Developer Buys Site For 4-Building Project In Burlington Township: The Philadelphia Deal Sheet

An undeveloped, 13-acre South Jersey site is slated to become a four-building apartment community called Spectrum Village.

TFE Properties purchased the plot at 100 Spectrum Way on the corner of Fountain Avenue and the Burlington Bypass in Burlington Township and expects to start construction in the coming months, it announced this week. 

The project is planned to have four buildings with units ranging from one to three bedrooms. They will have nine-foot ceilings, in-unit washers and dryers and an option for a private garage. The apartments will range from 800 SF to just over 1,400 SF.

The pet-friendly complex will also feature an on-site dog park, a fitness center and a children’s play area.

LEASES

Agriculture tech firm Corteva signed a deal to move 200 workers from its office at Chestnut Run Plaza in suburban Wilmington to a 44K SF space in Buccini Pollin Group’s 1000 N. West St. in Downtown Wilmington.

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Macerich has tapped CBRE to lease up the Deptford Mall in South Jersey. A team including Brian Bruzek and Jim Creed will handle marketing and leasing for the property.

The two firms struck a similar arrangement for the Fashion District in Center City this summer.

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Orchestra Life Sciences is moving its global headquarters from Montreal to a 7K SF space at 1200 Intrepid Ave. in the Philadelphia Navy Yard, it announced this week. 

CONSTRUCTION AND DEVELOPMENT 

The Philadelphia Housing Authority is scheduled to hold a ribbon-cutting for a new young adult protective housing project at 2112 Ridge Ave. in Sharswood Thursday. The 36 units will be available to 18-to-24-year-olds aging out of foster care or experiencing homelessness.

FINANCING

Blue Owl Capital has provided a $150M loan to Philadelphia-based Alterra Property Group’s industrial outdoor storage team. It is backed by 21 properties across 12 states.

PEOPLE

CBRE Senior Vice President Thomas Stone, First Vice President Patra Konugres and First Vice President John La Prise have all been promoted, Philadelphia Market Leader Mamadou Balde said in a series of social media posts Tuesday.

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NAIOP Greater Philadelphia’s annual Impact Awards are coming up on Nov. 13. Five members of the organization will be receiving awards:

• Emerging Leader: Phil Butler Jr. of JLL

• Dynamic Duo of Impact: Jodie Harris of Philadelphia Industrial Development Corp. and Salvatore Patti of WSFS Bank

• Woman of Impact: Rebecca Nuver of Parkway Corp.

• Impact Team of the Year: Mosaic Development Partners

• Trailblazer: Alexis Clark of Morgan Properties