Friday, January 19, 2018

Main Line Health Renews Space in Radnor

Main Line Health has renewed its lease for 100,462 square feet in the Keystone Executive Center office building at 240 Radnor Chester Rd. in Radnor, PA.

The tenant occupies the entire two-story building. It was built in 1955 on 7.2 acres in the Upper Main Line submarket of Delaware County, and was renovated in 2009.

Uline Buys 1.7M-SF BTS Sites from Liberty Property Trust

Distribution company Uline acquired two adjacent build-to-suit distribution buildings on Mill Creek Rd. in Wescosville, PA and a nearby land site on W. Grange Rd. in Allentown, PA for $249.05 million from Liberty Property Trust (LPT).

Totaling 1.67 million square feet, the two buildings had been a built-to-suit for Uline in LPT’s Liberty Business Center III, straddling Lower and Upper Muncungie that delivered in December 2016.

The transaction represents the largest industrial sale in Lehigh County for 2017, according to CoStar data, and was the result of Uline exercising an option within their lease with LPT. In August 2017, a representative for the company noted at the time that the pending deal demonstrated Uline’s commitment to the Lehigh Valley, where the Prairie View, WI-based company has had a presence for more than a decade.

MLP Ventures Acquires 14 Property Portfolio in King of Prussia from Liberty Property Trust

Continuing to reposition its portfolio, Malvern, PA-based Liberty Property Trust sold a portfolio of 14 office and flex buildings in the Renaissance Park Corporate Center in King of Prussia to MLP Ventures for $76.9 million, approximately $120.08 per square foot.

The portfolio consists of eight office properties totaling 357,705 square feet and six industrial/flex properties totaling 283,620 square feet located along Horizon Dr. and Renaissance Blvd. totaling approximately 641,000 square feet. The portfolio had an 87% occupancy rate at the time of sale.

The buyer, MLP Ventures, is a privately owned real estate development company previously named O’Neill Property Group. Founded in 1988 by J. Brian O’Neill, the firm is controlled by three Philadelphia-based real estate investors and focuses on acquiring and converting underutilized industrial facilities into functional commercial or multifamily space.

In addition to the King of Prussia portfolio sale, Liberty sold several other properties recently, including:

700 and 800 Uline Way, a pair of industrial properties totaling 1,683,876 square feet on 44 acres in Allentown, PA for $249.1 million.

2301 Renaissance Blvd., a 189,502-square-foot office building in King of Prussia for $47 million.

10720 W. Sam Houston Parkway in Houston, a 206,808-square-foot office building, for $30.5 million. The REIT said it recycled proceeds from those sales into several recent property purchases that closed during the fourth quarter, including:

1221 North Alder Ave., a 702,668-square-foot warehouse property in Rialto, CA for $94.2 million.

One Truman Dr. South, a fully leased, 369,313-square-foot industrial property in Edison, NJ for $48.9 million.
16325 South Avalon Blvd., a fully leased 210,710-square-foot industrial property in Gardena, CA for $46.4 million.

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Billionaire real estate investor Sam Zell on the economy, tax reform and investing globally from CNBC.

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