Philadelphia
CBRE Buys Fameco, Expands Retail Presence in Greater Philadelphia Region
CBRE continues to increase its penetration of markets across the country with the acquisition of Fameco Real Estate, a leading, Philadelphia-based commercial real estate services firm specializing in retail and offering a reach across the Mid-Atlantic.
Hersha Sells Hotel Portfolio to Blackstone; Tower Place Seeks New Owner
Hersha Hospitality Trust, a Harrisburg,PA-based real estate investment trust that owns and operates 48 luxury hotels located in urban gateway markets, will sell a large part of its portfolio to BRE NE Hospitality Holdings LLC, an affiliate of Blackstone Real Estate Advisors, for $217 million. The deal is subject to customary conditions for real estate transactions and is expected to close by the end of Q1 2014.
Former Broad Street Armory Building Demolished, Replaced by Apartments
The 127-year-old Broad Street Armory building, one of Philadelphia oldest constructions, is almost history. Less than one month after a crane started tearing down the long-vacant crumbling building located at 1221 South Broad Street in Passyunk Square, the Zoning Board of Adjustment approved a zoning variance to developer Michael Carosella’s plans to replace the property with a new, modern structure that will include 50 apartments.
USGBC Awards LEED Gold to Iroko Pharmaceuticals Navy Yard Headquarters
The U.S. Green Building Council (USGBC) awarded a LEED Gold certification under the Core & Shell rating system to a state-of-the-art facility located at 150 Rouse Boulevard in Philadelphia’s Navy Yard Corporate Center, which stands as one of the largest collections of energy-efficient commercial buildings in the Greater Philadelphia area.
Hackman Capital Wins Bid for Hostess Brands’ Assets
Hackman Capital Partners saw an opportunity to turn Hostess Brands leftovers into an appetizing investment by acquiring the remaining assets of the former national bakery brand at a recent bankruptcy auction for $62.5 million.
Dranoff Properties Ready to Break Ground on One Riverside Place Luxury Rentals
After weeks of debates, the Civic Design Review board of Philadelphia unanimously green lighted on September 3 a mixed-use tower on a triangle-shaped parking lot at the intersection of 25thStreet and Locust Street in the Fitler Square neighborhood.
Cross Properties’ 132-Unit Multifamily Development to Replace Former School in Lower Merion
Steven Rock, a senior director with Marcus & Millichap’s Manhattan office, recently arranged a $23.5 million in financing for a 120,000-square-foot property Lower Merion Township, on behalf of real estate developer Cross Properties of Center City Philadelphia.
Ridge Flats Net-Zero Energy Community in East Falls Gets the Green Light for Construction
Onion Flats’ efforts to build Philadelphia’s first Passive House Certified and Net-Zero-Energy mixed-use community will finally come to fruition. Almost two years after the local developer was selected by the Philadelphia Redevelopment Authority (PRA) to create the most innovative, energy-efficient housing development in the East Falls section of Northwest Philadelphia, the project received the green light from the City Planning Commission and a final OK from the Zoning Board of Adjustment.
Liberty Property Trust, Synterra Partners to Build New Headquarters for Franklin Square
Franklin Square Capital Partners, an investment company specialized in creating and managing alternative investment funds, will move its offices and nearly 150 employees down south in the thriving Navy Yard Corporate Center.
PHL Terminal F Renovation Generates 300 New Jobs
Terminal F, one of the busiest terminals at the Philadelphia International Airport, is in the final stages of a $127 million, multi-year renovation and expansion project that aims to enhance passenger services, facilities and airline operations.