Friday, April 18, 2014

Drexel Grad Nick Schorsch REIT CEO Takes on New York City (Video)

‘Vintage’ Shopping Center Sold in Bucks County

by Antoinette Martin, the New Jersey and Philadelphia editor for
The Fairless Hills Shopping Center here was acquired by The Klein Group of Florham Park, NJ, for $9.5 million.
The price equates to $50.13 per square foot for the 189,489-square-foot shopping center at 500 Lincoln Highway in the Bucks County community. The seller was Earle W. Kazis Associates, Inc., a real estate holding company based in New York City. 
Fairless Hills Shopping Center is anchored by Pathmark Super Center and Big Lots. The property had been owned by the original developer since its construction in 1971 and was 100% leased at the time of sale. Tenants included Retro Fitness, Tuesday Morning and Family Dollar.
The property is located on the US-1 Business Route, less than three miles from the Oxford Valley Mall, the largest mall in Bucks County,
“Fairless Hills Shopping Center has tremendous upside in enhancing the aesthetics as well as the tenancy in the area, which is the second-largest retail submarket in the Philadelphia suburbs." 
He said Fairless Hills Shopping Center is one of the oldest retail centers in the market. While many other “vintage shopping centers” in the area were re-developed over the last ten years, “this one was missed, creating much demand regionally for the value-add opportunity presented as it traded for the first time.”

Graham building at 15th and Chestnut in Center City purchased

by Natalie Kostelni, Staff writer for Philadelphia Business Journal

The special servicer overseeing a defaulted loan on the Graham building in Center City has decided to take a deal to sell the note on the office property.
C-III Asset Management had an option to buy the note on the 240,634-square-foot building at 30 S. 15th St. and has exercised that option, according to Commercial Real Estate Direct and Trepp Inc. The building is also known as One Penn Square West.
In June 2006, an entity going under the name 30 S. 15th Associates bought the 25-story building for $35 million. That group consisted of a partnership of Grasso Holdings of Philadelphia and the Union Labor Life Insurance Co.-USA Realty Fund of Washington, D.C. The union fund served as the general partner, according to Pennsylvania Secretary of State records.
How much C-III paid for the building is uncertain. A $28.3 million loan, which was originated in 2006, was outstanding on the building, according to Trepp data. An appraisal was done last June that valued the property at $20.2 million.
Full story:

Smooth-On Relocating to Lehigh County

Acco Brands Corporation sold the flex building at 569 Lower Macungie Rd. in Macungie, PA to Smooth-On Inc. for $3.5 million, or about $10 per square foot. The buyer, currently in Easton, PA, will relocate its headquarters to Macungie in the fourth quarter 2014. 

The 358,325-square-foot property is comprised of 10 interconnected buildings on 18 acres in the Lehigh Valley Industrial submarket of Philadelphia. The ceiling heights in the buildings range from 14 to 44 feet, and the asset features 80,000 square feet of office space throughout the property.

Baystate Pool Supplies Extends 40,000-SF Lease

Family-owned pool and spa supply distributor Baystate Pool Supplies, Inc. has signed a five-year lease extension for 40,019 square feet of industrial space at 411 Feheley Dr. in King of Prussia, PA. 

The single-story industrial building was constructed in 1979 on 2.4 acres in Montgomery County. Building amenities include 20-foot ceilings, seven loading docks, and 2,000 square feet of built-out office