Friday, January 18, 2019

The Rise of Secondary and Tertiary Markets in Commercial Real Estate (Video)

Why buy real estate over other investments offering similar cash on cash returns? (Video)

Kline Plaza Shopping Center Sold in Harrisburg

by Steve Lubetkin,
Nassimi Realty LLC purchased the Kline Plaza Shopping Center, a 214,628-square-foot shopping center in the heart of Harrisburg, PA, from Brixmor Property Group for an estimated $8.7 million. The transaction value was reported by Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
The seller was Brixmor.

The shopping plaza, located at South 25th and Market Streets, is anchored by Giant Food Stores, Citi Trends and Family Dollar.
“The demand for grocery-anchored shopping centers remains extremely competitive throughout the region, and that was highlighted throughout this process. Giant’s commitment to the shopping center was highlighted by its recent long-term renewal.

Thursday, January 17, 2019

Ashley HomeStore Signs Lease in Delran, New Jersey

Ashley HomeStore, a furniture store chain with more than 800 locations worldwide, signed a 25,904-square-foot lease at the Greenleaf at Delran shopping center in Delran, New Jersey.

The 171,449-square-foot center at 5011 Route 130 was built in 1972. Spanning nearly 36 acres, the Class B property is less than 14 miles from downtown Philadelphia.

Denver-based Black Creek Group Buys Allentown, Pennsylvania, Warehouse

Black Creek Group, a Denver-based investment, management and development firm, purchased a 153,600-square-foot warehouse at Iron Run Corporate Center in Allentown, Pennsylvania, from High Street Realty Company for $15.3 million, or about $100 per square foot.

The fully leased, single-story structure at 7055 Ambassador Drive comprises 18 loading docks, one drive-in bay, 40- by 40-foot column spacing and a 26-foot clear ceiling height. Built in 1991, the 4-Star property spans 15 acres less than 12 miles from Lehigh Valley International Airport.

During its 25-year history, Black Creek Group has bought or built more than $18.5 billion of investments, including office, industrial, retail and multifamily properties, according to its website.

HomeGoods Inks Deal in East Stroudsburg, Pennsylvania

HomeGoods, a brick and mortar chain of discount home furnishing stores, signed a 15,000-square-foot lease at Kimco Realty Corporation’s Pocono Plaza in East Stroudsburg, Pennsylvania.

The 169,381-square-foot center at 300 Lincoln Ave. was developed in 1977. The Class B property spans 15 acres across from East Stroudsburg University of Pennsylvania.

Multifamily Update 2019 (Video)