This Week's Philadelphia Deal Sheet
Occupier-focused brokerage firm Cresa has opened its first Center City office in one of Philadelphia's most recognizable buildings.
Cresa now occupies 2.4K SF in Three Logan Square, adding to its regional footprint that already includes an office in suburban Conshohocken. The new office will accommodate a staff that has grown by 60% in the past 12 months, in addition to the naming of Tony Juliano as Cresa's Philly market head last September.
This week, Cresa hired Mike Scanzano, formerly of New Jersey-based Wolf Commercial Real Estate, to focus on tenant representation in South Jersey. Cresa plans to continue expanding its staff in 2023.
LEASES
Vantage Commercial has signed five tenants totaling 10K SF at the neighborhood shopping center in South Jersey's West Deptford that it sold to local investors last year. Vantage Commercial and Vantage Property Management continue to market and manage the property, Southwood Shopping Center.
Of the five tenants — a cheesesteak shop, smoothie bar, paint store, salon and physical therapy center — two have already opened. An external renovation project is slated to begin at Southwood in the coming months.
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Two Locals Brewing Co., the first Black-owned brewing operation in Philadelphia, has signed a lease for a 6K SF brewery and taproom on the ground floor of 3675 Market St., part of University City Science Center, Wexford Science & Technology and Ventas' uCity Square project. Two Locals plans to open its space in the summer.
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U.S. 1 Logistics affiliate GSR has signed a lease for a 4-acre industrial outdoor storage facility at 2502 Wheatsheaf Lane in Port Richmond. The property contains a 17K SF truck terminal with 42 dock doors and sits just off the commercial corridor of Aramingo Avenue, which has direct access to Interstate 95.
The owner, Imperium Capital subsidiary IG Logistics, was represented by a Colliers team of Tom Golarz, Michael Golarz, Brad Boone and Brian McCurdy. GSR was represented by a Colliers team of Rich and Adam Gorodesky.
SALES
An affiliate of herbal remedy and vitamin retailer Penn Herb Co. has sold the property containing its flagship store, at 601 North Second St., for $6.9M. Penn Herb was represented by local brokerage Scope Commercial Real Estate in the transaction, a sale-leaseback deal with a local partnership of 1031 exchange buyers.
The 25K SF property, named Northern Liberties Gateway, contains 14 apartments above the 5.8K SF store. It sits at what is now the southern edge of Northern Liberties' main business corridor of Second Street, but a $500M, multiphase project from National Real Estate Development has broken ground on its first building at the southwest corner of Second and Spring Garden streets, less than a block away.
