PhilaPort Finalizes 'Transformative' $90M Rail Facility Purchase: The Philadelphia Deal Sheet
The Port of Philadelphia has finalized its purchase of a 152-acre parcel with an intermodal rail facility.
Norfolk Southern Corp. sold Mustin Yard to the agency for $90M Tuesday. The infrastructure at the site next to the Packer Marine Terminal is expected to help move vehicles and large containers away from the waterfront more efficiently.
“Securing this 152-acre property marks one of the most transformative moments in our history,” PhilaPort CEO Jeff Theobald said in a statement. “It gives us the capacity to grow in ways we’ve only imagined, positioning PhilaPort for a new era of expansion, job growth, and leadership in global trade.”
The sale came after the agency entered into an agreement with Norfolk Southern in July.
SALES
Atlanta-based SJC Ventures bought a parcel in Wyomissing from the Concordia Group with plans to build a 120K SF mixed-use complex anchored by a Whole Foods. The Broadcast District at Spring Township outside Reading will also include 441 townhomes and 341 apartments.
Work is expected to commence in the first quarter, and the first tenants should follow in fall 2027.
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A 21,500 SF industrial building on about 2 acres at 3275 Stokley St. in North Philadelphia has sold for $2.1M in an off-market transaction, according to a social media post. The sale was coordinated by MSC’s Jesse Dubrow and Jacob Cooper.
LEASES
GE Hitachi Nuclear Energy has signed a 66K SF, full-building lease at 9001 Torresdale Ave. in Northeast Philadelphia. The agreement came less than 90 days after renovations were completed there by property owner the Seyon Group.
An Avison Young team including Brendan Kelley, Jim Scott and Chris Winnick represented the landlord, while CBRE’s Pat Green and Mike Mullen represented the tenant.
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Third-party logistics provider Express Logistics has inked a 30K SF lease at 2572 Brunswick Pike in Lawrenceville. Newmark’s Rob Loderstedt represented the landlord, Velocity Venture Partners, while Jared Licht of NAI Mertz represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Fernmoor has completed about $2.5M worth of renovations in the clubhouse at its Mi-Place at Downingtown community, which has roughly 400 units.
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Construction has wrapped up at the 40-unit Rev. James Moore Senior Triangle Village at 3701 Brown St. in West Philadelphia, according to a social media post from the project designer, CBP Architects.
FINANCING
A $25M social impact fund launched by TD Bank and CEI-Boulos Capital Management in January has invested $4M in an affordable housing complex near Stinger Square Playground in Grays Ferry. The money will be used to build 49 units and ground-floor retail.
THIS AND THAT
Buccini Pollin Group affiliate ResideBPG has been tapped to manage 1213 Walnut St., a 322-unit apartment building in Center City, via a partnership with Corten Real Estate.
