Monday, May 20, 2019

Key Issues to Know as REITs Adopt New Leasing Standard (Video)

REITs Must Stay on Top of Post-Tax Reform Governmental Guidance, Tax Expert Says

Self Storage Update with Reis (Video)

Brixmor Buys Plymouth Square for $56 Million

New York-based real estate investment trust Brixmor Property Group purchased a shopping center in Conshohocken, Pennsylvania, from Signature Financial Corp. for $56 million, or about $210 per square foot.

The 266,113-square-foot center, dubbed Plymouth Square, is 70% leased to major tenants including Weis, REI, Rite Aid and Marshalls. Spanning 16.5 acres, the Class B property at 108-200 W. Ridge Pike and 1920 Butler Pike is less than 15 miles from downtown Philadelphia.

Apex Financial Snaps Up Lippincott Centre for $32 Million

Yardley, Pennsylvania-based Apex Financial Advisors purchased two office buildings in Marlton, New Jersey, from Grandview Property Partners for $32 million, or about $193 per square foot.

The Class B buildings, dubbed Lippincott Centre, at 301-303 Lippincott Drive total 165,742 square feet. Built in 1988, the four-story structures span north of 14 acres less than 15 miles from downtown Philadelphia.

The fully leased buildings house Virtua Health Inc.'s headquarters. Additional tenants include accounting firm Friedman and Morgan Stanley.

AutoZone Signs Large Lease in Tamaqua, PA

AutoZone, a retailer of aftermarket automotive parts and accessories, leased 86,000 square feet at MJF Realty’s Class B warehouse in Tamaqua, Pennsylvania.

The 102,739-square-foot facility at 25 Liberty St. comprises nine loading docks and levelators, four drive-in bays and a 21-foot clear ceiling height. Built in 1967, the property spans 31.9 acres near Interstate 81.

Headquartered in Nesquehoning, Pennsylvania, the landlord originally purchased the warehouse in January 2013, CoStar data shows.

Commercial Real Estate Lease Reimbursement Types (Video)

Dollar General Expands; Manufacturer Establishes HQ in PA

by John Jordan
Pennsylvania Gov. Tom Wolf announced on Friday that retailer Discount General Corp. has established a new cold storage facility in Schuylkill County that at full capacity will create 100 new jobs.
Dollar General’s expansion in Schuylkill County is part of the company’s new initiative toward a strategic shift to the self-distribution of perishable goods sold in its stores. The cold storage facility is currently distributing to approximately 300 stores in the Northeast. The project includes the company’s purchase of a 148,000-square-foot building in Pottsville, which is expected to create 100 new, full-time jobs over the next three years.

“Dollar General is excited to expand in Pennsylvania through the collaboration with Governor Wolf and the Pennsylvania Department of Community and Economic Development,” says Mike Kindy, Dollar General’s EVP of global supply chain. “As Dollar General embarks on our DG Fresh initiative, we sincerely appreciate the partnership from state and local leaders on this project and look forward to a longstanding presence throughout Pennsylvania.”
Dollar General received a funding proposal from the Department of Community and Economic Development, which included $200,000 in job creation tax credits to be distributed upon the creation of new jobs and a $45,000 workforce development grant to help the company train employees. The project was coordinated by the Governor’s Action Team, with additional coordination was provided by Schuylkill County Economic Development Corporation (SEDCO).

No further financial details regarding Dollar General’s purchase of the property were disclosed.

“We are pleased that Dollar General, as a nationally-recognized retailer, has acquired this cold storage facility at the Highridge Business Park joining Wegmans, Wal-Mart, and Tyson Foods in putting food on the table of families in the Northeast marketplace,” said David Snyder, chairman of SEDCO.
Dollar General operates a distribution center in Berks County and approximately 745 stores in Pennsylvania, employing more than 6,500 individuals throughout the Keystone State.

A day earlier, the governor announced that Cardbox Packaging, Inc., a multi-national manufacturer of paper/carton-based packaging products, had selected Pennsylvania as the location for its first headquarters and manufacturing operation in the United States.

Cardbox Packaging selected a 27,500-square-foot facility located in CenterPoint Commerce & Trade Park West Industrial Park in Pittston Township, Luzerne County. The company has committed to investing at least $5.3 million into the project, which is expected to create 35 new, full-time jobs over the next three years.

“Cardbox Packaging is very excited about landing in Pennsylvania and taking the first steps in establishing our presence in the U.S. packaging market,” said Michael Schaid, general manager at Cardbox Packaging, Inc. “We look forward to expanding our U.S. relationships which will result in Cardbox being able to produce innovative products. We appreciate the Governor’s Action Team guidance and support through this process.”

Cardbox received a funding proposal from the Department of Community and Economic Development for a $75,000 Pennsylvania First grant, $70,000 in Job Creation Tax Credits to be distributed upon the creation of new jobs, and a $15,300 workforce development grant to help the company train its workers.

Cardbox Packaging is an international producer of high-quality and sophisticated packaging with locations in Austria and Czech Republic. It specializes in offset printing, flatbed die-cutting, and folding gluing to convert raw materials into products for the food, cosmetic and medical industries.