Friday, May 27, 2016

Sentry Park East Office In Blue Bell Trades fro $2.175M

by Steve Lubetkin,
Sentry Park East, a 24,000-square-foot office property located in Blue Bell, PA was sold for $2.175 million.

“The buyer who was ultimately chosen was in a 1031 tax deferred exchange which allowed us to compress timelines, closing this transaction in 35 days,” says Grad.

“This acquisition represented the buyer’s first venture into the office segment,” says Newton. “We have a unique platform which caters to bringing capital from different product types to maximize proceeds for our seller.”

Sentry Park East, 1710 Walton Road in Blue Bell, PA, is a three-story building with five condominium units.  This sale represented one of the five office buildings within the condominium association.  The tenants of the office building are a mix of accounting, consulting and staffing firms with 76 percent occupancy. The property is close to the Pennsylvania Turnpike in the Blue Bell office submarket, one of the most prosperous areas in Montgomery County.

Thursday, May 26, 2016

SugarHouse Casino Rolls Dice On $164 Million Expansion

by Steve Lubetkin,
SugarHouse Casino has officially opened a bold $164-million expansion at the Delaware River gaming facility.

A ribbon-cutting earlier this month showcased the casino’s new attractions, including the SugarHouse Marketplace (featuring Philadelphia brands Saxbys Coffee, Tacconelli’s Pizzeria, Geno’s Steaks and a brand-new local concept, Revolution Grill), Hugo’s Frog Bar & Chop House, the multipurpose Event Center and the first-ever Poker Night in America Poker Room.

“We are excited to wrap up our much anticipated expansion and welcome guests to the bigger, better SugarHouse,” says general manager Wendy Hamilton. “From world-class entertainment and dining to expanded gaming, SugarHouse is one of Philly’s premiere destinations for a night on the town or to hold a group event.”

SugarHouse began construction on the $164 million expansion in 2014. The expansion, designed by Cope Linder Architects of Philadelphia, increases SugarHouse’s 108,000-square-foot facility to approximately 260,000 square feet, not including the new seven-story parking garage of roughly 600,000 square feet. The larger gaming areas offer 44 additional table games, 289 new slots and a 28-table poker room. The expansion also brings in new non-gaming amenities, including additional restaurants and The Event Center.

About 500 new, full-time jobs have been added at SugarHouse as a result of the expansion, bringing the current total to approximately 1,700.

The Event Center incorporates a 30,000 square-foot multipurpose space on the second floor of the casino, for corporate events, wedding receptions, black-tie galas, and major performances. It features floor-to-ceiling windows and panoramic views of the riverfront and the Ben Franklin Bridge. Minutes from Center City, the SugarHouse Casino Event Center can accommodate small and large groups of more than 1,000 guests for standing room only, or up to 800 people for banquet seating, and is accessible for all ages.

The upsized casino includes a 6,000 square-foot dedicated poker space, named the Poker Night in America Poker Room. The state-of-the-art Poker Room features 28 tables and 252 seats. It’s the first of its kind, becoming a home base for the popular CBS Sports TV program.

The newly expanded gaming space brings in 44 additional table games and 289 new slots, a 20 percent increase from SugarHouse’s previous gaming offerings. The new High Limit Lounge offers a private atmosphere, while still being a part of the casino action. Guests will enjoy high limit gaming, concierge service, private parking and more.

The complimentary parking garage offers 1,500 new spaces for guests to park, with direct elevator access to the casino floor. Through a partnership with the City of Philadelphia’s Public Art Program, an urban light sculpture was installed on the façade of the garage facing Delaware Avenue. Designed by East Falls, Pennsylvania-based artist Lyn Godley, the beautiful, colorful display spans 290 feet wide and 60 feet high. The artwork is composed of a series of light boxes and façade lighting that change colors during the day and throughout the night to reflect similar patterns in the flow of the Delaware River.

Wednesday, May 25, 2016

NBC Philadelphia Merchants Renews 166,000-SF Lease

NBC Philadelphia Merchants has renewed its lease for 166,430 square feet in the industrial building at 2801 Red Lion Rd. in Philadelphia, PA.

The building totals 180,271 square feet and was built in 1966. It is currently owned by First Industrial Realty Trust, Inc.

The tenant's lease encompasses the building’s industrial space. The remaining space is classified as office and is currently vacant and available for lease. There are no other tenants in the building.

Jemstone Group Acquires The Shoppes at Cross Keys

The Jemstone Group LLC purchased The Shoppes at Cross Keys located at 611 Berlin Cross Keys Rd0 in Sicklerville, NJ for $23 million, or about $131 per square foot. 

The 176,118-square-foot shopping center was built in 2009 with additions completed as recently as 2015. Located in Camden County, the center houses several national tenants including Hobby Lobby, Pet Valu, Starbucks and T-Mobile.

UPS Leases 341,000 SF at First 33 Commerce Center

UPS has inked a lease to occupy the entire 341,400-square-foot industrial building at 3895 Eastgate Blvd. in Easton, PA.

The single-story warehouse delivered in December 2015, Bldg. A within the First 33 Commerce Center in Northampton County. Building amenities include 64 loading docks, two drive-in bays and 32-foot ceilings.

Staples Leases 21,000 SF in Allentown

Staples has renewed its lease of 20,900 square feet in the retail building at 4680 Broadway in Allentown, PA.

The single-story Tilghman Square shopping center totals 298,020 square feet in the Lehigh / Northampton submarket. Development East Realty developed the property in 1989. Other tenants there include Amelia’s Grocery Outlet and Harbor Freight Tools.

Petrucci Starts Construction Of Upscale Apartments In Chalfont, PA

by Steve Lubetkin,
.G. Petrucci Company has started construction of Patriot Station at Chalfont in Chalfont, PA, a new luxury apartment community.

Expected to open in Spring of 2017, Patriot Station at Chalfont will feature 69 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. The complex will also feature ample on-site surface parking and a state-of-the-art fitness center.

“Today marks a major step in the revitalization of Chalfont’s downtown. A new building will replace the original 1905 Patriotic Sons of America building. The historic St. James Church will be preserved, along with all of its beautiful stained glass windows, as the structure is transformed into a new restaurant,” says John Engel, president of the Chalfont Borough Council. “I would like to thank J.G. Petrucci Company for working with us and helping to make this transition a success.”

Petrucci and the Borough of Chalfont have made significant capital improvements to the area including a new traffic signal at Main Street and Park Avenue; roadway and sidewalk improvements; and upgrades—including the installation of ADA-compliant ramps.

“We worked closely with Chalfont officials to bring a development to the borough that will complement its existing buildings and infrastructure—it has been a great pleasure to work with the entire team,” says Greg Rogerson, principal of Petrucci. “Bucks County, as a whole, is experiencing a significant amount of new development, and we are excited to be a part of its expansion.”

Located within walking distance to the Chalfont train station—which is served by the Lansdale/Doylestown Line—the Patriot Station at Chalfont is the first new ground-up development in the borough for several years. Designed by award-winning architects, Minno & Wasko, the building will incorporate a modern design that is in keeping with old style architecture of many of the old Victorian buildings still found in the borough today.

Center City Philadelphia is just a 30-minute train ride from the Patriot Station at Chalfont, and nearby transportation routes include Routes 309 and 611, as well as the Pennsylvania Turnpike. Local amenities include shopping and restaurants at the five-points intersection, and the nearby Montgomeryville and King of Prussia Malls. Within minutes from the complex is the popular Peace Valley Park and Lake Galena, which features over 14 miles of nature trails on 365 acres. Residents of Patriot Station can partake in outdoor activities like boating, fishing, hiking and walking on the trails throughout the park.