The far depths of South Philadelphia could get another 262 units of housing if a pair of proposals for the neighborhood come to fruition.
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Trove Capital wants to build 140 townhouses at 3100 Penrose Ferry Road in the shadow of Interstate 76, and Hightop Development is seeking approvals for another 122 on the other side of the highway at the corner of Shunk and 22nd streets, the Philadelphia Business Journal reported.
The two projects appear on the Philadelphia Civic Design Review Committee’s Oct. 6 agenda. The meeting is scheduled to start at 1 p.m.
The proposals surfaced after Korman Communities and Ensemble/Mosaic delivered the first 614 residential units across two buildings at the Philadelphia Navy Yard earlier this year. The developer said earlier this month they were 40% occupied.
SALES
Getty Corp. has purchased the 110K SF Dickson City Commons at 1106 Commerce Blvd. outside Scranton from Meritus Realty Ventures. It is anchored by Marshalls and Michaels.
A CBRE team including Chris Munley, Colin Behr, Ryan Sciullo and Casey Smith represented the seller. A spokesperson for the brokerage declined to reveal the sales price.
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An entity associated with Daniel Siegel has sold 12 units at 4123-4127 Westminster Ave. for $2.1M, or $175K per unit. Trophy Commercial Real Estate coordinated the transaction but didn't identify the buyer.
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Echo Realty and TPG purchased the 269K SF Water Tower Square shopping center at 751 Horsham Road in Montgomeryville from The Goldenberg Group. The property is anchored by Sprouts and Home Depot.
A CBRE team including Chris Munley, Colin Behr, Ryan Sciullo and Casey Smith represented the seller. A spokesperson for the brokerage declined to reveal the sales price.
LEASES
The Pennsylvania Horticultural Society has signed a 16-year lease for 31K SF at 1900 Market St. in Center City, The Philadelphia Inquirer reported. The organization behind the Philadelphia Flower Show will require its roughly 100 office workers to come into the new space three days a week.
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South Korean shipbuilder Hanwha is leasing another 47 acres at the Philadelphia Navy Yard, the Philadelphia Business Journal reported. The company plans to build 475K SF of new facilities there by 2029.
CONSTRUCTION AND DEVELOPMENT
Homeopathic medicine firm Boiron USA has opened a new logistics facility at 4400 Alice Grim Blvd. in Newtown Square. The building for operations previously housed in two separate warehouses is about a mile from the company’s headquarters.
FINANCING
Jumpstart MontCo launched last week with a $1.5M line of credit potentially available to anyone developing real estate in the suburban county, including graduates of the Jumpstart training programs in Norristown and Pottstown.
The funding, to be administered by the existing Jumpstart Philly staff, includes $750K from the HealthSpark Foundation, which was matched by the training program and JPMorgan Chase.
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