This Week's Philadelphia Deal Sheet
Westrum Development Co. opened a 211-unit multifamily development in Lansdale on Thursday.
The Fort Washington-based developer cut the ribbon on the $28M, 257K SF Luxor Lansdale over two years after breaking ground in March 2021. The building, designed by Meyer, contains a mix of studio, one- and two-bedroom units, with amenities including a bar area and remote workspaces offering open seating and private rooms.
Should the market for larger apartments in the northeast Montgomery County suburb of Lansdale not materialize as expected, the building's design gives Westrum the option to convert two-bedroom units into one-bedrooms or studios.
LEASING
Core5 Industrial Partners leased two under-construction distribution centers within its Core5 Logistics Center at Codorus Creek in York County to unnamed national tenants. The 204K SF Building B and the 303K SF Building C sit at 520 and 540 Busser Road, respectively. Cushman & Wakefield represented the Atlanta-based Core5 in the lease deals.
Federal Realty Investment Trust signed four new leases across two of its shopping centers in the area. At Northeast Shopping Center in Northeast Philadelphia, chain food concepts Dave's Hot Chicken and Crave Cookies will occupy more than 5K SF combined. At Lawrence Park Shopping Center in Broomall, J. Crew Factory and local fast-casual chain Honeygrow will occupy over 6K SF.
CONSTRUCTION
DH Property Holdings commenced site work on a two-building, 759K SF warehouse complex at 5000 Richmond St. in Northeast Philadelphia. Both the 348K SF Building A and the 411K SF Building B are being built on speculation and scheduled to deliver by the end of next year. CBRE Senior Vice President Andrew Green and Vice Chairman Thomas Monahan will market the buildings for lease on behalf of DH.
