Post Brothers Proposes 241 More Units In Northern Liberties: The Philadelphia Deal Sheet
Post Brothers aims to add another building to its Northern Liberties portfolio, but the unit count will be smaller than what previous plans for the site had envisioned.
The developer proposed a six-story building called the Mercato featuring 241 one-bedroom and studio apartments at 1021 N. Hancock St. The Philadelphia Civic Design Review Committee is scheduled to review the plans Aug. 4.
Earlier designs for the site featured a 13-story building with retail space and 281 apartments, some of which would be fully furnished, The Philadelphia Inquirer reported.
“The smaller scale is in response to fitting in with what’s around it and wanting to achieve a more accessible price point,” Post Brothers CEO Michael Pestronk told the outlet of the adjusted plans. “By building six stories instead of 13, we’re able to offer more accessible rents.”
The company bought the land for the site alongside several other nearby parcels in 2018 and 2019.
PEOPLE
Brian Berson, the former head of Parkway Corp.’s commercial properties arm, left the firm to start a new Philadelphia-based company called Shepherd Root Real Estate, he announced in a Tuesday social media post.
He remains on good terms with Parkway CEO Robert Zuritsky and will continue to work for his former employer as a consultant, the Philadelphia Business Journal reported.
SALES
The Arthaus condo building has recorded $42M in sales since the start of the year, with 14 deals settled and three more pending, and is now about 58% occupied, according to a press release. The building at 301 S. Broad St. is owned by Dranoff Properties. A 4,300 SF, 41st-floor penthouse went for $6.3M in May.
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Benchmark Real Estate and Regal Ventures purchased an 85K SF industrial building at 100 Kuebler Road in Easton. The building is fully occupied by Human Active Technology, a designer and manufacturer of ergonomic workspace solutions. The new owners are plotting a 70K SF expansion of the property.
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Realty Income has purchased an 18-property portfolio occupied by Dollar General spanning Pennsylvania and Ohio from Miller Bros. Construction for $22.7M. It includes stores in Tioga, Bangor, Fawn Grove, Jersey Shore, Bellefonte, Berrysburg, Greencastle, Schellsburg, Oxford, Milan, Hazle Township, Newburg, Burlington and Beaver Meadows in Pennsylvania, as well as Amherst, Waynesburg, Lorain and Vermilion in Ohio.
A CBRE team including Michael Shover, Matthew Gorman, Thomas Finnegan, Robert Thompson and Nick Holtz represented the buyer and the seller.
LEASES
Monell Chemical Senses Center signed a 20-year lease for 64K SF in One uCity at 25 N. 38th St. in West Philadelphia. It will be occupied by 150 scientists and administrative employees starting next year.
CONSTRUCTION AND DEVELOPMENT
Senior Living Transformation Co. and Sabal have formed a $50M joint venture that has purchased a pair of properties, including one in Pennsylvania: the 78-unit Daylesford Crossing at 1450 Lancaster Ave. in Paoli. They will be making physical, technological and operational upgrades there and at the Villages of Windcrest in Fredericksburg, Texas.
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Federation Housing broke ground on its 53-unit Shoshanna’s Way senior housing project at 953 Penllyn Blue Bell Pike in Whitpain Township earlier this month. The two-story building will accommodate moderate- to low-income seniors.
THIS AND THAT
Hirtle & Co. signage has been installed on the West Conshohocken office building, where the investment firm is headquartered. Equus Capital Partners owns the 222K SF property at 300 Barr Harbor Drive.
