Philadelphia

Penwood Real Estate, which is headquartered in West Hartford, CT, and Princeton, NJ-based Metrix Real Estate secured a three-year construction loan with two one-year extension options through Wells Fargo Bank for the project at 10 Princess Road.

Production will scale down immediately and brewery operations at the Lancaster County brewhouse will cease by early spring in order to prepare the brewery for sale.

The owner and developer of the Philadelphia site, Richard Zeghibe—founder of Patriot Parking—is expecting to break ground on the building in the second quarter of 2020 and plans to complete construction in the fourth quarter of 2021.

The initiative valued at least $1.4 billion in connection with the expansion of its operations in Cumberland, Dauphin, Northampton and Philadelphia counties will involve investment in building renovations, equipment, and infrastructure improvements at each of the locations.

Gov. Wolf is proposing that up to $1 billion in grants from the Redevelopment Assistance Capital Program be used for lead and asbestos remediation in schools, a problem plaguing many of the state's aging school buildings.

The report notes that city's average daily rate rose 5.8% year-over-year to $202.41 and revenue rose 4.3% year-over-year to $707 million.

The law firm has signed a lease for space on the 12th floor of the 35-story tower building and expects to take occupancy in April.

In the firm's fourth quarter 2019 report on the Southern New Jersey and Southeastern Pennsylvania markets, WCRE states that although leasing activity was down overall, vacancy rates remained low and gross leasing absorption was positive.