Sales
TOP SALE: 2005 Market St., Philadelphia, PA, and 2001 Market St., Philadelphia, PA
Sale Price: $115,000,000
Sale Date: July 23, 2020
Size: 1,896,142 SF
Seller: Brandywine Realty Trust, Philadelphia, PA
Deal Commentary: Brandywine Realty Trust sold a 30% stake in One and Two Commerce Square in Philadelphia while still holding onto the remaining 70% equity. This sale allowed Brandywine to create liquidity and accelerate other company business plans. The two properties total almost 1.9 million square feet and were renovated in 2013.
TOP SALE: Portfolio of 33 Properties
Sale Price: $83,250,000
Sale Date: August 3, 2020
Size: 1,252,168 SF
Buyer: Walton Street Capital, Chicago, IL, and Wharton Equity Partners, New York, NY
Seller: The Bloom Organization, Mount Laurel, NJ
Deal Commentary: Walton Street Capital and Wharton Equity Partners paid $83.25 million for Twinbridge Industrial Park and Veterans Industrial Park, two business parks in Pennsauken, New Jersey, that combined total more than 1.2 million square feet across 33 properties. Colliers International brokered the sale for the seller, The Bloom Organization, and will handle leasing and property management for the portfolio moving forward.
TOP SALE: Portfolio of 2 Properties
Sale Price: $47,525,000
Sale Date: July 9, 2020
Size: 423,217 SF
Buyer: Angelo, Gordon & Co., New York, NY
Seller: Goodman Properties, Jenkintown, PA and EKahn Development, Frazer, PA
Deal Commentary: Angelo Gordon & Co. acquired the two-building headquarters and manufacturing center for United Safety and Survivability Co. in Exton, Pennsylvania. USSC is leasing the 420,000-square-foot complex on a deal that runs through mid-2035.
TOP SALE: 2320 Newlins Mill Road, Easton, PA
Sale Price: $40,000,000
Sale Date: July 24, 2020
Size: 358,375 SF
Buyer: Exeter Property Group, Conshohocken, PA
Seller: DRA Advisors, New York, NY
Deal Commentary: Exeter Property Group purchased the 358,375-square-foot warehouse at 2320 Newlins Mill Road in Easton, Pennsylvania. The property is fully leased to Fanatics, a Florida-based online retailer of licensed sportswear, sports equipment and merchandise.
TOP SALE: 1851 S. Christopher Columbus Blvd., Philadelphia, PA
Sale Price: $37,450,000
Sale Date: July 14, 2020
Size: 140,418 SF
Buyer: Paramount Realty Services, Lakewood, NJ
Seller: The Blackstone Group, New York, NY
Deal Commentary: The Columbus Crossing shopping center in Philadelphia was acquired by Paramount Realty Services in July for $37.45 million. This center was attractive to the buyer due to it being fully occupied as well as the immediate access to two major bridges and roadways in the area that help to drive traffic.
TOP SALE: 4125-4136 Chestnut St., Philadelphia, PA
Sale Price: $36,000,000
Sale Date: July 22, 2020
Size: 76,698 SF
Buyer: XIX Companies, New York, NY
Seller: Alterra Property Group, Philadelphia, PA
Deal Commentary: XIX Cos. paid $36 million to acquire LVL 4125, a 141-unit apartment building completed last year in Philadephia's Spruce Hill area. This property boasted 98% occupancy and was sold after only 30 days on the market.
TOP SALE: 2750 Morris Road, Lansdale, PA
Sale Price: $33,000,000
Sale Date: September 15, 2020
Size: 667,000 SF
Buyer: Velocity Venture Partners, Bala Cynwyd, PA
Seller: Advance Realty Investors, Bedminster, NJ, and The Davis Companies, Boston, MA
Deal Commentary: Velocity Venture Partners added the 667,000-square-foot industrial property at 2750 Morris Road in Lansdale, Pennsylvania, to its portfolio. The asset was roughly 60% leased at the time of the sale, which offers value-add upside. The buyer plans to start some interior renovations to aid with leasing up the remaining space.
TOP SALE: 3018 W. Thompson St., Philadelphia, PA
Sale Price: $23,500,000
Sale Date: July 20, 2020
Size: 100,692 SF
Buyer: The Streamwood Company, Haddonfield, NJ
Seller: Westrum Development Company, Fort Washington, PA
Deal Commentary: The Flats at 31 Brewerytown, a 114-unit apartment building in Philadelphia, was acquired by The Streamwood Co. out of New Jersey. This was an upleg of a 1031 exchange for the buyer, and at the time of sale only four units were vacant.
TOP SALE: 3100 N. Mill Road, Vineland, NJ
Sale Price: $23,200,000
Sale Date: July 24, 2020
Size: 432,000 SF
Buyer: High Street Logistics Properties, Boston, MA
Seller: Vineland Construction, Vineland, NJ
Deal Commentary: Vineland Construction Co. sold the 432,000-square-foot industrial building at 3100 N. Mill Road in Vineland, New Jersey, in July. The property is 100% leased to Ardagh Glass until 2030. The building lies in the Vineland Industrial park, which is comprised of 43 buildings totaling over 2.7 million square feet.
TOP SALE: State Route 924 & Scotch Pine Drive, Hazle Township, PA
Sale Price: $22,500,000
Sale Date: September 11, 2020
Size: 91.63 Acres
Seller: CAN DO, Hazleton, PA
Deal Commentary: CAN DO Inc. sold just under 92 acres in the Humboldt Industrial Park in Hazle Township, Pensylvania. The plans for the land are to develop a 1.2 million-square-foot industrial facility. This property also falls into the Keystone opportunity zone, making it an appealing acquisition for the buyer.
Retail Leasing
TOP LEASE: 240 N. Reading Road, Ephrata, PA
Space Leased: 25,750 SF
Deal Type: New Lease
Sign Date: September 15, 2020
Size: 42,360 SF
Tenant: Fashion Cents Consignment
Deal Commentary: Fashion Cents Consignment signed a 25,750-square-foot lease at 240 N Reading Road. The space was vacated earlier this year when cultural goods market Ten Thousand Villages relocated.
TOP LEASE: 1336 Bristol Pike, Bensalem, PA
Space Leased: 19,425 SF
Deal Type: New Lease
Sign Date: September 22, 2020
Size: 223,118 SF
Tenant: Goodwill
Deal Commentary: Goodwill signed a lease to fill the remaining retail suite at the Home Depot Plaza in Bensalem, Pennsylvania, that was previously occupied by Babies R Us. Paramount Realty Services owns the shopping center in Lower Bucks County.
TOP LEASE: 760-780 Souderton Road, Souderton, PA
Space Leased: 13,000 SF
Deal Type: New Lease
Sign Date: August 31, 2020
Size: 94,599 SF
Tenant: Bucks County Intermediate Unit
Deal Commentary: Bucks County Intermediate Unit, a regional educational service agency, executed a 13,000-square-foot lease in the Hilltown Plaza.
TOP LEASE: 950 W. Landis Ave., Vineland, NJ
Space Leased: 12,000 SF
Deal Type: New Lease
Sign Date: July 14, 2020
Size: 12,000 SF
Tenant: Dollar Tree
Deal Commentary: Dollar Tree signed a sublease to take over the former Walgreens location at the northwest corner of the West Landis Avenue and North Deslea Drive intersection in Vineland.
TOP LEASE: 197C E. Dekalb Pike, King of Prussia, PA
Space Leased: 11,500 SF
Deal Type: New Lease
Sign Date: July 29, 2020
Size: 30,000 SF
Tenant: AAA
Deal Commentary: Relocating within the King of Prussia Center, AAA has signed a new lease to double its size. The new location sits adjacent to its previous space, and AAA will now be next door to discount grocer Aldi, which is filling space previously left dark by Petco.
TOP LEASE: 1503-1505 Walnut St., Philadelphia, PA
Space Leased: 11,450 SF
Deal Type: New Lease
Sign Date: July 24, 2020
Size: 15,540 SF
Tenant: Sola Salon Studios
Deal Commentary: Signing its sixth lease in the Philadelphia market, Sola Salon Studios will now be joining the retailers of Walnut Street in the Market Street West corridor. The salon is anticipated to open by the end of the year.
TOP LEASE: 2011-5031 Shoppes Blvd., Moosic, PA
Space Leased: 10,300 SF
Deal Type: New Lease
Sign Date: September 3, 2020
Size: 266,684 SF
Tenant: Versona
Deal Commentary: Versona, a women's clothing retailer, signed a lease to open a new store at the Shoppes at Montage Mountain in Moosic, Pennsylvania.
TOP LEASE: 300 Lincoln Ave., East Stroudsburg, PA
Space Leased: 10,112 SF
Deal Type: New Lease
Sign Date: August 18, 2020
Size: 79,080 SF
Tenant: Dollar Tree
Deal Commentary: Shopping center operator Kimco Realty Development Corp. and its leasing team at CBRE signed Dollar Tree to a lease at the Pocono Plaza retail strip center. Weis Market previously occupied the space until its departure in 2012. Home Goods would later sign for 22,500 square feet of the property in early 2019, and Dollar Tree has now signed for the remainder the space.
TOP LEASE: 202-280 Schuylkill Road, Phoenixville, PA
Space Leased: 9,493 SF
Deal Type: New Lease
Sign Date: July 1, 2020
Size: 173,811 SF
Tenant: Creamery Tire
Deal Commentary: Family-owned tire retailer and operator Creamery Tire has expanded its presence in Phoenixville with a new lease. The business was founded in 1988, and with this recent lease now operates three locations in the Philadelphia market.
TOP LEASE: 3601-3661 Walnut St., Philadelphia, PA
Space Leased: 3,500 SF
Deal Type: New Lease
Sign Date: July 16, 2020
Size: 304,108 SF
Tenant: Hello World
Deal Commentary: Locally owned go-to gift shop and lifestyle store Hello World has signed a lease for a new location in University City. The retailer joins other street level retailers at The Inn at Penn hotel.
Office Leases
TOP LEASE: 400 Highpoint Drive, Chalfont, PA
Space Leased: 67,200 SF
Deal Type: Renewal
Sign Date: August 4, 2020
Size: 67,200 SF
Tenant: JBT FoodTech
Deal Commentary: Food processing solutions firm John Bean Technologies Corp. has renewed its full-building lease at 400 Highpoint Drive in Chalfont, Pennsylvania, for five years. The company has occupied the building for more than three decades, and with the extension is set to remain in the property through February 2026.
TOP LEASE: 735 Chesterbrook Blvd., Chesterbrook, PA
Space Leased: 58,877 SF
Deal Type: New Lease
Sign Date: August 17, 2020
Size: 84,350 SF
Tenant: BNP Paribas
Deal Commentary: French international banking firm BNP Paribas expanded its footprint significantly in the Philadelphia market, filling a void created by Shire Pharmaceutical as a result of its departure from 730 Chesterbrook Blvd. back in 2016.
TOP LEASE: 401 N. Broad St., Philadelphia, PA
Space Leased: 33,274 SF
Deal Type: New Lease
Sign Date: September 16, 2020
Size: 1,296,804 SF
Tenant: Nerd Street Gamers
Deal Commentary: Nerd Street Gamers, a national esports infrastructure company, signed a lease in September to open what it's calling the world's first esports industry campus at the historic Terminal Commerce Building in Center City Philadelphia. Called The Block, the campus will also serve as Nerd Street Gamers' new corporate headquarters.
TOP LEASE: 300 Willowbrook Lane, West Chester, PA
Space Leased: 23,000 SF
Deal Type: New Lease
Sign Date: August 10, 2020
Size: 60,000 SF
Tenant: CDHA
Deal Commentary: CDHA has signed a lease in the Willowbrook Business Park for its relocation and expansion. Previously occupying 200 Willowbrook Lane, CDHA’s new lease will double its size.
TOP LEASE: 1 Meridian Blvd., Wyomissing, PA
Space Leased: 21,876 SF
Deal Type: New Lease
Sign Date: July 6, 2020
Size: 336,000 SF
Tenant: Worley
Deal Commentary: Global project and asset services provider Worley has signed a lease at One Meridian at Spring Ridge. The master-planned development offers a unique campus setting with numerous on-site amenities.
TOP LEASE: 2700 Kelly Road, Warrington, PA
Space Leased: 20,659 SF
Deal Type: Renewal
Sign Date: July 24, 2020
Size: 60,676 SF
Tenant: Langan Engineering
Deal Commentary: Langan Engineering has renewed it space in the Stone Manor Corporate Center in Warrington, Pennsylvania. The office park's amenities include restaurants, hotels and shopping within walking distance.
TOP LEASE: 1001 E. Hector St., Conshohocken, PA
Space Leased: 15,195 SF
Deal Type: New Lease
Sign Date: September 23, 2020
Size: 131,918 SF
Tenant: ZoomInfo
Deal Commentary: Market intelligence company ZoomInfo signed a new 15,000-square-foot lease in Conshohocken. The company is scheduled to take occupancy of its new space in the Quaker Park office building later this year.
TOP LEASE: 1700 Market St., Philadelphia, PA
Space Leased: 14,653 SF
Deal Type: Renewal
Sign Date: August 7, 2020
Size: 848,709 SF
Tenant: Cooke & Bieler
Deal Commentary: Investment firm Cooke & Bieler has renewed its headquarters lease at 1700 Market St. in downtown Philadelphia. Cooke & Bieler has been a tenant in the 32-story high-rise since 1988.
TOP LEASE: 400 Berwyn Park, Berwyn, PA
Space Leased: 13,594 SF
Deal Type: Renewal
Sign Date: August 6, 2020
Size: 124,182 SF
Tenant: Global Atlantic Financial Group
Deal Commentary: Global Atlantic Financial Group extended its lease at 400 Berwyn Park, where it has been a tenant since 2013. The property is also home to national law firm Troutman Pepper, aerospace company Triumph Group and Kistler Tiffany Benefits, among others.
TOP LEASE: 300 Conshohocken State Road, Conshohocken, PA
Space Leased: 10,013 SF
Deal Type: Renewal
Sign Date: August 1, 2020
Size: 298,482 SF
Tenant: Stewart Smith
Deal Commentary: Law firm Stewart Smith executed a lease renewal at Four Falls Corporate Center 300, a building that sits along the Schuylkill riverfront in West Conshohocken.
Industrial
TOP LEASE: 1002 Patriot Parkway, Reading, PA
Space Leased: 609,000 SF
Deal Type: New Lease
Sign Date: July 1, 2020
Size: 708,960 SF
Tenant: Amazon
Deal Commentary: E-commerce giant Amazon signed its latest industrial deal in greater Philadelphia as it continues its aggressive expansion across the country. The company's 609,900-square-foot lease in Reading was the largest industrial lease signed in the Philadelphia market in the third quarter and will allow Amazon to open its second fulfillment center in Berks County.
TOP LEASE: 7058 Snowdrift Road, Allentown, PA
Space Leased: 540,000 SF
Deal Type: New Lease
Sign Date: September 25, 2020
Size: 540,000 SF
Tenant: Allen Distribution
Deal Commentary: Third-party food and beverage logistics operator Allen Distribution relocated and expanded to Iron Run Corporate Center. The operator nearly doubled its size with the move from 30 Ludwig Court.
TOP LEASE: 1225 Forest Parkway, West Deptford, NJ
Space Leased: 313,523 SF
Deal Type: Renewal
Sign Date: August 17, 2020
Size: 354,083 SF
Tenant: CompuCom
Deal Commentary: CompuCom will continue to anchor Building 19 in the Forest Park Corporate Center after signing a renewal at the property it shares with Amazon. The company is a technology managed services provider and product reseller headquartered in Fort Mill, South Carolina.
TOP LEASE: 30 Ludwig Court, Shoemakersville, PA
Space Leased: 272,921 SF
Deal Type: New Lease
Sign Date: August 4, 2020
Size: 600,238 SF
Tenant: Ryder Integrated Logistics
Deal Commentary: Ryder Integrated Logistics has expanded into the space recently vacated by Allen Distribution at 30 Ludwig Court in Shoemakersville, Pennsylvania. An American transportation and logistics company out of Miami, Ryder now fully occupies the 600,238-square-foot distribution center within Hamburg Commerce Park.
TOP LEASE: 9 Gateway Blvd., Pedricktown, NJ
Space Leased: 213,900 SF
Deal Type: New Lease
Sign Date: September 24, 2020
Size: 213,900 SF
Tenant: Premier Packaging
Deal Commentary: Package solution operator Premier Packaging leased a speculative distribution center that was completed earlier this year in Pedricktown, New Jersey. The company will be the newest single tenant occupant to join the Gateway Business Park roster.
TOP LEASE: 3025 Meeting House Road, Philadelphia, PA
Space Leased: 207,370 SF
Deal Type: New Lease
Sign Date: July 24, 2020
Size: 207,370 SF
Tenant: Amazon
Deal Commentary: Amazon continued to build out its distribution network in the Philadelphia area after signing a lease for a newly built speculative distribution center on Meeting House Road. Black Creek Group owns the property, which Transwestern Development Co. completed last year.
TOP LEASE: 2020 Route 130 N, Burlington, NJ
Space Leased: 180,000 SF
Deal Type: New Lease
Sign Date: August 27, 2020
Size: 1,030,050 SF
Tenant: Subaru
Deal Commentary: Subaru expanded its footprint at a more than 1 million-square-foot distribution center it has anchored in Burlington, New Jersey, since 2013. With the expansion, the automobile manufacturer will now occupy 87% of the fully leased building it shares with owner NFI Industries.
TOP LEASE: 1 Advantage Court, Bordentown, NJ
Space Leased: 170,007 SF
Deal Type: New Lease
Sign Date: August 18, 2020
Size: 170,007 SF
Tenant: Legacy Converting
Deal Commentary: Disposable wiping producer Legacy Converting has relocated its headquarters and main manufacturing facility from Cranbury, New Jersey, to a new building at 1 Advantage Court in Bordentown. With the move, the manufacturer of paper towels, wet wipes and other similar products has also increased its market presence with the deal set to more than double its footprint..
TOP LEASE: 6736 Tilghman St., Allentown, PA
Space Leased: 150,000 SF
Deal Type: New Lease
Sign Date: August 17, 2020
Size: 150,000 SF
Tenant: ShipHero
Deal Commentary: ShipHero expanded into the Philadelphia market with a lease to take over the 150,000-square-foot warehouse at 6736 Tilghman St. in Allentown. The fulfillment and cloud software provider is subleasing the building from TrueValue, which vacated the property earlier this year.
TOP LEASE: 2041 Route 130 N, Burlington, NJ
Space Leased: 72,411 SF
Deal Type: New Lease
Sign Date: September 1, 2020
Size: 72,411 SF
Tenant: Bonduelle
Deal Commentary: French vegetable processor Bonduelle is adding a second location in the Philadelphia market after signing a full-building lease in Burlington, New Jersey. The company also has a manufacturing plant at 30 Keystone Drive in Lebanon, Philadelphia.
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