A roundup of recent real estate news in the Philadelphia region:
AMC Delancey Group’s portfolio of three apartment buildings totaling 26 units near the intersection of 22nd and Walnut streets in Center City has sold to an unnamed Philadelphia investor for $4.3 million.
The properties are at 2205 Walnut St., 2213 Walnut St. and 2200 Walnut St.
MPN Realty’s Nadia Bilynsky and Ken Mallin represented the seller. The portfolio was marketed as a value-add opportunity and the buyer plans to renovate the apartments as leases rollover, Bilynsky said. The portfolio consists of 17 one-bedroom apartments and nine studios. The three buildings are all listed as contributing properties of the Philadelphia historic register.
“Even when we’re in a difficult market like today, value-add investment properties like these in Philadelphia are always a stable asset that investors are looking for and investors are willing to purchase,” Bilynsky said.
New York-based KPR Centers LLC and California-based PCCP LLC secured a $56.3 million construction loan from Principal Asset Management for the development of Tri-State Industrial, a 525,000-square-foot industrial warehouse in Claymont, Delaware, at 401 Naamans Road.
The warehouse is planned to have 40-foot clear heights, 50-foot-by-50-foot column spacing, LED lighting, four drive-in ramps and 99 dock doors. The 36-acre site is near I-95 and I-495.
JLL’s Chris Drew, Mike Pagniucci and Michael DiCosimo represented the borrowers.
Brandywine Realty Trust (NYSE: BDN) received a $50 million construction loan for the future North American corporate headquarters of France-based Arkema, a global supplier of specialty materials. The build-to-suit project is expected to be completed in the fourth quarter of 2024.
The four-floor, 144,685-square-foot building, at 155 King of Prussia Road in Radnor, is planned to have lab and office space.
An undisclosed regional bank funded a $16.1 million loan to Philadelphia-based Trinity Realty Cos. for The Washington Apartments, a mixed-use building with 72 residential units and 16,500 square feet of ground-floor commercial space at 2224-50 Germantown Ave. in Kensington near Temple University.
The building is at the intersection of North 7th Street, Germantown Avenue and West Dauphin Street. Leasing has begun on the building, which averages 881 square feet per unit and has one- and two-bedroom apartments. The building has a fitness studio, coworking space, a lounge, roof deck and a parking garage with 52 parking spaces.
Scope Capital Group’s Matthew Rosenberg and Craig Thom negotiated the financing.
A 72,000-square-foot ShopRite opened at Drexeline Town Center in Drexel Hill, part of Baltimore-based MCB Real Estate’s $100 million redevelopment project. The site, at 5100 State Road, was previously named Drexeline Shopping Center.
The redevelopment includes a Wawa, apartments and self-storage, making it a 348,185-square-foot mixed-use development.
The store is being operated by the Burns family and replaces the ShopRite at the same shopping center that closed in May. The new store is twice as big and will employ 250 full- and part-time workers as the store is open daily from 6 a.m. to midnight.
Roca Bathroom Products signed a lease for 34,400 square feet at 1000 Forge Ave. in Norristown. The lease at the industrial property includes an 8,360-square-foot office. The property is within Seton Corporate Center.
Roca is based in Spain with a U.S. headquarters in Miami. The company designs and manufactures bathroom products. Roca plans to use the distribution center to expand its product line in the Northeast.
Transwestern Real Estate Services’ John Vaught and Steve Kozarits and The Flynn Cos’ Patrick Gilmore represented Roca.
Boing US Holdco Inc. bought a 2-acre property at 121 Route 73 South in Voorhees, New Jersey, from Medical Properties Route 73 LLC for $1.15 million and plans to build a car wash at the site. The location is south of Virtua Voorhees Hospital.
Rose Commercial Real Estate’s Adam Rose represented the seller while Tri State Commercial’s Kevin Healey represented the buyer.
By Paul Schwedelson – Reporter, Philadelphia Business Journal
Contact Agent Nadia Bilynsky – (267) 441-0601