Tuesday, August 19, 2014

Glazer lays out Conshy office, hotel, bar, parking

by Joseph N. DiStefano, Philadelphia Inquirer
Bill Glazer's Keystone Property Group, best known before now as a buyer and renovator of aging office buildings in Philadelphia and its suburbs, has unveiled a new plan for One Conshohocken, a redevelopment scheme including a public plaza, a 300,000 sq. ft. office building, a 200-room hotel, and shops and restaurant space, including conversion of the 136-year-old firehouse as a bar.

No tenants or hotel have been signed to date, Glazer's spokesman told me. Conshohocken plans to review the proposal at a borough meeting Wednesday night.

One Conshohocken is also designed to include 300 free parking spaces. The project is close to Conshocken's Septa station (Philadelphia-Norristown train line) and the crowded Schuylkill Expressway (I-76). The borough and the Montgomery County Redevelopment Authority picked Glazer's company to redevelop the site last year. The town, formerly an industrial center, has attracted offices and apartments over the past 20 years as a suburban alternative to Center City Philadelphia.

Read more at http://www.philly.com/philly/blogs/inq-phillydeals/Glazer-lays-out-Conshy-office-hotel-bar-parkking.html#LlRuwJlVmqImeddA.99

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Airbnb: The Hotel Disruptor Unconstrained by Real Estate

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Monday, August 18, 2014

Hidden Forest Apartments Sells for $21M

Hidden Forest Apartments, 602 Hidden Forest Ct., Fairless Hills, PA, was been sold to a private Investor by TGM Associates for $21,300,000, or $89,496 per unit.

“This property attracted strong interest from New York investors because of its ideal location near I-95 and the Pennsylvania Turnpike in Bucks County. Investors saw strong rental upside, as the property enjoyed 98% occupancy,” says Miller. “Fully renovated more than ten years ago, the property was much younger than its 1967 construction date.  Furthermore, the property was in excellent condition as it was institutionally managed by TGM.”

3 Leases Completed in the Colwick Business Center

Three lease transactions were completed in the Colwick Business Center.
Colwick Business Center features three single story office buildings owned and managed by an affiliate entity of Endurance Real Estate Group LLC.

·         7,994 square feet of office space to South Jersey Behavioral Health Resources Inc.
·          2,600 square feet to MorphoTrust Usa Inc. 
·          12,604 square feet to QMA, Inc. 
These new tenants will join The Philadelphia Inquirer, The Internal Revenue Service, andUrban Engineers, among others. Available remaining suites range in size from 15,025 to 51,853 square feet (divisible). The largest contiguous block of vacant space at 55 Haddonfield Road, is one of a very few premier vacancies over 50,000 SF in the area.

Endurance acquired Colwick Business Center last summer and made a major investment in improvements, recently completing exterior upgrades and securing NJ Transit bus service through the office park. The office complex features highly efficient suite layouts, private 24/7 access to each tenant suite, no loss factor, and ample parking. Ownership has committed to making substantial base building improvements and restored Colwick to its class-A campus environment and prestige.
“In the competitive Camden County leasing environment, we are excited to have executed on our business plan by absorbing 23,000 square-feet of office space in less than 12 months. We are pleased with the level of deal momentum and are optimistic about our pending activity,” says Benjamin Cohen, president of Endurance Real Estate Group.

Colwick Business Center is located just west of the Cherry Hill Mall on a stretch of Haddonfield Road that has recently undergone a massive redevelopment renaissance. The area features affluent residential communities, retail centers, hotels, and other amenities attractive to office tenants. The mall has been completely overhauled in the last few years, with the opening of Nordstrom and many other high end retail stores and restaurants such as The Capital Grille. There is currently a Super Wawa under construction in the immediate vicinity, which will further expand the retail corridor.


Saturday, August 16, 2014

Michael Baker International Relocates in Allentown

Michael Baker International committed to a long-term lease in the new Two City Center Class A office tower at 645 West Hamilton St. in Allentown.

Baker’s new space in the heart of the downtown PPL Center arena block efficiently accommodates current engineering and construction services staff as well as anticipated growth.

“With this move to Two City Center, Baker gains an office identity that reflects our strong Pennsylvania presence,” said Ralph Eberhardt, P.E., office manager in Baker’s Pennsylvania Construction Services practice. “Geographically, our new downtown office will reaffirm and optimize our existing client relationships and confirm Baker’s commitment to the ongoing redevelopment efforts.”
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Philadelphia Industrial Deliveries, Construction and Inventory

During the second quarter 2014, eight industrial buildings totaling 3,127,992 square feet were completed in the Philadelphia market area. This compares to three buildings totaling 214,056 square feet that were completed in the first quarter 2014.

There was 8,276,767 square feet of Industrial space under construction at the end of the second quarter 2014.

Some of the notable 2014 deliveries include: 9645 West Hills Ct, a 980,000-square-foot facility that delivered in second quarter 2014 and is now 100% occupied, and 30 Martha Dr, a 906,919-square-foot building that delivered in second quarter 2014 and is now 100% occupied.

The largest projects underway at the end of second quarter 2014 were Liberty at Shippensburg on Olde Scotland Rd, a 1,700,000-square-foot building with 100% of its space pre-leased, and 3215 Commerce Center Dr, a 1,644,450-square-foot facility that is 100% pre-leased.

Total Industrial inventory in the Philadelphia market area amounted to 1,021,212,845 square feet in 20,149 buildings as of the end of the second quarter 2014. The Flex sector consisted of 84,692,787 square feet in 3,265 projects. Within the Industrial market there were 2,617 owner-occupied buildings accounting for 239,826,483 square feet of Industrial space.

This trend is compared to U.S. National Industrial deliveries and construction, which saw 229 buildings totaling 28.56 million square feet complete construction, with an additional 119.7 million square feet of industrial space still under construction at the end of the second quarter. The 2.1 million-square-foot 4500 S. Dobson Rd. delivered in the Phoenix market, while the 1.8 million-square-foot D1X Mod 2 building was still underway in the Portland market. Total industrial inventory in the U.S. market totaled 20.96 billion square feet in more than 618,000 buildings at the end of the second quarter 2014, including more than 69,000 owner-occupied projects.
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Thursday, August 14, 2014

West Chester Office Sold for $4.6M

RedGo Development sold the office building at 1055 Andrew Dr. in West Chester, PA to a private investor for $4.6 million, or about $169 per square foot.

The single-story, 27,180-square-foot property was built in 2003 on two-thirds of an acre in the West Chester submarket of Philadelphia. The asset was fully leased at the time of sale
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