This Week's Philadelphia Deal Sheet
The sale of a South Jersey farm has paved the way for the construction of the largest distribution center in the state's history.
Arbok Partners and Core5 Industrial Partners purchased the 157-acre lot at 1179 Courses Landing Road in Carneys Point, dubbed the Kelly Farm South site, for an undisclosed price, the Philadelphia Business Journal reports. Curran Commercial represented the Kelly family in selling the site.
The joint venture plans to build a 1.75M SF warehouse on speculation, targeting large e-commerce tenants with 40-foot clearance, PBJ reports. Initial plans call for either a full-building lease or a two-phase construction, split into 1.5M SF and 250K SF portions.
Amazon already leases a 1.25M SF warehouse from Truist Bank only a couple of miles to the east, PBJ reports. The Kelly Farm South site borders State Route 40, and the New Jersey Turnpike and Interstate 295 are less than 6 miles away.
LEASING
Architecture firm Perkins&Will opened its first Philadelphia office and studio at 2000 Market St. in Center City, headed by Robert Clemens as managing director and Laura Morris as health practice leader and principal. The studio will operate under Perkins&Will Regional Managing Director Bill Harris. Roseland Realty owns 2000 Market St.
The firm, which already had offices in New York, Boston and Washington, D.C., plans to emphasize its life sciences work in addition to healthcare and educational facilities it has already designed in the area. Perkins&Will is the architect of record for Sterling Bay and Botanic Properties' planned 392K SF life sciences development at 3801 Chestnut St. in University City.
SALES
Retail REIT Site Centers sold the 224K SF Larkin's Corner shopping center in the Delaware County township of Boothwyn to an undisclosed buyer. Anchored by Walmart and Acme, Larkin's Corner is 99% occupied, with 69% of its revenue generated by its anchors.
A JLL Retail Capital Markets team represented Site Centers and procured the buyer for the deal, which has not yet been published in property records.
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John Ochipinti, owner of museum and showroom display design/construction firm Liberty Displays & Exhibits, purchased two properties at 236-238 and 240-242 Delsea Drive in Glassboro, New Jersey. The property at 240-242 Delsea is a 15-acre lot with a 33K SF former athletic facility, and its neighbor is a vacant, 10-acre lot.
Ochipinti, who also owns exhibit installation firm On The Scene, was represented by Vantage Commercial Real Estate Senior Adviser Vincent Ceroli and Vice President Ken Richardson in an off-market transaction. Ceroli and Richardson also represented the private seller.
THIS AND THAT
Supply chain management company EtailFlow selected a site for its distribution, returns and inventory management services adjacent to the headquarters of its parent company, PCOnline, at 700 Prides Crossing in Newark, Delaware.
Online electronics reseller PCOnline spun off its new supply chain management services into EtailFlow earlier this year. EtailFlow was awarded a $156K Jobs Performance Grant by the Delaware Strategic Fund, with support from the Delaware Prosperity Partnership. The grant money will be distributed upon fulfillment of hiring criteria, expected to be at least 45 new jobs.
