Monday, September 21, 2020

PREIT Welcomes New Tenants Throughout its Portfolio

PREIT today highlighted new stores opening throughout its portfolio highlighted by an expanded, new prototype Apple store at Cherry Hill Mall. The store features Apple's latest store design elements, an outdoor seating area and exterior and interior accessibility. Cherry Hill Mall will also welcome new tenants, Jamba and Tempur-Pedic, in the fourth quarter.

Elsewhere, PREIT continues to welcome new brands across its portfolio and is looking forward to the upcoming additions of:

  • Sola Salon Studios, offering individual suites for full service salon offerings, opened at Plymouth Meeting Mall last week, joining Restore Cryotherapy and Red Rose Spa as part of its wellness cluster.
  • White House | Black Market and Windsor at Woodland Mall in the fourth quarter of 2020
  • Ardene opened its doors at Willow Grove Park this week, as its expansion across the region continues.
  • Blaze Pizza, a first-to-portfolio tenant, will open at Capital City Mall in the coming weeks.
  • Planet Fitness is set to open its 23,000 square foot facility at Moorestown Mall in the fourth quarter.
"As operations continue to re-build steam, PREIT is continuing to make strides in rent collections and building an even more diverse leasing pipeline," said Joseph F. Coradino, Chairman and CEO of PREIT. "We are thrilled to be welcoming new stores, that offer new experiences and create jobs, across our portfolio in time for the 2020 holiday season."

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Friday, September 18, 2020

Velocity Venture Partners Adds Former Ford Motor Facility to Its 'Last-Mile' Portfolio

 By Charlie Dettbarn and Rachel Whaley CoStar Research

Velocity Venture Partners, a value-add industrial investment firm formed in 2016, has bolstered its Philadelphia-area portfolio with its latest purchase, a 677,000-square-foot distribution facility fronting I-476 in Eastern Montgomery County, Pennsylvania.

The real estate investment firm acquired 2750 Morris Road in Lansdale from a joint venture between Advance Realty Investors and The Davis Cos. The building sold for $33 million, or about $44 per square foot, according to CoStar data.

The Flynn Co. represented the buyer in the acquisition of the property and has been retained by Velocity to handle leasing and property management. Cushman & Wakefield represented the seller.

The distribution facility, which Velocity plans to renovate and rebrand as Velocity Park, was originally built in 1989 by Ford Motor Co. and housed the auto maker's electronics division until 2010. The building was about 60% leased at the time of the sale, providing a partially occupied property with leasing upside, according to Velocity. About 230,000 square feet of warehouse space and 50,000 square feet of office space is available.

Velocity's latest purchase continues its rapid growth throughout Pennsylvania and New Jersey, specifically Eastern Montgomery County. With its latest acquisition, Velocity's portfolio now totals about 3 million square feet.

Industrial remains as the Philadelphia region's healthiest commercial property type six months into the coronavirus pandemic, CoStar director of market analytics Adrian Ponsen notes in a recent market report. The industrial market still faces challenges but retailers' ongoing shift to e-commerce sales and faster delivery times has continued to drive industrial leasing as tenants store more of their inventory in local logistics centers as close to their customers as they can, Ponsen wrote.

Velocity said it has experienced "overwhelming success" with its last-mile industrial properties in Pennsylvania and New Jersey, and the company is confident that the property will "absorb tenants benefiting from the surge in e-commerce growth," Zach Moore, a founding partner at Velocity, said in a statement.

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