Commercial Real Estate
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Major Horsham Retail Portfolio Listed for $18.3M
A prominent Horsham retail development anchored by Wawa, CVS, and P.J. Whelihan’s has hit the market with a combined asking price of $18.3 million, writes Emma Dooling for The Philadelphia Business Journal. The five-parcel property on Easton Road sits on 7.68 acres at the corner of Route 611 and Blair Mill Road, about three miles…
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Bill Gates’ Nuclear Company TerraPower Chooses Philadelphia to Establish New Cancer Treatment Facility
TerraPower Isotopes, part of a nuclear power company founded by Bill Gates, will invest $450 million in a Bellwether District plant that will produce radioactive molecules for cancer research and treatments, writes Harold Brubaker for The Philadelphia Inquirer. As part of the Bellwether District development, HRP Group will build a 250,000-square-foot facility on the former…
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Warrington’s Valley Gate Shopping Center Sells for $15.5M to CenterSquare Investment Management
The Valley Gate shopping center in Warrington has been sold to Conshohocken-based real estate firm CenterSquare Investment Management for $15.5 million, writes Paul Schwedelson for the Philadelphia Business Journal. The seller of the 32,200-square-foot shopping center at 201-281 Easton Road was Philadelphia-based Metro Development. At about $481 per square foot, the price is more than…
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Episcopal Diocese Taps Michaels Organization to Redevelop 26 Church Properties in Philly Region
The Episcopal Diocese of Pennsylvania is working with private developer Michaels Organization to repurpose 26 church properties throughout the Philadelphia region, writes Ryan Mulligan for the Philadelphia Business Journal. Many of the properties that are intended for conversion sit in prime locations, including Center City. The Diocese plans to make them into residential along with…
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Radnor Nixes Eminent Domain for Valley Forge Military College Land
Radnor Township has reached a deal with the Valley Forge Military Academy Foundation over 17 acres of land in Wayne and is ending its eminent domain plan, writes Ryan Mulligan for Philadelphia Business Journal. The land is currently used by Valley Forge Military College. The Radnor Township Board of Commissioners had started eminent domain…
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Two Little Guys, Creator of Joe Tea, Opens Bensalem Headquarters With Eyes Toward Growth
Two Little Guys, the company behind the food and beverage brand Joe Tea, is moving its headquarters from New Jersey to Bensalem, writes Emma Dooling for the Philadelphia Business Journal. The move to the 22,245-square-foot building in Bucks County, which will expand the company’s headquarters by roughly 71 percent, is expected to be completed in…
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Conshohocken’s CenterSquare Expands Retail Portfolio with $15.5M Purchase
CenterSquare Investment Management is pushing into neighborhood retail with the purchase of a Warrington shopping center, writes Paul Schwedelson for The Philadelphia Business Journal. The Conshohocken company acquired the Valley Gate shopping center for $15.5 million, according to industry sources. The 32,200-square-foot property sits along Easton Road near Route 611, about four miles north of…
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Exol’s Lease at Morrisville’s South Penn Logistics Center Biggest Industrial Deal in Years
Exol, an automated fulfillment company based in Menlo Park, California, has leased the entire 973,200-square-foot South Penn Logistics Center in Morrisville, which is one of the Philadelphia area’s largest industrial deals in years, writes Paul Schwedelson for the Philadelphia Business Journal. South Penn Logistics Center, which was completed last year by Chicago-based Logistics Property, had…
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Lender Puts Willow Grove Park Mall on Market Following Matured $170M Debt
The majority of Willow Grove Park Mall, one of the largest shopping malls in the region, has been put on the market by a lender after a $170 million loan matured, writes Ryan Mulligan for the Philadelphia Business Journal. The nearly 725,000-square-foot portion of the mall owned by PREIT includes Macy’s, Nordstrom Rack, Cheesecake Factory,…
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Morgan Properties Continues National Expansion With Georgia Deal
Conshohocken-based Morgan Properties continues its national expansion with the purchase of a 260-unit apartment community outside Atlanta, according to a press release. Morgan Properties acquired The Corwyn South Point Apartments in McDonough, Georgia, from ECI Group. The 10-building complex will be renamed Arden at South Point. The sales price has yet to be disclosed. Located…
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Perkasie’s Final Undeveloped Land May Become Home to Recycling Center
After borough leaders and residents pushed back against plans for luxury apartments, the final undeveloped tract of land in Perkasie may instead be developed as a recycling center, writes Lacey Latch for the Bucks County Courier Times. On Feb. 25, Perkasie Place submitted a sketch plan to the borough planning commission seeking initial feedback on…
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Netflix House Becomes the Star Tenant in King of Prussia Mall Sale
One of the most talked-about new attractions at King of Prussia Mall is now doubling as a real-estate selling point, writes Linda Moss for CoStar. The former Lord & Taylor building that now houses the nation’s first Netflix House has been listed for sale. This comes just months after the experiential venue debuted. The 120,000-square-foot…
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Vacant King of Prussia Office Building Could Make Way for Amazon Warehouse
Amazon plans on tearing down a vacant 260,000-square-foot office building in King of Prussia and then construct a new 99,300-square-foot warehouse in its place, writes Paul Schwedelson for the Philadelphia Business Journal. The proposed last-mile delivery station would be located at 760 Moore Road, roughly a half-mile from Route 422 and close to both I-276…
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Second Major Project Near Ambler SEPTA Station Moves Forward
Another mixed-use development is gaining traction in Ambler, according to Paul Shwedelson for The Philadelphia Business Journal. SEPTA has recommended Plymouth Meeting-based Korman Communities and Benchmark Real Estate to develop a 3.4-acre surface parking lot it owns next to the Ambler Regional Rail station. The transit agency’s board is expected to authorize a development agreement…
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Main Line Landmark Gets New Mission Under Local Investor
A historic Bryn Mawr building is getting a new purpose, rooted in education, writes Jeff Blumenthal for The Philadelphia Business Journal. The longtime headquarters of Bryn Mawr Trust Co., located at 801 W. Lancaster Ave., has been sold for $7.6 million to real estate investor Michael Karp. The roughly 46,000-square-foot property served as the bank’s…
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Local Investors Pay Nearly $10M for Staybridge Suites Philadelphia-Montgomeryville
Local investors have purchased the 105-room Staybridge Suites Philadelphia-Montgomeryville in North Wales for $9.89 million, writes Emma Dooling for the Philadelphia Business Journal. An entity affiliated with Westville, New Jersey-based Pinnacle Hospitality Group completed the acquisition of the hotel on January 15, with the sale price working out at $94,190 per key. Led by Chet…
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$39M Debt Sends Rosetree Office Complex in Media Into Receivership
The 268,000-square-foot Rosetree office complex in Media has been sent to receivership, with the property holding more than $39 million in debt, writes Paul Schwedelson for the Philadelphia Business Journal. The two-building property at 1400 N. Providence Road, owned by an entity affiliated with Keystone, became the subject of foreclosure after the owner missed the…
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Ambler Advances Major Mixed-Use Plan Near SEPTA Station
A proposed transformation of land near Ambler’s SEPTA station took a meaningful step forward this week, writes Linda Finarelli for The Reporter. The Borough Council voted 5-2 on February 17 to approve revisions to the town’s redevelopment overlay district. This allows Dresher’s BET Investments to move ahead with plans for a mixed-use project along West…
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