During the first quarter 2013, no new space was completed in the Philadelphia Industrial market area.
This compares to 10 buildings totaling 3,308,868 square feet that were completed in the fourth quarter 2012, four buildings totaling 2,229,000 square feet completed in the third quarter 2012, and 71,858 square feet in two buildings completed in the second quarter 2012.
There were 2,978,919 square feet of Industrial space under construction at the end of the first quarter 2013.
The largest projects underway at the end of first quarter 2013 were Berks Park 78 - Dollar General, a 906,919-square-foot building with 100% of its space pre-leased, and PetSmart, an 870,000-square-foot facility that is 100% pre-leased.
Total Industrial inventory in the Philadelphia market area amounted to 1,012,862,282 square feet in 19,483 buildings as of the end of the first quarter 2013. The Flex sector consisted of 82,641,464 square feet in 3,189 projects. The Warehouse sector consisted of 930,220,818 square feet in 16,294 buildings. Within the Industrial market there were 2,399 owner-occupied buildings accounting for 229,134,214 square feet of Industrial space.
This trend is compared to U.S. National Industrial deliveries and construction, which saw 166 buildings totaling 15.95 million square feet complete construction with an additional 54.82 million square feet of industrial space still under construction at the end of the first quarter. The 1 million-square-foot facility at 3851 Youngs Rd. in Chicago delivered, and the 1.8 million-square-foot Intel Ronler Acres D1X in the Portland market is still underway. Total industrial inventory in the U.S. market area totaled 20.79 billion square feet in approximately 520,000 buildings at the end of the first quarter 2013, including almost 60,500 owner-occupied industrial buildings.
www.omegare.com
Friday, May 17, 2013
Thursday, May 16, 2013
The Judge Org Renews 101,000-SF Warehouse Lease
The Judge Organization, a third-party logistics services provider, renewed for a three-year lease term to continue occupancy of its 100,800 square feet of warehouse space at the Bristol Industrial Park Building BA-30.
Located at 30 Runway Rd. in Levittown, PA, the 198,550-square-foot warehouse sits on more than 12 acres in the Bucks County Industrial submarket of Philadelphia. The site is strategically located with major access to highways, public transportation and the post office.
www.omegare.com
Located at 30 Runway Rd. in Levittown, PA, the 198,550-square-foot warehouse sits on more than 12 acres in the Bucks County Industrial submarket of Philadelphia. The site is strategically located with major access to highways, public transportation and the post office.
www.omegare.com
JW Pepper & Son Purchases Exton Office
J. W. Pepper & Son, Inc. purchased the office building at 191 Sheree Blvd. in Exton, PA from Elite Underwriting Services, Inc. for $5.1 million, or about $118 per square foot.
The two-story, 43,200-square-foot building was constructed in 2002 in the Stone Ridge Corporate Center. The new owner will occupy the building in the fall.
www.omegare.com
www.omegare.com
Wednesday, May 15, 2013
Tuesday, May 14, 2013
5 New Retailers Set To Open in Phase II of the Shops at Walnut Grove in Feasterville-Trevose
5 new leases with an aggregate value of over $1,000,000 were
signed for Phase II of the SHOPS AT WALNUT GROVE, located at Bustleton
Pike & County Line Road in Feasterville-Trevose, Pennsylvania. Phase II is
a new addition to the existing SHOPS AT WALNUT GROVE, which was completed in
2011 and is anchored by Bottom Dollar Food, Bella Nails & Spa, Kyoto Sushi
& Hibachi and Dunkin Donuts, who opened for business December 2012.
Larry’s Steaks (“Home of the Belly Filler”) will open their 3rd restaurant location in June 2013. Construction has already commenced on their new 1,260 square foot space, and will be owned and operated by Tony Elebah, who currently owns and operates Larry’s Steaks at 9th Street & Girard Avenue in the Ludlow section of Philadelphia, and at 54th Street & City Avenue in the Wynnfield section of Philadelphia. www.larryssteaks.com
Opps! It’s Frozen Yogurt, a new 1,975 square foot frozen yogurt store will join the Shops at Walnut Grove in June and will also be owned and operated by Tony Elebah of Larry’s Steaks.
Little Caesars executed a 5-year lease for a new 1,260 square foot pizza restaurant and is scheduled to open June 2013. This is the operator’s first Little Caesars location.
Wiggle Worms, a locally operated hair salon specializing in children’s haircuts and styling will relocate their existing salon from Byberry Road to The Shops at Walnut Grove this spring. Wiggle Worms has been owned and operated by Kira Ferguson since 2003. www.wigglewormshairstudio.com
JW Wireless, a Verizon Wireless Retailer executed a 5-year lease for a new 1,915 square foot “end-cap” store. JW Wireless currently operates 35 Verizon stores in California, Nevada and Arizona and have just recently started their expansion into the Northeast, where the Shops at Walnut Grove will be their first Verizon Wireless store.
One (1) 1,315 square foot store remains available for lease.
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