Pennsylvania

Prologis to Acquire Liberty Property Trust in $12.6B All-Stock Deal

by Taylor Williams October 28, 2019

SAN FRANCISCO AND MALVERN, PA. — San Francisco-based Prologis Inc. has entered into a definitive agreement to acquire Pennsylvania-based Liberty Property Trust in an all-stock transaction valued at approximately $12.6 billion, inclusive of outstanding debt. The deal between the two industrial REITs is expected to close in the first quarter of 2020. Under the terms of the agreement, Prologis (NYSE: PLD) will acquire roughly 107 million square feet of stabilized logistics space, 5.1 million square feet of logistics product in various stages of development and 1,684 acres with a future build-out potential totaling 19.7 million square feet. In addition, Liberty (NYSE: LPT) shareholders will receive 0.675 in shares of Prologis common stock for each Liberty share they own. Both the board of directors of Prologis and the board of trustees of Liberty have unanimously approved the transaction. Prologis plans to dispose of $3.5 billion in assets, including $2.8 billion of non-strategic logistics properties and $700 million of office properties, to help finance the acquisition. “The joining of these two platforms at this moment, when industrial logistics has become so pivotal to the new economy, will further the industry’s ability to support the nation’s supply chain and enhance value creation for …

October 28, 2019

Acquisitions Northeast Office Pennsylvania

Colliers Brokers Sale of 67,219 SF One Summit Square Office Building in Langhorne, Pennsylvania

by Alex Patton October 25, 2019

LANGHORNE, PA. — Colliers International has brokered the sale of One Summit Square, a 67,219-square-foot office building in Langhorne, a western suburb of Trenton. The building is leased by tenants including Comcast, electronics company Ricoh and U.S. Congressman Brian Fitzpatrick. The buyer, an affiliate of Phoenix Nexus Enterprises, will relocate its headquarters to an approximately 13,000-square-foot space at the property. Matthew Shanahan and Carl Neilson of Colliers represented the buyer as well as the seller, Country Life Insurance Co., in the transaction.

October 25, 2019

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 6,724 SF Office Lease at Spring House Innovation Park Near Philadelphia

by Alex Patton October 23, 2019

LOWER GWYNEDD, PA. — CBRE has negotiated a 6,724-square-foot office lease for cancer screening company Anpac Bio at Spring House Innovation Park in Lower Gwynedd, a northern suburb of Philadelphia. Developed and owned by MRA Group, the 600,000-square-foot property offers lab, research and development facilities, as well as Class A office and coworking space. Anpac Bio is expected to move into the space in March 2020. Toni Rossi of CBRE represented the tenant in the lease negotiations.

October 23, 2019

Loans Multifamily Northeast Pennsylvania

Greystone Provides $8M Loan for Refinancing of 10 Workforce Housing Properties in Philadelphia

by Alex Patton October 22, 2019

PHILADELPHIA — Greystone has provided an $8 million Fannie Mae loan for the refinancing of a portfolio of workforce housing properties totaling 88 units in Philadelphia. All properties received fully amortizing adjustable-rate mortgages. The exact locations of the properties were undisclosed. Anthony Cristi of Greystone originated the loan on behalf of the borrower, La Gioconda Co.

October 22, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Lifespace Completes $39.5M Expansion at Seniors Housing Community Near Pittsburgh

by Alex Patton October 21, 2019

UPPER ST. CLAIR, PA. — Lifespace Communities has completed a $39.5 million expansion project at Friendship Village of South Hills in Upper St. Clair, located approximately 12 miles southwest of Pittsburgh. The project, construction of which began in summer 2017, added a new building with 50 assisted living apartments, 32 memory care suites and various amenities and wellness services. Perkins Eastman Architects designed the expansion, and LECESSE Construction served as the general contractor.

October 21, 2019

Leasing Activity Northeast Pennsylvania Restaurant Retail

Sign of the Horse Brewery to Open 4,850 SF Pub in Hanover, Pennsylvania

by Alex Patton October 21, 2019

HANOVER, PA. — Sign of the Horse Brewery will open a 4,850-square-foot bar and pub in Hanover, located approximately 35 miles south of Harrisburg. The company will brew and serve fresh beer as well as a full food menu at 979 York St., a 12,010-square-foot cement warehouse that was redeveloped into retail space. Tenants at the property currently include Earling Chiropractic Clinic, pet cremation service Companions at Peace Inc. and apparel retailer Homefield Advantage. Nate Resh and John Birkeland of ROCK Commercial Real Estate brokered the transaction. The grand opening of the pub is slated for October 22.

October 21, 2019

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 74,968 SF County Line Plaza Retail Center in Philadelphia

by Alex Tostado October 18, 2019

PHILADELPHIA — JLL has negotiated the sale of County Line Plaza, a 74,968-square-foot retail center in northeast Philadelphia. Anchored by Big Lots and The Edge Fitness Club, the property was approximately 90 percent leased at the time of sale to tenants such as Integrated Medical Care, Pho Palace, Akira Sushi and DT Nails & Spa. Chris Munley, Jim Galbally and Colin Behr of JLL represented the seller, Slate Property Group, in the transaction. A private investor purchased the asset for an undisclosed price.

October 18, 2019

Development Northeast Pennsylvania Restaurant Retail

Taco Bell to Open 2,700 SF Restaurant in Wind Gap, Pennsylvania

by Alex Patton October 17, 2019

WIND GAP, PA. — Taco Bell will open a new 2,700-square-foot restaurant in Wind Gap, located approximately 70 miles north of Philadelphia. The building will be constructed on the former site of the Wind Gap Professional Center and will be the first Taco Bell in the area. Scott Horner of Colliers International brokered the deal.

October 17, 2019

Development Multifamily Northeast Pennsylvania

HSR, Northwestern Mutual Complete 319-Unit Multifamily Building in Pittsburgh

by Alex Patton October 16, 2019

PITTSBURGH — High Street Residential, the multifamily development arm of Dallas-based Tramell Crow Co., and Northwestern Mutual have completed construction of Glasshouse, a 319-unit multifamily building in Pittsburgh’s South Shore neighborhood. The five-story property offers junior, one- and two-bedroom apartments ranging in size from 610 to 1,300 square feet and 3,000 square feet of ground-floor retail space. Amenities include a fitness center, clubroom and pool. Hord Coplan Macht designed the building and landscaping, and Rycon Construction was the general contractor.

October 16, 2019

Development Northeast Pennsylvania Retail

Victory Brewing Co. to Open 14,000 SF Brewery, Taproom in Philadelphia

by Alex Patton October 16, 2019

PHILADELPHIA — Victory Brewing Co. will open a 14,000-square-foot brewery and taproom in the Logan Square neighborhood of Philadelphia’s Center City. The facility will feature a production brewing system, kitchen, three bars, street-level outdoor seating and a rooftop patio. Victory’s first location in Downingtown opened in 1996, and the company operates two other locations in Parkesburg and Kennett Square. The Philadelphia brewery will function as a new flagship taproom as well as an innovation hub for new beers. Local development firm Pearl Properties owns the building, and Gerner Kronick + Valcarcel is designing the facility in collaboration with Victory. The facility is slated to open in late 2020.

October 16, 2019

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