Monday, September 1, 2014

Apartment bubble or under built? (Video)

Philadelphia Retail Deliveries, Construction and Inventory

During the second quarter 2014, eight retail buildings totaling 66,506 square feet were completed in the Philadelphia market. Over the past four quarters, a total of 1,197,460 square feet of retail space has been built in Philadelphia.

There was 203,783 square feet of retail space under construction at the end of the second quarter 2014.

Some of the notable 2014 deliveries include: 332 S Broad St, a 45,000-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and 1900 N 9th St, a 30,000-square-foot building that delivered in first quarter 2014 and is now 93% occupied.

Total retail inventory in the Philadelphia market area amounted to 498,222,528 square feet in 40,822 buildings and 2,549 centers as of the end of the second quarter 2014.

This trend is compared to U.S. National Retail deliveries and construction, which saw 522 buildings totaling 10.83 million square feet complete construction, with an additional 50 million square feet of retail space still under construction at the end of the second quarter. A 152,000-square-foot Wal-Mart delivered in the second quarter in the Minneapolis market, and a 155,361-square-foot building delivered in the San Antonio market back in the first quarter. Total retail inventory in the U.S. market totaled more than 1.38 million buildings at the end of the second quarter 2014.

Thursday, August 28, 2014

Willowbrook Apartments Sell to Home Properties

Willowbrook Group Ltd sold the 248-unit Willowbrook Apartments multifamily property at 2070 Mill Rd in Norristown, PA, to Home Properties. 

The 367,320-square-foot Class B property was built in 1972 and consists of eight two-story buildings. The complex includes 112 one- bedroom, 112 two-bedroom and 24 three-bedroom units. The new owner plans to renovate the property within three years.

Real growth in commercial real estate (Video)

Monday, August 25, 2014

Brandywine Coach Works Breaks Ground on 7.451 Acres in Exton

The sale for  build to suit of  industrial land was negotiated at the corner of
Whitford and Clover Mill Roads in Exton for $500,000.

 The Buyer is BCW Properties, LLC of Chadds Ford, PA. The Sellers is Highmount Investments, LP.
Brandywine Coach Works currently leases a facility on Whitford Road close by to this new site. The opportunity to purchase this property and expand their presence in this location was the reason for their decision to purchase this property along with the demand from consumers looking to have high quality auto body workmanship on their vehicles.

 D. Fickler Construction, LLC of Downingtown, PA is the general contractor and Bernardon
Haber Holloway are the architects who are designing and developing this site for the Buyer.
Plans for the site include a 20,000 +/- SF modern auto body repair center.

 Zoned I-2, General Industrial District in West Whiteland Township, this property is located
in the rapidly developing market area along Route 30 and the Route 30 Bypass.

Advanced Auto Parts Signs 10 Yr Lease in Doylestown

Advanced Auto Parts opened at Bailey’s Square on August 14th. This is  a newly constructed retail shopping center development located at the traffic-lit intersection of Swamp Road (Route 313) and Ferry Road in the Doylestown, PA.
Advance Stores Company, Incorporated (Advance Auto Parts), which  opened on August 14th, signed a 10 year lease valued at $1.4 million dollars for 7,000 sq. ft. of retail space at Bailey’s Square, where it occupies the anchor position and is the first tenant to open for business. Richard Soloff of SRD represented Bailey’s Square LLC in this leasing transaction, and Drexel Realty Group, Inc. represented the Tenant. 
Advance Auto Parts, which is headquartered in Roanoke, Virgina, operates 5,276 stores under the Advance Auto brand across 49 states, Puerto Rico and Canada. The company is the largest provider of aftermarket automotive parts for the enthusiastic layperson, professional mechanics and installers.