This Week’s Philadelphia Deal Sheet: Salem County Leads On Industrial Space
Developers are planning the bulk of their future industrial space just south of Philadelphia, and Salem County is leading the charge, a new report shows.
Five local industrial hubs account for 60% of the region’s proposed industrial development projects, CoStar reported this week. The report details projects with a total 75M SF across 250 buildings in the region.
Among counties in the southern area, Salem County leads with new industrial space amounting to 11M SF. Tied for second place in planning future space, New Castle County and Bucks County follow closely with approximately 10.6M SF apiece.
Together, the counties make up 14% of the region’s proposed pipeline of industrial space.
DEVELOPMENT
Alterra Property Group has opened its mixed-use 275-unit apartment development called LVL West at 4301 Chestnut St. in University City.
The seven-story project offers 153K SF, including the newly-opened Grocery Outlet and a new version of Chef Youma Ma's Kilimandjaro African Cuisine. The restaurant opened Sept. 12 after closing two years ago, a spokesperson shared with Bisnow.
The development includes a roof deck with a dog run, coworking, an outdoor kitchen and a games area. It features 99 parking spots, resident bicycle parking and a full-scale gym for the residential part of the building, which is 75% leased, according to the company.
“The continued evolution of University City is nothing short of incredible,” Alterra Senior Vice President Mark Cartella said in a statement. “Its expansive growth facilitated by our world-class medical and educational institutions and what is now an established Life Sciences hub nationally makes it a perfect place to live, work, and invest.”
***
Federal Realty plans to add a Giant grocery store to the Andorra Shopping Center at 701 Cathedral Road in Philadelphia. Construction is set to begin next year, pending permits and other approvals, according to an announcement.
The store will be part of a $25M overhaul of the shopping strip.
LEASES
Colliers has secured the first retail tenant for a 14-story life sciences lab and office space at 3151 Market St. in Schuylkill Yards.
The upcoming Fine Wine & Good Spirits store will be operated by the Pennsylvania Liquor Control Board. Colliers' Larry Steinberg and Tim Arizin represented the store. Terms of the lease were not disclosed.
The store will take up nearly 8K SF of the building. An additional 100K SF remains to be filled, and construction is expected to complete by the end of the year.
SALES
JLL closed the $14.8M sale of 100 Tormee Dr., a 90K SF office building in Tinton Falls, New Jersey. JLL marketed the property on behalf of the seller and procured the buyer, Rockford Holdings, for the fully leased property.
***
LNWA has purchased the 194-unit Tamerlane Apartments located at 501 Chews Landing Road near Camden, securing a $37.9M tax-exempt loan to do so, according to Traded. The group plans to invest $18M for improvements and utilize funding sources such as tax credits and conduit revenue bonds to create affordable housing.
THIS AND THAT
A county in Florida has agreed to buy the SS United States, the ship sitting in a dock in South Philadelphia, according to Hidden City.
Okaloosa County, Florida, and the SS United States Conservancy agreed to relocate the ship and sink it near Destin-Fort Walton Beach to create a habitat for marine life.
CORRECTION, SEPT. 13, 5:03 P.M. ET: A previous version of this story included the wrong square footage and lease-up percentage for an Alterra Property Group property. It has also been updated with a quote from Alterra Senior Vice President Mark Cartella.
