Suburban Philly 1031 Firm Buys Jersey Shore Competitor: The Philadelphia Deal Sheet
A Montgomery County firm has expanded its presence in the Garden State with the purchase of a competitor whose owners are retiring.
Collegeville-based 1031 Corp. acquired Ocean City’s 1031 Exchange Specialists on April 7, according to a press release. The sale will give 1031 Corp. the other firm's client and referral lists, intellectual property, online presence and office at 1155 Asbury Ave.
A 1031 exchange allows real estate investors to defer capital gains taxes if they sell their asset and buy a like-kind replacement property.
“We are excited to welcome the clients and relationships of 1031 Exchange Specialists, Inc. into our organization,” 1031 Corp. CEO Margo McDonnell said in a statement.
“Their longstanding presence in Ocean City and surrounding markets aligns perfectly with our mission to provide a seamless and exceptional exchange experience made easy.”
SALES
The Diamond Street Affordable Housing Project has received a $2.7M equity investment from the 481 CEI-Boulos Impact Fund, a partnership between TD Bank and CEI-Boulos Capital Management. It will go toward delivering 46 units of workforce housing in a new 50K SF building.
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An entity affiliated with real estate investor Paolo Colombo sold the 10K SF Mount Holly Market Place at 305 Rancocas Road for $2.8M to Mt. Holly Plaza LLC, which is registered at 1250 Hylan Blvd. in Staten Island. Kislak Co. Managing Director Matt Weilheimer represented the seller.
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An affiliate of Liberty Bell Management purchased 5250 Wayne Ave., a 27-unit converted church in Germantown, from the Alon Group for $4.3M. Trophy Commercial Real Estate finalized the sale after conducting 24 tours and fielding 11 offers.
LEASES
Sustainable packaging manufacturer Ambiont Biopallets inked a 10-year, 155K SF lease at Velocity Venture Partners’ 9000 River Road complex in Pennsauken. The industrial park is now 98% occupied.
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WSFS Bank renewed its lease at Shorenstein Properties’ 1818 Market St., CityBiz reported. The Wilmington-based bank has had a presence in the building since 2019 and expanded its footprint there in 2024.
CONSTRUCTION AND DEVELOPMENT
Organic grocer Kimberton Whole Foods is opening its eighth location in Hankin Group’s Eagleview Town Center in Exton on Monday. The developer has also opened 41 units at Claremont on the Square, directly above the store, for move-ins. Preleasing there began March 10.
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Residents have begun moving into the Witherspoon Apartments at 130 S. Juniper St. in Center City. Owner SSH Real Estate redeveloped the 130-year-old property, which is managed by Scully Co.
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Jefferson Apartment Group and equity partner CP Capital have opened the J Veridian apartment complex at 1125 Virginia Drive in Upper Dublin. The 310 units are on the site of a former office park that once housed an ADP service center.
THIS AND THAT
Newmark has been tapped to market 1700 Market St. in Center City for sale. The 71% occupied, 32-floor building was constructed in 1968 and renovated in 2018, according to a social media post from Newmark Executive Managing Director Brett Grifo.
The building's pending sale was first reported by the Philadelphia Business Journal in January as owner Shorenstein Properties’ bankruptcy neared completion. Cushman & Wakefield, the receiver, had been tapped to market it at that time.
