Real Estate
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This Historic South Philadelphia Church Will Be Repurposed Into Apartments, Event Space
The Historical Commission recently approved a plan to preserve and redevelop the historic True Gospel Tabernacle Family Church in South Philadelphia, writes Jake Blumgart for The Philadelphia Inquirer. Atlis Real Estate Partners has proposed 33 residential units with a rentable event space in the sanctuary of the former church. This proposal would preserve the complex,…
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Philadelphia-Area Hotel Sales in 2024 Totaled Over $100M, More Than Half in the City
Philadelphia-area hotel sales generated more than $100 million across the region in 2024, with most of the revenue occurring in the city, writes Emma Dooling for the Philadelphia Business Journal. This marked a rebound from a different year in the industry in 2023, when transaction volume was down nationwide as a result of a disconnect…
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Philadelphia-Based Brandywine Realty Trust Sells 23-Story Building in Arlington for $190.5M
Philadelphia-based Brandywine Realty Trust recently sold a mixed-use building in Arlington, Virginia, for $190.5 million as part of its continuous efforts to ease out of the Washington D.C. market, writes Michael Potter for the Philadelphia Business Journal. The sale of the 23-story building, which is the tallest building in Arlington’s Ballston submarket, comes more than…
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New Warehouse Set to Break Ground in Souderton
A new 176,000-square-foot warehouse is coming to Souderton from Endurance Real Estate Group and Greystar-Thackeray, writes Paul Schwedelson for the Philadelphia Business Journal. The 14-acre property previously belonged to Franconia Technology Associates, but no price tag was disclosed. Construction is expected to begin in the coming weeks and completion of the projected is expected by…
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Phillies Legend Mike Schmidt’s Former Media Home Sells for $2.9M
Someone has paid $2.995 million for Phillies legend Mike Schmidt’s former mansion in Media Borough, writes Ryan Mulligan for Philadelphia Business Journal. The sales price, reported by Zillow, is 40 percent below its original listing of $4.975 million in April 2023. The 12,000-square-foot seven bedroom, six and a half bath mansion is off Providence Road…
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University City Student Housing Complex, Carriage House, Sells for $22.5M
The Carriage House, a 165-unit student housing complex in University City, has sold for $22.5 million, about $10 million less than it did four years ago, writes Ryan Mulligan for the Philadelphia Business Journal. The five-story apartment complex was purchased by an entity affiliated with Baltimore-based JSB Capital Group. It was sold by London-headquartered Global…
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Five Vacant Northwest Philadelphia SEPTA Train Stations Could Soon Get New Life
SEPTA could soon lease to give new life to five vacant train stations in Northwest Philadelphia, writes Mike DeNardo for KYW Newsradio. The SEPTA board will vote on Thursday on whether to lease the five historic but closed-up stations to developer Ken Weinstein’s firm, Philly Office Retail. The five stations along the Chestnut Hill East…
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Toll Brothers Breaks Record with Biggest Year in Company History
Fort Washington-based Toll Brothers capped off its 2024 fiscal year with $10.6 billion in home sales revenue, marking the best year in its history, writes Paul Schwedelson for the Philadelphia Business Journal. The luxury homebuilder ended the year with a robust fourth quarter, seeing gains across nearly all key metrics compared to 2023. CEO Douglas…
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Potential Buyers Are Choosing High-End Rentals Like The Noble in Northern Liberties Instead of Starter Homes
As potential buyers increasingly choose high-end rentals over starter homes, Philadelphia has added another new, amenity-rich apartment building to its lineup: The Noble, writes Jeffrey Steele for Forbes. The building, located at 2000 Spring Garden Street, has 13 stories and 360 units. It was developed by National Real Estate Advisors and Kushner Real Estate Group.…
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House of the Week: Historic Former Bank Turned Residence in Tacony
A historic former bank turned luxury residence with three bedrooms and two-and-a-half bathrooms is available for sale in Tacony. The brick structure was originally Tacony Saving Fund Safe Deposit & Title Company on the first level, community library on the second level, and a lodge room on the third. It was converted into a residence…
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PREIT’s New CEO Considered Redeveloping Exton Square Mall Before Deciding to Sell
PREIT considered redeveloping Exton Square Mall before ultimately deciding to sell the property to generate funds for paying down debt, writes Paul Schwedelson for the Philadelphia Business Journal. In April, Glenn Rufrano, the new executive chairman of PREIT’s board, said that selling the mall would be “a question of value.” PREIT carefully evaluated the estimated…
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University of the Arts Properties At Center of City’s Real Estate Buzz as Bid Deadline Approaches
Ahead of the deadline to submit bids for the sales of University of the Arts’ several buildings, there has been much interest, writes Mike D’Onofrio for AXIOS. Among the major players considering jumping in the mix include Temple University and Philadelphia developer Carl Dranoff. According to a spokesperson for real estate services company JLL, at…
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New Luxury Apartments Have Opened at 333 N. Broad St. in Doylestown
New luxury apartments, 333 N Broad St. (named after its address), have opened in Doylestown and are available to lease, the culmination of a 30-year vision to transform the area, writes Lacey Latch for the Bucks County Courier Times There are currently 136 apartments to rent in the main building of the $77 million complex.…
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A Mansion Under Construction in Broomall Is Upsetting the Neighborhood
Nicholas Reynolds is cofounder of the Marple Civic Association, serves on the Marple School Board and is a successful owner of Delco Steaks, Marple Public House, and the Splash Swim Club, but he’s lately getting flak for an oversized home he’s building in a Broomall neighborhood Tensions have mounted for months between Reynolds and neighbors,…
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2 Bucks County Senior Living Communities Acquired by Welltower for $42.7M
Welltower, an Ohio-based real estate firm focused on the healthcare industry, has acquired two Bucks County senior living communities for a total of $42.7 million, writes John George for the Philadelphia Business Journal. Heartis Bucks County, located in Warminster, was sold for $25.1 million, while Heartis Yardley went for $17.6 million. Texas-based Heartis was the…
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University City Still Among the Hottest Submarkets Nationwide for Tech Office Space
University City is still one of the nation’s hottest submarkets for tech office space, writes Ryan Mulligan for the Philadelphia Business Journal. Office space rents in the growing business corridor increased at the third fastest rate in the country year over year in the second quarter of 2024, according to a new CBRE report. University…
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Toll Brothers Buys 42 Acres in Perkiomenville to Build 43 Homes
Fort Washington-based Toll Brothers purchased a 42-acre site in Perkiomenville for $8.2 million to build 43 single-family homes, writes Paul Schwedelson for the Philadelphia Business Journal. The luxury home developer expects to start selling the homes next fall. Toll Brothers acquired the land from Provident Trust Group, a retirement investment fund. The parcel is located…
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McDonald’s Distributor Martin Brower Signs Lease for New Warehouse in Northeast Philadelphia
Martin Brower, a global supply chain company, will take full occupancy of a new warehouse in Northeast Philadelphia, writes Paul Schwedelson for the Philadelphia Business Journal. The 147,000-square-foot facility with 57,000 square feet of cold storage is being constructed by Crow Holdings Development and is planned to be completed by next fall. Martin Brower is…
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