This Week’s Philadelphia Deal Sheet: Pennsylvania Awards $2.5M Grant To Bucks County Industrial Park
The Lower Bucks Logistics Hub, an 814K SF industrial park under construction in Langhorne, received a $2.5M grant from the Pennsylvania Department of Community and Economic Development.
Foxfield and Drake Real Estate Partners are developing the formerly vacant lot at 1600 and 1620 E. Old Lincoln Highway. Construction on the two buildings is ahead of schedule and expected to wrap up before the end of 2024, according to a press release.
The site is next to Interstate 295. A 453K SF cross-dock structure is under construction on the southern part of the property. The northern portion will feature a 361K SF rear-load building.
“This development will not only attract businesses to the area but will also generate significant job opportunities, solidifying Bucks County’s position as a key player in the regional industrial economy,” T.J. Lonergan said in a statement.
Lonergan is the executive director of the Bucks County Industrial Development Authority, which also played a role in allocating the grant.
SALES
Vantage Commercial arranged the sale of two mixed-use properties in Atlantic County, according to a press release.
The buildings at 127 Bellevue Ave. in Hammonton and 208 Philadelphia Ave. in Egg Harbor Township were both LynKris Hometown Hardware locations. The business closed in September, WFPG reported. It has been serving South Jersey since the 1950s.
Vantage represented the buyer and the seller. Adviser John Doss helped finalize the sale.
“The deal was not straightforward and took some patience and focus to get to the closing table,” Vantage Vice President Ken Richardson said.
LEASES
The rainwear and umbrella company Chaby International has renewed its lease for a 123K SF of space in a 248K warehouse at 10981 Decatur Road in Northeast Philadelphia. A team from Colliers, including Vice Chair Richard Gorodesky and Vice President Adam Gorodesky, negotiated the deal on behalf of the landlord, Sant Properties. Chaby has been in the building since 2010.
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Advance Auto Parts signed a lease for 6,900 SF at 4750 Tilghman St. The business is expected to open before the end of the year.
Colliers brokered the deal. Seth Lacey and Scott Horner, two vice presidents on the company’s Lehigh Valley team, represented Advance Auto Parts. The landlord, Tilghman Holdings LLC, was represented by Markward Group.
CONSTRUCTION AND DEVELOPMENT
Construction is nearly complete on a 47-unit apartment building at 1118 N. Front St. in Fishtown, Philly YIMBY reported. BLT Architects designed the 44K SF structure. U.S. Construction Inc. is building it out for about $7M.
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The grocery chain Giant will open a new store at 1001-1029 S. Broad St. on Dec. 13. The 40K SF location is coming to the corner of Broad Street and Washington Avenue, an old industrial corridor that has seen significant multifamily redevelopment in recent years.
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Architectural firm Meyer has completed a $4M fit-out of CenterSquare Investment Management’s new 24K SF headquarters in Conshohocken, according to a press release. The space is centered around a hub-style café designed to increase employee interaction.
THIS AND THAT
The Philadelphia Housing Development Corp. is selling two vacant properties in Northwest Philly.
The properties are at 149 Apsley St. in Germantown and 1973 73rd Ave. in West Oak Lane. PHDC will provide walk-throughs of both lots on Dec. 5.
Prospective buyers will need to submit applications by Dec. 16. PHDC will assess proposals based on factors including social impact, financial feasibility, and economic opportunity and inclusion.
More details about the properties and application process are available on PHDC’s website.
CORRECTION, NOV. 15, 11:40 A.M. ET: A previous version of this story misstated the size of the warehouse at 10981 Decatur Road. It has been updated.
