This Week's Philadelphia Deal Sheet
MRA Group has landed some new funding to help back up its ambitions for a life sciences hub in Northern Delaware.
The Horsham-based developer landed a $50M Commercial Property Assessed Clean Energy financing package from Fulton Bank through Nuveen Green Capital and a $13M loan from WSFS Bank to fund its ongoing redevelopment of the former DuPont headquarters campus into Chestnut Run Innovation and Science Park.
CRISP qualified for the C-PACE loan, placed with Fulton Bank by Nuveen, by including construction elements focused on sustainability and climate resiliency. MRA Group's most recent plan for CRISP calls for 1.4M SF of life sciences space with a total project cost topping $1B.
SALES
Alliance HP sold a three-building industrial portfolio totaling 122K SF near Philadelphia International Airport for $24.7M to an undisclosed buyer. The total price is 86% more than what Alliance paid to acquire the portfolio in 2021, the Philadelphia Business Journal reports.
The properties at 3250 South 78th St., 3201 South 76th St. and 3440 Bartram Ave. sit in the Eastwick neighborhood, and each is occupied by a different tenant.
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American Furniture Rental, the second-largest furniture rental company in the U.S., sold its corporate headquarters and distribution hub in a sale-leaseback transaction brokered by Colliers Vice President of Investment Eric Grad, who represented both sides. The 105K SF flex warehouse at 720 Hylton Road in Pennsauken, New Jersey, sold for $10.2M to a private equity buyer.
CONSTRUCTION
Bucks County amusement park Sesame Place is set to open a 6,800 SF store for Sesame Street merchandise at its entrance plaza in the fall, the Philadelphia Inquirer reports. Because of its placement, the store will be open to customers without requiring the purchase of a pass to the amusement park itself. It will be the largest Sesame Street store in the country.
FINANCING
Local developer GY Properties secured a $27M construction loan for a multifamily building at 933 Canal St. in Northern Liberties from an undisclosed lender. The loan will almost completely fund the $34M estimated project cost for the 124-unit apartment building with two commercial ground-floor spaces.
The project marks a new phase for the 418K SF, multibuilding development GY is building, mostly along the 900 block of North Delaware Avenue. Colliers secured the financing and is leading leasing for the 21K SF of commercial space across the properties.
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Newland Capital Group landed a full capital stack to finance the construction of a 1.2M SF distribution center in Mount Pocono. A JLL Capital Markets team arranged a senior loan from Axos Bank, a mezzanine loan from Fidelity Investments and joint venture equity from a "multi-billion-dollar asset manager," JLL said in a press release.
The Northeast Pennsylvania facility at 3379 Pocono Summit Road is a build-to-suit for a third-party logistics operator, which will be relocating operations from nearby. It will contain 40-foot clearances and sit immediately adjacent to an Interstate 380 entrance.
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Foxfield landed a $114M construction loan from Mesa West Capital for the construction of an 815K SF, two-building distribution complex called Lower Bucks Logistics Hub in Middletown Township in Bucks County. The two speculative warehouses will sit on either side of Route 213 at an entrance to Interstate 295.
A JLL Capital Markets debt advisory team led by Senior Director Mike Pagniucci secured the nonrecourse construction loan from Mesa West.
