Private Equity Firm Buys First Philly-Area Property: The Philadelphia Deal Sheet
A 199-unit garden apartment complex in Limerick has been purchased by a joint venture between PPR Capital Management and Bel Canto Asset Growth Fund.
The Botanica Cottages at 100 Hunsberger Drive off West Ridge Pike is PPR’s first investment in metro Philadelphia, according to a press release. The new owners are planning interior unit renovations, which are expected to wrap up in the first quarter.
The 15-acre complex “emerged as an attractive opportunity to enter the Philadelphia market with an asset that combines immediate cash flow alongside significant value-add potential,” PPR Senior Manager of Multifamily Investments Matt Carfaro said in a statement.
PPR and Bel Canto bought the property from a partnership including Plymouth Meeting-based 5 Cap Realty and an affiliate of San Francisco’s JMP Group, the Philadelphia Business Journal reported.
A spokesperson for PPR declined to share the sale price with Bisnow. The property last sold in May 2017 for $36.3M.
PEOPLE
Port of Philadelphia CEO Jeff Theobald announced his retirement Wednesday after a decade leading the organization. He will remain in the position until the end of June.
“Jeff’s leadership has been instrumental in shaping the Port’s success over the past decade,” Philadelphia Regional Port Authority Chairman Mike Pearson said in a statement. “His vision and ability to execute complex projects have transformed PhilaPort into a world-class gateway.”
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McKissack & McKissack's Albert Odjidja is stepping into the president and CEO role as the company’s longtime leader, Cheryl McKissack Daniel, transitions into her new role as chair of the board. The construction firm has offices in Philadelphia, New York City and Westchester County, New York.
SALES
EQT Real Estate acquired the newly built 1M SF Scranton North Logistics Center in Olyphant from an affiliate of Endurance Real Estate Group and Cabot Properties. The property features 40-foot clear heights and 163 dock-high doors.
A JLL team including John Plower, Ryan Cottone and Zach Maguire brokered the sale.
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Rockefeller Group purchased a 100-acre development site at 2554 Route 206 in Pemberton, New Jersey, with plans to build 487K SF of warehouse space across two structures.
NAI Mertz Senior Vice President Jonathan Klear facilitated the sale. He and President Scott Mertz will team up to lease the space.
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Realterm purchased a 4.2-acre industrial outdoor storage fleet maintenance facility with a 27,400 SF warehouse at 925 N. Godfrey St. in Allentown. It is leased to Student Transportation of America Inc.
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The Fogel Limited Partnership sold two Wayne retail buildings occupied by Verizon and CVS to 314-318 E Lancaster LLC for $8.7M. A CBRE team including Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thompson, Nick Holtz and Ken Bleznak represented the seller.
LEASES
Three ground-floor retail tenants signed on at Blayr, a residential building coming to Federal Realty Investment Trust’s Bala Cynwyd on City Avenue complex. Chopt, Hammer & Nails Grooming Shop and Naya are slated to take roughly 7K SF. They will open in the summer.
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Happy Bear Coffee Co. signed a lease for 3K SF in the Philadelphia Navy Yard. The café is coming to the ground floor of 1201 Normandy Place, a multitenant lab building, early next year.
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The Cambridge Crossing business park in Mount Laurel is 92% occupied after bringing in new tenants, including Elevate Health & Therapeutic Services, which took 7,600 SF at 1015 Briggs Road. Other occupiers include engineering consultant Dewberry and cloud computing firm Amdocs.
THIS AND THAT
Elkins Estate, a 42-acre Montgomery County property centered on a 127-year-old beaux-arts mansion, is plotting changes next year after the hospitality group By Landmark purchased and reopened it in 2023.
The wedding destination is opening an on-site distillery called Morgan Stillhouse and a boutique venue called Chelten House, which will add 16 new guest rooms to the property.
