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uCity Square. Image courtesy of Ventas
Philadelphia held its ground in November. Despite continued economic uncertainty, the metro’s commercial real estate sectors saw some considerable action this month. Philly’s 6.5 million-square-foot mixed-use development in University City received a new, powerful investor to push the project forward. Industrial assets remained attractive, both in terms of development and investment. Here’s our November selection of Philadelphia must-reads:
1. DEVELOPMENT – GIC joins Ventas to further develop uCity Square.
The 389,000-square-foot One uCity and Drexel University’s 400,000-square-foot academic medicine building are two of the four university-based life science projects totaling 1.4 million square feet the partnership currently owns in Philadelphia and Pittsburgh. The two companies plan to take $500 million in construction financing, with Eastdil Secured serving as debt placement agent. Delivery is expected between 2021 and 2023.
2. DEAL – Amazon-leased warehouse commands $71.5 million.
Wharton Industrial Partners and Walton Street Capital sold the 283,500-square-foot SoPhi Logistics Center to a private investor, with the assistance of CBRE. The 1970-built asset occupies 15 acres at 2400 Weccacoe Ave., a short distance from interstates 76 and 95, the Port of Philadelphia and the CSX Rail Yard Philadelphia. The seller, after acquiring the property in 2019, implemented some $10 million in capital improvements. Amazon signed a 10-year lease for the entire facility in June.
3. LEASING – TJ Maxx parent company leases build-to-suit facility.
TJX Cos. signed a long-term lease on a future 300,000-square-foot warehouse in northeastern Philly, according to Philadelphia Business Journal. The company will use the building at 9801 Blue Grass Road to expand its local operations. Bridge Development will develop the property on a 21-acre site owned by DH Property Holdings. Colliers International’s Rich Gorodesky represented the tenant in the deal.
4. DEAL – Former Sears changes hands for $28.8 million.
A partnership between Abrams Realty and Development and Bock Development acquired the 237,151-square-foot Great Northeast Plaza from Rialto Capital Advisors in a transaction brokered by Colliers Retail. The new owner plans to redevelop the asset into a retail center named Court at Cottman, preserving the existing three-story building. The property at 2201 Cottman Ave. is part of a Macy’s- and Target-anchored retail area adjacent to Roosevelt Boulevard.
5. LEASING – Soloff Realty to lease upcoming Mantua development.
David Dunkelman will handle all leasing activity at the future Mantua Shopping Center & Medical Complex. Mantua Partners LLC and North Bridge Properties will develop the mixed-use project on a 10-acre site at the intersection of Lambs and Woodbury Glassboro roads. The property will feature two medical facilities totaling 77,500 square feet and 18,000 square feet of available retail space. Developers expect to break ground next spring and deliver the project in mid-2022.
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