This Week’s Philadelphia Deal Sheet
Local dairy supplier HP Hood has sold its Philadelphia processing facility to Maola, a company owned by the Maryland & Virginia Milk Producers Cooperative Association.
Harry Davis & Co. brokered the sale of the facility at 10975 Dutton Road to Maola Local Dairies. The facility produces coffee cream, half-and-half and other extended-shelf-life dairy products in the northeast part of the city.
“With 80% of our family-owned farms existing in Pennsylvania, it just made sense that we would seek an opportunity to process our milk in the state as well,” MDVA CEO Jay Bryant said in the announcement.
The Department of Community and Economic Development offered a $7.25M Pennsylvania Industrial Development Authority loan for the deal, along with $2.5M in Redevelopment Assistance Capital Program funding and a $300K workforce development grant to train workers.
The acquisition will keep more than 160 local union jobs in Pennsylvania, according to the announcement.
Pennsylvania Gov. Josh Shapiro spoke at the official closing of the deal this week, alongside Pennsylvania Agriculture Secretary Russell Redding and cooperative representatives.
“The commonwealth made an aggressive play here, putting together an incentive package totaling $10 million in grants and loans to be able to not just keep this plant open and keep the jobs here but to expand the capacity – nearly double the capacity,” Shapiro said in his speech, according to City & State Pennsylvania.
SALES
The Eastern Lofts building in Strawberry Mansion, Philadelphia, has once again changed hands.
Greysteel helped broker the sale of the multifamily building at the intersection of Glenwood Avenue and Cecil B. Moore Avenue. The $8.3M sale reflects a 4.7% capitalization rate on the trailing 12 months of operations, according to an announcement from Greysteel.
Greysteel facilitated the transaction between seller Mazzarini Real Estate and an unnamed local buyer, according to a news release. The new owner has outlined a plan to add value to the property that will enhance the area with “competitively priced housing options.”
Mosaic Development Partners began overhauling the former warehouse nearly a decade ago using an $8M financial structure that incorporated historic and new market tax credits. Mosaic exited in 2022.
LEASES
Newmark has closed a deal to lease 9K SF of offices at 100 Barr Harbor Drive in Conshohocken.
The location is home to technical standards group the American Society for Testing and Materials International, according to the firm’s website. The 215K SF building sits near the Schuylkill River and has 225 covered parking spaces, according to LoopNet.
The deal represents a break-off piece of leasing that the owner no longer needed, Jim Wilson, a managing director and broker at Newmark, told Bisnow. Wilson, along with Newmark Executive Managing Director Jeff Mack, led the deal.
THIS AND THAT
The Princeton Pike Corporate Center was transferred to a special servicer for monetary default, according to March remittance data from Morningstar.
The eight-building, 809K SF campus near Princeton, New Jersey, has seen rising vacancy since 2020, and its occupancy had fallen to 60% as of September.
