Following his meeting with President Donald Trump earlier this week, the leader of South Korea visited a Philadelphia shipyard slated for a $5B investment.
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Hanwha Group, a South Korean shipbuilding firm, spent $100M on the site at the Philadelphia Navy Yard last year and announced a $70M investment in May.
The facility's operators now aim to boost annual output from two vessels to 20 as South Korean President Lee Jae Myung works to strengthen his nation’s military and economic ties to the U.S., the Philadelphia Business Journal reported.
That involves spending $5B upgrading the shipyard infrastructure and will require more than doubling the workforce of 1,700 currently employed at the site.
“Shipbuilding has been hope for countless young Koreans,” Lee said during his remarks at the dock, where he was joined by Gov. Josh Shapiro and Mayor Cherelle Parker Tuesday, according to The Philadelphia Inquirer.
“Philly Shipyard will likewise be remembered by young Philadelphians in the same way.”
Lee's visit, which included a Monday powwow with Trump, came after South Korean automaker Hyundai announced plans to spend $26B in the U.S. through 2028, up from its previous commitment of $5B.
SALES
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Adler Realty Investments Inc. sold the 67K SF ShopRite- and CVS-anchored Bensalem Crossings shopping center to a California-based 1031 exchange buyer for $12.5M.
ParaSell Inc. and a Hanley Investment Group Real Estate Advisors team including Kevin Fryman, Bill Asher and Jeff Lefko represented the buyer and the seller.
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An 11,200 SF Ducklings Early Learning Center daycare and preschool location at 101 Orvis Way in West Chester has sold for just over $4M. CBRE held the listing, while a Marcus & Millichap team including Mark Krantz and Derrick Dougherty represented the buyer.
CONSTRUCTION AND DEVELOPMENT
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Seahaus Hotel has opened its doors on the Atlantic City boardwalk. The project from Dallas-based NewcrestImage has 105 rooms, many of which have ocean views. It is being managed by Coury Hospitality and is part of Marriott's Tribute Portfolio.
“This property dramatically demonstrates our company’s ability to see a hotel not just as it exists but to envision what it can be with new ownership,” NewcrestImage Managing Partner Mehul Patel said in a statement.
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Full Court Development has received a certificate of occupancy for the third phase of its affordable Nova Commons project on Lancaster Avenue in West Philadelphia, according to a social media post.
The first three phases have 49 units and 5K SF of ground-floor retail. All units are affordable for residents making up to 80% of the area median income, and 10% are deed-restricted at 50% of AMI.
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The Upper Macungie Township Planning Commission has recommended final land development plan approval for a 150K SF warehouse proposed by Prologis near the intersection of I-78 and Pennsylvania Route 100, WFMZ reported.
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