Commercial Real Estate
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Bucks County Manufacturer Signs Lease for Bristol Building, Plans More Jobs
Bucks County-based Airline Hydraulics Corp. signed a lease for a 184,611-square-foot industrial facility in Bristol, which it plans to fully occupy, writes Paul Schwedelson for the Philadelphia Business Journal. The hydraulic, pneumatic, and automation products distributor will be moving into the new location this summer, with plans to add 50 new jobs. The facility will be used for manufacturing…
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Once Dilapidated Chester County Barn Finds New Life as Entertainment Venue
A weathered Chester County barn has been renovated and turned into a stunning entertaining space, writes Eileen Smith Dallabrida for the Main Line Today. The barn has a special meaning for its new owner. She used to ride her pony past the barn and adjacent stables as a girl. As an adult, she decided to…
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SEPTA Makes Plans That Could Reshape Montco Living
Montgomery County communities are at the center of SEPTA’s latest strategy to reshape how and where people live near transit, writes Thomas Fitzgerald for The Philadelphia Inquirer. SEPTA is leveraging land it owns to partner with developers on transit-oriented housing projects. Major plans are already underway in Ambler and Conshohocken. The goal is to increase…
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H Mart Could Turn Lansdale Shopping Center into Cultural Hub
A long-struggling Lansdale shopping center may be on the verge of a turnaround, writes Tony Di Domizio for North Penn Now. Plans tied to H Mart bring renewed energy and cultural significance to the Hillcrest Shopping Center. The proposed addition of the popular Asian grocery chain signals more than just a new tenant. For Montgomery…
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Logistics Center Proposed for Former Tank Farm in Darby Township
A four-building, 1.3-million square-foot logistics center is being proposed on the edge of Delaware County in Darby Township, writes Ryan Mulligan for Philadelphia Business Journal. Stream Realty Partners out of Dallas is proposing a warehouse development on 106 acres off Calcon Hook Road at the former Darby Creek Tank Farm oil storage site owned by…
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David Simon, CEO of Simon Property Group, Owner of King of Prussia Mall, Dies at 64
David Simon, president and CEO of Simon Property Group, the owner of King of Prussia Mall, died at 64 on March 22 following a battle with cancer, according to a staff report from WUSA9. Simon was “the singular leader who built Simon Property Group into the largest and most admired retail real estate company in…
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Fishtown Post Office Property Goes On the Market, Redevelopment Opportunity Possible
A post office in Fishtown has been put up for sale with it likely being redeveloped after finding a buyer, writes Paul Schwedeslson for the Philadelphia Business Journal. For 61 years, the Fishtown property has been a part of the bustling Frankford Avenue commercial corridor. The 12,000-square-foot, 0.28-acre property is owned by the Ricciardi family,…
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New Jersey-Based Developer Obtains $46M Loan for New Industrial Warehouse in Northeast Philadelphia
Greek Real Estate Partners, a New Jersey-based development firm, recently obtained a $46 million loan for a new industrial warehouse building in Northeast Philadelphia, writes Paul Schwedeslon for the Philadelphia Business Journal. The developer completed the 287,000-square-foot building earlier this year. Back in 2021, Greek Real Estate acquired the 21-acre property for $31.5 million. From…
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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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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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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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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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Wilmington Developer Buys Two Kennett Square Office Buildings, Plans $34M Redevelopment
Wilmington-based 9th Street Development is acquiring two office buildings in Kennett Square, plans to convert one into apartments while retaining the other as commercial space for office and medical tenants, writes Paul Schwedelson for the Philadelphia Business Journal. The 128 E. State Street building, at 100,000 square feet, will become 60 apartments, while the 101 E. State Street property, at 80,000 square feet,…
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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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HSN’s Move to West Chester Paves Way for 400,000-Square-Foot Industrial Project at Former Campus
Vacated after HSN consolidated operations in West Chester, the network’s former Florida headquarters is set to become one of Tampa Bay’s largest industrial developments, writes Veronica Brezina for St. Pete Rising. The 65-acre north St. Pete site is under contract to Greystar, the largest multifamily housing owner, manager, as well as a developer in the U.S. The firm is…
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