16B — October 21 - November 17, 2022 — Pennsylvania — M id A tlantic Real Estate Journal
www.marej.com
P ennsylvania
Hinerfeld CRE inks sale of +/-24,600 s/f office bldg.
McGettigan brokers transaction in Conshohocken, PA KW Commercial completes sale of 709-711 Harry Street
SCRANTON, PA — Hin- erfeld Commercial Real Estate in cooperation with Newmark announced the suc- cessful sale of the prominent class A financial office build- ing known as 315 Franklin Ave., Scranton (+/-24,600,). As part of the $5 million sale Hin- erfeld/Newmark negotiated the leaseback of the ground floor of the building as a bank branch for the seller, Pentagon Federal Credit Union (Pen- Fed). The property occupies a high access, high visibility position in the Scranton cen- tral business district (CBD) at the confluence of the Scranton Expressway and the central business district road grid system. Originally developed as a bank branch and financial ser- vices back office by Tobyhanna Federal Credit Union (aka Valor Federal Credit Union), it was subsequently acquired CONSHOHOCKEN, PA — Hotel West & Main has opened as the first new hotel in Conshohocken in 22 years, completing Keystone De- velopment + Investment’s transformational $340 mil- lion SORA West development. Keystone has partnered with Concord Hospitality Enter- prises to develop and operate the 127-room boutique hotel as part of the Tapestry Collection by Hilton. The hotel is the final piece of SORA West, a transit-oriented mixed-use project. It encom- passes 520,000 s/f and incor- porates a new 11-story office tower and the adaptive reuse of a 148-year-old historic fire- house, completely redefining the gateway to this bustling Philadelphia suburb. “It would have been hard to predict what we see before us today at Conshohocken’s gateway when we bought the site in 2003,” said Keystone Founder and CEO Bill Glazer . “As our shared vision took shape, the strength of our expertise and partnerships put us on a course to develop one of the most transformational projects during one of the most chal- lenging times. We are proud to stand with the commu- nity today and marvel at what we’ve created together. It will welcome residents and visitors for generations to come.” Hotel construction began
ONSHOHOCKEN, PA — Beau McGet- tigan , director at KW Commer- cial , recently brokered the transaction for 709-711 Harry St. in Downtown Conshohock- en, PA. The offering con- sisted of two side-by-side buildings, 12 apartment units. The buildings were legacy- owned and self-managed with extremely little turnover. Current rents were below market 30-70% with mini- mal renovations required to C Beau McGettigan
315 Franklin Ave.
by Pentagon Federal Credit Union (PenFed). The new owner, Lackawa- nna County (government), purchased the property for use in government health system programming and services. Hinerfeld Commercial Real Estate ( Griff Keefer ) and Newmark ( Barton Drum- mond ) represented the seller in the transaction. Hiner- feld Commercial Real Estate ( John Cognetti ) represented the buyer. MAREJ
709-711 Harry St.
achieve at or above market. The property was placed un- der agreement in under 30 days and settled in 60 days and represented a record for Montgomery County class B Apartments trading at
$255k± / a 4% Cap Rate. Dave Specht , area director for KW Commercial, added, “Once again Beau did an excellent job for his client. We are very pleased with his efforts and results.” MAREJ
Adams and Finney Miller complete 52,800 s/f transaction NAI Summit Brokerage team fully leases industrial property in Blakeslee, PA
Keystone announces the opening of Hotel West & Main
BLAKESLEE, PA — NAI Summit brokerage team of Mike Adams , senior VP,
and Sarah F i n n e y Miller , VP, have execut- ed a lease for 52,800 s/f of industrial warehouse space at 196 C omme r - cial Blvd. in Blakeslee. The team rep- resented the landlord, 196 Commercial LLC as well as the tenant, Ally Global Logistics in the transac-
Mike Adams
Hotel West & Main
196 Commercial Blvd. in Blakeslee
during the height of the CO- VID-19 pandemic, which prompted Keystone and Con- cord to redesign plans to re- duce the number of rooms and increase amenities. The Hotel West & Main features a rooftop bar and lounge over- looking SORA West’s sweeping plaza for events and live mu- sic, as well as meeting spaces equipped with state-of-the-art technology, catering to both business travelers and leisure guests. The hotel is adjacent to an office tower that houses up to 1,500 AmerisourceBergen employees. The Fortune 10 healthcare giant bucked pandemic trends by relocating its global head- quarters to Conshohocken, cut- ting the ribbon last September on its 429,000 s/f facility de- signed by Gensler . The office tower includes tech-enabled conference and business cen- ters and connects to a 12-story public and private parking garage. MAREJ
Sarah Finney Miller
tion. Ally Global Logistics is an international transporta- tion specialist in freight and expedited shipping. According to Adams, “The location of the property near Interstate 80 will enhance Ally Global Logistics’ presence and coverage in the US Northeast.“ With the sign- ing of this lease, the property is now fully leased. In a separate transaction, Finney Miller has negotiated three leases totalling 5,000 s/f as corporate services liaison to the tenant, Mission Autism Clinics, an Applied Behavioral Analysis (ABA) therapy pro- vider for children and young adults with autism. NAI Sum- mit has represented the tenant
Grand opening of the Bethlehem Location of Mission Autism Clinics in July 2022. Photo credit Mission Autism Clinics. in establishing six locations so far in Pennsylvania.
those locations, one at 1510 Valley Center Pkwy. in Beth- lehem and the other at 7350 Tilghman St. in Allentown, and Central PA will be home to the other at 2550 Interstate Dr. in Harrisburg. While the Bethlehem location celebrated their grand opening this past July, the Allentown and Har- risburg locations are slated to open before the end of the year. The procurement of these locations will mark Bethlehem, Allentown, and Harrisburg as Mission Autism’s eighth, ninth, and tenth locations in the state of Pennsylvania. MAREJ
“I’m honored to work with the team at Mission Autism Clinics and to be part of their expanding vision”, said Sarah Finney Miller. “Their goal is to make quality ABA Therapy services more accessible to fam- ilies in the region and provide tailored therapy that nurture’s a child’s independence.” In addition to Mission Au- tism Clinics’ seven current PA locations, the signing of these leases will add three locations to their roster. The Lehigh Valley will be home to two of
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