Zellers, of NAI CIR, Assists in Sale of Former UPMC Pinnacle Lancaster Hospital
Lancaster, PA – The former UPMC Pinnacle Lancaster Hospital complex located at 235 College Avenue in Lancaster has been sold to Washington Place Equities (WPE). This transaction began in May of 2019 and closed in January 2022. The buyer and seller cooperated with the City of Lancaster in the successful rezoning of the project from Hospital Use to Mixed Use on the approximately 6 acre site. “It has been a true collaborative effort between the city of Lancaster, UPMC, and WPE leading to an exciting redevelopment project benefiting the entire community,” says President of NAI CIR, Robin Zellers. WPE’s project will create preeminent market rate multi-family apartments in booming Lancaster County. In addition, this project includes an affordable housing component to be developed by Lancaster-based HDC Mid Atlantic. Zellers, SIOR, FRICS, CRE handled the transaction.
About UPMC
Headquartered in Pittsburgh, UPMC is a world-renowned health care provider and insurer. They are an international health care leader — pioneering groundbreaking research, treatments, and clinical care. UPMC operates more than 92,000 employees, operates 40 hospitals, 800 doctors’ offices and outpatient centers with locations in western and central Pennsylvania, Maryland, New York, and around the globe. Integrating more than 4.1 million-member Insurance Services Division, UPMC is the largest medical insurer in western Pennsylvania.
About WPE
Washington Place Equities, LLC was founded by Mark Caplan, managing member, in 2013 to pursue development opportunities. The entity has focused primarily on multifamily. Increasingly, there have also been multiuse aspects and urban location as significant components. In recent years, the company has, with investors, undertaken the acquisition of Greenbriar Townhomes in York, the historic renovation of 520 Park Avenue and the Mt. Vernon Market, new construction of 500 Park Avenue, the current historic renovation of The Fox Building in Hampden, and the recent acquisition of a controlling interest of 1111 Light Street in Federal Hill.
About HDC Mid Atlantic
HDC MidAtlantic creates affordable housing options for seniors in the community. Over the last 50 years, HDC has grown into a trusted developer, property manager, resident advocate, and collaborator in communities across Pennsylvania, Delaware, and Maryland. They are committed to building change and meaningful connections by creating, preserving, and strengthening affordable housing communities.
About NAI CIR
NAI CIR, based in Lemoyne, is Central Pennsylvania’s oldest and largest exclusively commercial industrial real estate full-service brokerage firm. Founded in 1970, the firm is consistently ranked as the top producing commercial industrial sales and leasing firm by the Central Pennsylvania Business Journal and by Real Capital Analytics. The firm has been honored as a Philadelphia Region CoStar Power Broker for 23 consecutive years.
NAI CIR is the Central Pennsylvania representative of NAI Global, an international organization of real estate professionals with connections literally all across the world. Our transaction and management professionals are among the most experienced and successful in the business, and our platform ensures that our expertise directly benefits our clients.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naicir.com.