Thursday, October 17, 2019

Real Estate Cash Flow Statement Breakdown (Video)

How Older Apartments Can Competing with New Construction (Video)

Slate Property Sells Dual-Anchored Retail Center in Philly Suburb

by John Jordan
New York City-based Slate Property Group has sold the nearly 75,000-square-foot Country Line Plaza in the Philadelphia suburb of Souderton.

The property that is anchored by Big Lots and a new The Edge Fitness Club. The retail center was acquired by an unnamed private investor. No financial details of the transaction were disclosed.
The 90.3% leased center is also home to Integrated Medical Care, Pho Palace, Akira Sushi and DT Nails & Spa. Situated on 7.67 acres at 15501 Bustleton Ave., the property is visible to approximately 40,000 vehicles a day from frontage along Bustleton Avenue and County Line Road.

The deal for the property shows that demand remains high for infill, high barrier-to-entry retail real estate within the Philadelphia Metro.

County Line Plaza is 20 miles from Center City Philadelphia within an infill area that is being revitalized by the Far Northeast District plan. More than 94,700 residents earning an average annual household income of $88,839 live within a three-mile radius of the property.

Wilkes-Barre Industrial Building Acquired by Growing Distribution Firm

by John Jordan
PSI, a pipe distribution company, has acquired a 225,000-square-foot industrial building here and will expand and relocate operations from Mountain Top, PA.

PSI purchased 827 Sans Souci Parkway from Medley Investments for $4.2 million. The company has pledged to invest more than $9 million to renovate the facility, including the addition of a pipe mill, which will allow it to develop its manufacturing operations. The capital improvement project is expected to create 50 new, full-time jobs and retain 37 existing jobs for Pennsylvanians over the next three years.

“The Wilkes-Barre industrial real estate market is thriving for both property owners and investors alike.”

The property’s proximity to to I-81 and Routes 11 and 309 is an advantage for PSI. In addition, 827 Sans Souci Parkway is a crane and rail-served heavy industrial building that will be beneficial to the growth of PSI as it further develops its manufacturing operations.