This Week’s Philadelphia Deal Sheet: Rockefeller Makes Industrial Debut In Philadelphia
New York's Rockefeller Group has entered into a joint venture and begun raising the walls for its inaugural industrial project in the Philadelphia metro.
In partnership with private equity firm PCCP LLP, Rockefeller is redeveloping the 50-acre site of the former Byberry State Hospital at 15000 Roosevelt Blvd. near Mechanicsville, the group announced.
“Rockefeller Group is pleased to be partnering with PCCP on our first industrial project in Philadelphia, a market that has been historically overlooked,” Heath Abramsohn, Rockefeller vice president and regional director for the New Jersey and Pennsylvania area, said in a news release.
The New York-based firm's $59M construction plan includes two logistics buildings, which were issued permits at the end of last year. One building will offer 318K SF and the other will total 338K SF for a combined 657K SF. The future Rockefeller Group Logistics Center is set to open by the second half of 2025.
“This infill market currently has older industrial product and is in need of new, Class-A industrial space,” Abramsohn said. “We believe this site is ideally located to be able to serve the city of Philadelphia and the surrounding areas given its close proximity to major roadways throughout the region as well as Philaport.”
The seller was the Philadelphia Authority for Industrial Development, a subsidiary of the public-private Philadelphia Industrial Development Corp. CBRE’s Drew Green, Paul Touhey and Mike Mullen will handle leasing responsibilities for the project. NORR is the architect, Pennoni Associates is the civil engineer and the general contractor is IMC Construction.
Its location in a Keystone Opportunity Zone allows access to tax incentives to both owners and on-site tenants, the announcement says.
The firm didn't disclose any preleasing agreements.
PEOPLE
CBRE has promoted Kelly Conaway to managing director in the greater Philadelphia region. Conaway has been the director of marketing for 15 years, supporting development of the business, managing accounts and expanding the brand, according to a release. She joined CBRE in 2005 as a marketing manager, according to her LinkedIn profile.
SALES
Marcus & Millichap brokered the $3.8M sale of a Sheetz convenience store at 4044 N. George St. in Manchester. The buyer was an unnamed investor based out of southeastern Pennsylvania, according to a news release. ECI Realty Partnership LP is listed as the prior owner of the property in county records.
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Astoban Investments has made a deal to purchase two Old City buildings, the Philadelphia Business Journal reported. The firm is in the due diligence stage, Managing Director Tim Shaaban said in an email to the PBJ. The two- and three-story buildings on the site could be redeveloped into up to 30K SF of new space.
DEVELOPMENT
Construction is underway at 619-29 N. Broad St. in Philadelphia for a $9M, six-story mixed-use development, according to Philadelphia YIMBY. The original commercial permit indicates that KFA Investments is the developer. Plans for the property include 119 apartment units with a roof deck, basement and commercial space.
