Wednesday, November 13, 2019

Strategic Funding Alternatives Buys Cherry Hill Office Portfolio for $33M

by John Jordan Globest.com
The three-building Woodland Falls office complex here has changed hands in a $33-million deal.

Moorestown, NJ-based Strategic Funding Alternatives acquired the 217,986-square-foot complex from Crown Properties.  SFA secured a 10-year, $24.75-million fixed-rate acquisition loan for the portfolio that is located near Center City Philadelphia.

The Woodland Falls corporate park currently has an occupancy rate of approximately 97% and is home to tenants that include PNC Bank, Corcentric LLC, Ballard Spahr LLP, 1st Colonial Community Bank and M&T Bank.

SFA managing principal, Jeffery Schneider states, “With its convenient location and parklike setting, Woodland Falls has been a long sought-after corporate park and we look forward to further strengthening its appeal.”

SFA reports it has plans for common area and landscaping improvements to Class A office complex. The deal is largest acquisition to date for the privately-held eal estate investment firm that was founded in 2016.
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The Fellowship Business Center NJ Trades for Nearly $10.7M

by John Jordan Globest.com
The Bloom Organization has sold the five-building Fellowship Business Center here to a private investor for $10.675 million.

The deal for the 96,000-square-foot complex within the East Gate Business Park was reported by Ian Richman and Marc Isdaner of Colliers International’s Mount Laurel office, which represented the seller in the deal. The complex was 96% occupied at the time of the sale.

The multi-tenanted complex of office/flex properties benefits from its location that offers access to the New Jersey Turnpike, I-295, Route 73 and Route 38 and is within a half-hour from Philadelphia.
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Stuffed Puffs Manufacturing Firm Expands Operations in PA

by John Jordan Globest.com
Chocolate marshmallow manufacturer Stuffed Puffs is expanding its operations in Pennsylvania to a 150,000-square-foot building here in the Lehigh Valley.

The food processor will create 134 new full-time jobs in connection with the expansion, according to state officials. The firm secured approximately $1.1 million in incentives in the form of grants and tax credits from the commonwealth.
The confectionary manufacturer will be located at the former Guardian Life property, owned by JG Petrucci, to manufacture chocolate stuffed marshmallows and plans to make significant improvements to the property. Stuffed Puffs will begin manufacturing operations in May 2020 and has committed to investing $31.5 million in capital funding toward the project.

“Food processing is one of Pennsylvania’s most robust and vibrant industries, supporting thousands of jobs and generating more than $5 billion in sales annually,” says Pennsylvania Gov. Tom Wolf. “It is only fitting that a new, innovative food company would make the commonwealth its new home, and we are proud to make the investment that will turn that plan into reality.”
Stuffed Puffs received a funding proposal from the Department of Community and Economic Development for a $670,000 Pennsylvania First grant, $268,000 in Job Creation Tax Credits, and $140,400 in grants for workforce training and development.

“Stuffed Puffs is the easy new way to make a good old-fashioned American favorite S’mores, even better and it’s delicious also to eat right out of the bag,” says Richard Thompson, managing partner at Factory LLC the parent company of Stuffed Puffs. “At Factory LLC we seek innovation and we know Stuffed Puffs is a big winner and the new plant will support our continued growth, because we can’t make it fast enough.”

Stuffed Puffs initially launched its product exclusively at Walmart stores and will be expanding to other retailers in 2020.
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Monday, November 11, 2019

REIT Investing 101: Real Estate + High Yields (Video)

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Opportunity Zone: Update (Video)

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Skanska Completes 465,000SF Inspira Medical Center in Mullica Hill NJ

by John Jordan Globest.com
A grand opening ceremony was held on Friday celebrating the completion of the new five-story, 465,000 square-foot Inspira Medical Center Mullica Hill here.

The project is the first hospital to open in 45 years in Gloucester County, NJ. Skanska USA constructed the new hospital with partners Array Architects and Leach Wallace Associates using the Integrated Project Delivery approach, which is Skanska’s largest IPD project to date in North America. The approach, which brings together the client, designer and builder to align stakeholders and streamline project execution, created approximately 400 local full-time jobs to the construction site.
The new hospital will provide inpatient hospital care with 210 private rooms, state-of-the-art surgical suites, a modern emergency department with dedicated pediatric and senior ERs, and a maternity center. The project also includes a new central utility plant and solar field, which provides electrical power, heating/hot water and chilled water to the facility.

In addition to the new hospital, Skanska is also building Inspira Health’s new Leading-Edge Cancer Center, which is scheduled to open in early 2020. An attached addition to the main hospital building, the new cancer center spans 120,000 square feet and will provided comprehensive cancer services all under one roof. The addition will also be home to several suites devoted to non-cancer-related clinical and office functions.
This is the third major hospital project for Skanska USA in the Delaware Valley in the last year. Skanska is also building the Women and Children’s Health Building for ChristianaCare in Newark, DE which is slated for completion in 2020, and a new inpatient hospital for Children’s Hospital of Philadelphia in King of Prussia, PA.
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