Philadelphia Commercial Real Estate Wrap-Up – April 2020
- May 07, 2020
Philadelphia’s commercial real estate market remained stable with several key transactions closing in April, despite the current health crisis. Most major deals took place in suburban zones: PayPal inked a lease agreement to consolidate its presence in the metro, and a handful of national investors closed on industrial deals on both sides of the Delaware River. See our selection of April must-reads:
1. DEAL – Class A suburban office asset trades for $25 million.
Apex Financial Advisors acquired the 123,000-square-foot, Class A property from a joint venture between Kairos Real Estate Partners and Artemis Real Estate Partners. JLL Capital Markets assisted the seller, which had paid $3.3 million for the asset in 2016 following a foreclosure action. The property is located at 518 Township Line Road in Blue Bell.
2. LEASING – JV signs medical supplier at Bethlehem industrial park.
Trammell Crow Co. and Clarion Partners closed a 189,721-square-foot lease transaction with TwinMed, for a full building at the newly constructed Steel City Trade Center. As a PPE supplier, the tenant was granted a waiver in the early days of the COVID-19 crisis to complete the build-to-suit facility’s construction. The property is located at 1198 Feather Way, just off Interstate 78.
3. DEAL – South Jersey industrial portfolio sells for $43 million.
Endurance Real Estate Group and PCCP LLC purchased seven warehouses totaling 553,000 square feet for $42.9 million, according to Bisnow Philadelphia. Novaya Real Estate Ventures was the seller, Yardi Matrix shows. The largest structure in the deal was the 113,537-square-foot Swedes Run Business Park at 600 Delran Parkway in Delran. The full portfolio includes other buildings near Route 295 and the New Jersey Turnpike in Swedesboro and Mount Laurel. The portfolio was 88 percent occupied at the time of the sale.
4. DEAL – Cushman & Wakefield closes 151,000-square-foot retail sale.
MCB Real Estate and United Hampshire US REIT acquired the property for $31.6 million. The brokerage assisted the seller, Urban Edge Properties. Located at 310 White Horse Pike in Lawnside, N.J., the retail center is 12 miles from downtown Philadelphia. The tenant roster includes Home Depot, T-Mobile and Wendy’s.
5. LEASING – PayPal consolidates presence in Plymouth Meeting.
The online payments operator signed a 99,500-square-foot lease at Brandywine Realty Trust’s Metroplex Corporate Center, a 120,877-square-foot suburban office property, according to Philadelphia Business Journal. CBRE represented the tenant in the 11-year lease transaction. The property came online in 2007 and is located at 4000 Chemical Road.