State College Downtown Properties

What State College Downtown Properties does

State College Downtown Properties is a privately held, family-owned commercial real estate firm headquartered at 108 West Beaver Avenue, Suite 200, State College, PA 16801, operating under the holding entity Industrial-Commercial Realty, LLC — the Broker of Record and agent for the company's portfolio. Founded in 1978 by Charlene A. Friedman, the firm has operated continuously in the Centre Region of Central Pennsylvania for over 40 years under the broader Friedman Real Estate Group umbrella.

The company operates an integrated portfolio across four property verticals: commercial real estate (office, retail, shopping center, mixed-use, and single-use properties in both downtown and suburban locations), residential apartments (Turtle Creek Apartments and Cooper's Pond Townhomes under Toftrees Associates, with units ranging from studios to three-bedroom townhomes within walking distance of Penn State), hospitality properties (hotels and motels in the Middle Atlantic Region including a Hilton Garden Inn State College), and brokerage services for commercial and residential transactions. The firm's technology stack consists of a self-serve Squarespace-hosted website (statecollegedowntownproperties.com) that functions as a property listing platform; no proprietary technology, AI, or API-based systems are disclosed.

State College Downtown Properties generates revenue through rental income on its owned portfolio, property management fees, and brokerage commissions negotiated on a per-transaction basis; pricing is not publicly disclosed. The go-to-market motion is owner-operated direct brokerage and referral-based, supported by memberships in the National Association of REALTORS, Pennsylvania Association of REALTORS, Centre County Association of REALTORS, and the Centre County Chamber of Business and Industry. The customer base spans commercial tenants, residential tenants (predominantly Penn State students and faculty), and hospitality guests, all within the Centre Region micro-market. Following the 2020 death of co-founder Edward A. Friedman, Charlene Friedman — who holds CCIM, CPM, ABR, and E-Pro designations and serves as Broker-Owner and CFO — assumed sole leadership of the firm, which currently operates with a lean team of 11-50 employees.

Name

State College Downtown Properties

Legal name

Industrial-Commercial Realty, LLC

Website

https://statecollegedowntownproperties.com

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

11–50 employees

Short description

State College Downtown Properties is a family-owned commercial real estate firm in State College, PA, operating as Industrial-Commercial Realty, LLC. It manages and brokers commercial, residential, and hospitality properties in the Centre Region, serving Penn State-area tenants, local businesses, and investors.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Services

SIC

Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Student Housing Property Management (BPAJAFAF)

Keywords

• Commercial real estate
• Property management
• Real estate brokerage
• Apartment rentals
• Hospitality properties

Headquarters

HQ city

State College

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales

Distribution channels2 records

Core offering

State College Downtown Properties is a commercial and residential real estate firm operating under Industrial-Commercial Realty, LLC within the Friedman Real Estate Group. The company owns, leases, manages, and brokers commercial, multi-family residential, retail, and hospitality properties across downtown and suburban locations in the State College and Centre Region of Pennsylvania, with on-site property management, leasing, and brokerage services.

Product overview

State College Downtown Properties operates as a comprehensive commercial real estate firm offering a portfolio of interconnected services. The core offerings include Commercial Properties (office, retail, shopping center, mixed-use spaces across downtown and suburban Centre Region), Residential Apartments (downtown and Toftrees locations with options from studios to townhomes), and Hotels & Motels (hospitality properties in the Middle Atlantic Region). These are supported by Brokerage Services for transactions and Properties for Sale listings. The company is led by the Friedman Real Estate Group with over 80 combined years of experience and holds the company under Industrial-Commercial Realty, LLC as the holding company for the commercial, brokerage, and management division.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Properties
• Residential Apartments
• Hotels & Motels
• Brokerage Services
• Properties for Sale

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Friedman Real Estate GroupcoreOthersFriedman Real Estate Group is the parent organization under which State College Downtown Properties operates. It is the umbrella real estate group founded by Ed and Charlene Friedman, encompassing commercial, brokerage, and management divisions in Central Pennsylvania and Florida's Treasure Coast.
• Industrial-Commercial Realty, LLCcoreOthersIndustrial-Commercial Realty, LLC is the Broker of Record and Agent for State College Downtown Properties, providing property rentals for individuals and businesses in downtown State College. Founded by Charlene Friedman in 2004, it manages commercial and multi-family enterprises in Centre County.
• National Association of REALTORSminorOthersProfessional trade association membership representing over 1 million members in residential and commercial real estate industries.
• Pennsylvania Association of REALTORSminorOthersState-level member organization of the National Association of REALTORS with a strict Code of Ethics and Standards of Practice.
• Centre County Association of REALTORS (CCAR)minorOthers
• Centre County Chamber of Business and Industry (CBICC)minorOthers
• Old Dominion National BankminorOthers
• Happy Valley Sports and Entertainment BureauminorOthers
• Centre County United WayminorOthers
• Downtown State College Improvement DistrictminorOthers
• Toftrees AssociatesminorOthers

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• American Campus Communities: The largest publicly-traded student housing REIT in the U.S., now owned by Blackstone, with a national portfolio adjacent to flagship universities. Comparable as a major institutional operator competing for the same Penn State student demand pool.
• NAI Global: A global commercial real estate services network with brokerage, property management, and investment sales capabilities. Comparable as a competing commercial real estate services platform, though at substantially greater scale and geographic reach.
• Colliers International: A global commercial real estate services firm providing brokerage, property management, and investment advisory. Comparable for commercial brokerage and property management services in the same asset classes (office, retail, hospitality).
• JLL (Jones Lang LaSalle): Global commercial real estate services firm with hospitality, brokerage, and property management divisions. Comparable for hotel asset advisory and management services across the firm's hospitality portfolio.
• Greystar Real Estate Partners: The largest multifamily and student housing operator globally, managing hundreds of thousands of beds including purpose-built student housing near major universities. Represents the scaled national alternative for institutional student-housing capital and operational best practices.
• Cushman & Wakefield: Global commercial real estate services firm offering brokerage, valuation, and property management. Represents a scaled competitor for institutional commercial leasing mandates in the same asset categories.

Direct peers

• Scion Student Housing: Operates a portfolio of off-campus student housing communities serving flagship universities. Direct comparability in asset class, tenant profile, and university-adjacent real estate positioning.
• GMH Communities: A specialist student housing owner-operator with a portfolio concentrated near major universities. Comparable for off-campus, walkable-to-campus positioning and similar target tenant profile.
• Campus Apartments: One of the largest student housing operators in the U.S., managing off-campus apartments near major universities. Directly comparable to State College Downtown Properties' walkable-to-Penn-State residential portfolio and exposes the firm to a scaled, institutionally-backed competitor in its core segment.

Regional players

• Berkshire Hathaway HomeServices / Penn State regional brokerage: Large franchised residential and commercial real estate brokerage with offices in the State College / Central PA market. Competes for the same residential brokerage and tenant representation demand.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/statecollegedowntownproperties
• LinkedInlinkedin.com/company/industrial-commercial-realty-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State College Downtown Properties