This Week's Philadelphia Deal Sheet
Cushman & Wakefield has added an executive from the development and investment ranks.
Charles McGrath has joined C&W's Philadelphia office, where he will serve as managing director in its capital markets division. He comes from Washington, D.C.-based MRP Realty, where he held the same position and was involved in both capital markets and development activity, such as MRP's acquisition and redevelopment of the Bourse building on Independence Mall.
From his Philadelphia post, McGrath will focus on growing C&W's capital markets business and operate across asset classes for submarkets in Pennsylvania, New Jersey, Delaware and Maryland.
SALES
Thomas Park Investments has purchased a three-building medical office complex totaling nearly 58K SF in Broomall, Pennsylvania, the Philadelphia Business Journal reports. The Maryland-based firm purchased the properties at 2000, 2002 and 2004 Sproul Road from Hudson Cos. for $11.6M.
The complex, named Marple Commons, was 98% leased to 21 tenants at the time of the transaction.
LEASES
Crown Properties has signed Impulse Dynamics to a 54K SF lease at 50 Lake Center Drive, its office building in Marlton, New Jersey. The pacemaker manufacturer will use the space, formerly occupied by Virtua Health, as its new corporate headquarters, relocating jobs from other locations when it moves in this summer.
The 89K SF building is now 73% leased, the Philadelphia Business Journal reports. New York-based Crown, which purchased the property in February, was represented by JLL in the transaction, while Impulse was represented by Avison Young.
CONSTRUCTION
Campbell Soup Co. will spend $50M to renovate and expand its headquarters at 1 Campbell Place in Camden, New Jersey. In addition to upgrades, the project will include a new campus center, a research and development facility for snack foods, and a production plant for product pilots.
The expansion coincides with Campbell's bringing the corporate offices for subsidiaries Pepperidge Farm and Snyder's-Lance onto the same campus as the parent company from Norwalk, Connecticut, and Charlotte, North Carolina, respectively.
MERGERS & ACQUISITIONS
Local engineering firm Bruce E. Brooks & Associates has been acquired by Illinois-based IMEG Corp. It will continue to operate out of its Philadelphia office, which is located at 2209 Chestnut St. in Center City. Until full integration occurs at an undisclosed future date, BBA will operate as Bruce E. Brooks & Associates, now IMEG.
