Friday, August 26, 2016

Deal-Tracker: A Roundup Of Sales, Leases And Activities In NJ/PA

by Steve Lubetkin,

Here is a roundup of some of the smaller transactions reported in recent weeks in the New Jersey and Philadelphia markets.


CAMDEN, NJ—CI Architecture, a regional architecture, interior design and land planning firm, has acquired 121 Market Street, Camden, NJ, from RFB Properties, a Republic Bank subsidiary, for $450,000. The buyer plans to fully transform the 9,500 square-foot building interior into a state-of-the-art work workplace

SEA ISLE CITY, NJ— Uncle Mike’s Arcade in Sea Isle City, NJ was successfully sold. The Arcade seller was Michael Dolio . Anthony Shea and Todd DeMott are the new owners.

Leases – New Jersey

SOUTH HACKENSACK, NJ—Lumber Liquidators has renewed 11,000 square feet of industrial/warehouse space at 14 East Wesley Street in South Hackensack, NJ. Located in the Meadowlands submarket, the industrial property is owned and managed by Alfred Sanzari Enterprises of Hackensack, NJ. The transaction was negotiated in-house by Sanzari.

FORT LEE, NJ—PixarBio, a Boston-based biotechnology company specializing in post-operation pain management, is leasing 4,881-square-feet of class A office space at the Fletcher Office Center, 2200 Fletcher Avenue, Fort Lee, NJ.

Leases – Pennsylvania

WEST CHESTER, PA—Optical provider New Vision Family Eye Care has leased 2,300 square feet at Bradford Plaza in West Chester, PA. Located at 700 Downingtown Pike, the 161,000-square-foot grocery-anchored shopping center is exclusively leased and managed by North Plainfield, NJ-based Levin Management.

PHILADELPHIA, PA—Miller’s Ale House has signed a 15-year lease with The Goldenberg Group for 8,860 square feet of space at the Columbus Commons shopping plaza in South Philadelphia. Miller’s Ale House is the latest addition to the 647,266-square-foot regional retail hub serving Central and South Philadelphia and South Jersey. Columbus Commons is located at Columbus Boulevard and Snyder Avenue in Philadelphia and has direct access and visibility from I-95 and the area’s major bridges including Walt Whitman and Ben Franklin. The shopping center is anchored by the city’s first and only IKEA, as well as Raymour & Flanigan, Lowe’s Home Improvement, Best Buy and Pier 1 Imports.

PHILADELPHIA, PA—Archetype Solutions of Trevose is moving to 2124 Race Street and Strassheim Graphic Design & Press Corporation is relocating its downtown offices to 1500 Spring Garden Street under long-term leases. The leases total approximately 7,300 square feet with an aggregate value exceeding $625,000.  Biomeme and UK US Tax Services also expanded and relocated its respective downtown offices to 1015 Chestnut Street and Two Penn Center.

Exclusive Agencies

PISCATAWAY, NJ—Keystone Property Group is marketing 30 Knightsbridge Road, a 680,000-square-foot, class A office campus in Piscataway. Thirty Knightsbridge Road features four interconnected buildings on an expansive corporate campus. Since acquiring the property, Keystone has invested several million dollars enhancing the amenity package, which now includes a newly renovated cafeteria, several conference/training rooms, a 200-seat auditorium with its own servery and a state-of–the-art fitness center. Tenants also benefit from robust infrastructure including redundant power with an onsite substation, high-end fiber optic infrastructure, an advanced security system with 24/7 card access and a three-bay covered loading dock with a separate freight elevator.

PARAMUS, NJ—Former occupied by defunct national sporting goods chain Sports Authority 50,000-square-foot, big-box retail space is being marketed for lease. Located at 200 Ikea Drive in Paramus, the prominent site is located at the intersection of routes 4 and 17 – in the heart of the highly sought-after Bergen County retail corridor. Situated directly across from the Garden State Plaza and just moments from the Garden State Parkway, 200 Ikea Drive offers exceptional visibility, high traffic counts and strong demographics. The property’s in-place retailers include IKEA, Bed Bath & Beyond and Christmas Tree Shops.

Capital Markets

MORRISTOWN, NJ—G.S. Wilcox & Co. secured $19.5 million in financing for clients, arranged by Gretchen S. Wilcox, president, and Al Raymond, principal. One loan for $13.5 million with a fixed 2.85 percent interest rate for five years with a 30-year amortization was secured by a 202,148 square foot warehouse building at 1000 Secaucus Road, Secaucus, NJ. The second loan of $6 million was placed on a 100,626 square foot warehouse at 118 Algonquin Parkway, Whippany, NJ. This loan has a three percent interest rate fixed for seven years with a 30-year amortization. Both loans were placed with Kansas City Life Insurance Company.

Reading-Based Carpenter Technology Moving Corporate HQ To Center City

by Steve Lubetkin,
In an effort to attract a broader talent pool, Reading, PA-based Carpenter Technology, which manufactures specialty metals, is relocating its corporate offices into Center City with the leasing of 22,000 square feet of class A office space at the BNY Mellon Building, 1735 Market Street, Philadelphia.

Carpenter will relocate in fall 2016. The company’s primary manufacturing plant will continue to operate in Berks County, where 2,300 people are employed. The Reading, PA plant is part of the company’s Specialty Alloys Operations segment.

The new Philadelphia location will bring approximately 100 positions to the city, over time. The move provides better access to transportation, customer markets, world-class universities, and increased visibility with broad talent pools.

The landlord is Equity Commonwealth.

Br-PA Trust Puts Kiddie City Building Up for Sale

Br-PA Trust has put its 365,000-square-foot industrial warehouse at 2951 Grant Ave. in Philadelphia, PA up for sale.

The Kiddie City Building totals 365,000 square feet of industrial space. Broder Brothers will be vacating the building while shuttering its manufacturing operations after being combined with Imprints Wholesale.

Thursday, August 25, 2016

Simon Property Group Completes King of Prussia Mall Expansion, Connecting The Court with The Plaza

Simon Property Group has completed the planned renovations to its King of Prussia Mall, bringing the super regional center's footprint to more than 2.9 million square feet by connecting The Court and The Plaza, creating a top retail attraction that becomes the second largest shopping center in the United States, according to the owner.

The two centers had been separated by a roadway since their initial development in 1963. Construction began in the summer of 2004 on a 155,000-square-foot, multi-level, fully-enclosed expansion project at the mall, connecting the 1.68 million-square-foot Plaza with the 902,000-square-foot Court under one roof.

"The expansion of King of Prussia Mall will further enhance the shopping and dining experience of one of the nation's largest and most compelling retail destinations," said David J. Contis, president of Simon Malls, back in 2004 when the project was still in its planning phases. "Based on the success of luxury retailers like Cartier, Tiffany & Co., Hermes and Louis Vuitton, we're seeing a strong interest from other luxury brands to join the King of Prussia roster of retailers. Interest by national and Philadelphia-area restaurants is also high."

The new addition will see a new collection of luxury retailers and upscale dining options as well as several first-to-market retailers not found elsewhere in the region. The fully-enclosed expansion features floor-to-ceiling windows, an upscale dining pavilion, lounges with seating and device-charging stations, a guest service center, an attached parking garage with valet service, and new store entrances for existing anchors Neiman Marcus, Macy's and Bloomingdale's.

According to Simon, the new stores and restaurants that opened with the expansion include Altar'd State, Calligaris, Cartier, CH Carolina Herrera, Club Monaco, David Yurman, Diane von Furstenberg, Gap, Jimmy Choo, MCM, Robert Graham, Stuart Weitzman, Superdry, Vince, Hai Street Kitchen, Nicoletta and Shake Shack.

Located about 25 miles northwest of Philadelphia, King of Prussia serves the Greater Philadelphia region including Montgomery, Chester and Delaware Counties. At the junction of Routes 202, 76, 422 and the Pennsylvania Turnpike, the mall is easily accessible for shoppers and diners at more than 450 stores, shops and eateries at the mall, now anchored by Neiman Marcus, Bloomingdale's, Nordstrom, Lord & Taylor, Macy's, JCPenney, and Dick's Sporting Goods.

Expansion project at Main Line's Suburban Square set to begin

Alison Burdo Digital Producer Philadelphia Business Journal
A $20 million expansion project planned for outdoor shopping mall Suburban Square in Ardmore is set to add another 4,000 square feet to the Trader Joe's location and add another 400 parking spaces to a nearby lot.

Construction on the supermarket and a new parking garage adjacent to the Urban Outfitters are set to begin next month, according to Main Line Media News.

The Trader Joe's location is currently about 8,000 square feet, and the rear addition will bring it over 12,000, the newspaper said. Construction of a 625-space, 4-level parking garage will cause a nearly year long closure of a surface lot, which accounts for about 200 spaces, Main Line Media News said.

Continuing the timeline, [Kimco Realty's Nina] Rogers said construction of the new retail/office building on Coulter Avenue, to be known as Station Row, will not begin until the parking garage is completed and open for operation. It will include 20,000 square feet of retail space on the first floor, with about 17,000 square feet of offices above.
This is just one of several projects expected to transform the Main Line community. After a years-long battle with neighbors, Dranoff Properties will move forward with construction of a mixed-use project, which will go up in a parking lot on Cricket Avenue that currently serves a strip of Lancaster Avenue businesses.

A YMCA on Montgomery Avenue has already been torn down, making way for a condominium complex.
Full article:

Wednesday, August 24, 2016

Square D Renews 340,000-SF Lease in Mechanicsburg

Square D, a manufacturer of electrical circuit breakers, renewed its full-building lease for 340,000 square feet at 201 Cumberland Pky. in Mechanicsburg, PA.

The industrial building was built in 1992 on 22.3 acres in the Harrisburg Area West Industrial submarket, within the Cumberland Business Park. Square D will remain the sole tenant in the building.

Two Building Deals Close in West Chester PA

Two flex properties sold in West Chester, PA.  1075 Andrew Drive is a 65,200 square foot building which sold to a user who will occupy most of the facility.  901 S. Bolmar Street is an 86,000 foot multi-tenant property which sold to an investor.  The individual prices are undisclosed, but the total value of the two transactions was approximately $15 million.