This Week's Philadelphia Deal Sheet: Research Firm Expands In University City
The Wistar Institute has inked a deal to expand its operations at 3675 Market St. in University City, a five-minute walk from its 3601 Spruce St. campus.
The lease adds 25K SF of lab space for the institute's plan to expand its HIV and other viral vaccine research, a $24M development, according to WHYY.
“Wistar was able to take advantage of unique realities in the market and procure premier laboratory and office space to support their innovative research,” Tyler Vandegrift, a senior managing director for JLL’s local life sciences group, said in a release.
“The expansion underscores Wistar’s commitment to the biomedical sector and University City and to upholding its mission to promote groundbreaking advances in cancer, immunology and vaccine research.”
Wistar began moving various departments to the new location in late summer. Expansion in the combination meeting and lab space will continue through early 2025.
“JLL worked closely with Wistar to expand our research capacity and to support our local community,” Wistar President and CEO Dr. Dario Altieri said in the release.
“We plan to marshal world-class scientific talent, research expertise and community support to bring together the very best in foundational bench-to-bedside biomedical research to discover a cure for HIV — and possibly a host of viral threats through Wistar’s new HIV Cure and Viral Diseases Center.”
Vandegrift and Ron Cariola represented Wistar.
SALES
Saxum Real Estate acquired 1 Electronics Drive, an 81K SF industrial property in Hamilton, New Jersey, that is more than 70% leased.
The 15-acre property was last assessed at $4.8M, according to county records. The final sale price wasn't disclosed.
JLL represented seller BTR Capital Group and secured joint venture equity from Meadow Partners and acquisition financing from Prime Finance.
JLL’s Tom Romano is the leasing agent for BTR Capital Group and led the project across four teams. The firm’s Jeremy Neuer, Marc Duval, Jose Cruz, Jordan Avanzato, Jason Lundy, Nick Stefans and Conor Walsh worked together on the sale.
Saxum Real Estate aims to make the property viable for life sciences or other uses, a press release says.
“As developable land becomes increasingly scarce in the highly sought-after Central New Jersey industrial market, 1 Electronics Drive is perfectly positioned to cater to the growing demand for prime locations with strong leasing fundamentals,” Lundy said in the announcement, adding he hopes that Saxum will “capitalize on the region's high demand for multi-tenanted, shallow bay industrial space.”
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Neni’s Realty LLC purchased the Shepherd’s Corner shopping center at 5585 Hamilton Blvd. near Allentown for $5.4M, according to an announcement and county records. Colliers’ Derek Zerfass and Jeff Algatt brokered the sale for the seller, Tim Tay LLC. The 9K SF property is fully leased through 2032. Developer Tim Tay Properties purchased the parcel for $1.5M in 2021, according to Lehigh Valley Live.
LEASES
Donnelly's Home Comfort Specialists leased 34K SF at 1 Innovation Drive in Plymouth Meeting, the property's first tenant, according to a LinkedIn post. Newmark’s Jim Dugan and Patrick Dolan brokered the deal on behalf of landlord Alliance HP. Tactix brokers Cat Bianco and Mitchell Reading and Northwest Tenant Group’s Stanford Scriven represented the tenant.
Alliance HP acquired the property in March 2024 for $23.1M, according to Wolf Commercial Real Estate, with plans to convert the single-tenant, 143K SF office into a multitenant campus by October.
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Fortis Institute renewed a long-term lease for 30K SF at 2572 Brunswick Pike in Lawrenceville, New Jersey, according to an announcement. Velocity Venture Partners’ Jim Scott and Chris Winnick represented the landlord, and Avison Young’s Brendan Kelley represented Fortis, a long-term tenant at the 196K SF building.
