FMC Arranges $114M Sale-Leaseback For Delaware Research Campus: The Philadelphia Deal Sheet
A Philadelphia-based agricultural science giant has arranged a sale-leaseback agreement for a key Delaware research and development outpost in Newark.
FMC Corp. will net $114M in gross profits from selling the Stine Research Center at 1090 Elkton Road in Newark, the company said in a Tuesday press release. The buyer is Ercor Elkton, according to a U.S. Securities and Exchange Commission filing. The deal is expected to close in Q4.
"This transaction allows us to optimize our physical footprint by reducing underutilized space while preserving and improving the world-class facilities, infrastructure and scientific talent that power our research and long-term growth," Chief Technology Officer Seva Rostovtsev said in a statement.
The campus, which remain the company's global HQ, is near the border with Elkton, Maryland. FMC is retaining ownership of its nearby properties on the other side of the state line.
SALES
Temple University has spent $9.25M on a former Rite Aid at 2131 N. Broad St. as it pushes its presence further northward, the Philadelphia Business Journal reported. The current tenant, ArchWell Health, will remain in the building.
CONSTRUCTION AND DEVELOPMENT
Bojangles is opening a new location at 1643 Route 38 in Mt. Holly, according to a social media post from Doren Development Director of Leasing Anthony Doren. It is expected to debut in Q1 2027.
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Mayor Cherelle Parker signed an emergency declaration over the conditions at Bartram Village in Southwest Philadelphia earlier this week. It cleared the way for the Philadelphia Housing Authority to tear down 45 structures at the complex so it can build 688 mixed-income units in their place.
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Avenue of the Arts Inc. debuted a new planted median between Pine and Spruce streets on South Broad Street on Wednesday. It is the first element of a broader tree-centric $150M transformation planned for a 1-mile stretch of the corridor.
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There are plans for an 86-unit mixed-use building at 165 Township Line Road in Wyncote, which overlooks SEPTA’s Jenkintown regional rail station, The Philadelphia Inquirer reported. The project is tied to an LLC with connections to real estate developer Edward Topolewski.
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Stonemont has proposed plans for a 123K SF warehouse on an 11-acre parcel in Northeast Philadelphia, the Philadelphia Business Journal reported. The wooded site behind the Grant Plaza Shopping Center was acquired by Nuveen after plans for townhomes there were aborted.
PEOPLE
Ira Goldstein, senior advisor of policy solutions at Reinvestment Fund, will be leaving the organization after 27 years, effective June 30, to start a new company called IJG Urban Advisors, he said in a social media post. Goldstein will continue his work with the National Housing Crisis Task Force and as a lecturer at the University of Pennsylvania.
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Joshua Druce, a loan professional in the Lancaster area, has created a new platform called Janus Capital after leaving his position at Finanta, BiznewsPA reported. He will be focused on helping customers navigate their options as borrowers.
