This Week's Philadelphia Deal Sheet
Much of South Jersey's industrial real estate is built on former farmland, and that farm legacy is still adding value for some industrial users there.
Provender Partners has acquired a 217.5K SF cold storage and distribution facility in Vineland, New Jersey, in a sale-leaseback transaction with Safeway Fresh Foods for $22.5M. The California-based investor, which focuses on food-oriented industrial properties, has signed Safeway to a five-year lease to continue operating the building.
Safeway's fresh food division, Sunnyside Farms, uses the building, 64% of which is temperature-controlled, to produce and distribute salads, sandwiches, wraps and packaged fruit cups. The building covers 27% of the 18-acre site.
LEASING
Online sneaker and apparel retailer and resale platform GOAT Group has leased the entirety of a 341K SF warehouse in Easton, Pennsylvania, the easternmost part of the Lehigh Valley submarket. Landlord First Industrial Real Estate was represented by a Colliers Logistics & Transportation team of Mark Zubb, Michael Zerbe and Summer Coulter in the transaction.
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The same Colliers team also represented Prologis in the signing of a 114K SF lease at a 550K SF distribution center the industrial behemoth owns in the Central Pennsylvania warehouse hub of Carlisle. The new tenant is an unnamed third-party logistics operator.
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Indus Realty Trust has reached 100% occupancy at the 102K SF distribution facility it completed in June at 4741 Chapmans Road in South Whitehall Township, Pennsylvania, also part of the Lehigh Valley submarket. After nearly 68K SF of pre-leasing, a Lee & Associates team led by principals Kim Jacobsen and Lee Fittipaldi secured an unnamed tenant for the final 34.5K SF.
CONSTRUCTION
Children's Hospital of Philadelphia has begun site preparations for its $1.9B New Patient Tower at 3501 Civic Center Blvd. after its plans went through the city's Civic Design Review process at the beginning of August, Philadelphia YIMBY reports. Set to be 434 feet tall and total 1.4M SF, the tower is expected to be completed in 2028, based on a banner CHOP hung at the building that currently occupies the 128K SF site.
SALES
A five-building suburban office campus in Cherry Hill, New Jersey, traded hands between an anonymous buyer and seller for $21.4M in a transaction brokered by Marcus & Millichap. The properties, the largest of which is a seven-story, 87K SF building, are 90% occupied by a mix of medical and office tenants and connected by a large, shared parking lot.
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Also trading hands between anonymous parties was a Wegmans supermarket in the Philly suburb of North Wales, Pennsylvania. The 128K SF grocery store sits on an outparcel of Montgomery Mall, the long-suffering enclosed mall that sold out of foreclosure for $55M in November. JRW Realty, a brokerage representing institutional capital in the acquisition of net-leased properties, arranged the transaction while representing the buyer. JLL represented the seller.
