Tuesday, July 16, 2019
Counter Capital Buys Mixed-Use Property for $19.1 Million
Counter Capital Management, a joint venture between Christian Dalzell's Dalzell Capital Partners and Mukang Cho's Morning Calm Management, purchased a mixed-use property in Philadelphia's Rittenhouse Square neighborhood from local full service investment firm Pearl Properties for $19.1 million.
The Class B property at 1501 Locust St. includes 29 multifamily units and ground floor retail. Built in 1947, the 10-story property was converted into a luxury mulitfamily property in 2010.
Barclays Capital provided a $14.1 million loan in the off-market transaction, and the deal marks Counter Capital's first acquisition since its launch in March.
"[1501 Locust Street] is so different from anything else we own; it’s a different caliber. So, this was a very exciting closing," Dalzell said in a statement. "We’re now starting to envision the expansion of what we’re doing here in Philly into multiple markets. We have the capacity and the expertise level."
www.omegare.com
The Class B property at 1501 Locust St. includes 29 multifamily units and ground floor retail. Built in 1947, the 10-story property was converted into a luxury mulitfamily property in 2010.
Barclays Capital provided a $14.1 million loan in the off-market transaction, and the deal marks Counter Capital's first acquisition since its launch in March.
"[1501 Locust Street] is so different from anything else we own; it’s a different caliber. So, this was a very exciting closing," Dalzell said in a statement. "We’re now starting to envision the expansion of what we’re doing here in Philly into multiple markets. We have the capacity and the expertise level."
www.omegare.com
New Jersey Office Asking Rent Sets New Record Again
The New Jersey office market is showing continued improvement and in the second quarter set a new record high for asking rents, according to a report released today.
The statewide average asking rent reached an all-time high for the second time in the past three quarters. The New Jersey office market recorded its fifth consecutive quarter of positive net absorption, driving the state’s average asking rent to a historical peak of $27.22-per-square-foot, which marked the first time the average has ever exceeded $27-per-square-foot.
Multiple submarkets throughout the state are experiencing higher than 5% year-over-year growth in rents including Woodbridge/Metropark, Edison South, Parsippany Region, Hudson Waterfront, Wayne/Paterson and Somerset/Interstate 78 East.
Of the state’s 21 submarkets, 15 are posting higher rents year-over-year and compared to the previous quarter. In addition, 13 of the 21 submarkets are experiencing occupancy levels that are higher than the state average.
“Continued demand for high-quality office space is supporting both successful repositioning of existing assets within prime locales and this cycle’s first speculative ground-up office development. These factors are putting upward pressure on overall market rents. The steady success of the New Jersey commercial real estate market is encouraging investors to move forward with new development plans throughout the state, in both urban and suburban areas.”
Among the major commercial real estate projects underway in the Garden State include Toll Brothers’ 1000 Maxwell Lane in Hoboken; 350,000 square feet of office space planned in Morristown by SJP Properties and Scotto Properties and the Silverman Group’s plans for more than 100,000 square feet of office space above existing retail properties in Morristown.
“The U.S. economy reached the longest expansion in U.S. history and at the same time, we’re seeing some remarkable trends and growth in the office sector. However, the Grow New Jersey tax credit program expired with no replacement and remained under scrutiny, which may pose some challenges to attracting and retaining businesses. The minimum wage increase could also impact hiring and potentially decelerate overall growth.”
The largest new leases signed in the suburbs by life sciences companies include the IQVIA sublease for 115,000 square feet in the Somerset/I-78 East submarket and Genmab U.S. Inc. for 90,000 square feet in the Princeton submarket. Other sectors during the that drove activity during the second quarter included law firms, professional services firms and healthcare companies, while government tenants were particularly active in Newark.
www.omegare.com
Monday, July 15, 2019
Medecision Inks Sublease Deal at CrossPoint at Valley Forge
Medecision, a leader in software solutions for the healthcare industry, subleased 24,726 square feet at Prime US REIT's Class A office building at CrossPoint at Valley Forge in Wayne, Pennsylvania.
The 272,360-square-foot, four-story building at 550 E. Swedesford Road was built in 1974 and renovated in 2014. The 4-Star property spans 25.3 acres less than four miles from King of Prussia.
www.omegare.com
The 272,360-square-foot, four-story building at 550 E. Swedesford Road was built in 1974 and renovated in 2014. The 4-Star property spans 25.3 acres less than four miles from King of Prussia.
www.omegare.com
Friday, July 12, 2019
Teva buys three buildings in West Chester for its R&D campus
By John George and Natalie Kostelni – Philadelphia Business Journal
Teva Pharmaceuticals USA bought three buildings in West Chester this week that — together with three other adjacent buildings it already owns — will allow the pharmaceutical manufacturer to “firmly establish” a North America research and development campus in Chester County.
About 650 employees will be based at Teva in West Chester by the end of 2019, including teams involved in product and device research and development, regulatory affairs, medical affairs and a variety of support functions.
A Teva spokeswoman said the company is not planning to make new hires, but will be consolidating positions at other Teva locations in the region at the West Chester campus.
Teva declined to disclose the purchase price for the three buildings it purchased, all of which the company previously leased. According to county property records, the purchase price paid to Liberty Property Trust (NYSE: LPT), the seller, was $30 million.
Fully story: https://tinyurl.com/y4esz45g
www.omegare.com
Teva Pharmaceuticals USA bought three buildings in West Chester this week that — together with three other adjacent buildings it already owns — will allow the pharmaceutical manufacturer to “firmly establish” a North America research and development campus in Chester County.
About 650 employees will be based at Teva in West Chester by the end of 2019, including teams involved in product and device research and development, regulatory affairs, medical affairs and a variety of support functions.
A Teva spokeswoman said the company is not planning to make new hires, but will be consolidating positions at other Teva locations in the region at the West Chester campus.
Teva declined to disclose the purchase price for the three buildings it purchased, all of which the company previously leased. According to county property records, the purchase price paid to Liberty Property Trust (NYSE: LPT), the seller, was $30 million.
Fully story: https://tinyurl.com/y4esz45g
www.omegare.com
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