Monday, September 22, 2014

King of Prussia Business Park re-zoned for multi-use

The Upper Merion Township Board of Supervisors on Thursday rezoned the King of Prussia Business Park to allow residential construction.
The new zoning district, north of the King of Prussia Mall and east of Valley Forge, will allow multiuse properties such as high-rise condominiums with stores or offices at street level. It also encourages environmentally sustainable buildings and parks as well as pedestrian-friendly corridors linking to the planned extension of the Norristown High Speed Line.

The nonprofit King of Prussia Business District has lobbied for the change for several years, arguing that an update "from the traditional 1960s suburban office park to a dynamic, mixed-use district will trigger significant investment," executive director Eric T. Goldstein said.

The district hopes some of the 20,000 people who work in the business park will choose to live there as well, reducing commuter traffic and boosting weekend business for stores and restaurants in the area.

Township supervisors unanimously approved the rezoning

Hill Intl. moving HQ from S. Jersey to Philly

by The Philadelphia Inquirer

Hill International is moving its headquarters from Marlton to Center City Philadelphia, Gov. Corbett announced today.

Pennsylvania is offering Hill, a construction management and consulting firm, $1.7 million in incentives through three programs to relocate its headquarters and bring 222 jobs to Center City..

The company, with 4,400 employees worldwide already has a Philadelphia office.

The governor's office said the company has leased nearly 60,000 square feet at One Commerce Square, at 2005 Market St., and will spend about $8 million to turn the space into its headquarters.

Hill has accepted the funding proposal, but must still apply for each program to receive the incentives, Corbett's office said.

David L. Richter, Hill's president and chief operating officer, said the company was "excited" to be moving across the river.

"The ability to consolidate our two local offices plus the many benefits of being located in the Center City business district makes this a great move for our company," Hill said in a statement issued by Corbett's officer.

FARO Consolidating Two Pennsylvania Facilities

FARO Technologies Inc. entered into a lease with 290 National Road LP its new facility at that address in Exton, Pennsylvania.

The company plans to relocate from its Kennett Square, Pennsylvania facility at 222 Gale Lane to the new location in a staged process over the next several months.

The lease amends FARO’s for a portion of the Exton building of 68,240 square feet to now lease the entire rentable space of 90,364 square feet. It also extends the initial term of the lease by two years to Aug. 1, 2026.

The company has the option to renew the lease for three additional terms of five years each.

Friday, September 19, 2014

King of Prussia office building comes up for sale; could trade for $200 per square foot

by Natalie Kostelni, Philadelphia Business Journal
A local real estate fund is looking to sell 150 S. Warner Road in King of Prussia, Pa., two years after it acquired it.
The four-story building totals 155,000 square feet and for years, had gone under the name Walnut Hill Plaza. It is 97 percent leased up and expected to trade in excess $200 per square foot.
A fund comprised of Miller Investment Management and Hayden Real Estate, both locally owned firms, bought 150 S. Warner Road in 2012 for $11 million through an auction process. It had been given back to the lender by its previous owner, Thomas Properties Group, and was 50 percent vacant at the time.
The MIM-Hayden fund plowed $2 million into the building putting in a new lobby, bathrooms and common areas, and upgrading the HVAC and elevator systems.
With the renovations complete and the building leased up, the timing is right to sell the building, said Tony Hayden Jr. of Hayden Real Estate. The King of Prussia area is also seeing a lot of momentum as development activity, from residential to retail to build-to-suits, has been ramping up.
“This is something we’d love to hold forever but our fund has a shelf life,” he said.
There’s also not a lot of competition on the market. One of the last large office buildings to trade was 1000 Continental Drive, a 202,425-square-foot building that sold in February for $63 million.

Full story:

Sale pending for Finnigan's Wake

by Michael Klein, Philadelphia Inquirer
Something is up at Finnigan's Wake, the sprawling Irish pub that for 17 years has been a gateway to Northern Liberties at Third and Spring Garden Streets.

It's been open only infrequently on recent weekends and for private parties and is being prepped for a sale, according to people close to the restaurant.

It had been listed for $3.9 million.

Settlement is expected within six weeks, and the prospective buyer - an investment group - has not disclosed to my sources what the future is.

Finnigan's - whose colorful Spring Garden Street facade resembles a block of shops - has long been a political hangout, given that the managing partner is Mike Driscoll, a candidate for state representative.

Update: Co-owner Chuck Volz confirmed that Finnigan's is closed and under agreement of sale.

Advance Realty, Davis Companies Acquire MontCo, PA High Tech Facility

A joint-venture partnership of Advance Realty and The Davis Companies has acquired 2750 Morris Road, a 675,000-square-foot high-tech assembly and warehouse facility located in Lansdale, Montgomery County, PA.

Located near the northeast extension of the Pennsylvania Turnpike, 2750 Morris Road has convenient access to key arteries, including Routes 202, 309 and 63, and has direct frontage as well as visibility from the Pennsylvania Turnpike.

“2750 Morris Road offers significant in-place infrastructure at below replacement cost rents,” says Peter Cocoziello, president and CEO of Advance Realty. “Both Advance Realty and The Davis Companies have deep experience adding value to properties so they can realize their significant underlying potential, and we look forward to seeing this asset fully-leased to companies looking to take advantage of the property’s inherent value.”

Aerial view of 2750 Morris Rd., Lansdale, PA
 “In addition to a central location in Montgomery County, which boasts one of the state’s most robust economic corridors, 2750 Morris Road represents an ideal venue for companies that are looking for highly improved industrial space at competitive rents to accommodate their growth,” says Richard McCready, president of The Davis Companies.

Originally an electronics plant for the Ford Motor Co., 2750 Morris Road has approximately 570,000 square feet of climate-controlled technology, assembly, warehouse, and production space and 105,000 square feet of two-story office space.

The property has dual substation power feeds, systems for delivery of chilled water and compressed air, and five Diesel generators to provide continuous power backup without interruption.

The temperature- and humidity-controlled environment makes the facility suitable for companies seeking versatile, high-quality warehouse, manufacturing, or assembly space.

The property currently has 350,156 square feet of warehouse/manufacturing space and 70,442 square feet of office space available for lease.  Campus tenants include Vygon Corporation, Metso Corporation and Fox Bindery.

Entrance to 2750 Morris Rd., Lansdale, PA
The new ownership will reposition and re-tenant the property with a comprehensive capital improvement program that includes roofing, flooring and common area upgrades.

Christopher M. Bellapianta represented the JV partnership in the transaction. Bellapianta serves as director of finance and acquisitions for Advance Realty, a leading northeastern US owner and developer of commercial, multi-family, R&D, retail, mixed-use, and flex-space properties.

Managing director Greg Nalbandian of NorthMarq Capital arranged debt financing through Wells Fargo for this acquisition.

Thursday, September 18, 2014

Pilgrim’s Pride Corp Sells Multiple Properties for $4.2M

Pilgrim’s Pride Corporation sold two industrial buildings and a parking lot across Pennsylvania to Bergeys Realty Co. for $4.25 million.

The deal totals 181,488 square feet and includes industrial buildings 471 Harleysville Pike in Franconia, 567 Allentown Rd. in Telford, and a parking lot at 455 Harleysville Pike in Harleysville, PA.