One of the most well-known companies based in the Philadelphia suburbs is selling a two-building office complex — but it won’t be vacating the space.
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Investment giant Vanguard sold the 323K SF Robert A. DiStefano Technology Center at 1041 W. Valley Road in Wayne to E. Kahn Development Co. for $17M, the Philadelphia Business Journal reported.
Vanguard plans to continue leasing the complex at least through 2028. And the buyer told PBJ there are no plans to redevelop the property as it works to convert another nearby office property at 435 Devon Park Drive into 162 apartments.
The transaction came after Vanguard disclosed plans to vacate 88K SF at FLD Group’s 45 Liberty Blvd. in Malvern to Bisnow in June. It occupied 64% of the building at the time.
LEASES
Long Island-based specialty grocer Uncle Giuseppe’s is plotting two new locations in the Philadelphia suburbs, one of which will be the chain’s first foray into Pennsylvania. The stores will be located at 320 W. DeKalb Pike in King of Prussia and 1311 Nixon Drive in Moorestown, New Jersey. Ripco Real Estate brokered both leases.
"Pennsylvania has been part of our growth plans for a while, and King of Prussia is a great place for us to start," Uncle Giuseppe's CEO Carl DelPrete said in a statement.
PEOPLE
Marcus & Millichap Capital Corp. has brought on Anthony Michaud as a director of capital markets in its King of Prussia office. He has originated more than $2B worth of transactions over the course of his career and most recently worked at Handkraft Property Investments.
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Real estate attorney Rebecca Lock has joined Goodwin as a partner in its Philadelphia office. She specializes in structuring and negotiating real estate funds and management companies.
CONSTRUCTION AND DEVELOPMENT
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The city of Philadelphia has completed $27M worth of renovations at the 22K SF Francis J. Myers Recreation Center at 5801 Kingsessing Ave. Daniel J. Keating Co. was tapped as the general contractor, while Talson Solutions handled project management.
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Haverford Square Properties is plotting a mixed-use redevelopment that will bring 420 apartments and 30K SF of commercial space to Lancaster Avenue between 50th and 52nd streets in West Philadelphia, The Philadelphia Inquirer reported. The developer plans to rent one-bedroom units for up to $1,650 per month and two-bedroom units for up to $1,900.
FINANCING
The owners of the 306-room Sofitel Philadelphia at Rittenhouse Square have secured a $57M loan to refinance the property, the Philadelphia Business Journal reported. The joint venture including Clearview Hotel Capital and Oaktree Capital Management got the funding from Simmons Bank.
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