Dranoff’s $500M Avenue Of the Arts Bet Grows With New UArts Deal: The Philadelphia Deal Sheet
Dranoff Properties is doubling down on Center City’s Avenue of the Arts with a new investment along the corridor it helped transform.
Dranoff is partnering with Dwight City Group on the redevelopment of Anderson Hall, a former University of the Arts property at 333 S. Broad St. acquired for $8.5M earlier this year following the school’s 2024 bankruptcy.
Dranoff will also contribute an adjacent parking lot at 337 S. Broad St., with the combined project set to deliver 84 market-rate apartments to the Avenue of the Arts.
“By teaming up with Dwight City Group, we will create a better, corner-anchoring project that, as with all renovation projects, will deliver more quickly, keeping the momentum going on the Avenue,” Dranoff CEO Carl Dranoff said in a statement.
To date, Dranoff has invested more than $500M into the corridor, including $275M for the Arthaus condominiums at 311–319 S. Broad St.
SALES
Agree Realty has acquired MacDade Commons, a 102K SF Walmart-anchored shopping center at 50 N. MacDade Blvd. in Glenolden. CBRE’s Christopher Munley, Colin Behr, Casey Smith and Ryan Sciullo represented the seller and sourced the buyer.
LEASES
Aluminum manufacturer Western Extrusions has expanded its lease at Pennsauken Logistics Center to nearly 250K SF. The added space at 8600–9000 River Road will support new machining operations.
CONSTRUCTION AND DEVELOPMENT
Michaels Organization and Virtua Health will unveil Oliver Station, a $24M, 55-plus community with 47 units and a healthcare center, during a Thursday ceremony at 1800 Davis St. in Camden.
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Starr Acquisitions LP spent $3.8M on a nearly 28-acre tract in Lehigh Valley with plans to build a senior community with more than 100 homes, The Morning Call reported. The property on Rural Road in Whitehall Township was previously owned by a group that purchased it for $1 in 1997.
THIS AND THAT
Brandywine Realty Trust unveiled new green space and a series of public art installations at Schuylkill Yards last Thursday.
The Art at the Yards initiative features murals and an abstract sculpture titled Galaxyscape Zone by West Philly artist Anthony Bayne Sr., who originally built the winding gray piece outside his Chestnut Street garage before catching Brandywine’s attention.
“We believe places are defined by the culture and people who bring them to life,” Brandywine CEO Jerry Sweeney said in a statement. “That’s why public art and green spaces are essential to Schuylkill Yards.”
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Philadelphia is seeking a new deputy planning director to help lead operations at the City Planning Commission.
“Work includes discussing planning perspectives and issues with the Director and members of City Council and their staff,” according to an online job listing. “Providing technical city planning direction to all planners in the City Planning Commission is a significant aspect of the work.”
The role offers a salary between $106K and $136K per year.
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New Jersey’s first recreational cannabis consumption lounges are now open, The Philadelphia Inquirer reported.
That includes High Rollers and SunnyTien on the Atlantic City boardwalk and the new lounge space in the Gynsyng Dispensary at 14 S Center St. in Merchantville, which is just a 20-minute drive from Philly.
