PHILADELPHIA — Cushman & Wakefield has arranged undisclosed amounts of construction financing and joint venture equity for a 40,000-square-foot industrial project in Philadelphia that is a build-to-suit for Stateside Vodka. The facility will be located within Crown 95 Logistics Center, a 381,200-square-foot development on the city’s northeast side, and will feature a clear height of 28 feet and seven loading docks. John Alascio, Aaron Graves, Chuck Kohaut, T.J. Sullivan, Mitch Rothstein and Claire Oster of Cushman & Wakefield arranged the debt through Univest and the equity from Tramview Capital Management. The borrower/developer was not disclosed.
PHILADELPHIA — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring and rightsizing plan that would involve closing 400 to 500 of its 2,100 or so stores nationwide. The bankruptcy filing has long been expected within the industry, as Rite Aid’s position has grown more precarious in the wake of numerous lawsuits alleging the pharmacy’s role in supplying opioid drugs that contributed to overdose deaths. That legal activity reached its crescendo earlier this year when the U.S. Justice Department formally lodged a complaint against Rite Aid. According to CNN, the government alleged at that time that Rite Aid had “knowingly filled unlawful prescriptions for controlled substances.” According to CNBC, Rite Aid ended its most recent fiscal quarter on June 3 …
PHILADELPHIA — Florida-based investment firm DoveHill Capital Management has acquired a 329-room, dual-branded hotel in Philadelphia’s Wynnefield Heights neighborhood. The Hilton hotel was built in 2000 and was fully renovated in 2016, while the Homewood Suites hotel was built in 2005 and fully renovated in 2022. The hotels share 26,000 square feet of amenity space, as well as 1,300 parking spaces, and have jointly benefited from over $10 million in capital investment since 2015. DoveHill’s subsidiary, The Wurzak Hotel Group, will manage the property.
PHILADELPHIA — California-based SecureSpace Self Storage has opened a 120,260-square-foot facility at 2501 N. 15th St. in the Glenwood area of Philadelphia. The number of units was not disclosed. The facility will feature entirely climate-controlled space across multiple unit sizes and will add to SecureSpace’s two additional nearby developments and three operating stores in the greater Philadelphia area.
PHILADELPHIA — New Jersey-based DIGroup Architecture has relocated its Philadelphia office to Budd Bioworks. The 450,000-square-foot office and life sciences campus is a redevelopment of the former manufacturing facility of automotive parts provider The Budd Co. The square footage of the new office space was not disclosed. A partnership between New York City-based developer The Plymouth Group and private investment firm Centerbridge Partners owns Budd Bioworks.
HANOVER, PA. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 12,500-square-foot medical office building in Hanover, located in the southern-central part of the Keystone State. According to LoopNet Inc., the two-story building at 100 Frederick St. was constructed in 1979. Conor Daly led the Blueprint team that represented the seller, a local owner-operator, in the transaction. Additional terms of sale were not disclosed.
PHILADELPHIA — CIT, a division of First Citizens Bank, has provided a $44 million construction loan for a 287,218-square-foot industrial project that will be located at 2121 Wheatsheaf Lane in northeast Philadelphia. The facility will feature a clear height of 40 feet, 36 dock doors, two drive-in doors and parking for 65 trailers and 258 cars. The borrower and developer, Greek Real Estate Partners, acquired the site in spring 2021 and subsequently demolished the existing structure. Delivery of the new facility is slated for the first quarter of 2025. JLL has been tapped as the leasing agent.
By Taylor Williams No matter your size, market and scope of operation, for retail owners and operators, there is no such thing as total immunity from the likes of e-commerce, COVID-19, inflation and interest rate hikes. But there is such a thing as absorbing those socioeconomic hits in stride, learning and evolving from them and re-emerging on significantly more solid ground. And that is largely the path that the Philadelphia retail market has traversed over the past few years. The timing of the pandemic dismantled the launch of Fashion District, the redevelopment of the former Gallery at Market East Mall that should have ushered in a new scene of experience-based, locally merchandised retail in Philadelphia. Retailers and restaurants along Center City District’s main shopping corridors quickly devised solutions to the global healthcare crisis and were returning to normalcy when bad timing once again intervened. This time, it took the form of the Delta variant, which delayed plans to reopen existing stores or launch new ones and erased some of the positive momentum that landlords and tenants had recouped. For their part, suburban retail properties, many of whose performances were bolstered in the short run by pandemic- driven population influxes, are …
BOOTHWYN, PA. — JLL has brokered the sale of Larkin’s Corner, a 225,214-square-foot retail center located in Boothwyn, located near the Pennsylvania-Delaware border. Acme Grocery and Walmart anchor the property, which was 99 percent leased at the time of sale. Other tenants at the center include McDonald’s, TD Bank and Dollar Tree. Chris Munley, Jim Galbally, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Site Centers, in the transaction. The team also procured the undisclosed buyer.
LANGHORNE, PA. — A partnership between regional developer Greek Real Estate Partners and Principal Asset Management has delivered Langhorne Logistics Center, a 210,564-square-foot industrial project located about 25 miles northeast of Philadelphia. The partnership acquired the 19-acre site, which at the time housed two buildings that were constructed in 1980, in 2006. The partnership expanded the first of the two buildings by 60,000 square feet in 2008 and recently demolished the second building to make way for Langhorne Logistics Center. The new facility features a clear height of 40 feet, two drive-in doors, 80 trailer parking stalls and 209 car parking spaces.