{"id":1004404741,"date":"2020-04-02T01:30:58","date_gmt":"2020-04-02T09:30:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004404741"},"modified":"2020-04-02T01:30:58","modified_gmt":"2020-04-02T09:30:58","slug":"philadelphia-commercial-real-estate-wrap-up-march-2020","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/","title":{"rendered":"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020"},"content":{"rendered":"
\"\"<\/a>

Park 100 Logistics Center. Image courtesy of JLL<\/em><\/p><\/div>\n

Philadelphia’s commercial real estate started the month with some notable activity: An industrial project landed a $111 million loan, and Cushman & Wakefield landed a coveted leasing assignment at one of the city’s largest office towers. On March 23, Governor Wolf responded to the coronavirus pandemic by announcing a stay-at-home order for Philadelphia. While this had a cooling effect on market activity, one major construction project began to pick up speed. See our selection of March must-reads:<\/p>\n

1. DEVELOPMENT \u2013 Construction accelerates at HUP’s Pavilion.<\/strong><\/p>\n

The 1.5 million-square-foot, 17-story facility is Penn Medicine\u2019s largest project in history. In an effort to boost the market’s health-care capacity in the face of the coronavirus pandemic, work on the development at 1 Convention Ave. is moving forward 24 hours a day, seven days a week, according to The Daily Pennsylvanian<\/em>. The new construction timeline calls for 120 of the building’s 500 patient rooms to deliver in mid-April. <\/p>\n

2. DEAL \u2013 Clarion Partners makes $20.2 million New Jersey industrial buy.<\/strong><\/p>\n

The company acquired the 183,000-square-foot warehouse in West Deptford<\/a> through one of its closed-end funds. The structure includes a 33,960-square-foot office build-out component and has 18 loading docks with a 125-foot truck court. Situated on some 13 acres at 100 Friars Blvd., the recently renovated asset is fully occupied under a 10-year lease agreement.<\/p>\n

3. LEASING \u2013 Cushman & Wakefield grabs major Independence Mall assignment.<\/strong><\/p>\n

The brokerage firm’s Jack Meyers, Dan Brogan and Brian Young will spearhead leasing efforts for Keystone Property Group’s The Washington, an 856,815-square-foot Class A office tower. The 20-story building, constructed in phases between 1914 and 1972, is located at 510-530 Walnut St. adjacent to Washington Square Park.<\/p>\n

4. DEAL \u2013 Suburban Macy\u2019s sells, redevelopment planned.<\/strong><\/p>\n

Kin Properties traded the now vacant, 211,000-square-foot space to SANT Properties, according to GlobeSt.com<\/em>. The new owner plans to transform the closed retail space into a mix of uses including office and retail. Colliers assisted the seller in the deal and was subsequently named leasing agent for the 16-acre redevelopment.<\/p>\n

5. FINANCING \u2013 Allentown logistics center gets $111 million loan.<\/strong><\/p>\n

GLP Capital Partners and Ridgeline Property Group received the construction financing<\/a> for the next phase of the 1.5 million-square-foot industrial park. JLL Capital Markets arranged the three-year loan through Wells Fargo Bank. Located at 7352 Industrial Blvd., the 92-acre property is within a day\u2019s drive of 40 percent of the U.S. The developer opened the park\u2019s first 730,000 square feet in 2018. The second building is slated for completion later this year.<\/p>\n

6. DEAL \u2013 Self storage asset changes hands for $13 million.<\/strong><\/p>\n

Dahn Corp. purchased Chester Heights Self Storage, a 79,705-square-foot facility in Glen Mills<\/a> with 713 units, from Gorman & Co. Built in 2009 and expanded in 2016, the property sits on 5 acres at 15 Stoney Bank Road. Cushman & Wakefield assisted the seller and procured the buyer.<\/p>\n","protected":false},"excerpt":{"rendered":"

Industrial project lands $111 million loan. Hospital construction speeds up. Here’s our March selection of Philadelphia must-knows.<\/p>\n","protected":false},"author":870,"featured_media":1004397836,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,1494],"tags":[48884,32790,32799,32796,37623,33215],"class_list":["post-1004404741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-northeast","category-philadelphia","tag-thewrapup","tag-clarion-partners","tag-cushman-wakefield","tag-jll","tag-ridgeline-property-group","tag-wells-fargo-bank"],"acf":[],"yoast_head":"\nPhiladelphia Commercial Real Estate Wrap-Up \u2013 March 2020 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020\" \/>\n<meta property=\"og:description\" content=\"Industrial project lands $111 million loan. Hospital construction speeds up. Here's our March selection of Philadelphia must-knows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-02T09:30:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/\"},\"author\":{\"name\":\"Adriana Marinescu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d8680cf55f814fe2742cf94207212af1\"},\"headline\":\"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020\",\"datePublished\":\"2020-04-02T09:30:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/\"},\"wordCount\":477,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/03\\\/Park-100-Logistics-Center-Allentown-Pa..jpg\",\"keywords\":[\"#TheWrapUp\",\"Clarion Partners\",\"Cushman & Wakefield\",\"JLL\",\"Ridgeline Property Group\",\"Wells Fargo Bank\"],\"articleSection\":[\"Northeast\",\"Philadelphia\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/\",\"name\":\"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020 - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/03\\\/Park-100-Logistics-Center-Allentown-Pa..jpg\",\"datePublished\":\"2020-04-02T09:30:58+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d8680cf55f814fe2742cf94207212af1\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/03\\\/Park-100-Logistics-Center-Allentown-Pa..jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/03\\\/Park-100-Logistics-Center-Allentown-Pa..jpg\",\"width\":800,\"height\":620,\"caption\":\"Park 100 Logistics Center. Image courtesy of JLL\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/philadelphia-commercial-real-estate-wrap-up-march-2020\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d8680cf55f814fe2742cf94207212af1\",\"name\":\"Adriana Marinescu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"caption\":\"Adriana Marinescu\"},\"description\":\"Adriana Marinescu is an associate editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2019.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/adriana-marinescu\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020 - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/","og_locale":"en_US","og_type":"article","og_title":"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020","og_description":"Industrial project lands $111 million loan. Hospital construction speeds up. Here's our March selection of Philadelphia must-knows.","og_url":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2020-04-02T09:30:58+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg","type":"image\/jpeg"}],"author":"Adriana Marinescu","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/"},"author":{"name":"Adriana Marinescu","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1"},"headline":"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020","datePublished":"2020-04-02T09:30:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/"},"wordCount":477,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg","keywords":["#TheWrapUp","Clarion Partners","Cushman & Wakefield","JLL","Ridgeline Property Group","Wells Fargo Bank"],"articleSection":["Northeast","Philadelphia"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/","url":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/","name":"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020 - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg","datePublished":"2020-04-02T09:30:58+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg","width":800,"height":620,"caption":"Park 100 Logistics Center. Image courtesy of JLL"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/philadelphia-commercial-real-estate-wrap-up-march-2020\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Philadelphia Commercial Real Estate Wrap-Up \u2013 March 2020"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1","name":"Adriana Marinescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","caption":"Adriana Marinescu"},"description":"Adriana Marinescu is an associate editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2019.","url":"https:\/\/www.commercialsearch.com\/news\/author\/adriana-marinescu\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/Park-100-Logistics-Center-Allentown-Pa..jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004404741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/870"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004404741"}],"version-history":[{"count":10,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004404741\/revisions"}],"predecessor-version":[{"id":1004407081,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004404741\/revisions\/1004407081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004397836"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004404741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004404741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004404741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}