Catalyst City Development paid $5 million for 828-40 N. 2nd St. — located at the corner of 2nd and Poplar streets — in Philadelphia. Tower Investments was the seller. Catalyst along with Southwood Properties plans to raze an existing 15,000-square-foot building and develop the site into a five-story, mixed-use project with 63 apartments and 9,500 square feet of retail. The developer plans to break ground by the end of this summer. Ken Mallin, Josh Nadel and Nadia Bilynsky of MPN Realty Inc. arranged the transaction.
A roundup of recent real estate transactions across the Philadelphia region:
$4.5M
Jasper Studios paid $4.5 million for the Steel Heddle Manufacturing Co. property, a vacant four-building, 257,000-square-foot historic complex at 2100 E. Allegheny Ave. in the Allegheny West neighborhood of Philadelphia. The seller was AM8 Group LLC and AM8 Group Steel Heddle Building LP. Spencer Yablon and Samantha Kupersmith of CBRE Inc. represented the seller and Maleda Berhane of AR Spruce served as the seller’s advisor. The property was a manufacturing plant of textile loom products and closed in 1983. While other users briefly occupied the buildings, it has been vacant for years. Jasper Studios plans to redevelop the property, which is in a Federal Opportunity Zone.
114,928 SF
Apex Display Group signed a 10-year renewal on 114,928 square feet at 1000 N. Cannon Ave. in Lansdale. Stoltz Real Estate Partners is the landlord and was represented in-house by Jeff Nugent. Justin Bell of Newmark represented the tenant.
15,916 SF
Hotwire Communications Ltd. and University City Housing Co. signed a four-year sublease on 15,916 square feet at 251 St. Asaph’s Road in Bala Cynwyd that had been occupied by Invest Edge Inc. Jim Wilson of Newmark represented the tenant while Jim Dugan and Tucker McBride represented Invest Edge.
$5M
Catalyst City Development paid $5 million for 828-40 N. 2nd St. — located at the corner of 2nd and Poplar streets — in Philadelphia. Tower Investments was the seller. Catalyst along with Southwood Properties plans to raze an existing 15,000-square-foot building and develop the site into a five-story, mixed-use project with 63 apartments and 9,500 square feet of retail. The developer plans to break ground by the end of this summer. Ken Mallin, Josh Nadel and Nadia Bilynsky of MPN Realty Inc. arranged the transaction.
4,300 SF
Vetri Foundation signed a lease on 4,300 square feet at 915 Spring Garden St. in Philadelphia. Pete Shrier of Rethinc Real Estate represented Vetri. Arts & Crafts, the landlord, was represented in-house.
7,435 SF
Mass Mutual leased 7,435 square feet at Two Campus Blvd. in Newtown Square. Tom Stone of CBRE Inc. represented the landlord while James Kelly, Scott Miller, Katie Wenger and Jordan Adams of CBRE Inc. represented the tenant.
5,019 SF
Dinsmore & Shohl leased 5,019 square feet at 100 Berwyn Park in Berwyn. Kathy Sweeney-Pogwist of Brandywine Realty Trust represented the landlord and James Kelly, Scott Miller, Katie Wenger and Jordan Adams of CBRE Inc. represented the tenant.
Natalie Kostelni, Reporter
Philadelphia Business Journal
