PHILADELPHIA — Here are some briefs covering recent real estate transactions.


A building at 160-164 N. 3rd St. in Old City that housed the now closed restaurant Wedge & Fig has sold for $3.75 million to an undisclosed partnership from New York. The seller was a local partnership that owned the property for about 12 years. The building has three commercial spaces of which Wedge & Fig occupied one and a dry cleaner and Erdon, an apparel retailer, occupy the other two spots. A new restaurant has signed a lease for the vacant space and is schedule to soon move in. Ken Mallin, Veronica Blum, Jade Eskovitz and Russ Panchelli of MPN Real Estate oversaw both sides of the transaction.

8,128 square feet

Navigate Corp. signed an eight-year lease on 8,128 square feet at 955 Chesterbrook Blvd. in the Chesterbrook Corporate Center in Wayne. Dan Dagit of CBRE Inc. represented the landlord while Scott Miller and Rija Beares of CBRE represented the tenant.

$7.7 million

Bloom Organization sold three properties in Pennsauken, N.J., in three separate transactions: Draco Broadcast, which provides equipment to the video and broadcast industry, paid $1.68 million for 9265 Commerce Highway, a 33,500-square-foot building. The company is based in Silicon Valley and wanted an East Coast presence; Heat Makers Sense, a Brooklyn, N.Y., distributor of hair products, paid $2.74 million for 6995 Airport Highway, a 60,800-square-foot building; and an undisclosed investor paid $3.3 million for 9240 Commerce Highway, a 67,600-square-foot building leased to three tenants. Marc Isdaner and Ian Richman of Colliers International arranged the transaction.

10,000 square feet

Ameribest Home Care is moving into 10,000 square feet at 990 Spring Garden St. from 1221 Spring Garden. Michael Barmash of Colliers International represented Ameribest in the lease.

3,255 square feet
NewLink Genetics signed a three-year lease at 1200 Liberty Ridge Drive in Wayne. Catherine Bianco of Workspace Property Trust represented the landlord while Scott Miller and Rija Beares of CBRE Inc. represented the tenant.
$3.6 million
Rhoads Industries Inc. sold an 84,132-square-foot building along with an 8,403-square-foot ancillary structure on seven acres at 2375-79 Philmont Ave. in Huntingdon Valley for $3.6 million. An affiliate of Premier Storage
Investors bought it and plans to develop it into an ExtraSpace Storage location. Robert Olender of Roddy Inc. arranged the sale.
$6.1 million
An undisclosed German investor paid $6.1 million for 1101-1103 Frankford Ave. in Fishtown. Yoav Shiffman was the seller. The building, which dates back to 1899, was converted two years ago into 15 apartments with ground-floor retail space leased to Fishtown Brewpub. Ken Wellar and Chris Egan of Rittenhouse Realty represented the seller while Andre Kinney of Greenstone Realty Advisors represented the buyer.
4,840 square feet
The University of Pennsylvania opened an additional 4,840 square feet at its Pennovation Center and CytoVas, Allevi, Limelight Bio, and drone mapping software company Aerial Applications now occupy space in what is referred to as “flexible inventor offices” that can be licensed by entrepreneurs and used for research and development space or dry labs. These companies that are using the new space are either moving up or adding to smaller space they have already occupied in the Pennovation Center.

Natalie Kostelni, Reporter
Philadelphia Business Journal

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