This Week’s Philadelphia Deal Sheet: $87M In Former University Of The Arts Properties Go Up For Bid
Less than six months after Philadelphia’s University of the Arts announced it would shut down permanently, JLL is accepting bids on the nine Center City properties that once housed the campus.
Prospective buyers have until Dec. 11 to submit their offers, a JLL spokesperson told Bisnow. Bids will be accepted for individual buildings, a collection of properties or the entire portfolio. Offers should include a proposed purchase price and details about a buyer’s funding plans and equity partners.
JLL listed the 760K SF former campus, reportedly worth $87M, earlier this month. The company was appointed as the seller by the U.S. Bankruptcy Court for the District of Delaware.
The buildings offer flexible zoning, which means they can be used for anything from retail and multifamily to a data center or healthcare facility.
Major players in Philadelphia real estate are already eyeing up some of the properties. That includes developer Carl Dranoff as well as Temple University, which was in talks with UArts to take over the defunct school but ultimately passed on the offer.
“There is at least one building that we would have a significant interest in,” Temple President John Fry told The Philadelphia Inquirer, though he didn’t specify which one.
SALES
Briar Capital Management paid $172M for the 572-unit North x Northwest complex in Logan Square, the Philadelphia Business Journal reported. Mill Creek Residential previously owned the two towers and 16 townhomes at 450 N. 18th St.
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Vandalay and Co. has sold a 43K SF facility in Cherry Hill to Wharton Industrial. The buyer plans to turn the property at 1930 Olney Ave. into a modern warehouse with a truck court and new LED lighting.
Vantage Commercial represented the seller with a team that included President and CEO Leor Hemo and Managing Director Emily Stein. Sean Kelly of KBC Advisors represented the buyer.
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CenterSquare purchased the Cedar Hill Shopping Center, a nearly 17K SF commercial property in Voorhees. The property is 100% occupied, the new owner said in a press release.
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FamilyMatters, a charity that helps children and caregivers handle traumatic situations, has purchased a formerly vacant 28K SF office building at 2004 Renaissance Blvd. in King of Prussia. People in need will be able to stay there overnight.
The organization helps families with children under 18 impacted by addiction, mental health diagnoses, divorce and more.
CONSTRUCTION AND DEVELOPMENT
Renderings have been revealed for a 41-unit mixed-use apartment building at 1900 S. Broad St. in South Philadelphia. The images obtained by Philly YIMBY show the six-floor, brick-clad structure planned for the site. It will include 2,500 SF of commercial space on the first floor and 44K SF of residential space on the upper levels.
FINANCING
Nuveen Real Estate bought The Shoppes at English Village, a Trader Joe’s-anchored, 103K SF strip center at 1460 Bethlehem Pike in North Wales.
MetLife Investment Management, the former owner, was represented by a CBRE team that included Chris Munley, Colin Behr, Ryan Sciullo, Casey Benson Smith, R.J. Mirabile and Michael Pascavis. Adam Spengler and Tom Traynor, also of CBRE, secured the financing for the buyer.
