Commercial Real Estate
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Debate Grows Over New Housing Plan at Former Freddy Hill Farms
The future of the former Freddy Hill Farms property remains a hot topic in Towamencin, writes Dan Sokil for The Reporter. Township supervisors recently reviewed a revised proposal from Pinnacle Realty that would bring 207 housing units to the longtime dairy farm and entertainment site. The property has been under discussion since the Seipt family…
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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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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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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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Pair of Philadelphia Airport Hotels Put Up for Sale by New York Owner
Lightstone Group, a New York-based real estate investment company, has put Aloft Philadelphia Airport and Four Points by Sheraton Philadelphia Airport on the market after an 11-year hold, writes Emma Dooling for the Philadelphia Business Journal. Lightstone Group purchased the 136-room Aloft and 177-key Four Points in December 2014 for $30 million from Starwood Hotels…
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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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Former Plymouth Meeting Hotel Cleared for Apartment Conversion
A long-vacant hotel in Plymouth Meeting is one step closer to a new life, writes Emma Dooling for The Philadelphia Business Journal. Plymouth Township’s Zoning Hearing Board voted 3-1 to approve plans to convert the former DoubleTree Suites by Hilton Hotel Philadelphia West into 213 apartments. The six-story property at 640 Fountain Road, which closed…
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Former Landhope Dairy Farm in Kennett Square to Become New Wedding Venue
Jeffrey A. Miller Hospitality Group is partnering with the owners of the former Landhope dairy farm on a $6 million adaptive reuse project to transform the site into a new wedding and event destination in Kennett Square, writes Emma Dooling for the Philadelphia Business Journal. Named Willowdale, the new event space is slated to open…
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Fortune 10 HQ in Conshohocken Hits the Market — Fully Leased
A marquee property in Conshohocken is officially on the market, according to Paul Schwedelson for The Philadelphia Business Journal. The 429,000-square-foot headquarters of Cencora has been listed for sale by owner PRP Real Assets. The 11-story, Class-A office building at 1 W. First Ave. is fully leased to the Fortune 10 pharmaceutical giant, with 10…
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Newtown Rezones Corporate Campus Due to Empty Offices
A shift in how we work has created a lot of empty office space in Newtown Township. Most of the office buildings in the Newtown Square Corporate Campus are empty or up for lease and are lowering the tax rate tables as a result, writes Pete Bannan for the Daily Times. Newtown supervisors voted 4-1…
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Conshohocken’s Morgan Properties Names New Co-CEOs
A major leadership transition is underway at Morgan Properties, as the Conshohocken-based multifamily real estate giant names Jonathan and Jason Morgan as co-Chief Executive Officers. The brothers have long helped steer the company’s strategy, investments and operations. The formal titles mark a new chapter for one of the nation’s largest private apartment owners. Founder Mitchell…
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Planned South Philadelphia Stadium District Development Project, Opposed By Many, Unravels
A major development in South Philadelphia’s stadium district, opposed by the Phillies, Eagles, and Comcast Spectacor, appears to have collapsed after the real estate partnership behind the project dissolved last summer, writes Jake Blumgart for The Philadelphia Inquirer. The project, which would have brought 1,367 residential units to the district, was unveiled in 2024 as…
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Germantown Friends School Buys Adjacent Historic Bank Building for $2M in Expansion Move
Germantown Friends School recently acquired a historic 11,000-square-foot building housing a Wells Fargo branch for $2.05 million, writes Ryan Mulligan for the Philadelphia Business Journal. The acquisition increases Germantown Friends School’s Philadelphia presence to nearly a full city block. The 94-year-old building, located at 5452-58 Germantown Avenue, occupies over an acre. The school currently has…
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Hatboro Wawa Sells for $7.4M in Major Local Real Estate Deal
A recently built Wawa in Hatboro has changed hands in a multimillion-dollar deal, writes Schwedelson for The Philadelphia Business Journal. Ivyland-based Altimari Properties purchased the Wawa at 412 S. York Road for $7.4 million. The convenience store was completed in 2023. It sits at the busy intersection of York and Horsham roads and includes fuel…
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Apartment Sales Surge in Montco with $48M Bala Cynwyd Deal
A prominent apartment community in Bala Cynwyd has changed hands, underscoring the continued strength of southern Montco’s multifamily market, writes Paul Schwedelson for The Philadelphia Business Journal. A 173-unit Bala Cynwyd apartment building has sold for $48.3 million, or roughly $279,000 per unit, to a joint venture of out-of-state investors. The five-year-old property at 9…
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Toll Brothers Joint Venture Sells Apartment Building Outside of Boston for $131M
A joint venture between Fort Washington-based Toll Brothers and an affiliate of The Carlyle Group has sold an apartment building outside of Boston for $131 million, writes Grant Welker for the Philadelphia Business Journal. Pantzer Properties, a New York real estate investment firm, bought the 289-unit property located roughly 15 miles from downtown Boston. The…
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Swiss Investment Company Acquires Rittenhouse Square Building for $5.23M, Conversion Possible
MZP AG, a Switzerland-based investment company has purchased a Rittenhouse Square building in a $5.23 million deal, writes Paul Schwedelson for the Philadelphia Business Journal. The six-story building at 1619 Walnut Street is mostly-vacant and saw a 70 percent decline in its sale compared to the $19.2 million New York-based Nuveen Real Estate paid in…
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Limerick Land Swap Would Bring State Game Land to Edgmont
A developer’s proposal to the Pennsylvania Game Commission could give Delaware County its first swatch of Pennsylvania Game Land, writes Frank Kummer for The Philadelphia Inquirer. Game Lands are managed areas for hunting, hiking, fishing, and wildlife conservation. Limerick Town Center LLC, a warehouse developer, has proposed trading 559 acres of land across three counties,…
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