10B — March 2024 — Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
P ennsylvania
INGSTON, PA — Colliers recently com- pleted sale of 500 N Vive Health & Fitness anchors 500 N 3rd Ave. Colliers completes sale of class A health & fitness facility K
Federal Realty announces approval for 2 nd Bala Cynwyd development component
3rd Ave. in Kingston, working as the agent to the owner. The team was led by Jeff Algatt , senior VP of Capital Mar-
Jeff Algatt
kets, with assistance of John Susanin , a senior managing director with Colliers. This fully occupied com- mercial building is in the affluent suburb of Kingston located directly across the Susquehanna River from Wilkes-Barre’s CBD. A class A property, 500 N 3rd Ave. boasts high-end finishes and superior street visibility. The 25,545 s/f, single story building is anchored by Vive Health & Fitness, a luxury
500 N 3rd Ave.
health club offering training, group fitness and spa facilities of the highest quality in the Wil- kes-Barre market. Additional tenants are Dental Specialists of NEPA, and Shine Salon. The buyer is a high-net-worth individual procured by Jeff who resides in the Back Mountain and owns additional real estate investments in the Wilkes-
Barre metro. With this transaction Jeff Algatt has served as exclusive agent in the sale of six different significant office and retail in- vestments in Wilkes-Barre: 500 3rd Avenue, 2 Public Square, 15 Public Square, 39 Public Square, 15 South Franklin Street and Midtown Village Shopping Center. MAREJ top-producing loan production office in Devon. Through this market expansion, Bickel was instrumental in fueling the growth engine that doubled Centric Bank’s asset size. Bickel is a graduate of Syra- cuse University, where he was part of the two-time Division I National Championship men’s lacrosse team. Walther has more +10 years of experience in commercial banking experience where he has underwritten, facilitated, and originated transactions en- compassing all types of commer- cial real estate assets. Walther attended Syracuse University, earning a B.S. in Finance and Marketing Management. He also distinguished himself as a member of the two-time Divi- sion I National Championship men’s lacrosse team. MAREJ
Bala Cynwyd on City Avenue
Philadelphia, PA — Fed- eral Realty Investment Trust , a real estate invest- ment trust and leader in oper- ating and developing sustain- able and high-quality retail- based properties, announced the approval of a residential and ground floor retail de- velopment at Bala Cynwyd on City Avenue. The highly anticipated and community- centered development is a part of the company’s ongoing investment and commitment to growth in the region. Located on City Avenue between Belmont Avenue and Conshohocken State Road, Bala Cynwyd on City Avenue is a popular destination for shopping and dining and was recently rebranded and up- dated with an extensive façade and streetscape renovation. Once complete, the develop- ment will add 217 residential units above 16,000 s/f of retail space in the former Lord & Taylor building. Including this development, Federal Re- alty’s total investment in the shopping center will be nearly $170 million with more than 300 residential units and ap- proximately 190K s/f of retail in total. “The approval of the second residential phase is a sig- nificant step in the ongoing transformation of City Av- enue,” said Mark Brennan , VP of Regional Development at Federal Realty. “The addi- tion of residential units and new retail revitalizes the east end of the shopping center, providing the residents and members of the community with enhanced placemaking and opportunities to shop, dine and gather.” The residential building, which is planned to be LEED
Gold certified, will offer full amenities, significant open space, and ample outdoor seating. Development plans include a rooftop patio with views of Center City, an inte- rior courtyard with grill sta- tions, fireplaces, pergolas and outdoor pods for dining and lounging. Plans also include an outdoor pool and multipur- pose path connecting to City Avenue, to create retail and residential harmony. “We are thrilled to announce another significant investment and redevelopment within Federal Realty’s Philadelphia portfolio," said Kari Glinski , VP of asset management at Federal Realty Investment Trust. “We look forward to the next evolution of Bala Cynwyd on City Avenue and advancing additional rede- velopments and transforma- tive reinvestments across our shopping centers throughout the region.” “City Avenue District has seen a surge in new develop- ment including Federal Re- alty’s investment at Bala Cyn- wyd on City Avenue, said Bry- an Fenstermaker, President & CEO of City Ave District. “We are excited for the com- munity and residents to enjoy the restaurants and shops in a space that promotes walk- ability and sustainability.” Bernardon provided ar- chitectural services for the project, in partnership with Bohler , who provided civil en- gineering design and permit- ting services. Studio39 is the landscape architect and MSA Interiors is leading project in- terior design. Construction at Bala Cynwyd on City Avenue is expected to begin in spring 2024 and be completed by Summer 2026. MAREJ
SCOPE Capital Group adds Chris Bickel and Brett Walther
PHILADELPHIA, PA — SCOPE Capital Group LLC (SCG) has announced that
adds Matthew Rosenberg , managing director at SCOPE Capital Group. “Leveraging
their exten- sive exper- tise, we are positioned to engineer be- spoke finance solutions that align with our clients’ goals, particularly as we pivot
Chris Bick- el and Brett Wa l t h e r have joined SCOPE Capi- tal Group in the firm’s Philadelphia office. Senior di- rector Chris
Chris Bickel
Brett Walther
Bickel and vice president Brett Walther will source and secure financing for all commercial as- set classes, bolstering the firm’s debt & structured finance ser- vices across the region. “Chris and Brett are highly regarded capital markets advi- sors with a combined 30-year execution track record within the financial services industry,”
into a more active market.” Bickel joins SCOPE with 20 years of experience in commercial banking and has originated and closed more than $1 billion in commercial loans. A former senior vice president, commercial revenue officer, and main line market leader for Centric Bank, Bickel opened and led Centric Bank’s
GRCA names Lucine Sihelnik president and CEO
mier business resource for fa- cilitating new and existing busi- ness expansion, project funding, redevelopment, business-to- business promotion, advocacy and workforce development. “We are thrilled to have Lucine accept this leadership role at such an important time in our community. Lucine’s history of public service, high integrity, and ability to work with a wide variety of constitu- encies in our community will serve her and our community
well in the years ahead,” said Board Chair Jeff Rush . Most recently, Sihelnik was appointed to a one-year term as a Berks County Commis- sioner after Kevin Barn- hardt stepped down to accept the job as the county’s new chief operations officer. Before that, she served a full term on Reading City Council, two as vice president, and was the first female president of Berks Agricultural Resource Network. MAREJ
READING, PA — The Greater Reading Chamber Alliance (GRCA) Board of Directors an- nounced to- day that it has named Lucine Si- helnik as president and CEO. In this position, Sihelnik will be responsible for leading Berks County’s pre- Lucine Sihelnik
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