Development Site Near City Hall Hits The Market: The Philadelphia Deal Sheet
A prime development site in the heart of Philadelphia is up for sale as major office conversion projects come together nearby.
The 0.8-acre parcel across from City Hall at 1301 Market St. has been put on the market for $27.5M by the estate of real estate investor Samuel Rappaport, the Philadelphia Business Journal reported. Colliers' Larry Steinberg is managing the listing.
The site now houses a parking lot that generates $800K per year in revenue, the PBJ reported.
Oliver Tyrone Pulver Corp. was previously under contract to buy the site for $35M with plans to build a 30-story office tower, but those plans have since fallen through.
TF Cornerstone and Alterra Property Group are doing a partial residential conversion of the Wanamaker Building, a former department store also overlooking City Hall.
PMC Property Group and Dean Adler bought Center Square, Philly’s largest office space, at 1500 Market St. for about $94M earlier this year. They are now planning a partial conversion that will include apartments and a hotel.
PEOPLE
Real estate attorney Brad Molotsky has moved from his longtime firm, Duane Morris, to a partner position at FisherBroyles. The opportunity zone expert spent a decade with his former employer following a stint as Brandywine Realty Trust’s in-house counsel.
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Carl Fiebig has joined Newmark as an executive managing director and will co-lead its Philadelphia-based multifamily investment sales team alongside Erin Miller. He has $15B worth of transactions under his belt after a six-year stint at JLL.
SALES
Berks County has proposed an acquisition of the former Wells Fargo building at 600 Penn St. in Reading as a new headquarters for many of its departments, WFMZ reported. Buying the building, which began its life as a Pomeroy’s department store, would help the county avoid $70M in costs needed to renovate the Berks County Courthouse.
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An affiliate of Miami-based SF Partners has purchased a nearly 20K SF healthcare property at 805 Cooper Road in Voorhees for $3M from Cooper Road Medical Center LLC. It is fully leased to Virtua and Quest Diagnostics. Wolf Commercial Real Estate's Jason Wolf and Evan Zweben, who died last month, brokered the deal.
CONSTRUCTION AND DEVELOPMENT
Buccini Pollin Group has undertaken $10M worth of renovations at the 65-acre Kirkwood Sports Complex in New Castle, Delaware. The improvements expected to wrap up this month include improved parking, new turf and upgraded stadium lights.
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Temple University’s Katz School of Medicine and AtlantiCare are teaming up to build a new medical school campus in Atlantic City. It is expected to welcome its first students in 2029.
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WinnDevelopment has begun its $33M renovation of the affordable 177-unit Garden Court Apartments in Atlantic City. The company spent $13.8M on the 20-building complex at 1425 McKinley Ave. in February.
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Gattuso Development plans to hold a grand opening celebration for its 3201 Cuthbert St. life sciences complex on May 19. The property overlooks 30th Street Station in University City.
