Concerned about costs, PRDC Properties sells NoLibs site tabbed for $100M development

Fishtown Landsites

PRDC Properties has sold 650 Fairmount, a 5-acre parcel in Northern Liberties where it had planned to build a $100 million mixed-use development. 

Accurate Builders & Developers of Lakewood, New Jersey, bought the site for an undisclosed amount. Accurate is expanding into the Philadelphia market and will move forward with the mixed-use project PRDC had planned.

PRDC bought 650 Fairmount for $16 million in 2017 when it was the site of Fairmount Manor, a complex of 100 garden-style affordable apartments. The company worked for three years to secure the approvals for a new development that involves 297 apartments, 107 townhouses and 21,000 square feet of commercial space. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.

PHL to Kick Off $900M Cargo Expansion Project with New $15M Facility

Philadelphia International Airport is readying to break ground on the first phase of its $90 million undertaking to triple its cargo footprint with a new facility on the former grounds of its economy parking lot.

As part of the plan which it announced last summer, PHL will construct a new nine-acre, 70,000-square-foot facility. The air support facility will make way for PHL to then reposition its C2 Building, located on the tarmac, into a more cargo-focused space. The C2 facility currently spans over 80,000 square feet and has four wide-bodied aircraft parking spaces in front of it, making it ideal for cargo to flow through. Despite that, most of the tenants in the C2 Building are not cargo-focused. Rather, it hosts mainly maintenance and cleaning crews for passenger planes. 

The undertaking is part of a plan in partnership with Aviation Facilities Company Management (AFCO) to ultimately add 136 acres to PHL’s air cargo capability and offerings, nearly tripling capacity. PHL CFO Jim Tyrrell said doing so could result in thousands of jobs and billions of dollars in economic impact. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.

Developers finalize lease, financing for 9-acre Delaware River mixed-use project

Jefferson Apartment Group and Haverford Properties have closed on a long-term ground lease of one of the largest parcels fronting the Delaware River as well as secured construction financing that will pave the way for the development of a mixed-use project along the waterfront. 

In addition to apartments, the development will have a new Sprouts Farmers Market, adding to the growing retail options along the Delaware River waterfront. 

The lease and financing come seven years after the JAG and Haverford Properties venture was selected to develop the 9-acre site at 501 N. Christopher Columbus Blvd. and includes what was formerly known as Festival Pier. It is located in the Northern Liberties neighborhood of Philadelphia and is one of the largest publicly owned sites fronting the central Delaware River in Philadelphia. The partnership is leasing it from the Delaware River Waterfront Corp. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.

13-acre Stadium District site eyed for ‘grand scale development’ put up for sale

Union Sports Complex in Chester

Philadelphia Suburban Development Corp. has put up for sale 700 Packer Ave., a 13-acre parcel in South Philadelphia it had floated as an alternative location for the 76ers when the team was in search of a new arena. 

While the basketball team didn’t go to the property, referred to as Stadium Square, it has remained a potential opportunity for a developer to do a bigger project in Philadelphia’s evolving stadium district. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.

Waste Management buys 64 acres in Bucks County, plans $100M landfill expansion

An affiliate of Waste Management Inc. paid $14 million for 64 acres at the former U.S. Steel site in Fairless Hills and is planning a roughly $100 million project to expand an existing landfill it operates there. 

Waste Management (NYSE: WM) bought the property from NorthPoint Development. The sale involved an arrangement in which Waste Management sold an option it had on 93 acres that had been owned by Siemens Gamesa Renewable Energy to NorthPoint for $19.2 million and NorthPoint in turn sold a separate 64 acres to Waste Management. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.

Real estate firm pays $50M for nearly 80 acres in Bucks County, sells Target-leased building in Upper Merion

Affiliates of Bruce E. Toll sold 79.5 acres of land in Langhorne for $50 million to Novaya Foxfield Industrial, a Boston real estate company that has been active in the Philadelphia area.

At the same time, Novaya Foxfield has moved on from the first property it acquired in the region, selling 900 River Road in Upper Merion as part of the disposition of that building and one in Georgia for a total of $142 million at the end of last year. A separate sale price for the River Road property couldn’t be determined and wasn’t readily available in public property records. 

The Langhorne property was considered “underutilized” land of the Reedman Toll Auto World, said Michael Markman, president of BET Investments Inc., which is Bruce E. Toll’s real estate company. A total of 37 parcels along Lincoln Highway, Old Lincoln Highway and Virginia Avenue were sold in two separate transactions, according to Bucks County property records. Brad Ruppel and Mike Hines of CBRE Inc. arranged the transaction of the Langhorne real estate as well as the River Road building. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.

By-right apartment plan proposed for 5th and Bainbridge in South Philadelphia

Lcor Inc. has proposed a seven-story apartment building with 157 units at 5th and Bainbridge streets in South Philadelphia, a by-right plan that may lead to development taking place on what is now a surface parking lot. 

E-Z Park, a Philadelphia parking operator, owns the site and has been trying to develop the parcel for years but ultimately ran up against neighborhood resistance. 

In 2018, E-Z Park proposed a $35 million mixed-use development that involved a six-story, 156,000-square-foot building with 54 apartments, a garage and a 23,112-square-foot Target as the retail anchor. That plan was met with complaints for its size, scale and other potential ills such as increased traffic, noise and litter. A Trader Joe’s was later considered but never moved forward. 

The Lcor development would be done in partnership with E-Z Park and is still going through Philadelphia’s Civic Design Review process. The Queen Village project, as proposed, would involve constructing a two-story podium and five stories of wood framing for the apartments. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.

Multi-Billion Dollar Philadelphia Redevelopment Project Gets Dubbed ‘Bellwether District’

The multi-billion-dollar redevelopment of a former oil refinery site in Philadelphia, a project touted as what will be one of the largest and most strategically located U.S. logistics hubs, now has a moniker that reflects the times.

Developer HRP, formerly known as Hilco Redevelopment Partners, on Monday announced the 1,300-acre South Philadelphia property it acquired for $225.5 million in June 2020 will now be called the Bellwether District. The company, based in Chicago, purchased the site of the former Philadelphia Energy Solutions refinery at 3144 W. Passyunk Ave. in a bankruptcy auction.

“This is a poster child of environmental and social justice, let’s call it that,” Justin Dunn, HRP senior vice president of development, told CoStar News. “The amount of remediation, the amount of development that is going to go into this site — that was 150 years a refinery — and now turning that into an economic and environmental sustainable engine for this region I think is really, really powerful. And we’re future-proofing this as much as possible, everything from the energy to the environmental, to the types of buildings, the types of life-science products … And those jobs are sustainable for generations to come.” 

*Article courtesy of Costar

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.

PhilaPort puts two Delaware River piers up for sale, creating ‘generational opportunity’ for developers

Philly Navy Yard

PhilaPort has put Piers 38 and 40 up for sale, having decided it no longer needs the properties to support its operations and would be better off using any proceeds from their sale toward funding future operations. 

The properties at 775 S. Christopher Columbus Ave. are being sold as a pair and combined total nearly nine acres fronting the Delaware River. Two buildings, totaling roughly 180,200 square feet each, sit on each pier. 

The structures were built in 1920 and, having no historical designation, can be torn down to make way for new development. They are zoned CMX-3 and can accommodate mixed-use development. 

“This is a generational opportunity for someone to develop something significant along the waterfront, and I think we are going to see interest not only from regional developers but national developers as well,” said Chris Pennington, a broker with Binswanger Commercial Real Estate Services, which has the listing. 

In recent years, the Delaware River has become a more desirable place to live and development activity has picked up along the waterfront. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.

Development team proposes 611-unit apartment complex for Philadelphia Navy Yard

A venture between Ensemble Real Estate Investments and Mosaic Development Partners is proposing what would be the first large-scale multifamily development for the Philadelphia Navy Yard. 

Called 1200 Normandy Place, the mixed-use development would have 611 apartments across two separate buildings that combined would total 704,356 square feet. Of that space, 25,755 square feet would be retail space. The proposed project would rise on a site bound by Normandy Place, South 13th Street, Constitution Avenue and South 12th Street. It is scheduled to go before the Philadelphia Planning Commission’s Civic Design Review on Tuesday. 

Digsau, which has designed other projects at the Navy Yard, is the architect of 1200 Normandy. 

The development of an expansive residential project such as 1200 Normandy would make inroads in creating the Navy Yard as a walkable, mixed-use community where people live, work and want to visit. That has been a goal of the Ensemble-Mosaic team since it was selected in July 2020 to develop the remaining 109 acres at the Navy Yard. 

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia land sites for sale or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia land sites for sale through our Philadelphia commercial real estate brokerage firm.