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March 21, 2024

Faegre Drinker Real Estate Team Recognized by Philadelphia Business Journal in ‘Best Real Estate Deals of 2023’

A Faegre Drinker team led by real estate partner Jerald Goodman represented Atlanta developer Portman Industrial in its purchase of 169 acres in Exton at the site of Happy Days Farm. The deal was selected for first place in the “Industrial Sale” category in the Philadelphia Business Journal’s “Best Real Estate Deals of 2023.” 

This awards program recognizes the top commercial real estate projects and deals completed in Greater Philadelphia the year prior. For 2023, seven deals were selected by the publication’s judges across three industrial subcategories.

In addition to Goodman, the team included real estate counsel Kelley Johnson, associate Adrian Ciacci and paralegal Denise Ciampitti.

Portman plans to build a 1.9-million-square-foot industrial complex at 1130 Pottstown Pike, which the company estimates will have a combined purchase and development cost of $330 million. Development plans call for the construction of three warehouse distribution buildings in two phases, with site work on the first phase already underway. The first phase includes a 636,120-square-foot building planned to be completed in summer 2024, while the second phase calls for the development of a 1.1 million-square-foot building and a 154,440-square-foot building. Portman estimates the full campus will be completed in the first quarter of 2025.

The complete list of “Best Real Estate Deals of 2023: Industrial Winners” can be viewed here.

The full article is available for Philadelphia Business Journal subscribers.

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