Philadelphia was a centerpiece of the American Revolution, but a nearby South Jersey city is also highlighting its role in the rebellion ahead of the nation's 250th anniversary next year.
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A $4M construction project will turn Camden’s Benjamin Cooper Tavern at 75 Erie St. into the American Revolution Museum of Southern New Jersey.
The stone structure erected in 1734 was occupied by British troops between 1777 and 1778. It was also the site of two Revolutionary War battles.
“This project will keep an important piece of regional history alive and will allow residents and visitors to learn more about the history that surrounds them on a daily basis,” Camden County Commissioner Jeffrey Nash said in a statement.
Work at the site has been led by the Camden County Historical Society, which received a mix of federal, state and local funds for the project.
CCHS Executive Director Jack O’Bryne told Bisnow the organization planned to open the first floor in June 2026 as it continues fundraising to finish the upper floors.
SALES
The Philadelphia Housing Authority purchased two more multifamily properties in the city.
Somerset Station in Port Richmond, which contains 220 units, was sold for $58M. PHA also picked up The Birchwood at Grays Ferry for $5.8M. It offers 38 senior apartments and 15 adjacent townhomes.
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For the second time in three months, real estate investment firm Faropoint has bought a property at the Keystone Industrial Park in Bristol. An NAI Mertz team that includes Jeff Licht and Jared Licht sold the 60K SF facility at 411 Sinclair Road.
Faropoint also purchased a roughly 101K SF building at 150 Rittenhouse Circle.
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Greek Real Estate Partners purchased the roughly 141K SF Everest Logistics Park in Croydon from Penwood Investment Management for almost $37M, the Philadelphia Business Journal reported.
The purchase price for the warehouse at 120 Phyllis Drive on the Delaware River came out to around $260 per SF.
CONSTRUCTION AND DEVELOPMENT
Alterra Property Group and E-Z Park teamed up to build a 157-unit apartment building at Bainbridge Street on East Passyunk Avenue, the Philadelphia Inquirer reported. The South Philly project is expected to deliver by mid-2027.
FINANCING
SteepRock Capital provided a $28.5M construction loan so Fernmoor can make improvements to Mi-Place at Media, a 132-unit apartment complex in Delaware County. The work will include a lounge, a fitness center and a dog park.
A CBRE team that includes Matthew Klauer and Cassandra Russell arranged the loan on behalf of Fernmoor.
THIS AND THAT
Gov. Josh Shapiro visited the Philadelphia Navy Yard last week to celebrate a $30M grant made to the complex through the Pennsylvania Strategic Investments to Enhance Sites program. The program is focused on creating shovel-ready sites statewide.
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Mother’s Day foot traffic in Center City was up 37.9% year-over-year and 113.2% from 2019 levels, according to data provided by MRI Software.
The neighborhood beat rates posted by the company’s aggregate U.S. downtown index. National downtown foot traffic was up 9.5% year-over-year and 16.3% from 2019.
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