This Week's Philadelphia Deal Sheet
JLL’s capital markets team has arranged joint venture equity and construction financing for a 330K SF warehouse and distribution facility on nearly 30 acres in Bucks County.
JLL worked with sponsor J.G. Petrucci Co. to arrange the joint venture with Cabot Properties and secured the loan from Provident Bank.
The Class-A space at 3000 Quarry Road in West Rockhill, about a 30-minute drive north of Center City, is near the Pennsylvania Turnpike and State Route 309.
The facility will include 36-foot clear heights, 85 loading positions and drive-in doors. The building will be situated on a 29.6-acre site with 76 trailer spaces and 280 passenger vehicle parking spaces.
JLL’s Jon Mikula, John Plower, Ryan Cottone and Michael Lachs led the deal.
“Best in class sponsors and projects can still be capitalized despite the capital markets headwinds,” Mikula said in a statement.
FINANCING
A new partnership between Pennsylvania-based BG Capital and FreezPak Logistics has announced $72M in funding to develop a 275K SF cold storage facility in Jacksonville, Florida, according to a joint company announcement.
DEVELOPMENT
Mediplex Property Group has completed its redevelopment work at 880 Swedesford Road in King of Prussia, according to CommercialCafe. The new medical center comprises nearly 16K SF and includes specialized laboratory spaces, ambulatory surgical suites and clinical offices.
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Sprouts will open two new locations around Philadelphia this month, according to the Philadelphia Business Journal. The grocer known for its organic offerings is opening a 24K SF store at Roosevelt Mall at 2327 Cottman Ave. in Northeast Philadelphia. Another 25K SF location will open in Quartermaster Plaza at 2370 Oregon Ave. in Southeast Philadelphia. The stores are set to open June 14 and 21, respectively.
THIS AND THAT
The Children's Hospital of Philadelphia celebrated the Morgan Center for Research and Innovation with a beam-signing ceremony attended by CHOP leaders and other partners on Tuesday. The lab center cost $480M to build and received a $50M gift from the Morgan family last month.
The facility is scheduled to open in 2025.
