This Week's Philadelphia Deal Sheet
PREIT has completed another sale of property at one of its malls in service of paying down its debilitating debt load.
The Philly-based REIT sold an outparcel at its Plymouth Meeting Mall property containing a Whole Foods for $27M to another retail-focused REIT, Agree Realty. A JLL Retail Capital Markets Investment Advisory team marketed the property on behalf of PREIT.
The Amazon-owned Whole Foods has eight years remaining on the 20-year lease it signed in 2009 to operate the 65K SF store, with five extension options of five years each. It sits across an expanse of parking from Plymouth Meeting Mall, which PREIT will continue to operate.
PEOPLE
Tenant representation firm Cresa has hired Eric Zahniser as managing principal for its industrial practice in the Philly region, based out of Conshohocken. Zahniser had most recently served as a principal at Lee & Associates of Eastern Pennsylvania. His earlier work experience includes working for the U.S. General Services Administration as an asset manager.
LEASING
Comcast has put a seven-story, 160K SF block of office space at Three Logan Square up for sublease. The office building, owned by Brandywine Realty Trust, sits across Arch Street from the Comcast Technology Center skyscraper. At 53 stories and containing over 1M SF of leasable office space, Three Logan is being marketed as a trophy-class asset. Comcast's lease for the block it is marketing expires in 2029.
SALES
Abrams Realty and Development purchased a 64K SF shopping center in Philly's Port Richmond neighborhood for an undisclosed price from Heidenberg Properties. The fully occupied Aramingo Plaza at 3500 Aramingo Ave. is anchored by a Forman Mills department store. Its leases average seven years in remaining length. JLL represented Abrams in the acquisition, announced a week after Abrams sold a slightly larger center in South Jersey.
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German discount grocery giant Lidl purchased a 69-acre site at the Keystone Trade Center industrial development complex from NorthPoint Development for $145M, the Philadelphia Business Journal reports. NorthPoint had planned to build a 1.2M SF distribution center at the site, one of several 1M SF-plus warehouses it has planned within its giant Bucks County complex on the Delaware River, two of which are under construction. Lidl has assumed responsibility for development at the site it bought.
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An anonymous buyer has purchased the lot at 130-146 West Girard Ave., a triangular property at the nexus of Northern Liberties, Fishtown and South Kensington containing a bank building. The buyer, identified as 130 Girard LLC, acquired the 12K SF site for more than $2M months after receiving zoning permits for the construction of a seven-story, 84-unit apartment building, Rising Real Estate reported at the time.
