This Week’s Philadelphia Deal Sheet: Five Below Plans 2 New South Philly Locations
Five Below has been issued zoning permits for construction related to two new locations planned for South Philadelphia, Bisnow can report.
A zoning permit for Five Below signage at 2301-2311 Oregon Ave. was issued Wednesday, according to Bisnow’s review of Philadelphia’s licenses and permits site. Plans call for the new store to be located next to a Ross Dress for Less in a shopping strip.
The retailer also received a zoning permit Friday for 810 S. Broad St., the site of a former Rite Aid that closed in November. The drugstore giant is going through bankruptcy proceedings that entail closing 400 to 500 stores.
There are 11 Five Below locations in Philadelphia, according to its website. The chain's next formally scheduled opening is set for Philadelphia Premium Outlets this summer, according to the site.
Five Below representatives didn't respond to a request for comment. However, the Philadelphia-based discount chain has been on a national growth tear. CEO Joel Anderson told The Philadelphia Inquirer last year that the business planned to open 1,500 additional locations within the decade.
SALES
A New York-based group has purchased an industrial outdoor storage property in Conshohocken for $2.9M, according to an announcement from CBRE.
Midland Properties purchased 1304 Conshohocken Road, a 70K SF property on 5.6 acres. The property has two buildings last assessed at $1.5M, according to LoopNet listings.
CBRE’s Steve Marzullo, Michael Roden and Adam Silverman represented the unnamed seller in the transaction. Power Line operates at the address, according to the family-owned company’s website.
Midland’s Sam Lichtenstein cited the ability to change the property's use to warehouse or industrial functions and its location near the Pennsylvania Turnpike, Interstate 476 and the Schuylkill Expressway as factors in its purchase.
The company plans to invest in a full renovation, including new roofs, facade improvements and LED lighting installation.
“We are excited at the opportunity to reintroduce the upgraded property to the market anticipating strong tenant demand,” Lichtenstein said in the announcement.
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Penn Property Partners bought the third through ninth floors of 1530 Chestnut St. from Cross Properties, the Philadelphia Business Journal reported.
The firm spent $12.3M to buy 54 apartments at the building, or about $238 per SF. General partner Bo Hu told the PBJ its investment came amid “fairly limited” supply in Center City.
The firm plans to spend $2M on renovations. The mixed-use property is also zoned to function as a hotel, which Hu said he could use as an opportunity to rent out rooms.
