This Week's Philadelphia Deal Sheet
The contract for replacing the collapsed portion of Interstate 95 in Northeast Philadelphia was awarded, with work scheduled to begin Thursday.
The Pennsylvania Department of Transportation selected Buckley & Co. to rebuild the section near the Cottman Avenue exit in an emergency no-bid process, Pennsylvania Transportation Secretary Mike Carroll said at a press conference Wednesday.
Buckley was selected based on its crew and equipment availability, Carroll said — it was already on-site, working on demolition of the failed structure, which is expected to be completed Thursday, days ahead of the initial estimate, Gov. Josh Shapiro said at the Wednesday conference.
When that work is finished, Buckley will build a mound of recycled-glass fill to the level of the highway, which will be paved to connect three lanes of traffic in each direction and resume usage of I-95. When the fill mound is completed, permanent construction will begin with the outside lanes before the mound is eventually dismantled — and reused on another project — to make way for permanent inside lanes.
Shapiro and Carroll declined to give timelines for when the temporary and permanent replacements would be completed, but they reiterated U.S. Transportation Secretary Pete Buttigieg's claim from Tuesday that federal funds will cover the cost of the project. The Federal Highway Administration authorized a $3M emergency assistance package on Wednesday, the Philadelphia Inquirer reports.
SALES
An affiliate of Harvey Hanna & Associates purchased the 100K SF distribution center at 955 River Road in New Castle, Delaware, on May 23, according to New Castle County property records. New York-based LEJ Capital sold the vacant building for an undisclosed sum, with the official deed listing a $10 price. The 6.67-acre property's most recent tax assessment value is just under $2M.
Colliers Managing Director Carl Neilson and Vice President Charles Brown represented LEJ, which initially put 955 River Road up for sale nearly a year ago, and procured Harvey Hanna as the buyer.
LEASING
Bathroom furnishing wholesaler Lexora Home leased a 70K SF distribution center at 145 Morgan Lane in York, where it will relocate its operations from Secaucus, New Jersey. A CBRE team of Nicholas Klacik, Kevin Dudley, Chad Hillyer, Kate Granahan, John La Prise and Sean Bleiler represented Lexora in lease negotiations, while Rock Commercial Real Estate's Jason Turnbull represented the seller, 3625 Mia Brae LP.
CONSTRUCTION
Method Co. and Cimbra Partners launched leasing at their 142-unit multifamily development dubbed The Driftway in Philly's East Falls neighborhood. The building is expected to open by the fall.
A portion of the units will be operated as hotel-style, flexible-stay rentals managed by Roost Apartment Hotel, a hospitality subsidiary of Method with seven other locations, three of them in Philly.
At 4300 Kelly Drive, the property overlooks Falls Bridge and Fairmount Park and includes a mix of one- and two-bedroom units, with a small number of bi-level units.
