Commercial Real Estate
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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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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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Southern Land Refinances Josephine Apartment Tower With $145 Million Loan
Southern Land Co. has managed to secure a $145 million refinance loan less than two years after finalizing the luxury apartment tower Josephine near Rittenhouse Square, writes Paul Schwedelson for the Philadelphia Business Journal. The 255-unit building opened in July 2024, which is one of three similar major projects that the developer has completed over…
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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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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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CHOP Pays $17.5M for Former Medical Examiner’s Building in West Philadelphia
Children’s Hospital of Philadelphia recently paid $17.5 million for a West Philadelphia building that was once home to the Philadelphia Medical Examiner’s Office, writes John George for the Philadelphia Business Journal. The pediatric medical center intends to tear down the 69,000-square-foot building, though it has not yet decided on any future plans for the site.…
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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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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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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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Broad Street Diner Owners Propose Five-Story Hyatt Studios Hotel at South Philly Site
The owners of Broad Street Diner plan to convert the property into a hotel that will be operated by Hyatt Studios, the extended-stay segment of the Hyatt brand, writes Jared Mitovich for WHYY. The proposed five-story, 110-key hotel would mean demolishing the diner and the adjacent six-unit apartment building. Upon completion, the project would include…
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$105M Redevelopment Finally Moving Forward in Willow Grove
After nearly two years of delays, a major redevelopment project in Willow Grove is finally moving forward, writes Paul Schedelson for The Philadelphia Business Journal. Federal Realty Investment Trust plans to begin demolition this spring at the Willow Grove Shopping Center to make way for 261 apartments and new retail space. The $105 million project…
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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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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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Temple University Pays $8 Million for Former McDonald’s Site Adjacent to Its Sports Complex
Temple University has purchased the former McDonald’s site at Broad Street and Girard Avenue, next to Temple University Sports Complex, for $8 million, writes Ryan Mulligan for the Philadelphia Business Journal. The fast food restaurant that once occupied the lot was demolished in 2023. This acquisition continues a series of deals the university has pursued…
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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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