The agency in charge of Philadelphia’s port system wants to expand its real estate portfolio to increase the city’s shipping capacity.
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PhilaPort is getting closer to spending $90M on 152 acres next to the Packer Avenue Marine Terminal in South Philly. The agency’s board authorized an agreement with current owner Norfolk Southern Corp. on Wednesday.
“Land acquisition is and continues to be the cornerstone and an utmost priority for PhilaPort in its expansion efforts along the Delaware River to create jobs and serve as an economic driver for the Commonwealth of Pennsylvania,” PhilaPort staff wrote in a memo obtained by The Philadelphia Inquirer.
The purchase is expected to close in the fall, an agency spokesperson told the outlet.
PhilaPort is eying the plot’s intermodal rail facility, which could help move cars and large containers away from the waterfront more efficiently.
PEOPLE
Gregg Ziegler was named chief financial officer of Toll Brothers, a Pennsylvania-based homebuilder, The Wall Street Journal reported. He has been with the company since 1990.
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Sophia Ferguson joined the Colliers greater Philadelphia team as an associate earlier this month. She is enrolled in the Colliers Acceleration Program, which provides support to recent graduates and other rising professionals.
SALES
Plumbing and HVAC material wholesaler FW Webb bought a 44K SF warehouse at 900 Kennedy Blvd. in Somerdale from Faropoint for $6.4M. NAI Mertz's Scott Mertz represented the buyer, and Jonathan Klear represented the seller.
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New York-based affordable housing developer PRC bought the Paulsboro Gardens Apartments in South Jersey and is now planning a series of renovations. An acquisition bridge loan was provided by X-Caliber. This is PRC’s first purchase outside New York.
LEASES
Four companies signed more than 17K SF of leases at Eagleview, an 800-acre mixed-use community in Chester County owned by Hankin Group. The new tenants are World Travel Inc., Trident Risk Advisors LLC, The Mind Spark Inc. and Moore Psychological Services.
CONSTRUCTION AND DEVELOPMENT
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Jefferson Apartment Group finished work on J Centra, a 500-unit luxury apartment building at 3000 Bromley Blvd. in Burlington Township. This is the third complex the company has delivered in greater Philly over the past 12 months.
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EFP Investments is plotting a 264-unit apartment complex across 11 buildings at an 18-acre Winslow Township property it bought for $4.7M, the Philadelphia Business Journal reported.
FINANCING
The new rooftop solar system installed at Columbia County-based Bloomsburg Carpet Industries’ factory earned $660K worth of investor tax credits, which were sold by financial technology company Evergrow.
THIS AND THAT
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Federal Realty’s Lawrence Park Shopping Center in Broomall is one of 20 locations nationwide where new electric vehicle charging stations are being installed in collaboration with Mercedes-Benz. The stations will accommodate vehicles from a wide array of manufacturers.
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