Leasing has begun on the 67K SF third phase of a new shopping center near Coatesville as two major tenants prepare to move in.
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Soloff Realty & Development is building out the 425K SF Shoppes of Sadsbury at the corner of Routes 30 and 10.
Giant is opening a 60K SF location in the property on Friday, and a new Target location is set to debut there in May. Existing tenants include Starbucks, Wawa and Aspen Dental.
Bala Cynwyd-based Soloff is leasing the property independently, with President Richard Soloff taking the lead, according to the company’s listing.
New shopping center construction is rare in the Philadelphia suburbs as elevated construction costs collide with high interest rates.
Hightop Development broke ground on the District at Black Rock shopping center in Collegeville in September. The project, set to deliver in the fourth quarter of 2027, was already 89% preleased at the time.
SALES
Sky Capital Group has purchased the Lowe's-anchored Town Square Plaza in Pottstown for $22.6M from Bluejay Management, the Philadelphia Business Journal reported.
Velocity Venture Partners has sold the Medford Industrial Park for $5M to an undisclosed buyer. The sale price was roughly double the $54 per SF the seller paid for the 50K SF property in 2020.
CONSTRUCTION AND DEVELOPMENT
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Greystar has broken ground on a 205-unit mixed-use building at 720 Vandenburg Road in King of Prussia. The project, set to deliver in fall 2028, is adjacent to the King of Prussia Town Center.
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Trammell Crow and Clarion Partners have begun vertical construction on an 866K SF speculative industrial space at 1600 Freemansburg Ave. in Bethlehem. The project is set to deliver in July.
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Eli Lilly and Co. will break ground on its $3.5B Lehigh Valley manufacturing facility Nov. 12. CEO Dave Ricks will be joined by a slate of state and local officials.
FINANCING
Ivy Real Estate and Lubert-Adler have received a $153M loan to begin constructing the $1M first phase of its Airport Logistics Center project in Tinnicum Township, immediately next door to the Philadelphia International Airport. It is set to deliver in early 2028.
The financing from TPG Real Estate Credit was coordinated by a Cushman & Wakefield team including John Alascio, Chuck Kohaut, TJ Sullivan, Aaron Graves, Andrew Merin, Gary Gabriel, Kyle Schmidt and Seth Zuidema.
THIS AND THAT
The Four Points by Sheraton hotel at the Philadelphia International Airport is set to hit the auction block between Dec. 14 and 16, the Philadelphia Business Journal reported. The starting bid for the 177-room hotel is $2.5M. Bids can be placed online.
PEOPLE
Two JLL veterans have been promoted to senior leadership positions in Philadelphia. Lauren Walker is now senior vice president of workplace planning and strategy, and Susan Casey Lowry is senior director of operations for the Philly and heartland regions.
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