MIDDLETOWN, PA. — CBRE has negotiated a 133,464-square-foot industrial lease for e-commerce distributor Boxzooka Fulfillment & Global Ecommerce in Middletown, located approximately 25 miles north of Baltimore. The warehouse is part of a 1.5 million-square-foot logistics center at 300 Capital Lane. William Waxman, Kevin Dudley and Nicholas Klacik of CBRE represented Boxzooka in the lease negotiations. Colony Industrial is the landlord of the logistics center.
PHILADELPHIA — Primary care provider Oak Street Health has signed an 8,000-square-foot retail lease in Philadelphia. The property is located within Strawberry Square Shopping Center, which also includes a Rite Aid, Dollar Plus and Save-a-Lot. Scott Benson of Metro Commercial represented Oak Street in the transaction. Richard Soloff of Soloff Realty & Development represented the landlord.
WILLOW GROVE, PA. — Kushner Real Estate (KRE) Group has opened Willow Pointe, a 245-unit multifamily community in Willow Grove, a northern suburb of Philadelphia. The property comprises three buildings with one- and two-bedroom floor plans, all of which include a patio or balcony. Amenities include a pool, resident lounge, fitness center, business center, outdoor grilling areas and resident storage space. Hudson Projects designed the community.
EDDYSTONE, PA. — JLL has arranged a 186,000-square-foot industrial lease expansion for chocolate product manufacturer Barry Callebaut in Eddystone, a southwestern suburb of Philadelphia. The expansion brings Barry Callebuat’s total lease within the property at 1001 Industrial Highway up to 395,000 square feet. Michael Burns, Trevor Ragsdale and Paul Torosian of JLL represented Barry Callebaut in the transaction. The landlord was Novaya Foxfield Indusutrial LLC.
The evolution and transformation of Philadelphia’s retail real estate market is in full swing, as evidenced by the arrival of several long-awaited shopping and dining concepts, the growth of retail in mixed-use settings and the balanced levels of demand between urban and suburban submarkets. According to the latest data from CoStar Group, over the last three years the Philadelphia metro area’s retail inventory has grown by about 1.3 million square feet per year. The development pipeline is leveling off, with less than 700,000 square feet of retail product currently under construction, and steady demand has pushed the market’s vacancy rate down to 4.2 percent. While the quantity of annual new space added has been on par with the national average for primary markets, the quality of that space and the fundamentals that drive demand for it have made Philadelphia a key market for expanding and new-to-market retailers. “Philadelphia is a market with many millennials and college students, a dense residential downtown area and a thriving tourism industry,” says Doug Green, managing principal at brokerage firm MSC Retail. “If you’re Bonobos, Warby Parker or Untuckit, Philadelphia is going to be one of your stops, because we check all the boxes that …
PHILADELPHIA — A joint venture between PREIT and Macerich has launched Fashion District Philadelphia, a 900,000-square-foot retail district housing dozens of shopping, dining and entertainment destinations. The $400 million project is a redevelopment of a former mall, the Gallery at Market East. A range of clothing and accessory retail options include Aeropostale, Burlington, Columbia and ULTA. The Fashion District also houses coworking spaces from REC Philly and Industrious. Other notable anchors of the district include City Winery, AMC Theaters, rotating art installation Wonderspaces, Market Eats food hall, mini theme park Candytopia and Yards Brewing Co.
BETHLEHEM, PA. — Coworking company Venture X has signed a 13,000-square-foot office lease for in Bethlehem, located about 50 miles north of Philadelphia. The space is situated within the 127,832-square-foot Gateway at Greenway Park mixed-use development, which includes space leased to Lehigh University and St. Luke’s University Health Network. The Venture X office is expected to be operational by January 2020. Jody King of CBRE represented the landlord, Dennis Benner of Ion Development, in the lease negotiation. King also represented Venture X.
IRWIN, PA. — The Knapp Group, a division of Marcus & Millichap, has brokered the $7.5 million sale of two seniors housing properties in Irwin, located approximately 20 miles southeast of Pittsburgh. Combined, the communities comprise 95 units of independent living and assisted living. One of the properties was built in 1999 and the other in 1959. The names of the facilities were not disclosed. The seller was a physician within the community looking to retire from the seniors housing business. A local owner-operator acquired the communities for $7.5 million. Joseph Knapp of the Knapp group represented the seller.
PHILADELPHIA — CBRE has brokered the sale of a 283,500-square-foot industrial facility in Philadelphia. The buyer, a partnership between Wharton Industrial Partners and Walton Street Capital, plans to invest $10 million in an extensive repositioning of the site, which will be rebranded SoPhi Logistics Center. Improvements will include installation of a new roof and lights, as well as leveling the interior floors, expanding and upgrading the loading docks and repaving and repainting the entire site. Construction is expected to be complete in early 2020. CBRE’s Patrick Green and Michael Mullen represented the seller, an individual investor based in Switzerland who purchased the property in 2006. The sales price was undisclosed.
ELIZABETHTOWN, PA. — Novaya Foxfield Industrial (NFI) has purchased 20 acres in Elizabethtown, located about 75 miles north of Baltimore. NFI is currently developing two industrial warehouses totaling 200,000 square feet on the site. The buildings will feature concrete panel construction and 32-foot clear heights. The property will be located within the 3.5 million-square-foot Conewago Industrial Park, which houses several large warehouse and industrial tenants. NFI expects to complete construction by the end of 2019.
