Thursday, July 21, 2011

Signs of CRE life, Brandywine logs 1.4 million square feet

by Natalie Kostelni
"Despite reports of the recovery possibly slowing down, commercial real estate sales and leasing activity continues to show signs of picking up.

Both Brandywine Realty Trust and Buccini/Pollin saw decent activity. Brandywine logged 1.4 million square feet of leasing activity in the second quarter. Of that, 372,146 was in the Pennsylvania suburbs with a spattering in Center City and South Jersey.

Among Brandywine’s largest deals: Federal Express renewing in 104,500 square feet at 442 Creamery Way in Exton; Larson Allen signing a 28,880 square foot lease at 610 Plymouth Meeting Executive; and Pepper Hamilton renewing 27,326 square feet lease at 400 Berwyn Park; In Navigant Consulting Inc. renewing a 15,410 square foot lease at Three Logan Square in Center City

Buccini/Pollin leased 120,665 square feet before the close of the second quarter. Among some of its deals were: Monetate, which moved into 20,165 square feet at Quaker Park in Conshohocken; Summit Foods, in a new lease for 12,432 square feet at 500 S. Gravers Road in Plymouth Meeting; and Progressive Financial’s renewal on 15,480 square feet in Baldwin Tower, in Eddystone … Ferrandino & Son, a national provider of commercial construction and property maintenance services from New York, leased 11,185 square feet at 2600 Eisenhower Ave. in Valley Forge from BioMed Realty Trust Inc. Ferrandino is relocating its national general contracting division from Collegeville to the 2600 Eisenhower location. The deal means the 27,750-square-foot building is fully leased.

In a court-approved multifamily portfolio sales, Gebroe-Hammer Associates handled a $8.5 million sale of three apartment complexes totaling 386 units in Chester. The three apartments were in receivership and an undisclosed buyer who already owns properties in Chester bought them. The largest of the three properties is St. James Gardens, a nine-building, 228-unit, two-story garden apartment complex at 314 East 224th St. Also sold was Renshaw Terrace Apartments, at 1300 Renshaw Road, which is a three-building, 78-unit garden-apartment complex. And lastly, Willow Gardens at 1101 Dorian Drive is a seven-building, two-story, 80-unit garden complex …Willow Ridge Village, a 296-unit, 24-building complex totaling 251,824 square feet at 1 Meridian Court — not far from Routes 70 and 73 in Marlton, N.J. — traded for an undisclosed price but at a 6.25 percent cap rate. The property garnered 45 property tours and received almost 30 offers …

All Medical Supply leased 4,800 square feet at 60 James Way in Southampton. The company will be occupying this space for offices, storage and warehousing of medical supplies."

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