Real Estate
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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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New Philadelphia Bill Would Expand Transit-Oriented Development, Allowing More Housing Near SEPTA
A new bill from Mayor Cherelle L. Parker’s administration would allow more apartment construction around SEPTA stations to help boost ridership, writes Jake Blumgart for The Philadelphia Inquirer. The proposal expands an existing law that allows developers to build more housing with less parking on many properties that are within 500 feet of SEPTA stations…
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Wealthiest ZIP Codes Cluster in Chester County, Philadelphia Region
Wealth in the Philadelphia region is still concentrated around Center City, though several Chester County ZIP codes earning top ten spots in specific categories, writes Todd Romero for the Philadelphia Business Journal. The latest ranking of the wealthiest ZIP codes is based on several factors, including per-capita income, home values, equity, savings, poverty rates, and…
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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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Athlete Relocation Expert Elizabeth Herremans Moves to West Chester’s VRA Realty
Birds Nesting, founded by Elizabeth Herremans, has moved from luxury real estate brokerage Serhant Pennsylvania to West Chester-based VRA Realty, writes Ryan Mulligan for the Philadelphia Business Journal. Herremans, wife of former Philadelphia Eagles guard Todd Herremans, founded the firm to help athletes relocate to and settle in the Philadelphia area. At first, she focused on Eagles players, but after joining Serhant, she expanded to other athletes. Birds Nesting supports athletes who have…
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Toll Brothers Plans Massive Age-Restricted Community on 100 Exton Acres
Toll Brothers has paid $70 million for a 100-acre site in Exton, where it plans to construct its largest age-restricted residential development in the Philadelphia area, writes Ryan Mulligan for the Philadelphia Business Journal. The luxury homebuilder, based in Fort Washington, acquired the parcel at 301-305 Church Farm Lane. The planned project will have 317…
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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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Former Eagle Brent Celek Adds Five West Chester Warehouses to Real Estate Portfolio
Former Eagle Brent Celek, who just brought his residential brokerage to Keller Williams Media, has acquired five West Chester warehouses for over $10 million as he doubles down on commercial real estate, writes Ryan Mulligan for the Philadelphia Business Journal. Over the last eight years following his NFL career, Celek has ventured into nearly every area of real estate, including single-family…
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First Bank House of the Week: Lovely French-Style Home in Chadds Ford
A lovely French-style home set on 1.8 acres with four bedrooms and three bathrooms is available for sale in Chadds Ford. This stately residence is perched gracefully atop a hill, offering a commanding presence and a spacious layout designed for comfortable everyday living and memorable gatherings. . . Distinctive details include rich wood-paneled walls, a marble fireplace, and hardwood floors. Among…
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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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Riverfront Home in New Hope with Five Terraces Hits Market for $10 Million
A home on the Delaware River in New Hope recently hit the market for $10 million, as waterfront real estate values soar in the borough, writes Ryan Mulligan for the Philadelphia Business Journal. The house, located on Main Street, was completed in 2021 and spans 6,000 square feet, featuring a car elevator, five terraces, a floating dock, and an interior elevator. Residents…
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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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First Bank House of the Week: Spacious Family Rambler in Chester Springs
A gorgeous rambler home on 8.5 acres with four bedrooms and four and a half bathrooms is available for sale in Chester Springs. . . This exceptional residence is privately set at the end of a long drive, helping create a peaceful backdrop overlooking Birchrun Creek and surrounded by scenic woodlands. Distinctive details include soaring cathedral ceilings,…
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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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