This Week’s Philadelphia Deal Sheet: Neshaminy Mall Finds A Buyer
Paramount Realty and Edgewater Properties have jointly acquired Neshaminy Mall in Bensalem, Bisnow can report.
Excluding the site that formerly housed a Macy’s location, the partners purchased the entire 1M SF and 109-acre site for an undisclosed amount, according to an emailed statement from Paramount Realty. A 24-screen AMC Theatres location, a Boscov’s department store and a Barnes & Nobles store anchor the site.
Brokered by JLL, the property was offered as is to select investors.
The purchase marks the partnership’s second acquisition. It purchased the 754K SF Brunswick Square Mall in East Brunswick, New Jersey, last August.
FINANCING
Financing group BWE has secured first-mortgage financing for the Brandywine Square Shopping Center in Downington. The site totals 608K SF and is anchored by a Wegmans grocery store.
BWE's Kevin Hicks originated the $45M loan from a life company on behalf of Allied Properties.
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Developer Dov Hertz, along with a group of partners, has been given a $53.8M construction loan by ACORE Capital to develop what it has dubbed the PhilaPort Logistics Center at 3060 S. 61st St.
DH Property Holdings has begun building the 282K SF future distribution and warehouse development on 15 acres of infill space, according to an announcement from the New York-based firm.
Once completed, the center will feature two drive-in doors, 50 dock doors and 72 stalls for trailers to park. The building will feature clear heights of 40 feet with a building depth of 330 feet and a 135-foot truck court depth.
The warehouse will also host 5K SF of speculative office space.
“With the evolution of the Class A industrial development market, and the coming supply, we anticipate there will be a ‘flight to quality’ from credit tenants as it relates to site design, location, and access,” Hertz said in a release.
Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno arranged the financing. Binswanger’s Chris Pennington and Cushman & Wakefield’s Jonas Skovdal will lease the site out to tenants.
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Dov Hertz Property Holdings was also given a $40M acquisition loan secured by GID Credit to acquire two industrial properties in New Jersey. The firm purchased a total of 372K SF at 1951 Old Cuthbert Road in Cherry Hill and 1001 Lower Landing Road in Blackwood, according to Traded.
Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Michael Ianno and Stanley Cayre arranged the financing.
DEVELOPMENT
Construction has commenced on the $10M development of a five-story, 54-unit apartment building in Brewerytown, according to Philadelphia YIMBY. The site at 2630-38 W. Girard Ave. is an addition to an adjoining 104-unit complex on Taney and North 27th streets.
