Monday, December 17, 2018

Kimco Eyeing Potential to Unlock Embedded Value in Sears/Kmart Locations

Norriton Medical Center Sold

by Steve Lubetkin,
The Norriton Medical Center, a 74,212-square-foot medical center anchored by Einstein Orthopedics and Moss Rehabilitation Hospital, at 160-190 West Germantown Pike in the Philadelphia suburb of East Norriton, PA sold for $12.35 million.

The name of the buyer was not disclosed. The seller is an indirect wholly owned subsidiary of Franklin Realty Development Corporation.

Located in Greater Philadelphia, home to one of the largest concentrations of healthcare institutions, teaching hospitals, R&D facilities, and life sciences hubs in the country, Norriton Medical Center is located near the area’s largest hospitals, Einstein Medical Center Montgomery (1.4 miles) and Suburban Community Hospital (0.8 miles).

The 7.31-acre, four-building complex is currently 92 percent leased and features the area’s only nationally ranked rehabilitation facility that operates under the Einstein Healthcare Network umbrella

Hunter Truck Signs 10-Year, 81K SF Flex Lease in Philadelphia, PA

by Steve Lubetkin,
Hunter Truck, a family owned and operated network of truck dealerships, has signed a ten-year, 81,226 square-foot office/warehouse lease with Charter Road Realty for a property at 2811 Charter Road in Philadelphia, PA.

Hunter plans to operate a full-service International/Navistar heavy- and medium-duty truck dealership and an Idealease heavy- and medium-duty truck leasing company at the location.  The company says it will employe 40–50 people within the first year of operation.

Hunter has been in business for more than 80 years, with locations that span over multiple states in the Northeast (Pennsylvania, New Jersey, New York and West Virginia).

ShopOne Purchases Southampton Shopping Center

by Steve Lubetkin,
ShopOne Centers REIT, a New York-based owner, operator and manager of high-quality grocery-anchored shopping centers, has entered the Philadelphia market with its acquisition of Southampton Shopping Center, a 150,457 square-foot shopping center located in Southampton, PA. ShopOne’s strategy is to own well-located grocery anchored shopping centers in densely populated, fundamentally strong markets across the country.

Southampton Shopping Center is anchored by a market-leading, 59,892-square-foot Giant grocery store. Giant enjoys the highest market share in the Philadelphia metropolitan statistical area with nearly twice the share of its nearest competitor.
Southampton Shopping Center provided us with an excellent opportunity to enter a key market with high barriers to entry,” says Michael Carroll, chief executive officer of ShopOne. “Philadelphia is a target market for ShopOne. I am fortunate to have a long-standing relationship with the Giant team and I am thrilled to partner with them with them to maximize the performance of this property. In a continually evolving retail real estate market, this purchase of this center adds another stable, well-performing asset to our portfolio.”

Located 3.5 miles from the city limits of Northeast Philadelphia, Southampton Shopping Center is supported by strong demographic and economic fundamentals. The 5-mile radius surrounding the shopping center contains a population of over 210,000 with an average household income of over $98,000. Over the last three years, 74% of the in-place shop space at the property has executed lease renewals at rental rates that are on average 9% higher.

Southampton Shopping Center features a unique mix of restaurants and shops including Saladworks, Robin Hood Restaurant,  Tuesday Morning, Pennsylvania Wine & Spirits, and three banks with total deposits in excess of $317 million.

Friday, December 14, 2018

Economic and Commercial Outlook-Investor Sentiment and Sector Outlook (Video)

Industrial: Still a Favored Sector? (Video)

Endurance Real Estate Group Breaks Ground on 125,000-SF Distribution Center in Pittston, Pennsylvania

Endurance Real Estate Group, along with Blue Vista Capital, a Chicago-based investment management firm, broke ground on a 125,125-square-foot build-to-suit facility adjacent to Interstate 81 in Pittston, Pennsylvania.

Plans for the single-story structure at 140 Industrial Drive call for 193 loading docks, two drive-in bays, 54- by 45-foot column spacing and a 40-foot clear ceiling height. Spanning 225 acres, the facility will be less than five miles from Wilkes-Barre/Scranton International Airport.

In addition to the build-to-suit facility, the first phase of the development plan for Interstate Distribution Center includes construction of a 1.08 million-square-foot building, which is currently underway. The second development phase includes a third building on the northern part of the site anticipated to be around 500,000 square feet.