PMC To Convert Top Of Office Tower Into 273 Apartments: The Philadelphia Deal Sheet
The upper portion of a prominent Market West office tower is slated to become apartments after it was acquired by a developer with extensive adaptive reuse experience.
PMC Property group plans to build 273 apartments spanning the top 10 levels of the 27-story Ten Penn Center building at 1801 Market St., The Philadelphia Inquirer reported, citing a zoning permit.
The developer purchased the property for $30M last summer, when the building was 65% occupied. The sale price was less than half of the $75M it traded for in 2006.
PMC previously built 143 apartments inside Three Parkway at 1601 Cherry St. It also added 81 residential units to a century-old office property at 320 Walnut St. in Old City.
Ten Penn Center sits just one block from Alterra Property Group’s 1701 Market St. office-to-residential project, which includes 299 units.
SALES
A nearly 40K SF office building at 215 Church Road in King of Prussia sold for $4M. A private investor paid all cash to acquire the property from a regional family office.
The sale was brokered by a SCOPE team including Craig Dunkle, Mher Vartanian and Piruz Partow. A spokesperson for the firm declined to disclose the buyer and seller.
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A tenant occupying part of an 18K SF Moorestown Industrial space at 124 Glen Ave. has bought the building. CAJ Capital Investors LLC sold it to 1249 Glen Ave Unit B LLC in a transaction coordinated by Wolf Commercial Real Estate’s Erin Warwick.
The building has two occupants, Opera Wine Imports and Milano Foods Inc. WCRE didn't reveal which one is associated with the LLC that bought the site or the sale price.
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The Fieldstone Building, an 18K SF mixed-use property at 4930 W. Chester Pike in Newtown Square, has sold for $2.1M. Marcus & Millichap’s Vince Peruto marketed the property exclusively and procured the buyer. The brokerage declined to disclose the buyer or seller.
“It’s rare to find a site of this scale in a location of this quality, with existing cash flow and future development potential,” Peruto said of the 3.5-acre site.
CONSTRUCTION AND DEVELOPMENT
St. John Properties purchased a 75-acre site off Bunker Hill Road in Middletown, Delaware, where it plans to build a mixed-use community with 450 homes and 225K SF of retail and flex research and development space. The first phase featuring the construction of two spec buildings spanning 96K SF is expected to break ground this spring.
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The Allentown School District has broken ground on its first Family & Community Resource Center at 265 Lehigh St. DIGroup Architecture designed the 13.7K SF facility spanning two stories.
FINANCING
Faropoint has received $273M to refinance a 61-asset national industrial portfolio, Commercial Property Executive reported. Of the 3.5M SF, about 741K SF of properties are located in and around Philadelphia, more than any other market. Chicago was No. 2 with 649K SF.
Capital One and J.P. Morgan originated the loan, which was arranged by a CBRE team including Tom Traynor, Tom Rugg, Mark Finan and Henry Fenmore.
PEOPLE
Philadelphia-based Scott Henderson joined Transwestern Development Co. as executive vice president on its National Logistics Group. He will focus on logistics opportunities in and around Philly and other Northeast markets. He previously worked at Outrigger Industrial and Duke Realty.
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Ryan Grigalonis has joined Colliers as an associate in its Philadelphia Tri-State Region Industrial Division within the brokerage’s Golarz Williams Industrial Team. He will focus on research, marketing and representing buyers and occupiers. He previously worked at Swope Lees Commercial Real Estate LLC.
