This Week's Philadelphia Deal Sheet
Around a quarter of the energy needed to power the city of Philadelphia’s largest buildings now comes from renewable sources, thanks to a partnership for solar farming in Gettysburg, according to an announcement this week.
Adams Solar Farm started powering up its 230,000 panels in March, and the city of Philadelphia has a commitment to buy most of that energy over the next two decades. So far, solar power helps light City Hall, Philadelphia International Airport, the Water Department and a few other buildings.
“We’re demonstrating our commitment to combating climate change and building a more sustainable future for Philadelphians for generations to come,” Mayor Cherelle Parker said.
The timeline to even begin had been delayed multiple times. NBC10 reported in 2022 that three different developers had failed to build the solar farm, and city officials blamed the pandemic. Energix Renewables now owns the project.
SALES
Newmark's industrial team has sold 2250 Church St., a 27K SF truck terminal in Philadelphia.
The team worked on behalf of East Capital Partners to secure the deal for the terminal and 5-acre property at an undisclosed price.
DEVELOPMENT
Canned vodka brand Stateside plans to relocate its distribution to a much larger facility at 13000 McNulty Road.
The 40K SF building is being developed by real estate investment firm East Capital Partners in Northeast Philadelphia, according to the Philadelphia Business Journal. Of that, 12K SF will be set aside for offices.
The company plans to maintain its first building at 1700 N. Hancock St. in the Olde Kensington neighborhood. The current headquarters includes 4K SF of office and operations space, while the remaining 1,600 SF houses a tasting and distillery room.
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Construction has begun on a $5M apartment development at 6515 Ridge Ave. in Roxborough, Philadelphia, according to city permits.
The $5M project lists Klein & Company Plumbing as a contractor. There will be commercial space on the ground floor and six floors total for 100 units of living space. A below-grade garage will offer 40 parking spaces.
