This Week's Philadelphia Deal Sheet
Newtown Square-based GMH Communities is set to cut the ribbon Thursday on its largest multifamily development yet, right in its hometown.
The Caswell at Runnymeade Farms is a 249-unit, four-story apartment building on a plot of land adjacent to Ridley Creek Park in Delaware County. GMH developed the property with AEW Capital Management as its joint venture partner.
GMH's most recent delivery in the Philly area was Anova uCity Square, the first multifamily component of the multiphase life sciences-focused development in University City.
Monthly rents at the Caswell range from $2,170 to $3,750, with unit sizes from 800 SF for a one-bedroom unit to 1,660 SF for a three-bedroom, two-bathroom apartment. The indoor amenity package includes makerspace, a business center with multiple conference rooms, a golf simulator, a movie lounge and a pet wash. The 1-acre courtyard includes a pool, hot tub, outdoor kitchen and outdoor TV lounge.
SALES
Bridge Investment Group sold a 200K SF, two-story office building at 1400 Union Meeting Road in the Montgomery County submarket of Blue Bell to a foreign private investor. A JLL Capital Markets team led by Senior Managing Director Brett Segal and associate Matthew Blumberg represented Bridge and procured the buyer.
Built in 1961, 1400 Union Meeting was originally used as a research and engineering building, giving it the physical capability to support life sciences usage. Now vacant, the building sits on a more than 18-acre plot less than 3 miles from the Plymouth Meeting Mall and the nearby interchange of Interstates 476 and 276.
County property records haven't yet been updated to reflect the sale and identify the price or buyer.
CONSTRUCTION
Brandywine Realty Trust topped off its second ground-up development in Schuylkill Yards, the other ongoing megaproject in University City, on Tuesday. The 435K SF life sciences-focused building at 3151 Market St. is being built on spec and has yet to sign a tenant.
Aside from 18K SF of combined ground-floor retail and amenity space, the rest of 3151 Market is capable of supporting life sciences usage with a 70-30 ratio of lab to office space and 39K SF floor plates. Completion is scheduled for next year.
3151 Market is nearly adjacent to the West Tower at Schuylkill Yards, the divided building at 3025 John F. Kennedy Blvd. with an apartment component atop what was also once envisioned as life sciences space. Brandywine also announced the West Tower's completion on Tuesday after signing its first tenant for the commercial portion, law firm Goodwin Procter, in September.
