Tuesday, January 5, 2010

LCTI buys Hatboro building from Jenbrooke & Other Deals of Note

LTCI Inc. bought a 33,530-square-foot industrial building at 210 Bonair Drive in Hatboro for $815,000 ($24.31/sqft). The building was constructed in 1960 and renovated in the early 2000. Jenbrooke Properties Inc. sold it to LCTI, an insurer.

Financing was arranged for the acquisition of a shopping center in Feasterville. Deerwood Real Estate Capital lined up $3.9 million for the purchases of a 112,000-square-foot center anchored by Michael's and a Dollar Tree. The loan is a refinancing of an expiring CMBS loan and features a five-year term with 25-year amortization.

Goldenberg Group, a Blue Bell retail developer, cinched up a series of leases totaling more than 142,000 square feet making its portfolio 99 percent leased up, according to the company. The local deals include: hhgregg Appliances and Electronics, which took 35,127 square feet at Whitman Square in Philadelphia. Ashley Furniture signed for 39,758 square feet at The Court at Oxford Valley in Fairless Hills. The Court at Oxford Valley is owned by Goldenberg in partnership with The Pennsylvania Real Estate Investment Trust (NYSE:PEI); Five Below inked a 8,958-square-foot lease at Columbus Commons in South Philadelphia. Clearwire also took 3,907 square feet at Columbus Commons. Joyce Leslie signed a lease for 7,950 square feet at The Court at Deptford II in Deptford, N.J. ; Ombudsman signed a lease for 3,018 square feet at ParkWest Town Center in West Philadelphia. Also at ParkWest, Planet Fitness signed a lease for 9,400 square feet; and Verizon signed a lease for 1,875 square feet at The Shoppes at Upper Hanover in Montgomery County.

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