11-Acre Suburban Site Sells To Retail Developer: The Philly Deal Sheet
A developer compiling land in South Jersey has mixed-use plans that are set to begin with two auto-centric retail projects.
Retail Sites LLC, a developer based in Moorestown, New Jersey, has amassed 36 acres at the corner of Black Horse Pike and Watson Drive in the Turnersville section of Washington Township.
The latest purchase of 11 acres from EML Holdings was carried out via a joint venture with Turnersville Kia for an undisclosed price, Colliers announced this week.
The Kia dealership plans to relocate to a new 46,500 SF facility on an 8-acre portion of the site. America’s Discount Tire plans to open a 7K SF store there, and Retail Sites plans to build a 4,800 SF drive-thru-ready pad next door.
Retail Sites owns 25 more undeveloped acres next to those sites, which the company says could be used for commercial or residential purposes.
Colliers Senior Vice President Rich Weitzman represented the seller. Metro Commercial Vice President Jonathan Spoerl represented America’s Discount Tire in lease negotiations.
SALES
An affiliate of Pinnacle Hospitality Group bought the 105-room Staybridge Suites Philadelphia-Montgomeryville in North Wales for nearly $10M, the Philadelphia Business Journal reported. The new owner’s portfolio also includes the 101-room Hampton Inn & Suites next door.
LEASES
Technology firm Ricoh USA has renewed its 280K SF lease at Indus Realty Trust’s 5220 Jaindl Blvd. property in Bethlehem. Newmark Senior Managing Director Nick Pickard led the team representing the tenant alongside Jim Belcher, Stephen Cook II, Wills Allen, Michael Spaeder and Zachary Ambielli.
CONSTRUCTION AND DEVELOPMENT
Benchmark Real Estate and Regal Ventures are preparing a 100K SF industrial development site in Bristol to be ready for construction by May, according to a social media post. The parcel is within the 25-acre Crownwood Industrial Estates complex overlooking I-95 that the joint venture purchased in 2024.
THIS AND THAT
Millstone Property Management has been selected to oversee operations at Plaza Grande at Garden State Park, a 507-unit, 55-plus community in Cherry Hill developed by Procida Funding & Advisors. The transition will be effective starting March 21.
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Malvern-based IMC Construction is celebrating the company’s 50th anniversary with a Feb. 27 day of service focused on the Bicycle Coalition of Greater Philadelphia and New Jersey-based youth development nonprofit Middle Earth.
CEO Mike Lloyd took the reins at IMC in 2023 and has added new offices in Philadelphia; Newark, Delaware; and Woodbridge, New Jersey.
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CBRE is looking for a new market leader to helm its advisory business in Pittsburgh following Philadelphia Market Leader Mamadou Baldé’s shift across the state.
PEOPLE
Precis Engineering + Architecture has made some personnel changes at its office in Ambler. Jonathan Busam was hired as the director of process engineering, and Van Zhao was promoted to director of process technology.
Busam has held engineering positions at chemical manufacturer DMS and medical equipment firm Terumo Medical Corp. Zhao has been with Precis since 2023.
