The Buccini Pollin Group has washed its hands of the Renaissance Philadelphia Downtown Hotel, which occupies a hulking tower across the street from the Independence Mall.
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The Marlton-based Wankawala Organization now has control of the hotel’s parent company and is responsible for the more than $20M of debt tied to the 152-key property.
CEO Mihir Wankawala told the Philadelphia Business Journal he wanted to buy a Philadelphia hotel before travelers visiting for the nation’s 250th anniversary and several FIFA World Cup events arrive.
“It has a great potential, and obviously with what's happening in the city for year ’25 and ’26 and beyond, I think it's the right time to get into the city, or for acquisition of a hotel,” he told the outlet.
Wankawala did not disclose how much his company paid for the Renaissance.
PEOPLE
Newtown Square-based GMH Communities recently hired Vice President of Development Toby Booker. The executive focused on student housing has 24 years of experience with public-private partnerships and real estate development.
SALES
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Colliers brokered the recent sale of a 78-bed senior living facility at 3251 Butler St. in Harrisburg. Senior Vice President Bob Gaines coordinated the transaction for the brokerage.
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JLL coordinated the sale of the nearly 110K SF Bensalem Shopping Center in Bucks County. Jim Galbally and Patrick Higgins of the brokerage’s investment and sales advisory team represented former owner Empire Realty Investments Inc., Shopping Center Business reported.
LEASES
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Prologis has begun leasing a nearly 575K SF industrial facility at 198 Democrat Road in East Greenwich, Gloucester County. The building, with 40-foot clear heights and motion-sensing LED lights, is 20 miles from the Port of Philadelphia and the city’s main airport.
“This development is a testament to the power of collaboration between our community and Prologis,” East Greenwich Mayor Jim Philbin said in a statement.
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Fidelity Information Systems has signed a 30K SF lease at 101 Woodcrest Road in Cherry Hill, meaning the building will be 100% occupied when the company moves in later this year. JLL Senior Vice President Dan Close coordinated the deal.
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The architecture and design firm Gannett Fleming TranSystems has inked a 100K SF lease at the 300 Sterling Parkway office complex in Mechanicsburg, Cumberland County. CBRE’s Jeremy Shyk handles leasing at Sterling Place Corporate Center. Mark Gola of Gola Corporate Real Estate represented Gannett Fleming.
Sterling Place Associates is buying Gannett Fleming’s 220K SF former campus in nearby Camp Hill. CBRE is marketing 202 Senate Ave., which is part of that complex.
THIS AND THAT
FS8, a gym that combines Pilates, yoga and toning into a single workout, is opening its first Philadelphia location at 2400 Frankford Ave. on March 15.
