M id A tlantic Real Estate Journal — The Best of 2023 — March 2024 — 39C
www.marej.com
The LARGEST LAND SALE of 2023
Cushman & Wakefield Harborside 4 Jersey City, NJ
Binswanger 3060 S. 61 st St Philadelphia, PA
NAI CIR 5130 E. Prospect Ave York PA
Brokers: Cushman & Wakefield’s Andy Merin, David Bernhaut, Frank DiTommaso and Max Helfman with CBRE’s Jeff Dunne, Travis Langer and William Shanahan Size: 1.34 Acre Harborside 4 is a 1.34-acre development site boasting as of right zoning for 803 multifamily units. While the building’s proximity to public transit and the surrounding live-work-play environment added value to the property, Cushman & Wakefield and CBRE had to remain vigilant to overcome new challenges associated with the sale of the property, including easements, covenants and restrictions and, importantly, the affordability component. Overcoming these challenges, the team arranged the sale of the development site to Related Companies.
Brokers: Chris Pennington, Tim Pennington, and Mike Torsiello, SIOR Size: 15.5 Acres Binswanger was exclusively engaged by PhilaPort to sell 15.5 acres of industrial land in Southwest Philadelphia previously utilized as the Food Distribution Center’s over- flow parking lot. Binswanger’s Mid-Atlantic Industrial team conducted a sealed bid process which, thanks to an extensive marketing campaign, resulted in dozens of offers and one of the largest per-acre usable sale price numbers ever in the city of Philadelphia. Ultimately, DH Property Group was selected to purchase the ground which intends to build a 280,000 s/f, state-of-the-art distribution facility on it, producing many new jobs for the city.
Brokers: Robin Zellers, SIOR, FRICS, CRE, and Nik Sgagias Size: 72.52 Acres The 72,500 s/f industrial building located on 72.52 acres at 5130 East Prospect Road in York has been sold. The property will be occupied by CRDN, which handles disaster recovery by restoring textiles, electronics, and art to pre-loss condition. After minor renovations, CRDN will begin to service its Mid-Atlantic business from this location. The seller was represented by Robin Zellers and Nik Sgagias, of NAI CIR.
The MOST UNIQUE LAND SALE of 2023
Cushman & Wakefield Harborside 4 Jersey City, NJ
Greysteel Culpeper Data Center Culpeper, VA
Brokers: Cushman & Wakefield’s Andy Merin, David Bernhaut, Frank DiTommaso and Max Helfman with CBRE’s Jeff Dunne, Travis Langer and William Shanahan Size: 1.34 Acre Harborside 4 is a 1.34-acre development site boasting as of right zoning for 803 multifamily units. While the building’s proximity to public transit and the surrounding live-work-play environment added value to the property, Cushman & Wakefield and CBRE had to remain vigilant to overcome new challenges associated with the sale of the property, including easements, covenants and restrictions and, importantly, the affordability component. Over - coming these challenges, the team arranged the sale of the development site, to Related Companies.
Broker: Zach Benlemlih Culpeper Data Center is a new data center campus located in Culpeper, Virginia. Director Zach Benlemlih of Greysteel’s Mid-Atlantic Industrial team facilitated the transaction on behalf of the seller and purchaser. The purchaser is a leading provider of enterprise-class edge colocation with 68 data centers and 427MW of existing critical IT load. The purchaser plans on developing up to three 2-story data centers, roughly 1.4M SF. The site will feature a 300MW onsite sub-station, which will deliver 192MW of critical IT power upon full deployment. This transaction marks a string of notable land buys by the purchaser, including 95 Acres in Atlanta and 34 Acres in New York.
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