown, located approximately 60 miles north of Philadelphia. The 16-story office building will be built with a speculative corporate headquarters anchor tenant in mind and will feature open floorplans and theater-style auditoriums. JDavis Architects is designing 1 Center Square and Gensler is the interior designer. North Star Construction Management is the general contractor. Construction is slated to begin this fall, with initial occupancy scheduled for 2022. The project is estimated to cost $100 million.

January 13, 2020

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