This Week's Philadelphia Deal Sheet
After a short hiatus, the Philadelphia Deal Sheet is back. We want to hear about your deals, who got promoted or just signed on, and what's happening with your projects. Please email sonya.swink@bisnow.com to be considered for upcoming editions.
Manufacturing activity in the Philadelphia area has climbed into positive territory for the first time in months, potentially portending good news for real estate expansions.
General activity rose 16 points to 5.2 in February, according to the Federal Reserve Bank of Philadelphia’s survey of activity, the first positive reading since August. This is only the index’s fourth positive reading since May 2022.
The index measures activity, employment and other factors, diffusing the results.
February's result was a significant climb from the negative 10.6 reading for January, according to the survey, which polls manufacturing firms in eastern Pennsylvania, southern New Jersey and Delaware.
But while activity was up, employment went down. The employment index fell 9 points to negative 10.3 in February, its lowest reading since May 2020, as firms reported declines.
Despite that, survey authors said the “broad indicators for future activity strengthened, suggesting more widespread expectations for growth over the next six months.”
PEOPLE
The Philadelphia Fed has appointed four new members to its committee for emerging issues and market conditions, including Leslie Smallwood-Lewis, chief operating officer and co-founder of Mosaic Development Partners.
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Pennsylvania-based CenterSquare Investment Management has promoted Scott Maguire to global head of real estate securities solutions. A managing director with a 17-year tenure at the firm, Maguire's new role is expected to help promote the firm's commitment to real estate investment trust work, according to a press release.
Jennifer Ellis has replaced Maguire heading up investor relations. Ellis has worked in investor relations since 2016, most recently as its director, a role she assumed last year.
SALES
The Seyon Group has purchased a 62K SF light industrial building that includes research and lab space at 9001 Torresdale Ave. The acquisition expands Seyon’s portfolio to 11 properties totaling approximately 780K SF in the Philadelphia region. The seller was a generic-drug manufacturer that invested more than $3M in the asset over 20 years. JLL represented the seller.
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Logistics firm Realterm purchased an industrial truck terminal near Philadelphia from Yellow Corp. as Yellow proceeds through Chapter 11 bankruptcy. The 71-door terminal at 750 County Line Road in Lexington sits on 7.4 acres and is part of Yellow's liquidation of a terminal each in Philadelphia, Boston and Providence, Rhode Island.
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Palmyra Urban Renewal Entity has sold a 60-acre parcel near the Tacony-Palmyra Bridge for $20M to an entity affiliated with St. Louis-based Sansone Group, the Philadelphia Business Journal reported. The land is expected to be the site of Phase 2 of the Tac-Pal Logistics Center, which broke ground in 2021 on a 702K SF warehouse/distribution facility. PURE was represented by Matthew Marshall, Adam Gillespie and Ben Fabiszewski of Avison Young.
FINANCING
A Biden administration program has awarded grant funding to renovate 329 senior housing units in the Philadelphia region.
The Green and Resilient Retrofit Program administered by the Department of Housing and Urban Development has distributed $26.5M to HumanGood, a California nonprofit, to renovate three senior communities, including Riverside Presbyterian Apartments, Tioga Presbyterian Apartments and Jackson Place Apartments.
THIS AND THAT
An organization centered on preparing women for senior leadership roles in all sectors of commercial real estate is expanding its mentorship and scholarship program in the Northeast. The group began its expansion with events in Philadelphia and New York that drew more than 250 people. In April, The Goldie Initiative will start networking events in Boston.
