Trader Joe's Signs Lease For South Philly Location: The Philadelphia Deal Sheet
Trader Joe’s will open its third Philadelphia location and first outside Center City in a new shopping center set to deliver in the second half of next year.
The California-based grocer known for its private-label products has inked a lease for a space at 1505-25 S. Columbus Blvd. in the Pennsport section of South Philly, the Philadelphia Business Journal reported.
Ocean Block Capital bought the 4-acre site for $7.5M from developer Bart Blatstein and is plotting a retail project that could span from 35K SF to 50K SF and cost as much as $25M.
Other potential tenants could include a restaurant, fitness center and bank.
The news comes as Whole Foods has worked to expand its Philadelphia footprint. The chain owned by Amazon is plotting a new location on South Street and considering another in Fishtown.
SALES
Brandywine Realty Trust has sold its 116K SF Six Tower Bridge office building in Conshohocken to Legend Realty and the Adjmi family for $21M, the Philadelphia Business Journal reported. That is 70% more than the $12.4M that Montgomery County assessed it at in 2024.
LEASES
The financial services firm BNY has inked a 42K SF lease at Rubenstein Partners’ Chesterbrook office complex in Wayne. It is taking the entire second floor of 965 Chesterbrook Blvd.
JLL represented the tenant and the owner. Rubenstein’s team included Whit Hunter, Mike MacCrory and Doug Newbert.
CONSTRUCTION AND DEVELOPMENT
A Lennar affiliate has floated plans to build 743 homes on the site of the nation’s first African American-owned golf course in Gloucester Township, Patch reported.
The 154-acre Freeway Golf Course at 1858 Sicklerville Road was purchased by four Black businessmen in 1967 and shut down in 2015. The municipality was scheduled to review Lennar’s application last week, but the meeting was canceled due to the lack of a quorum.
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Bala Cynwyd-based Finch Development purchased the former Woodland Presbyterian Church at 42nd and Pine streets in West Philadelphia with plans to build 35 apartments, The Philadelphia Inquirer reported. The company previously converted a defunct Grays Ferry church into 37 apartments.
THIS AND THAT
NAIOP Greater Philadelphia has officially rebranded as CREDA Greater Philadelphia, as the trade group’s parent organization, the Commercial Real Estate Development Association, becomes nationwide.
The local chapter is celebrating the transition with a tailgate party before the Philadelphia Phillies game Wednesday night at Citizens Bank Park.
