Monday, June 27, 2016

Madison Farms Mixed Use Community Expands In Bethlehem, PA

by Steve Lubetkin,
With more than three quarters of the first residential phase Madison Farms now leased, The KRE Group and The Silverman Group have begun construction of the second phase of the mixed-use community in Bethlehem Township, PA.

The first phase of the project has delivered 294 rental apartments and 123,000 square feet of complementary retail space to the Lehigh Valley, with another 40,000 square feet of retail space currently under construction.

Construction began this month on the 276 rental residences in Phase II. The full build out of Phase II is scheduled for completion in the second quarter of 2018, with the first building scheduled for completion in the second quarter of 2017.

The KRE/Silverman partnership decided to begin construction of Phase II now because of the overwhelming success of Phase I, noting that demand for the community’s luxury apartments will soon outpace supply.

“The leasing pace at Madison Farms continues to be very strong,” says Jeremy Kaplan, chief operating officer of The KRE Group. “With 75 percent of our current apartments leased and activity in our retail village booming, we believe that now is the ideal time to launch Phase II and double down on our investment in this community.”

The rental success of Madison Farms mirrors the success of the retail village on the site, with more than a dozen shops and restaurants, including ShopRite, Starbucks and Pet Valu. Residents have a short walk to the retail village as well as to the community’s clubhouse and outdoor pool, providing the type of pedestrian-friendly experience the property’s developers envisioned. Pocket parks, ponds, bike paths and more are all planned for the community as well. Ultimately, the project will include 837 luxury residences built in multiple phases across approximately 100 acres of property.

The rental residences at Madison Farms range in size from 790 to 1,375 square feet. Six floorplans are available, including both one-bedroom, one-bath and two-bedroom, two-bath designs. Prices start from $1,320. Several buildings at Madison Farms are pet friendly and all of the facilities, including the apartments, will be smoke free. All buildings are elevator serviced. Amenities in the 7,500 square foot clubhouse include a state-of-the-art fitness center, yoga room, billiards, ping pong, media room, large screen TVs, and a lounge area with fireplace and WiFi.

Friday, June 24, 2016

Commercial Office Lease Legal Considerations (Video)

30th Street Station: Growing Philly's Future (Video)

City Office REIT Sells Stabler Corporate Center Bldg

City Office REIT, Inc. has sold the Stabler Corporate Center building at 3501 Corporate Pky in Center Valley, PA to Gulf Islamic Investments LLC for $44.9 million, or about $252 per square foot.

The 178,330-square-foot building was built in 2006. It is anchored by the current tenant.

Petrucci Gets Warminster, PA, Luxury MF Development Underway

by Steve Lubetkin,
J.G. Petrucci Company has begun construction of Jacksonville Station, a 151-unit luxury multifamily apartment complex in Warminster, PA.

“J.G. Petrucci has made a $75 million investment since 2009, and we are very thankful for the time, faith and effort they have put into Warminster,” says Mark McKee, Warminster Township chairman. “We look forward to continuing this relationship as they embark on Jacksonville Station.”

Expected to open in Spring of 2017, Jacksonville Station will feature 151 one- and two-bedroom luxury apartment units, complete with modern amenities including stainless steel kitchen appliances, Quartz countertops, and full-size washers and dryers in each unit. Situated on a 10-acre land parcel directly across from the Warminster train station, the new multi-family complex will also feature on-site surface parking, a state-of-the-art fitness center, swimming pool, and a clubhouse.

Working closely with Township officials, J.G. Petrucci also has begun a $2 million road and parking improvement program in the area surrounding Jacksonville Station and the Station at Bucks County, a 257-unit multi-family complex also developed by Petrucci in 2012. The improvements include a new traffic signal, and the addition of a new, second roadway leading into the Warminster train station. In addition, Petrucci is creating 30 surface parking spaces within the existing train station parking lot, for use by Warminster Regional Line commuters.

“We are excited to begin our second multi-family development in Warminster and are very appreciative of the support we have received from the township officials and the local community—it has been a great pleasure to work with the entire team,” says Greg Rogerson, principal of J.G. Petrucci Company. “Warminster is viewed as an ideal location to live, work and play, and we are pleased to be creating another quality living option for its current and future residents.”
Designed by award-winning architects, Minno & Wasko, the eight-building multi-family development will feature 74 one-bedroom, and 77 two-bedroom apartments that are in close proximity to many retail shops, restaurants and public parks. Center City Philadelphia is a 50-minute train ride from Jacksonville Station, and nearby transportation routes include Routes 132, 332 and 263, as well as the Pennsylvania Turnpike. Jacksonville Station is situated within the Centennial School District.

Over the past two years, J.G. Petrucci has been increasing its presence in Warminster, with the acquisition of several retail, office and industrial facilities within a two-mile radius of Jacksonville Station. These properties include a 110,000-square-foot industrial building occupied by IWCO Direct, a 21,000-square-foot fully furnished office building, a 14,000-square-foot Walgreens retail store, and the Warminster Square and Jacksonville Plaza retail centers, where J.G. Petrucci has made significant improvements since the acquisition.