COMMERCIAL REAL ESTATE
The Charles Schober Co. building, an historic 10-story structure at 2000-2034 N. 2nd St. in the Kensington neighborhood of Philadelphia, has sold for $5.6 million — a tad above the asking price — to a local developer who has plans for a residential project. The 86,950-square-foot building was sold by a partnership involving the Schober family, who operated a wholesale wicker furniture business from the property since buying it in 1968. … Read more at the Philadelphia Business Journal.
PHL Airport Plans $5.5 Million Expansion
City aviation officials plan to spend $5.5 million to acquire 15 acres near Philadelphia International Airport as part of a plan to develop a massive new air-freight complex serving a broad swath of the region. The land to be acquired is adjacent to the 135-acre property known as the Henderson Tract, which the city acquired control of early this year for the cargo terminal project, airport spokeswoman Diane Gerace said in an email Tuesday. … Read more at Philly.com.
Penn Breaks Ground on New Radnor Facility
The University of Pennsylvania Health System continues to adapt to meet the shifting nature of the healthcare market. Penn Medicine broke ground in early November on a four-story, 250,000-square-foot outpatient facility on 145 King of Prussia Road in Radnor. … Read more at BisNow.
IKEA Cutting Jobs, Changing Focus
Is the maze-like frenzy of an IKEA warehouse headed for extinction? As the Swedish furniture company faces decreased profits and approaches the one-year anniversary since the loss of its founder, IKEA plans to create smaller, simpler shops headed for cities around the world. … Read more at Philly Voice.