Philadelphia

Balfour Beatty Communities reports it will perform property management services at Ridgeland Place and will invest in a number of capital improvements at the property.

The building is scheduled to be completed before the end of the year and will be the largest industrial facility ever constructed on speculation in Northeastern Pennsylvania.

The property formerly served as an R&D and manufacturing hub for Raytheon, but has been transformed into a modern multi-tenant campus via substantial capital investment throughout the past 10 years.

Rubenstein's business plan calls for the creation of walking connections to a new retail center currently being built adjacent to the Research Plaza property, which will help tenants access the new retail amenities at the complex.

"It's not a cookie cutter," PREIT's Joseph F. Coradino says. "The answer tends to be market driven."

The three-building industrial portfolio totaling 500,081 square feet is located in the Green Bay, WI and Northeastern Pennsylvania MSAs and are all 100% leased to Progressive Converting, Inc.

The property at 1102 Jackson Blvd. was sold by High Associates to YMZ, LLC, according to Matthew Wolf, vice president, CCIM of Kislak Co., who brokered the transaction.

Keystone acquired the nine-story, approximately 400,000-square-foot class A office building in 2013, and has spent $25 million to redevelop the property.