Developer To Buy PREIT Property In Chester County For 622-Unit Project: The Philadelphia Deal Sheet
Another big mixed-use development is planned for a site PREIT is offloading in Chester County.
Maryland-based Stonewall Capital plans to spend $300M building out White Clay Point on roughly 220 acres along Route 41 near Kennett Square in New Garden Township.
Its plan calls for 622 dwellings, a 30K SF grocery store and other retail space, including a Wawa, Philadelphia Business Journal reported. Lennar will be building the residential portion of the project, slated to include a mix of townhomes, condos and detached single-family dwellings.
The developer told PBJ it expects to close on the acquisition of the site from PREIT and JPMorgan in the coming weeks. The sellers had bought the site with plans for an unrealized sports and retail complex roughly 20 years ago.
Earlier this year, PREIT sold the Exton Square Mall to Abrams Realty & Development for $38M. The buyer aims to build 700-plus residences and 280K SF of retail there but is suing West Whiteland Township officials after its master plan application was denied.
Additionally, LA Partners, formerly Lubert-Adler, is under contract with PREIT to buy the Plymouth Meeting Mall with plans for a $100M mixed-use redevelopment.
SALES
Realterm purchased two fully leased industrial properties at the Stauffer Industrial Park in Scranton. The larger property includes a 62K SF warehouse on 23.7 acres. The other includes a 20.5K SF maintenance facility and 15K SF of office space on 19.3 acres.
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Haverford Retail Partners purchased Southmont Plaza in Easton as part of a $126M transaction that also included properties in North Jersey and Ohio, the company announced in a LinkedIn post. It said JLL, Citi and SITE Centers were involved in the deal, which adds over 750K SF to its portfolio.
CONSTRUCTION AND DEVELOPMENT
Mapletree broke ground on a 420K SF logistics facility at 1180 Corporate Center Drive E in Tobyhanna, about 25 miles southeast of Scranton. It will sit next to a 1.3M SF facility the company built next door.
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Alpine Real Estate Partners purchased the 164K SF Acme-anchored Plaza at Cape May Court House shopping center from RW LLC 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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Greek Real Estate Partners is building an 81K SF spec industrial facility on 12 acres at 130 S. Fairview Road in Ridley Township. It is expected to deliver in the second quarter of next year. The developer received a $12.3M construction loan from Provident Bank after buying the site fully entitled earlier this year.
PEOPLE
PPR Capital Management Chief Marketing Officer Heather Crowell has started her new role after departing Gregory FCA. She has a career in CRE spanning two decades, which includes a stint at PREIT.
