A local multifamily heavyweight has shelled out $9.9M for a property it sees as a value-add opportunity in Philadelphia's Manayunk neighborhood.
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The HOW Group bought the Yarn Factory Lofts at 3715 Main St. from Urban Conversions, JLL Director of Capital Markets Tyler Margraf announced in a LinkedIn post. The 50-unit building includes a mix of one- and two-bedroom apartments.
“This asset was a good fit for the buyer and their ability to scale in this submarket,” Margraf told Bisnow.
“It presented a light value-add, restore-to-core opportunity where they could leverage their management expertise to improve the performance of the asset.”
While he declined to share how many offers the seller fielded, the broker said it was “a very competitive bidding process with multiple rounds of offers.”
The property, a former mill with roots stretching back to 1884, was an active manufacturing site until 2012 before being converted to apartments. Urban Conversions bought the property for $1.9M in 2014, according to city property records.
A JLL team including Margraf, Samantha Kupersmith, Fran Coyne, Riley Raposa and Russell Mapes arranged the deal and the acquisition financing.
SALES
Walmart paid $47.2M to buy a 176K SF warehouse at 11301 Roosevelt Blvd. in Northeast Philadelphia from Lovett Industrial, the Philadelphia Business Journal reported. This will be the retailer’s lone fulfillment and distribution center in Philly proper.
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Westcore and a partner spent $52.8M to acquire a 281,600 SF Bucks County logistics building from an entity with ties to Link Logistics. The warehouse at 100 Crossings Drive is at the intersection of I-95, I-276 and I-295 in Bristol.
LEASES
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Almag Aluminum has renewed its 163K SF lease in the Pennsauken Logistics Center at 9000 River Road. The company moved into the Velocity Venture Partners property in 2022.
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Metal and plastic parts manufacturer SendCutSend has signed a lease for 170K SF at CenterPoint Commerce and Trade Park East in Pittston Township. The deal south of Scranton came after the Pennsylvania Department of Community and Economic Development provided a $3M grant.
CONSTRUCTION AND DEVELOPMENT
Crow Holdings has broken ground on an 890K SF industrial building at the New Jersey foot of the Commodore Barry Bridge in Logan Township, 42Freeway reported. It is one of four warehouses entitled on the site.
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The Philadelphia Housing Authority is teaming up with nonprofit Mission First Housing Group to build a 50-unit senior housing complex at 1300-50 N. 10th St. in the Yorktown section of North Philly, The Philadelphia Inquirer reported. Twenty percent of the units will be market rate, and five are earmarked for people experiencing homelessness.
THIS AND THAT
City officials and Delaware River Waterfront Corp. celebrated the completion of the Washington Avenue Connector with a Tuesday ribbon-cutting. The project added a mixed-use path and new pedestrian safety measures to the stretch between Fourth Street and Columbus Boulevard.
PEOPLE
Virginia-based Southland Industries appointed Sean Brooks as its new Philadelphia division leader earlier this month. He joined the national construction firm with offices in Horsham and King of Prussia in 2017.
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Joseph Sisson has been tapped by Colliers as managing director of its Philadelphia-based valuation and advisory services office. He previously worked at Valuation Research Corp. and Chatham Financial.
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Colliers Greater Philadelphia Regional Operations Leader Mary Chan has been elected director-at-large on the CREW Philadelphia 2027 Board of Directors. The organization, with more than 14,000 members nationwide, is focused on advancing women in commercial real estate.
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