Thursday, September 21, 2017

Geodis Logistics, Penske Logistics Renew Full Bldg Lease in Chambersburg

Geodis Logistics LLC, a supply chain operator, has renewed its lease for 177,600 square feet in the industrial building at 1440 Sheffler Dr. in Chambersburg, PA.

In a separate transaction, Penske Logistics LLC, another supply chain management and logistics operator, has renewed its 177,600-square-foot lease for the other half of the building.

The distribution warehouse totals 355,200 square feet in the Chambers-5 Business Park. It was built in 1996 and is currently owned by Exeter Property Group. The asset remains fully leased to the two tenants.

Westover Companies Acquires Mt. Laurel Shopping Center

Westover Companies, a property management and ownership company, has purchased the fully-leased Towne Square Shopping Center at 860-892 Union Mill Rd. in Mount Laurel, NJ, from The Hampshire Cos.

The shopping center is anchored by a ShopRite super market and was built in 1996 and measures 88,265 square feet.

“Since acquiring the Towne Square Shopping Center in 2012, our strategy was to fully lease the property and secure a buyer within five years," said Igor Derbaremdiker, director of dispositions for The Hampshire Cos. “High demand for stabilized grocery-anchored retail product, the strong growth trajectory of the ShopRite grocery chain and Mt. Laurel’s favorable demographics made this the perfect time to sell and complete our investment strategy for the property.”

AJH Management Acquires 301-Unit Brandywine Hundred in Wilmington

AJH Management purchased the 301-unit Brandywine Hundred apartment building at 400-402 Foulk Rd. in Wilmington, DE for $52.4 million, or about $174,000 per unit, from a joint-venture partnership of Korman Residential Properties and CenterSquare Investment Management.

The six-story, 385,027-square-foot multifamily property delivered in 1959 in New Castle County.

Monday, September 18, 2017

Philadelphia's Mid-Year Industrial Deliveries, Construction and Inventory

During the second quarter 2017, 14 buildings totaling 5,075,807 square feet were completed in the Philadelphia market area. This compares to 13 buildings totaling 2,848,399 square feet that were completed in the first quarter.

There were 15,226,755 square feet of Industrial space under construction at the end of the second quarter 2017.

Some of the notable 2017 deliveries include: 575 Old Forge Rd, a 1,002,000-square-foot facility that delivered in second quarter 2017 and is now 100% occupied, and Goodman Logistics Center Carlisle Building 2, a 938,828-square-foot building that delivered in second quarter 2017 and is now 0% occupied.

The largest projects underway at the end of second quarter 2017 were FedEx Regional Hub, a 1,200,000-square-foot building with 100% of its space pre-leased, and United Business Park - Lot 6, a 1,200,000-square-foot facility that is not pre-leased.

Total Industrial inventory in the Philadelphia market area amounted to 1,089,388,733 square feet in 21,490 buildings as of the end of the second quarter 2017. The Flex sector consisted of 87,184,348 square feet in 3,444 projects. Within the Industrial market there were 2,723 owner-occupied buildings accounting for 233,021,749 square feet of Industrial space.

This trend is compared to the U.S. National Industrial deliveries, which saw 537 buildings totaling 64.42 million square feet completed in the second quarter, with 272.4 million square feet of industrial space still under construction across the country. Total Industrial inventory in the U.S. market area amounted to almost 22.2 billion square feet across more than 643,700 buildings, including 92,000 flex projects and 72,000 owner-occupied buildings.

Thursday, September 14, 2017

Hanover Ridge Buildings Set to Deliver

NorthPoint Development will complete construction next month on two new industrial buildings within its Hanover Ridge Trade Center at 600 New Commerce Blvd. in Wilkes Barre, PA.

Construction started in 2016, and when completed, Bldg 2 will total 842,880 square feet while Bldg 3 will total 358,498 square feet. Together the properties will offer a total of 120 dock doors, six drive-ins and 119 trailer spaces. NorthPoint expects to break ground on the 311,600-square-foot Bldg 4 in early 2018.

Ollies Bargain Outlet Coming to Mount Pocono

Ollies Bargain Outlet has signed a three-year lease for 29,679 square feet in the Mt. Pocono Plaza shopping center at 3236 Rte 940 in Mount Pocono, PA.

The shopping center totals 207,455 square feet and was built in 1990. It is currently owned by Heidenberg Properties. Other tenants include Weis Markets and Rent- A-Center.