This Week's Philadelphia Deal Sheet
Align Precision, an aerospace, defense and semiconductor manufacturing firm, has signed a lease for a new location in Horsham, CBRE announced this week.
Terms of the lease weren't disclosed for the 85K SF center at 425 Privet Road.
Align relocated its operations from 3063A Philmont Ave. in Huntingdon Valley.
The move will double operations space for the firm, according to the announcement. The company plans to use the space to support numerical control machining and clean room assembly.
CBRE’s Tim Morris, Mike Maloney and Brian Smyth represented the landlords, Griffith Properties and DRA Advisors.
Mike Cohen, president of Situs Properties, represented the tenant.
Renovations made the space ideal for Align Precision’s expansion, Morris said.
“The company, which is one of the leading manufacturers supporting the aerospace and defense industries, required state-of-the-art industrial space to support its fast-growing business, and 425 Privet Road precisely fit their needs,” he said.
FINANCING
Berwyn, Pennsylvania-based PPR has created its first specific fund for a car wash chain, along with Olympic Pines.
The private equity firm is targeting what it calls high-growth markets across the nation for its first PPR Opportunity Fund, the company announced this week. Car wash companies make up 3% of its $855M portfolio, which is dominated by loans and commercial real estate.
“Consistent with our strategy of investing in both real estate-backed opportunities, and unique investment opportunities to provide our investors with higher upside performance, we are excited to partner with Olympus Pines on our first of several Opportunity Funds,” Steve Meyer, CEO at PPR Capital Management, said in the announcement.
DEVELOPMENT
The Bridge at Collegeville, a 340-acre campus that already has 1.9M SF of medical space, is undergoing development that will add 1.4M SF of office, lab and manufacturing facilities.
David Werner Real Estate Investments and GreenBarn Investment Group launched the renovation and expansion of The Bridge at Collegeville this week. The campus is home to investment firm SEI, as well as the GSK global hub of biomedical research and Dow Chemical’s advanced materials research center.
Last August, David Werner Real Estate Investments doled out $180M to acquire the location from Pfizer, which remains a tenant.
EwingCole will be the project architect, and Cushman & Wakefield will be its leasing agent.
The renovation will add a new entrance to its atrium and introduce a wide array of luxury lifestyle amenities, including a fitness center, a golf simulator, pickleball courts, an outdoor firepit and a food truck plaza.
A timeline for the project’s completion hasn't been announced.
***
Sports retailer Rally House is scheduled to open two storefronts on Friday in Pennsylvania.
Rally House Willow Grove Park is on the first floor of Willow Grove Park Mall, across from Express, and will offer merchandise from Philadelphia professional franchises and Temple University.
It is also opening Rally House Millcreek Pavilion across from Millcreek Mall in northwestern Pennsylvania.
