S hopping C enters P ennsylvania
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Mid Atlantic Real Estate Journal — Pennsylvania — September 11 - 24, 2020 — 13B
The CBRE team of Hines, Ruppel, Fiumara and Dawicki broker sale CBRE announces sale of Penn Logistics portfolio in Fairless Hills, Pennsylvania for $18M
AIRLESS HILLS, PA — CBRE announced that an affiliate of En- durance Real Estate Group, LLC (Endurance) and Thac- keray Partners (Thackeray) has sold Penn Logistics, a four building, 240,358 s/f, industrial portfolio located in Fairless Hills for $18.0 million. The CBRE team of Michael Hines, Brad Ruppel, Brian Fiu- mara and Lauren Dawicki brokered the sale on behalf of the seller and procured the buyer. The buildings were construct- ed between 1968 and 1970. They feature 24’ clear ceiling heights, ample loading capac- ity with full dock packages for the 42 dock positions. The properties are strategically located along US Routes 1 and 13 with close proximity to I-295 and I-95, the principal North/ South highways in eastern PA and NeJ. The buildings were 100% leased to four tenants at closing. “Penn Logistics at Bucks is a veritable case study on the ability of efficient warehouse design and specifications to endure generations of shift- ing user demand,” said Brad Ruppel, senior vice president, CBRE. “These four buildings F
prised of class A office, lab and retail space. Century Thera- peutics will occupy 32,500 s/f of new office and lab space at the property, which recently broke ground and is expected to deliver in early 2022. “Century Therapeutics is a rapidly growing company fo- cused on developing cell thera- pies,” said Bob Zwengler, execu- tive vice president, CBRE. “One uCity Square, a premier new development in the heart of the growing life science ecosystem in University City, is an ideal location to accommodate that growth.” Year-to-date, life sciences venture capital funding in Pennsylvania has totaled great- er than $392 million, compared with just $86.7 million over the first half of 2019, representing a more than 350% increase, according to CBRE Research. The funding in Pennsylvania ranges from $250,000 to as much as $200 million, with firms at every stage of the life cycle growing and in need of space of all sizes. Century Therapeutics has tapped CBRE project manage- ment teammember John Rich- ards to oversee the design and construction of their new state- of-the-art office space. MAREJ Craig Dunkle, the head list- ing broker on the deal said “Being able to complete the sale of an adaptive reuse project in the City of Scranton was no easy feat, especially in today’s environment and all of the hurdles that come along with it. Given the fact there was a significant lack of travel due to the pandemic, our professional virtual tour played a huge role in our ability to market the property and attract interested investors. By working with an experienced local developer and a sophisticated out-of-market seller, we were able to work with all the stakeholders in- volved and complete a success- ful transaction.” MAREJ
Penn Logistics
tury Therapeutics at One uCity Square located in the Univer- sity City neighborhood. The CBRE Philadelphia Life Sci- ence team of Bob Zwengler, Matthew Knowles and An- thony Pell, in conjunction with Eric Smith, Joseph DeRosa and Steve Purpura of CBRE’s One uCity Square rendering
continue to appeal to institu- tional owners with a keen eye on the optimal combination of high-throughput functionality, labor proximity and last-mile logistics density.” In Philadelphia, CBRE has arranged a long-term lease for biotechnology company Cen-
Life Science Consulting team, negotiated the lease on behalf of Century Therapeutics. One uCity Square, a joint venture between University City Science Center, Wexford Science & Technology, LLC, and Ventas, Inc., is a 400,000 s/f mixed-use community com-
Marcus & Millichap arranges the sale of a 193,000 s/f office building SCRANTON, PA — Mar- cus & Millichap announced the sale of The Oppenheim Building, a Historic 193,000 s/f office building located in the heart of Downtown Scranton. The asset was sold via Ten-X Commer- cial Auction Platform for $3,307,500. Scranton to assure the project serves as the highest and best use for this historic former office building.
The building was positioned for conversion with 27.60% occupancy at the time of the sale and will be redeveloped into class A luxury apart- ments. Located right on the hard corner of Lackawanna & Wyoming Avenue, this remarkable residential rede- velopment opportunity will place tenants within walking distance from some of the most popular restaurants, retail corridors, and night- life attractions the city has
Oppenheim Building
to offer. First VP of investments Craig Dunkle and associate Jackson Day , both invest-
ment specialists in Marcus & Millichap’s Philadelphia office, had the listing to mar- ket the property for sale on
behalf of ownership through Ten-X Commercial Auction Platform. The team worked hand in hand with the City of
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