Electric-vehicle manufacturer Lucid Motors has entered the Philadelphia market in a big way, Bisnow can first report, bringing the company's largest service and delivery facility in the nation to King of Prussia.
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Lucid leased out the entire newly built, one-story, 63K SF building at 250 Mall Blvd. near the mall’s loop road, said MSC retail and investment sales specialist Josh Weiss, who represented Lucid.
The car company leased the property from owner Benderson Group, which was self-represented in the deal, Weiss said.
“Lucid is new to the market. And now, nothing in our region could compare to the draw that you have with the King of Prussia [area],” Weiss told Bisnow.
The property was converted to a service center this year, after previously serving as a location for a combination Toys R Us and Babies R Us until the company’s bankruptcy in 2018. Terms of the lease weren't disclosed.
PEOPLE
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CBRE has hired three former JLL senior vice presidents for its office in the Philadelphia metro area.
Ashley Parrillo will serve as vice president, while Anthony LiVecchi and Peter Barnes will come on board as first vice presidents. Together, the team will focus on managing accounts and representing office tenants in the region.
SALES
A joint venture between Boston-based Seyon Group and a private firm has purchased two industrial buildings totaling 85K SF at 4110 Butler Pike in Plymouth Meeting. The buildings are fully leased to 15 tenants. The acquisition is part of the JV's plan to grow its industrial portfolio in greater Philadelphia.
Both buildings feature 22-foot clear heights, 14 dock doors, seven drive-in doors and 249 car parking spaces. Windsor Realty Partners represented the private seller in the transaction.
DEVELOPMENT
Pennrose, Wynnefield Overbrook Revitalization Corp. and other nonprofit partners broke ground on a 55-unit affordable senior housing community at the site of the former Good Shepherd Presbyterian Church in the Overbrook neighborhood of Philadelphia.
The four-story, 53K SF community is being built with a combination of public funds and grants. The complex will offer one-bedroom units rented out to senior citizens making 20% to 60% of the area’s median income, or about $430 to $1,290 per month. In the area, 65% of all renters spend more than 30% of their income on rent.
The center will offer educational, social and health programming along with on-site amenities. The project is slated to be completed in fall 2025.
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A joint venture between RealtyLink’s cold storage division and BentallGreenOak has broken ground on a cold storage warehouse at 907 Pleasant Valley Ave. in Mount Laurel, New Jersey, according to CommercialSearch. The 216K SF speculative building will be built on 12 acres. The warehouse will feature LEED-certified refrigeration, a USDA inspection area, 27 dock doors and a 5K SF storage area.
Completion is expected by the second half of 2025.
