Real Estate
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California Investor Acquires Pair of Self-Storage Properties in Northern Liberties for $39.3M
North Palisade Partners, a California investor, has acquired a pair of self-storage buildings in Northern Liberties for a total of $39.3 million, writes Paul Schwedelson for the Philadelphia Business Journal. North Palisade Partners purchased the 199,300-square-foot facilities from affiliates of New York-based Aspen Equities and its investment partners, which have been the owners since 2019.…
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House of the Week: Lovely Traditional in Rittenhouse Square
A lovely traditional home on a charming 871-square-foot lot with four bedrooms and two and a half bathrooms is available for sale in Rittenhouse Square. This attractive residence captures the timeless character of a historic city home while offering livable elegance. Distinctive details include classic oak floors, a decorative Art Deco marble fireplace, picture-frame molding,…
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Narberth Zoning Changes Target Affordable Housing, Downtown Revitalization
With Narberth now among the priciest housing markets in Montgomery County, the borough council is weighing a series of zoning changes designed to promote affordable housing development and support downtown revitalization, writes Denali Sagner for The Philadelphia Inquirer. “Narberth used to be relatively affordable, and that’s no longer the case,” said Fred Bush, president of…
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Market Street Demolition Plans Postponed As Summer Tourism Approaches
Comcast and the Philadelphia 76ers have decided to delay their plans to demolish and redevelop the 1000 block of Market Street ahead of this summer’s slew of festivities that will attract many tourists, writes Paul Schwedelson for the Philadelphia Business Journal. A spokesperson for the project said in a statement that the decision to pause…
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Port of Philadelphia Acquires Coveted 152-Acre Mustin Yard for $90 Million
The Port of Philadelphia has acquired the long-coveted 152-acre Mustin Yard in a $90 million deal, write Ryan Mulligan and Paul Schwedelson for the Philadelphia Business Journal. The property, owned since 2008 by Georgia-based Norfolk Southern, is located just south of I-95 and east of the Navy Yard. The purchase marks an important step in…
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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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Plans to Transform Old Family Court Building Into Hotel, Museum Have Not Progressed After Several Years
Plans to turn the historic Family Court building into a hotel and move the African American Museum in Philadelphia to an adjacent lot have collapsed, writes Victor Fiorillo for Philadelphia Magazine. The building’s future has been under discussion since 2010, when Michael Nutter was mayor and the city first sought proposals to redevelop the city-owned…
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‘As Good as It Gets’: Firstrust Bank Finances Development of Luxury Homes on Late Billionaire’s Radnor Estate
Nearly a decade after the passing of Campbell’s Soup heiress Dorrance Hill Hamilton, her estate in Radnor Township is about to enter a new phase, one shaped by a unique mix of personal connections, longstanding relationships, and a rare development opportunity on the Main Line. The estate, located a short walk from downtown Wayne, is…
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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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With Leasing Momentum, Rubenstein Partners Nabs $127M Refinancing for Chesterbrook Campus
Rubenstein Partners has obtained $127 million in refinancing from Waterfall Asset Management for its 1.1 million-square-foot office campus in Chesterbrook, writes Paul Schwedelson for the Philadelphia Business Journal. The 14-building property off Duportail Road, near the Chesterbrook Road and Route 202 intersection, is currently 50 percent occupied, according to Rubenstein Vice President Brian Simel, but occupancy is expected to climb to 66 percent…
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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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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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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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House of the Week: Extraordinary Contemporary in Graduate Hospital
An extraordinary contemporary home set on a lovely 2,178-square-foot lot with five bedrooms and six full and two half bathrooms is available for sale in Graduate Hospital. This magnificent residence redefines modern city living with its striking design and dramatic scale. Sophisticated details include Brazilian Chestnut hardwood floors, floor-to-ceiling windows, soaring ceilings, radiant heated floors,…
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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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Philadelphia Ranked Most Popular City in Northeast for Apartment Renter Interest
Philadelphia topped the list of cities in the Northeast for interest from apartment renters during the first half of the year, write Joanne Drilling and Ryan Mulligan for the Philadelphia Business Journal. RentcCafe’s mid-year renter engagement report reviews current and historic apartment search volume on its platform, as well as changes in overall apartment availability.…
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