This Week’s Philadelphia Deal Sheet: Millions In New Construction Wrapping Up In Kensington
Construction is whirring along on multifamily and retail developments across Kensington, and this week's Deal Sheet reports on $23.6M of them underway now.
The most expensive project of the week is a mixed-use development going up near the Berks SEPTA station along Front Street. That project is nearing completion.
The $9M, 84K SF project at 1900-1922 N. Front St. was permitted for six stories and 105 multifamily units three years ago on behalf of Front Berks Realty Partners LLC, according to city records. The two-building mixed-use development will offer a green roof with a walkout for residents and 36 spaces for bicycles.
Part of the development is listed for lease by OCF Realty as restaurant space, according to signage seen by Bisnow half a block north of the development.
Designed by Coscia Moos Architecture, the project will include almost 6,700 SF of ground-floor retail space, Philadelphia YIMBY reported.
DEVELOPMENT
Also in Kensington, construction has begun on an $8.3M, six-story multifamily development at 2401 N. Second St. A permit indicates the two-building project will offer 102 units and parking. The permit holder on the change-in-use permit is Amit Azoulay, CEO of Philadelphia-based Carmel Developments.
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Staying in busy Kensington, Frankel Enterprises’ $6.3M, 35-unit Beacon Flats at 2043-2051 N. Front St. is targeting an Oct. 1 opening, principal Max Frankel told Bisnow, adding Frankel Enterprises is seeking a retail tenant to take 3K SF of the 38K SF property.
The development is a few blocks away from the Berks stop on the Market-Frankford SEPTA line. Tester Construction is the contractor listed on the project.
SALES
Core5 Industrial Partners sold two fully leased industrial buildings in Middletown for a total of $215.4M to two fund companies, according to a press announcement.
EQT Exeter Real Estate Income Trust purchased the 1.2M SF building at 3327 E. Harrisburg Pike for $170.5M. MDH Partner purchased the 306K SF second building at 3751 E. Harrisburg Pike for $45.4M.
JLL’s John Plower, John Huguenard, Ryan Cottone, Zach Maguire, Paul Torosian and Jeff Lockard represented the buyers and the seller in the transactions.
LEASES
Newmark leased 24K SF of offices at 489 Shoemaker Road in King of Prussia to tenant Brain & Barrel Hitting, according to a post by Newmark's Justin Bell this week. The landlord for the property is MRP Industrial. Terms of the lease weren't publicly disclosed.
THIS AND THAT
Philadelphia’s Snapbox Self-Storage has merged with Go Store It of Charlotte and will operate under the Go Store It name, the companies jointly announced.
The combined company will operate 10M SF of self-storage space across 23 states, including four locations in the Philadelphia metro area. Both companies are part of private equity firm Front Range Capital, which committed $100M to Go Store It's holding company.
