Saturday, March 3, 2012

Real Estate Fine Print

by Natalie Kostelni
"BPG Properties Ltd. expanded its Arizona presence and bought a Class A office complex in Scottsdale, marking its second acquisition in that market.

The Philadelphia company paid $34.25 million for Lincoln Towne Centre, which is substantially below replacement costs. The 223,605 square-foot-building is 33 percent vacant. BPG Properties bought the complex from Lincoln National Life Insurance Co.

Tenants include CNA National Warranty Corp. (NYSE:CAN) and EMC Corp. (NYSE:EMC). The site consists of two, five-story office towers with below grade parking for more than 800 cars and it was built in 1999 …

Zukin Realty Co. got the go-ahead from Chester County, Pa., to buy three contiguous buildings at 33-35-37-39 W. Market St. in West Chester. Zukin will pay the county $575,000 for the properties … An 11-unit mixed-use property consisting of nine apartments and two retail spaces at 1061-1063 Easton Road in Abington sold for $1 million. Marcus & Millichap arranged the transaction between two undisclosed entities …

Markeim-Chalmers completed a series of deals including: The sale of a 2,500-square-foot office building at 204 Kings Highway S. in Cherry Hill, N.J., for $295,000; Velocity Sports/Rothman Institute leased 14,000 square feet at 309 Fries Mill Road in Sewell, N.J., for seven years; and the renewal of two leases at 5090 Central Highway, Pennsauken, N.J., in a building owned by J&J Snack Foods. WIS International and Vital Network Services took a combined 10,000 square feet in the building … Ocean Healthcare Operating Partners of Lakewood, N.J., placed a $15 million bid on a 200-bed hospital on 22.3 acres in Pemberton, N.J., that is operated by the Burlington County government, according to the Courier-Post. The facility serves long-term care and psychiatric patients. The county still needs to decide whether it wants to approve the deal …

A developer is eying converting the First Baptist Church of Ardmore at the intersection of Athens Avenue and St. Paul’s Road, for residential use, according to a report in the Main Line Times. Wally Smerconish will present his plans to the community on Tuesday at the church … Buccini/Pollin Group is getting closer to constructing a new $36 million, 180-room Westin Hotel on the riverfront in Wilmington, Del. The developer is set to receive $5 million in public-loan guarantees to help build the hotel, according to a report in the Wilmington News Journal. The Riverfront Development Corp. has been working with Buccini Pollin for more than a year on the project and firming up the details on the acquisition of the publicly owned parcel."
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