This Week's Philadelphia Deal Sheet
One of the Philadelphia area's most active buyers of industrial real estate has purchased one of the most visually recognizable warehouse properties in the market.
Velocity Venture Partners bought the Oldies.com building, a 56K SF warehouse at 60 Portland Road in West Conshohocken, for $7.85M. Located adjacent to Interstate 476, the building was long used as a wholesale retail and storage location for media from prior generations.
Newmark Senior Managing Director Justin Bell represented Oldies.com in the transaction and procured Velocity as the buyer. Velocity anticipates leasing the building, with 28-foot clearance heights, to either one or two users.
SALES
An affiliate of Patriot Parking has sold a half-acre development site at 1201-15 Callowhill St., just north of Chinatown, for $7.9M. The seller had already obtained full entitlements for a 144-unit apartment building that would qualify for a full 10-year tax abatement.
Scope Commercial Real Estate Services Managing Director Philip Sharrow marketed the property on behalf of Patriot Parking and procured the buyer, who Scope identified as a "regionally based, qualified opportunity fund joint venture." In order to move forward with the current plan, the buyer obtained revised zoning and construction permits.
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The College of Physicians of Philadelphia bought a 22K SF, two-building office complex at 2129 Chestnut St. for $9.3M, the Philadelphia Business Journal reports. The converted church and parish house sits steps away from the College of Physicians' existing home at 19 South 22nd St. The seller was South Jersey-based office furniture and design firm Corporate Facilities Inc., represented by JLL.
The medically focused education and civic organization owns and operates the historic medical oddities attraction known as the Mütter Musuem within its headquarters. The museum will not be affected by the acquisition, which will be used to expand the college's offices and cultural outreach programs.
LEASING
Architecture, engineering and design firm Ewing Cole renewed its 55K SF lease at the Federal Reserve Bank of Philadelphia building, which the federal agency owns. Newmark Executive Managing Director Jeffrey Tertel represented the Philly Fed in the transaction.
The eight-story, 775K SF building at 10 North Independence Mall West was built in 1976, but its amenities are much newer, including a 180-seat conference auditorium, a café with outdoor seating, a fitness center and newly updated systems.
PARTNERSHIPS
Tiger Woods' charitable organization and course design business have partnered with Cobbs Creek Foundation on the ongoing renovation of Cobbs Creek Golf Course, the city-owned course in the West Philadelphia neighborhood of the same name. Cobbs Creek Foundation is leading the project through a ground lease with the city.
Under the terms of the partnership, TGR Foundation will operate a 30K SF educational facility called TGR Learning Lab on the course grounds, including programs teaching science, technology, engineering and mathematics as well as career readiness. TGR Design has also agreed to design and develop a nine-hole short course.
CONSTRUCTION
Bozzuto Group and Kimco Realty broke ground on a 131-unit apartment building in Ardmore, the final phase of the Suburban Square mixed-use project in the Main Line suburb. Named Coulter Place, the building will also include below-grade and ground-floor parking, as well as a 20K SF retail component that can be split between as few as four and as many as 10 users.
Bozzuto will lead development, construction and management efforts on behalf of the partnership, with delivery projected for 2025. Coulter Place is replacing a six-building office development on a 1.7-acre assemblage
