This Week's Philadelphia Deal Sheet
Faropoint has been an avid buyer of industrial real estate in the Philadelphia area for over two years now, but it was a seller this week.
The Israeli investment firm sold 121 High Hill Road Unit A in Woolwich Township, New Jersey, a 106K SF distribution center in the Swedesboro submarket, to local developer and investor DH Property Holdings. The building is wholly occupied by foam and adhesive manufacturer Diversified Holdings on a long-term lease.
The transaction, brokered by Colliers Managing Directors Marc Isdaner and Ian Richman for an undisclosed sum, has not been posted in Gloucester County property records. Faropoint purchased the building from a Diversified affiliate in a sale-leaseback transaction for $7.2M in December 2020, according to property records.
SALES
A joint venture led by former Philadelphia Eagles quarterback Ron Jaworski purchased Back Creek Golf Club in Middletown, Delaware, from a group led by golf course investor Buddy Reed, the Philadelphia Business Journal reports.
Jaworski's company, Ron Jaworski Golf, purchased the club in partnership with former University of Delaware quarterback and Super Bowl champion Joe Flacco and Philly-based management company GF Hotels and Resorts.
LEASING
Mutual of America Life Insurance Co. signed a 10-year lease with Keystone to occupy a 3.8K SF storefront on the ground floor of Hotel West & Main, the hotel component of Keystone's Sora West development.
Mutual of America retains a corporate office in Conshohocken, which will be joined by its first storefront in the Montgomery County suburban node. SORA West is anchored by AmerisourceBergen's build-to-suit headquarters.
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Environmental tech startup Carbon Reform leased over 5K SF of lab and office space at 401 North Broad St. for its new headquarters, PHL Inno reports. The company was founded at the Innovation Space in Wilmington, Delaware, and will retain an office at the coworking location there.
Carbon Reform manufactures a device that retrofits HVAC systems and traps carbon in mineral forms, which are then shipped away and buried. It completed a seed funding round earlier this year.
CONSTRUCTION
Pennrose and the Gloucester County Housing Authority cut the ribbon Wednesday on The Village at Harmony Garden, a 64-unit affordable housing development on the 10-acre site of the former Ellis Manor public housing project in Glassboro, New Jersey. The project will be supported by project-based vouchers from GHA.
Built in a series of one-story, cottage-style buildings, most of the units will be restricted to tenants aged 55 years and up, with 13 set aside for adults of any age with developmental and intellectual disabilities. New Jersey nonprofit PennReach will provide referrals to fill those 13 units and the four units restricted to seniors with developmental disabilities, as well as on-site supportive services.
