Real Estate
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Pandemic Triggers Record Sale of Million-Dollar Homes in Region
One side effect of the stay-at-home pandemic is that people are willing to pay a higher price for homes that have space, writes Brian McCrone for NBC 10. That, coupled with low inventory and low interest rates on mortgages, means it’s a sellers’ market right now, with million-dollar homes a hot commodity in the suburban…
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Plymouth Meeting Real Estate Manager Invests $158M in Life Science Development Company
Plymouth Meeting-based CenterSquare Investment Management has made a $158 million investment in a San Diego company that develops life sciences real estate, writes Natalie Kostelni for the Philadelphia Business Journal. The real estate manager invested the funds in IQHQ as part of the real estate company’s $1.7 billion second round of funding. CenterSquare’s investment further…
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Iron Mountain Moves from Collegeville to Royersford Building It Acquired in 2007
Data storage company Iron Mountain is vacating an office building in Collegeville and moving its operations to a Royersford facility that it acquired thirteen years ago from Wetherill Associates for $12.3 million, writes Natalie Kostelni for the Philadelphia Business Journal. The company has maintained its regional headquarters in Collegeville for the last two decades. However…
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Malvern Bank House of the Week: Contemporary Masterpiece in Ambler
A striking contemporary home with five bedrooms and four and a half bathrooms is available for sale in Ambler. Located next to a scenic pond and surrounded by gorgeous mature trees, this residence offers much-coveted privacy combined with all the luxuries of modern living. The home boasts a cozy yet sophisticated open concept living space…
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Life Science Companies Emerging as Bright Spot in Otherwise Quiet Local Office Market
With traditional office tenants looking for ways to cut back on square footage amid the pandemic, life science companies have emerged as a bright spot on the local office market, writes Natalie Kostelni for the Philadelphia Business Journal. From Blue Bell to King of Prussia, these companies have been signing long-term deals on spaces that…
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Pandemic Ushers in Changes in Home Buyer, Seller Behaviors
The pandemic along with low interest rates has spurred on changes in the behavior of both home buyers and sellers in the Philadelphia area as well as at the national level, writes Michaelle Bond for The Philadelphia Inquirer. According to a recently released National Association of Realtors report, those who opted to buy a home…
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Kobe Bryant’s Wynnewood Childhood Home Goes for $810K
Kobe Bryant’s childhood home in Wynnewood, minus the basketball hoop in the driveway he used while growing up and any remnant of Bryant’s time in the house, sold last week for $810,000, writes Tim Daniels for the Bleacher Report. The five-bedroom, three-and-half-bathroom home was originally sold by Bryant’s family in 2008. The NBA legend lived…
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Developer Needs Two Sets of Approvals for New Project That Straddles Line of Two Montco Towns
A developer needs to get two sets of approvals for a new project that straddles the line between Lower Merion and Narberth, writes Richard Ilgenfritz for the Main Line Times. The planned development of two multifamily buildings is officially listed at 3 Elmwood Avenue in Narberth. However, due to the roadway reconfiguration a few decades…
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Malvern Bank House of the Week: Stunning Colonial Inspired By Chateaus of Riviera in Huntingdon Valley
A stunning colonial home inspired by the chateaus of the Riviera with five bedrooms and six full and two half bathrooms is available for sale in Huntingdon Valley. The exterior is distinctive with its graceful curves and classical elements which blends perfectly with the ultramodern interior. This home is bursting with recreational features, including a…
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CBRE Veteran Joins Tactix Real Estate Advisors
Mitchell J. Reading, a former First Vice President and 15-year veteran of CBRE, Inc, has joined the team of tenant advocates at Philadelphia-based Tactix Real Estate Advisors. Throughout his career, Reading has managed and co-managed more than two and a half million square feet of real estate transactions within the Philadelphia suburbs. “The lessons learned…
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Local Couple Transforms Lower Merion Tudor Residence into Modern Family Home
Sarah and Neil Greenstein have transformed the Tudor residence they bought three years ago into a modern family home for themselves and their three children, writes Sally A. Downey for The Philadelphia Inquirer. When they decided to purchase the house, the couple knew it needed quite a bit of work. “The house had good bones,”…
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Local Office Markets Thriving As Some Philadelphia Start-Ups Head to Suburbs During Pandemic
Local commercial real estate markets are thriving as a number of Philadelphia start-ups search out more affordable space in the suburbs due to the coronavirus pandemic, writes Joseph N. DiStefano for The Philadelphia Inquirer. WuXi Biologics, a recent spin-off from China-based contract gene- and cell-therapy maker, has decided to place up to 100 employees at…
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Developer Awaiting Approval for Transformative $150M Riverfront Project in Bridgeport
PRDC Properties is poised to receive final approval for a potentially transformative, $150 million riverfront project in Bridgeport, writes Natalie Kostelni for the Philadelphia Business Journal. The Philadelphia-based real estate company is planning to construct 250 apartments and 348 townhouses as well as 7,000 square feet of retail space on a 35-acre site that has…
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Acquisition of TopGolf by Callaway Will Not Affect Its King of Prussia Project
The announced acquisition of Topgolf Entertainment Group by publicly-traded golf brand Callaway will not affect its planned projects in the Philadelphia area, including the one in King of Prussia, writes Natalie Kostelni for the Philadelphia Business Journal. “We are looking forward to re-starting our development efforts regarding new venues,” said a company spokeswoman. No information…
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Malvern Bank House of the Week: One-of-a-Kind Modern Manor in Flourtown
A one-of-a-kind modern manor with four bedrooms and four full and two half bathrooms is available for sale in Flourtown, writes Sandy Smith for The Philadelphia Magazine. While in the planning stages, owners Janet and Ron Kimball hired architect Joel Levinson to design their future home. “My design philosophy is eclectic,” says Levinson. “I was…
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Florida-Bound Couple Puts Dutch Colonial, Where It’s ‘Like Living in a Tree House,’ on Market
Ready to start the next chapter of their lives in Florida, Kelly and Chuck Keller have put their Dutch Colonial in Devon up for sale, writes Paul Jablow for The Philadelphia Inquirer. Living in the residence is “like living in a tree house,” said Kelly. The Kellers bought the home with its five bedrooms and…
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Despite Pandemic-Related Disruptions, Suburban Office Market Continues to Add New Tenants
A new Newmark report found that despite pandemic-related disruptions, the suburban office market continued to add major occupancies throughout the third quarter of 2020, according to a staff report from the City Biz List. The new tenant agreements drove positive net absorption to almost 80,000 square feet. Among the companies that moved into new spaces…
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Harriet Carter Gifts Sells Its Montgomeryville Building for $8.5M
Harriet Carter Gifts has sold the building in Montgomeryville that housed its office, showroom, and distribution center for $8.5 million, writes Natalie Kostelni for the Philadelphia Business Journal. The 171,646-square-foot structure was acquired by Catalyst Commercial Development, which plans to eventually use the space. The company also sold its Bucks County building in a separate…
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