A one-time Nabisco bakery, an iconic factory in Philadelphia, is now home to a Topgolf facility — as well as a roster of expanding restaurants and retailers — in a dramatic repositioning of an industrial property.
A joint venture led by Provco Group, Goodman Properties and MCB Real Estate purchased the former Nabisco facility in 2016, and the $60 million redevelopment of the 27-acre site, Nabisco Plaza, has earned the project the 2023 CoStar Impact Award for redevelopment in Philadelphia, as judged by real estate professionals familiar with the market.
Once the developers closed on the 600,000-square-foot factory at 12000 Roosevelt Blvd., they immediately leased a 100,000-square-foot warehouse portion of the building to help carry the project through the marketing, planning and zoning process.
Topgolf had targeted Philadelphia as part of its national expansion plan, and the company acquired part of the Nabisco site for a 65,000-square-foot, golf and entertainment center. Wawa, Chick-fil-A and Aldi signed long-term ground leases at Nabisco Plaza as well, and two retail buildings are under construction. One is 14,000 square feet and is leased by Honeygrow, LaScala’s Fire and The Chicken & The Egg. The second building is 6,000 square feet and is being leased by Chipotle, AT&T and Supercuts.
About the project: The redevelopment faced many challenges, including the property being zoned for industrial use and the pandemic that hit in early 2020. The existing building also had an enormous amount of asbestos that had to be abated. The proposed uses required over $2 million of roadway and traffic-signal improvements.
What the judges said: “Great strategy and curation, and its location is particularly impactful as it will be an economic benefit to the neighborhood,” said Lisa DeKnight, managing director at Newmark.
They made it happen: Michael Cooley, vice president of real estate development at Provco Group, spearheaded the redevelopment project for the Provco, Goodman Properties and MCB Real Estate partnership.