5M SF Industrial Project Breaks Ground Outside Reading: The Philadelphia Deal Sheet
Panattoni Development Co. has begun construction on a pair of spec industrial buildings totaling 1.2M SF, the first phase of a 5M SF campus in Berks County.
Gateway Commerce Center is coming to a former Bethlehem Steel Grace Mine site in New Morgan, about 12 miles south of Reading. It is a short drive from I-76 and I-176, which intersect in nearby Morgantown.
The first phase consists of a 925K SF building and another spanning 292K SF. Brinkmann Constructors is expected to deliver them in the fourth quarter of 2026.
No occupants have been identified at this time, but a Panattoni spokesperson said the company is in discussions with potential e-commerce, consumer products, manufacturing and transportation tenants.
Panattoni received a construction loan for the project, the spokesperson said, declining to share other details about the financing. KBC Advisors and Colliers are jointly listing the space.
SALES
Wharton Industrial and Tramview Capital Management purchased a 91,400 SF, two-building small-bay warehouse portfolio in Exton. The spaces at 15 and 35 E. Uwchlan Ave. are 96% leased. The sale price wasn't disclosed.
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DH Property Holdings spent $5.2M on a fully leased, 36,600 SF shallow-bay warehouse at 850 Davisville Road in Willow Grove. The property also includes roughly an acre of rentable industrial outdoor storage space.
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Velocity Venture Partners paid $2.9M for a 27,400 SF industrial space fully occupied by Aerial Sidings & Awnings at 2333 Concord Road in Chester. The tenant services signs for companies including Wawa.
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Nike Equities has purchased the 100K SF, Giant-anchored Forks Town Center in Easton from J.C. Bar Properties. A CBRE team including Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith represented the seller.
CONSTRUCTION AND DEVELOPMENT
Chatham Bay Group is refurbishing the 77-unit Viking Mill Apartments in Kensington and building 100 more new apartments on the site. The first phase is expected to deliver in Q1, while the second is scheduled to wrap up in Q4 2026.
The developer received a $37.5M senior construction loan for the project from 3650 Capital.
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Devon Self Storage and Inland Real Estate Investment Corp. have completed work on a 110K SF self-storage facility at 1501 Admiral Wilson Blvd. in Camden. The project includes 1,070 rentable units.
FINANCING
Miller Investment Management has paid off its $56M loan for 401 Market St., an 11-story office tower across from Independence Mall. It now plans to revitalize the building, which was just 28% occupied when Wells Fargo left in 2024, the Philadelphia Business Journal reported.
PEOPLE
JLL senior associate Ryan Ward has joined the brokerage’s Wilmington office following his tenure with Ganc Commercial Realty. Ward previously served in the U.S. Navy, where he was focused on logistics and special operations.
