Pet Food Company Inks 216K SF Cold Storage Lease: The Philadelphia Deal Sheet
A manufacturer of high-end, minimally processed pet food that requires refrigeration has signed a full-building lease for a Bethlehem cold storage facility.
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Photo credit: Courtesy of BGO Cold Chain and J.G. Petrucci Co.
The upcoming Freshpet cold storage at 757 Hellertown Road in Bethlehem
Freshpet took 216K SF at 757 Hellertown Road in the Lehigh Valley Industrial Park, which BGO Cold Chain and J.G. Petrucci Co. are set to deliver before the end of the year.
This will be the company’s first dedicated cold storage facility. It picked the location in part because it is near Freshpet’s existing facilities.
“Located just minutes from our Bethlehem Kitchen, it gives us greater control over our operations and the scalability we need to keep pace with our growth, while positioning us to support Freshpet for years to come,” Freshpet Chief Operating Officer Nicki Baty said in a statement.
PEOPLE
Commercial real estate advisory firm Greysteel has added two new members to its healthcare investment sales team based in Philadelphia. Bart Tantillo and Christina Trevenen, both advisers, will focus on medical office properties across Pennsylvania.
SALES
Manas Equities has purchased the 35K SF, 415-unit Valley Forge Self Storage facility at 30 S. Second Ave. in Phoenixville. A Marcus & Millichap team including Andreas Makris and Kevin Bledsoe marketed the facility on behalf of the seller. A spokesperson for the brokerage declined to reveal the sale price.
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Kleen-Rite Corp. bought a 133K SF warehouse at 525 Mill St. in Columbia, Lancaster County, from Lasko Products for just under $9M. The sale came out to $67.50 per SF. A Savills team including Michael Styer and Jonathan Kays represented the seller.
LEASES
Industrial Investments’ 54K SF warehouse at 711 First Ave. in King of Prussia is now fully leased up. Existing tenant Sherwin-Williams took the last available space by roughly doubling its footprint at the property to 28K SF alongside a long-term lease renewal. GMP Nutraceuticals has also renewed its roughly 29K SF lease at the property.
FINANCING
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Photo credit: Courtesy of CBRE
Mi-Place at Downingtown
New Jersey-based Fernmoor received an $85M loan from Barings to acquire Mi-Place at Downingtown, a 318-unit complex at 800 Horseshoe Pike. The financing was arranged by a CBRE team including Matthew Klauer and Cassandra Russell.
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GY Properties has secured a nearly $20M bridge loan from Basis Investment Group to continue stabilizing Wolff Court, a 71-unit mixed-use complex delivered in 2020 at 501 E. Girard Ave. in Fishtown. The 12,700 SF ground-floor commercial space is rented to daycare chain The Learning Experience.
THIS AND THAT
Move-ins have begun at Hankin Group’s newest, 63-unit building at River Station in Downingtown. Another structure with 93 more apartments is set to deliver in spring 2027.
