Commercial Real Estate
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HSN’s Move to West Chester Paves Way for 400,000-Square-Foot Industrial Project at Former Campus
Vacated after HSN consolidated operations in West Chester, the network’s former Florida headquarters is set to become one of Tampa Bay’s largest industrial developments, writes Veronica Brezina for St. Pete Rising. The 65-acre north St. Pete site is under contract to Greystar, the largest multifamily housing owner, manager, as well as a developer in the U.S. The firm is…
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Perkasie’s Final Undeveloped Land May Become Home to Recycling Center
After borough leaders and residents pushed back against plans for luxury apartments, the final undeveloped tract of land in Perkasie may instead be developed as a recycling center, writes Lacey Latch for the Bucks County Courier Times. On Feb. 25, Perkasie Place submitted a sketch plan to the borough planning commission seeking initial feedback on…
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Ambler Advances Major Mixed-Use Plan Near SEPTA Station
A proposed transformation of land near Ambler’s SEPTA station took a meaningful step forward this week, writes Linda Finarelli for The Reporter. The Borough Council voted 5-2 on February 17 to approve revisions to the town’s redevelopment overlay district. This allows Dresher’s BET Investments to move ahead with plans for a mixed-use project along West…
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Pair of Philadelphia Airport Hotels Put Up for Sale by New York Owner
Lightstone Group, a New York-based real estate investment company, has put Aloft Philadelphia Airport and Four Points by Sheraton Philadelphia Airport on the market after an 11-year hold, writes Emma Dooling for the Philadelphia Business Journal. Lightstone Group purchased the 136-room Aloft and 177-key Four Points in December 2014 for $30 million from Starwood Hotels…
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Eagles Legend Brent Celek Brings Media Real Estate Team to Keller Williams
Former Philadelphia Eagle Brent Celek has brought his real estate team based in Media to Keller Williams in what he calls the “natural next step,” writes Ryan Mulligan for the Philadelphia Business Journal. Brent Celek Real Estate, which was previously independent, will now join the nation’s largest brokerage at its Media office. Celek, a former…
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$39M Debt Sends Rosetree Office Complex in Media Into Receivership
The 268,000-square-foot Rosetree office complex in Media has been sent to receivership, with the property holding more than $39 million in debt, writes Paul Schwedelson for the Philadelphia Business Journal. The two-building property at 1400 N. Providence Road, owned by an entity affiliated with Keystone, became the subject of foreclosure after the owner missed the…
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Main Line Landmark Gets New Mission Under Local Investor
A historic Bryn Mawr building is getting a new purpose, rooted in education, writes Jeff Blumenthal for The Philadelphia Business Journal. The longtime headquarters of Bryn Mawr Trust Co., located at 801 W. Lancaster Ave., has been sold for $7.6 million to real estate investor Michael Karp. The roughly 46,000-square-foot property served as the bank’s…
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Newtown Rezones Corporate Campus Due to Empty Offices
A shift in how we work has created a lot of empty office space in Newtown Township. Most of the office buildings in the Newtown Square Corporate Campus are empty or up for lease and are lowering the tax rate tables as a result, writes Pete Bannan for the Daily Times. Newtown supervisors voted 4-1…
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Fortune 10 HQ in Conshohocken Hits the Market — Fully Leased
A marquee property in Conshohocken is officially on the market, according to Paul Schwedelson for The Philadelphia Business Journal. The 429,000-square-foot headquarters of Cencora has been listed for sale by owner PRP Real Assets. The 11-story, Class-A office building at 1 W. First Ave. is fully leased to the Fortune 10 pharmaceutical giant, with 10…
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Conshohocken’s Morgan Properties Names New Co-CEOs
A major leadership transition is underway at Morgan Properties, as the Conshohocken-based multifamily real estate giant names Jonathan and Jason Morgan as co-Chief Executive Officers. The brothers have long helped steer the company’s strategy, investments and operations. The formal titles mark a new chapter for one of the nation’s largest private apartment owners. Founder Mitchell…
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Planned South Philadelphia Stadium District Development Project, Opposed By Many, Unravels
A major development in South Philadelphia’s stadium district, opposed by the Phillies, Eagles, and Comcast Spectacor, appears to have collapsed after the real estate partnership behind the project dissolved last summer, writes Jake Blumgart for The Philadelphia Inquirer. The project, which would have brought 1,367 residential units to the district, was unveiled in 2024 as…
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Brandywine Realty Trust is opening a $60 million hotel in Radnor
A $60 million, 121-room Marriott hotel catering to the suburban tenants of Brandywine Realty Trust is opening in Radnor this spring, writes Jake Blumgart and Michael Klein for The Philadelphia Inquirer. “We were constantly hearing from our tenant base that as they were bringing people in from out of town, there was no real high-end,…
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Valley Forge Military College Pushes Back on Eminent Domain Idea
A decision by the Radnor Township Board of Commissioners to seize 17 acres of the Valley Forge military school campus in Wayne is not sitting well with the foundation that oversees Valley Forge Military College, writes Ryan Mulligan for Philadelphia Business Journal. “Now I know how Greenland feels,” said Valley Forge Military Academy Foundation…
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Hatboro Wawa Sells for $7.4M in Major Local Real Estate Deal
A recently built Wawa in Hatboro has changed hands in a multimillion-dollar deal, writes Schwedelson for The Philadelphia Business Journal. Ivyland-based Altimari Properties purchased the Wawa at 412 S. York Road for $7.4 million. The convenience store was completed in 2023. It sits at the busy intersection of York and Horsham roads and includes fuel…
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Swiss Investment Company Acquires Rittenhouse Square Building for $5.23M, Conversion Possible
MZP AG, a Switzerland-based investment company has purchased a Rittenhouse Square building in a $5.23 million deal, writes Paul Schwedelson for the Philadelphia Business Journal. The six-story building at 1619 Walnut Street is mostly-vacant and saw a 70 percent decline in its sale compared to the $19.2 million New York-based Nuveen Real Estate paid in…
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Dock Mennonite Makes $1.5M Land Play in Montgomery County
A longtime Montco private school is expanding its footprint with a notable land purchase in Hatfield, writes Ryan Mulligan for The Philadelphia Business Journal. Dock Mennonite Academy has acquired a neighboring 4.5-acre farm property at 1850 Tomlinson Road in Hatfield for $1.53 million, giving the school additional room to grow while preserving open space next…
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Temple University Pays $8 Million for Former McDonald’s Site Adjacent to Its Sports Complex
Temple University has purchased the former McDonald’s site at Broad Street and Girard Avenue, next to Temple University Sports Complex, for $8 million, writes Ryan Mulligan for the Philadelphia Business Journal. The fast food restaurant that once occupied the lot was demolished in 2023. This acquisition continues a series of deals the university has pursued…
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Bridges at Warwick Sells to REIT Specializing in Senior Housing for $50.2M
The Bridges at Warwick has been sold to National Health Investors, a real estate investment trust specializing in senior housing, for $50.2 million, writes Paul Schwedelson for the Philadelphia Business Journal. The 107-unit assisted living and memory care community, located at 1600 Almshouse Road in Jamison, was previously owned by an affiliate of Orlando, Florida-based…
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