Friday, April 27, 2012

The Philly area’s commercial real estate roundup

by Natalie Kostelni

A building that housed the former Drafting Room, a popular bar and eatery in Spring House, Pa., that closed two years ago, has sold for $1.1 million.

The last time the building sold it was in 1998, for $1.4 million. The 10,000-square-foot building on two acres at 900 N. Bethlehem Pike had been on the market for two years with three different buyers stepping up. The buyer, an affiliate of Andy’s Diner, plans to open an additional location at the site. DRI Real Estate Holdings was the seller.
5 Digit Plus leased 63,809 square feet at 200 Connecticut Drive at the Burlington Commerce Center in Burlington, N.J. The 148,500-square-foot building is owned by Exeter Property Group. 5 Digit, which provides postal optimization solutions and commingling services to agencies and mailers, leased the space for five years.

Perkiomen Creek Village, an eight-unit apartment complex at 514–530 Gravel Pike In Collegeville, Pa., is on the market for $1.15 million. The complex totals 10,500 square feet on the Perkiomen Creek and trail.

Panattoni Development Co. bought 129 acres in I-81/I-78 Logistics Park in Union, Pa., in Lebanon County. Panattoni plans to build two distribution facilities totaling 1.5 million square that will be completed next spring.

A 9,240-square-foot medical office building at 1201 County Line Road in Bryn Mawr, Pa., traded for $1.21 million, or $131 a square foot.
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