A 120K SF building connected to one of the nation’s largest malls and occupied by a streaming giant has traded hands.
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EPR Properties bought the Netflix House property at the King of Prussia Mall at 180 N. Gulph Road from HBC for $60M, the Philadelphia Business Journal reported.
The media company inked a 10-year lease for the experiential retail space at the end of 2024. It was previously occupied by a Lord & Taylor that shuttered in 2021.
Missouri-based EPR focuses on experiential tenants like museums, venues and family entertainment centers.
SALES
Cabot Properties has acquired two industrial buildings spanning 484K SF in Aston, Delaware County, from an affiliate of Affinius Capital. The Springbrooke Trade Center was completed in 2022 at 300 and 500 Springbrooke Blvd. A sale price wasn't disclosed.
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A 119,700 SF showroom and warehouse at 2501 Grant Ave. in Northeast Philly has sold for $12.7M.
Grant Equities LLC offloaded the property, occupied by construction materials supplier AAA Distributor, to 2361-2371 Welsh Acquisitions LLC. The seller was represented by a Colliers team including Richard Gorodesky and Adam Gorodesky.
AAA was previously owned by Vladimir Pristatskiy, who also controls Grant Equities. He sold the construction supply firm several years ago but retained control of the real estate until recently, Rich Gorodesky told Bisnow.
LEASES
South Korean shipbuilder Hanwha has signed a 64K SF office lease at Ensemble Investments’ 201 Rouse Blvd. in the Philadelphia Navy Yard. The company already has a major manufacturing presence covering 115 acres in the South Philly industrial and office complex.
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The Witherspoon Apartments at 130 S. Juniper St. in Center City are 52% leased after the former Sonder property was converted into 186 apartments by Quilvest and SSH Real Estate, which has since been acquired by Transwestern. The building was originally constructed in 1896.
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Fox & Roach has moved its Main Line headquarters to 53K SF at 1436 W. Lancaster Ave. in Berwyn. The Berkshire Hathaway HomeServices affiliate had been at its previous space 2 miles away in Devon for 40 years.
CONSTRUCTION AND DEVELOPMENT
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Enstructure and Diamond State Port Corp. have broken ground on the 137-acre Delaware Container Terminal in Wilmington. The project, slated to help Port Wilmington compete with the Port of Philadelphia, is scheduled to deliver in 2029.
“This private and public investment will create thousands of good middle class union jobs, expand opportunity for Delaware workers and businesses, and establish Wilmington as a leading port on the global stage,” Delaware Gov. Matthew Meyer said in a statement.
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Hanover Co. has delivered a 358K SF industrial building at 770 Savage Road outside Allentown in Northampton. The structure with 36-foot clear heights is the developer’s first foray into the Lehigh Valley industrial market.
FINANCING
New Jersey-based Tay Investments has secured a $17.4M Freddie Mac loan to refinance the Keys, a 96-unit apartment complex at 7127 Keystone St. in Tacony. Greystone’s Bryan Glover originated the loan for the 100,500 SF, five-story building, which delivered in 2023.
PEOPLE
Mohr Partners has brought on Philadelphia-based Dodie Williams as its new managing partner of project management services. She came to the firm from Watchdog Real Estate Project Management and previously worked at JLL.
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Arthur Deussing has joined Lee & Associates as a senior vice president specializing in the Philadelphia industrial market. He previously worked at the Prestige Group and NAI Mertz.
UPDATE, SEPT. 17, 9:45 A.M. ET: New details about the 2501 Grant Ave. transaction have been added to this story.
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