Radnor Using Eminent Domain To Prevent Building On Military Academy Site: The Philadelphia Deal Sheet
Commercial real estate developers won't have a chance to build on 14 acres of the Valley Forge Military Academy site in Radnor if local leaders get their way.
The township’s board of commissioners has launched a plan to acquire the land via eminent domain, The Philadelphia Inquirer reported. It is scheduled to be discussed further at its Jan. 24 meeting.
The move came in response to concerns about overdevelopment and increased traffic in the municipality straddling Montgomery and Delaware counties.
Commissioner Jack Larkin said officials reached out to the school’s leadership but haven't heard back.
The move comes after Christian college Eastern University last month announced plans to purchase 33 of the 77 acres that make up the campus. The transaction is expected to be finalized by the end of April.
Developers were eying the campus as reports of the academy’s upcoming closure surfaced in September.
The Chester County portion is zoned for single-family residential and institutional purposes. The Delaware County side is earmarked for educational, museum and senior housing uses. School districts serving both sides of the campus are among the top 10 in Pennsylvania and top 100 in the nation.
SALES
Steele Properties spent $23M on a 295-unit senior housing complex at 3901 Conshohocken Ave. in Wynnefield Heights, the Philadelphia Business Journal reported. It was purchased from Trigild, which became the court-appointed receiver for the property after it experienced distress under previous owner Kiryat Greenbriar LP.
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S&S Singh Partners purchased a 54,800 SF grocery-anchored shopping center at 385 N. Reading Road in Ephrata from Heidenberg Properties Group for an undisclosed price. A CBRE team including Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith represented the seller.
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KKP Realty LLC purchased an 11K SF Levittown childcare facility occupied by The Learning Experience from 8829 New Falls Road LLP. An NAI James E. Hanson team including Jonathan Kristofich, John Schilp and Ayush Patel represented the seller. Maxim Shtraus of the Maxim Shtraus Group represented the buyer.
LEASES
Drexel University signed a deal to move its medical research and laboratory operations to 3201 Cuthbert St. in West Philadelphia, a property owned by Gattuso Development Partners and Vigilant Holdings. The 150,700 SF lease will allow the school to consolidate personnel, some of whom have been working in Center City and East Falls.
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Childcare provider A Secure Future Academy has inked a 10,800 SF long-term lease for build-to-suit space at 4301 Chestnut St. in West Philadelphia, a property owned by Alterra Property Group.
The landlord and Philadelphia Industrial Development Corp. are both investing in the project. A JLL team including Eric Berkowitz and Frederick Durham represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Greek Real Estate Partners broke ground on an 81,200 SF speculative warehouse on 12 acres at 130 S. Fairview Road in Ridley Township, REBusinessOnline reported. Construction is expected to wrap up in the middle of this year.
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PCG Investment broke ground on an 86-unit apartment complex overlooking Penn Treaty Park at 1212 N. Delaware Ave. in Fishtown, according to a social media post from principal Mihir Kothari. The firm is working with Hybar Construction and Gnome Architects on the project.
THIS AND THAT
Colliers has been tapped to manage two Center City office properties spanning 986K SF. Both are owned by Intervest Capital Partners and asset-managed by Ridgewood Partners. The portfolio includes 1835 Market St., a 690K SF tower, and the 296K SF building at 1635 Market St.
PEOPLE
Four new members have joined NAIOP Greater Philadelphia’s board: CBRE Philadelphia Market Leader Mamadou Baldé, Trammell Crow Co. Vice President Lauren Black, Parkway Corp. Vice President Wale Mabogunje and Ensemble Investment Vice President of Leasing and Development Nelson Way.
