Philadelphia

  • Kennedy Closes $3.5M Loan for Bucks Medical Campus

    BENSALEM, PA—Kennedy Funding Financial LLC has completed a $3.5 million loan for Lifestyle Real Estate I, an affiliate of Lifestyle Healthcare Group, which has received approval from the township for a $185 million medical office campus to be built on a 10.31-acre tract of vacant land in Bensalem Twp., Bucks County, PA. The two-year, interest-only loan has an initial interest rate of 12%. The healthcare company's chairman, Fred Rappaport, says the integrated medical center is part of a trend to provide one-stop medical shopping for outpatient care.

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  • Boston-Based REIT Buys South Jersey Industrial

    MARLTON, NJ—NAI Mertz has completed the sale of a 156,280-square-foot multi-tenant, light industrial building located at 4 East Stow Road in Marlton, NJ, to Plymouth Industrial REIT, a Boston-based real estate investment corporation. The building is 97 percent leased.

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  • Capital Logistics Center Opens in Central PA

    MIDDLETOWN, PA–Woodmont Industrial Partners is celebrating the grand opening of 200 Capital Lane, a 400,000-square-foot LEED certified warehouse facility that is the newest addition to Capital Logistics Center. The industrial park is a six-building, 1.55-million-square-foot industrial complex that is situated on more than 100 acres in Middletown, PA.

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  • PREIT Adds Signature Tenants to Premier Malls

    PREIT has signed leases with key tenants at its malls in Cherry Hill, NJ, Willow Grove, PA, and Grand Rapids, MI. It says the high-end retailer strategy at Cherry Hill in the South Jersey/Philadelphia market has moved the needle on sales-per-square-foot from $400 to $600 at the end of 2014.

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  • Philadelphia Rail Park Plan Rides on the Reading

    The Reading Railroad is long gone, but its impact on Philadelphia’s urban landscape remains. At the Union League Club today, the Philadelphia commercial real estate community turned out by the hundreds to learn more about plans to convert the railroad’s winding viaducts, below-grade passages, and even tunnels into urban park land like the acclaimed High Line in lower Manhattan.

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  • Brandolini Refinances Reading Shopping Center

    READING, PA–Brandolini Companies has refinanced its Spring Towne Shopping Center, a 277,860-square-foot, Lowe’s- and Giant-anchored retail center in Reading, Pennsylvania. HFF secured $17.7 million in a long-term, fixed-rate loan with an institutional quality insurance company that will be used to refinance an existing mortgage on the property.

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  • Patriot Pays $41M for Allentown Office Campus

    ALLENTOWN, PA—Patriot Equities is acquiring 1110 American Parkway, Allentown PA, a 600,000 square-foot class A office campus in Allentown, PA. The property is off Route 22 in close proximity to the Lehigh Valley International Airport. Mission Capital Advisors arranged $41 million in acquisition and repositioning financing for the transaction.

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  • First Industrial Realty Trust Developing Lehigh Valley Industrial

    NAZARETH, PA–Chicago-based First Industrial Realty Trust is spending $44 million to build First 33 Commerce Center, a two-building 584,760 square-foot development on Easton Nazareth Highway in the Lehigh Valley region of Pennsylvania.

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  • Starck Will Design Dranoff/sbe Hotel and Condos

    PHILADELPHIA, PA—Philippe Starck will design the interior of the SLS LUX Philadelphia Hotel, which developer Carl Dranoff and his partner, sbe's Sam Nazarian have planned planned for the former site of the legendary Philadelphia International Records at the corner of Broad and Spruce Streets in Philadelphia.

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  • Endurance Acquires Northeastern PA Industrial Portfolio

    WILKES-BARRE, PA—Endurance Real Estate Group has acquired a three building bulk warehouse/distribution portfolio totaling 544,640 SF in Northeastern Pennsylvania. The buildings were constructed in the late 2000s and feature class A warehouse/distribution specifications including 30’ clear ceiling heights, ESFR sprinkler systems, and ample (and expandable) loading capacity with full dock packages. Lighting, office, and other improvements are planned.

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  • Penn Medicine Expands Leased Space at 3737 Science Center

    PHILADELPHIA, PA–Penn Medicine University City has agreed to expand into an additional 56,000 square feet or two entire floors at the recently opened 3737 Science Center Building. With this lease expansion, the anchor tenant will occupy 267,800 square feet in the 13-story laboratory and office building at 3737 Market Street in Philadelphia, and the building is fully leased.

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  • Wilson Elser to Relocate Philadelphia Office to Two Commerce Square

    PHILADELPHIA – National law firm Wilson Elser is relocating its Philadelphia office to 2005 West Market Street, Suite 3100, a class-A high-rise office building also known as Two Commerce Square, on a ten year, 10-year, 14,600-square-foot lease.

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  • NorthStar Finances Senior Loan for Marriott in Coraopolis, PA

    CORAOPOLIS, PA–NorthStar Real Estate Income II, Inc. originated a $42.0 million senior loan secured by a 318-room Marriott-branded full-service hotel located in Coraopolis, Pennsylvania.

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  • CBRE Brokers Sale Of Shoppes At Montage

    MOOSIC, PA–CBRE has brokered the sale of Shoppes at Montage, a 281,193 square-foot specialty retail center located in Moosic, PA. Duke Realty sold the property to USPG Holdings, Inc.

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  • Happ: Making Building Energy Data Meaningful to Owners

    PHILADELPHIA, PA—Analyzing building utility data used to be a tedious chore, beginning from the need to consolidate data from stacks of spreadsheets tracking different data separately. Chris Happ, president of Goby LLC, gives GlobeSt.com an exclusive look at his company's technology as his EVP prepares to participate in a panel at today's Tri-State Sustainability Symposium in Philadelphia.

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  • Maltenfort: Millennials Can Discuss Sustainability with Boomers

    PHILADELPHIA, PA—Megan Maltenfort finds it a little amusing that she is regarded as a “subject matter expert” on sustainability, since she admits she’s only been in her job as sustainability manager for laboratory supplies and services company VWR International for a few years. She tells GlobeSt.com exclusively about the panel she's chairing at this year's Tri-State Sustainability Symposium happening today in Philadelphia.

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  • Beds and Meds Show Strong Deal Flow in Philadelphia

    PHILADELPHIA, PA—Deal flow in the healthcare and multifamily sectors has been robust, particularly in the University City area of Philadelphia, according to the Deal Flow Panel at the ALM Media RealShare Philadelphia conference held February 10 at the Union League.

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  • HFF Secures $54.7 Million Financing for Pittsburgh Office Campus

    PITTSBURGH, PA–HFF arranged $54.65 million in financing for the Allegheny Center Office Complex, a three-building campus totaling 1.22 million square feet on Pittsburgh’s North Shore, which owner Faros Properties says will be extensively renovated.

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  • CBRE Brokers $24.5M Lawndale Plaza Sale in Philadephia

    PHILADELPHIA, PA–CBRE has brokered the $24.5 million sale to Cedar Realty Trust of Lawndale Plaza, a 93,282 square foot ShopRite-anchored retail center at the intersection of Oxford Avenue and Levick Street in Philadelphia, PA.

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  • Keystone Relocates HQ to Conshohocken

    CONSHOHOCKEN, PA–Keystone Property Group has relocated its offices to SORA Conshohocken at 125 East Elm Street from its former headquarters in Bala Cynwyd. Keystone recently acquired SORA, a multifaceted transit-oriented redevelopment initiative located in the gateway of Conshohocken.

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