Recent Real Estate Deals

by Natalie Kostelni-Staff Writer, Philadelphia Business Journal

446-50 N. 6th St., a 6,510-square-foot building. WXZ Properties bought it from Philadelphia Sixth Street LP for $480,000 and it will be occupied by Appollo Glass.

1508-14 N. 5th St., a 13,200-square-foot warehouse was sold to York Snack Food Distribution Inc. for $415,000. The new owner plans to renovate the building. The seller was Sherwood Family LP.

1824-28 Germantown Ave., a 14,421-square-foot industrial building was sold to Visual Infinity for $250,000. The building will be used as a video production facility.

11-13-15 Strawberry St., a 4,356 square-foot building sold for $440,000. Philadelphia Sixth Street L.P. sold it to 22 Front Street L.P., which plans to renovate the structure to include office space and apartment units.
Full story:  http://tinyurl.com/b3ff6z3
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Part of skyscraper to be sold, converted to hotel: Exclusive

Natalie Kostelni

IStar Financial Inc., the owner of a portion of Two Liberty Place that had been slated for residential condo conversions, has decided to sell that space for a high-end hotel with 150 rooms.

The 58-story, 1.2-million-square-foot skyscraper is one of the defining buildings in Philadelphia’s skyline. It was initially constructed as the headquarters for Cigna Corp. but as demand for office space declined, its primary use changed to include both office space and residential condominiums. Two Liberty’s mix of uses highlight how Philadelphia’s real estate market has changed over the years and how the tower has tried to adapt. For more on Two Liberty’s past and future, read the cover story I wrote in tomorrow’s edition of the Philadelphia Business Journal.

Full story: http://tinyurl.com/afyn7rk
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Liberty, Synterra sign up window installer Graboyes for Navy Yard space

Natalie Kostelni

Graboyes Commercial Window Co., an installer, will relocate its corporate headquarters to the Philadelphia Navy Yard from 7th and Callowhill streets in Philadelphia.

The company signed a long-term lease on 8,409 square feet of flex space at the Navy Yard Commerce Center with Liberty Property Trust and Synterra Partners.
Full story: http://tinyurl.com/bzmysad

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Red Lion Plaza Sells for $31.4M

Onyx Equities LLC sold the 229,204-square-foot Red Lion Plaza to Spectrum Partners LLC for $31.4 million, or $137 per square foot. 

Located at 10090 Roosevelt Blvd. in Philadelphia, PA, the fully-leased shopping center sits on almost 19 acres in the Northeast Philadelphia submarket. The anchor tenants include Best Buy and Staples. 
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Fox Rothschild Expands at Citizens Bank Center

Fox Rothschild LLP has signed an 11-year lease for 20,184 square feet at the Citizens Bank Center, located at 919 N. Market St. in Wilmington, DE. The firm has occupied space in the building for more than 15 years, but this new deal offers them contiguous space on two floors with an interconnecting staircase. 

Citizens Bank Center is an 18-story, 221,686-square-foot, class A office building in the downtown central business district of Wilmington in New Castle County. It was originally built in 1965 with renovations in 2002. 
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