Thursday, January 12, 2012

Philadelphia region’s top commercial real estate deals of 2011

by Natalie Kostelni
Commercial real estate sales throughout the Philadelphia region last year were not robust.

While multifamily was the hot property type that traded last year, office, retail and industrial lagged behind. Here’s a look back at some of the top deals (For more information and context on the transactions, click on the links):

Simon Property Group took control of the 2.4-million-square-foot King of Prussia Mall in a transaction valued at around $1.25 billion, which was the largest transaction from last year in terms of dollars and square feet, making it a difficult one to beat.

David Werner Real Estate Investments paid $143.5 million for 1700 Market St., an 841,000-square-foot building in Philadelphia.

An affiliate of the Morris Cos. of Rutherford, N.J., bought Ashbridge Square, a 386,016-square-foot shopping center at 900 E. Lancaster Ave. in Downingtown for $51.75 million.

Teva Pharmaceuticals paid $40.59 million for 138 acres at One Red Lion Road in Philadelphia.

An affiliate of Liberty Property Trust paid $40 million for the surface lot at 18th and Arch streets in Philadelphia.

 An affiliate of Post Brothers Apartments bought the old Empirian Luxury Towers at 633 W. Rittenhouse St. in Philadelphia for $27.3 million.

 BPG Properties Ltd. sold Executive Terrace, a four-story, 132,089-square-foot office building at 455 S. Gulph Road in King of Prussia for $26.5 million.

 Home Properties paid $24 million for Waterview Apartments, a 203-unit complex fronting Route 3 at Waterview Road in West Chester from Fairfield Residential Inc.

 Bart Blatstein’s Tower Investments paid $21 million to buy 1400 Spring Garden St., a 19-story building totaling 300,000 square feet that has a 208-space parking garage from the state. Tower also paid $22.65 million to buy the Philadelphia Inquirer and Daily News’ old headquarters at 400 N. Broad St., an 18-story, 470,000-square-foot building.

SI Organization Inc. bought the 271,000-square-foot building it occupies at 751 Vandenburg Road in King of Prussia for $21.4 million. The building was constructed in 1967. Lockheed Martin sold its Enterprise Integration Group division in November 2010. When Lockheed divested itself of EIG, it was renamed SI Organization, which quietly supports the intelligence community on their missions.

Federal Realty Trust sold the Feasterville Shopping Center, a 110,362-square square-foot strip at 1045 Bustleton Pike in Feasterville for $20 million.

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