Monday, March 31, 2014

Rubenstein Buys Penn Mutual Towers

by John Jordan, staff writer,
A partnership sponsored by Rubenstein Partners has acquired the Penn Mutual Towers office complex.
No financial details on the transaction were reported. Rubenstein partnership acquired the three-building, 850,000-square-foot office property at 510-530 Walnut St. recently. The deal marks Rubenstein’s return to the Center City marketplace. During parts of the 1990s, Rubenstein Partners was the largest owner of multi-tenant Class A office space in Philadelphia’s central business district.
"We believe that this is the premier building in a dynamic submarket with limited opportunities for tenants looking for high quality office space," says David Rubenstein, founder and senior managing principal of Rubenstein Partners, representing the new ownership of the building. "We are excited about the potential of both the property and the Class A office market in Center City."
Rubenstein Partners says it plans a “significant investment” to modernize the building's systems and upgrade its lobbies and other common areas. "The capital investment shows how committed Rubenstein is to restoring this historic landmark office building to its previous prominence. After years of transitional ownership due to capital structure issues, we now have the complete opposite situation with the financial strength and market reputation of the Rubenstein-sponsored partnership. This property is positioned to move to the next level and stand as an example of best in class in this market."
The property will have approximately 190,000 square feet available.

Patriot Equities bulks up on industrial space

by Natalie Kostelnie, Staff Writer for the Philadelphia Business Journal
Patriot Equities has purchased a vacant industrial building in the I-83 Corridor.
The 240,000-square-foot property at 2919 Old Tree Drive in the Old Sycamore Industrial Park in Lancaster, Pa., was sold by Avir Realty Group
Patriot, based in Wayne, Pa., plans to make several improvements to the building with the intention of trying to lease it back up. Total project cost, including the upgrades, stands at about $7.5 million.
The building was constructed in 1985 for Dana Corp. Under the name Lancaster Preferred Partners, Dana used the facility to manufacture axles for Mack Truck. In September 2012, the company closed the factory and it has remained vacant ever since.
“It’s a good fundamental property,” said Geof Gardner, chief investment officer for Patriot. “The York market is doing really well.”
The property sits off Route 30 just west of Lancaster and it is close to I-83. In addition, the market is tight with few big blocks of space available.
Patriot already owns 1.5 million square feet of space in the York, Pa., industrial market.

Thursday, March 27, 2014

What Do Investors Get Wrong About Real Estate? (Video)

Mystery $700 million 2M Sqft office space in Valley

Pennsburg Square Shopping Center Sells for $8.5M

Westover Companies acquired The Pennsburg Square shopping center at 482 Pottstown Ave. in Pennsburg, PA from Vanick Properties, Inc. for $8.5 million, or about $71 per square foot. 

The single-story, 120,243-square-foot, retail center was built in 1976 in the West Montgomery County submarket of Philadelphia.

Saga Maryland II Pays $2.6M for Newark Retail

Saga Maryland II LLC acquired the single-story retail building at 2414 Pulaski Hwy in Newark, DE from Bayrock Investment Company for $2.6 million, or about $272 per square foot. 

The 9,625-square-foot auto-repair facility was built in 2012 on 1.2 acres in the South New Castle County submarket of Philadelphia. It is occupied by a National Tire & Battery (NTB) Tire & Service Center on a triple-net lease.

Wednesday, March 26, 2014

Cedar Crest Buys Quartermaster Plaza for $92M

By John Jordan, writer for

Cedar Realty Trust has closed on the purchase of the 456,000-square-footQuartermaster Plaza in South Philadelphia for $92.3 million.
The purchase price included the assumption of $53.4 million of fixed-rate debt by the Port Washington, NY-based REIT. Quartermaster Plaza, which was built in 2004, is 98% occupied and anchored by a BJ's Wholesale Club.
Cedar Realty states that it expects the acquisition to be funded with anticipated proceeds from asset sales. Pending such proceeds, the acquisition will be initially funded using the company's credit facility, the company reports.
Quartermaster Plaza, situated on more than 43 acres, has approvals for up to an additional 98,000 square feet of development and is located adjacent to Cedar's South Philadelphia Shopping Center, a 283,000-square-foot center anchored by a ShopRite supermarket.
Cedar Realty now owns 739,000 square feet of retail space in the area, representing 22% of the South Philadelphia retail submarket. The company’s Philadelphia portfolio now includes five shopping centers totaling 1.3 million square feet.
"We are excited about the acquisition of Quartermaster Plaza. The acquisition fits perfectly into our Washington DC to Boston footprint and is consistent with our evolving view of the grocery business," says Bruce Schanzer, president and CEO of Cedar Realty Trust. "Our now dominant presence in the South Philadelphia submarket allows us to leverage our operating and leasing expertise to continue to serve the needs of this large and growing urban population."

Value-Add MF Sales Brisk in Philly Metro

By Antoinette Martin,

The current strong appetite for distressed and below-market multi-family properties as value-add opportunities generated three recent sales handled by Gebroe-Hammer Associates in the Philadelphia metropolitan area, its brokers tell
The three transactions amounted to a combined $30.5 million and involved 897 units located throughout the city and surrounding suburbs.  
The brokerage team of Joseph Brecher and Eli Rosenrepresented both sides in the $15.9 million sale of Coachman Manor in Lindenwold, NJ. The buyer was local real estate investor Philip Balderston.
“This acquisition is a sound investment because of the opportunity to implement a renovation program that will render the complex even more competitive in today’s strong rental market,” says Rosen. 
The 546-unit complex has one- and two-bedroom/one-bath and three-bedroom/two-bath layouts. 
Coachman Manor is within minutes of a PATCO train station and offers easy access to the Atlantic City Expressway, NJ Turnpike and I-295. Center City Philadelphia is about 25 minutes away and Trenton, NJ, is about 50 minutes away.  

In Bucks County, G-H represented a limited partnership led by Balderston in the $10.4 million acquisition of Edgely Estates, located in Levittown. The property is comprised of newly renovated studio, and one- and two-bedroom units in a courtyard-style complex located near the area’s major highways as well as a SEPTA line.

Center City apartment complex sells for more than $110M

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal

Edgewater, an apartment complex, and a companion development parcel, have traded for roughly $113 million. 
While the year started out sluggish, this is one of what is expected to be many multifamily sales this year in Philadelphia as investors look to get in on a thriving apartment market that has a low vacancy rate and rising rents. 
An entity affiliated with JPMorgan bought Edgewater, according to commercial real estate sources. The property includes 270 apartments in a 13-story building and 20 townhouses at 23rd and Race streets. It was packaged with an adjacent site that has been approved for the second phase of Edgewater that would involve the construction of a 22-story building on an existing surface parking lot at the ramp off 23rd Street. That building could have 240 apartments. 
The first phase of Edgewater was constructed in 2006 and the project totaled $70 million. Realen Properties of Wayne, Pa., constructed Edgewater with its finance partner Northwestern Mutual Life Insurance Co. Holliday Fenoglio Fowler arranged the transaction.

Monday, March 24, 2014

Next 25 years in commercial real estate-David Henry, KIMCO (Video)

MMCC Arranges $27M Refi for Philadelphia Retail Portfolio

(MMCC) has arranged a $27 million refinance of a seven-property retail portfolio in Philadelphia. 

John Banas and Kris Wood at MMCC negotiated the loan with a 10-year term and 30-year amortization schedule. It carries a fixed-rate term for five years at 3.6 percent, then resets at a rate of 180 basis points over the five-year federal home loan bank rate. 

"The borrower chose to refinance his portfolio instead of sell at this point to take advantage of low interest rates and the equity in the portfolio," says Banas. "This proved challenging as the portfolio was mainly occupied by smaller, in-line retail tenants. We arranged the refinance and secured terms that satisfied the borrower’s needs." 

In a separate deal, the duo arranged an acquisition loan totaling $18.4 million for a 143-unit student housing portfolio located at Bloomsburg University in Bloomsburg, PA. This note carries a 12-year term with a fixed rate for seven years, interest only for the first year, fifth-year reset, and 30-year amortization schedule. So far in 2014 the pair has arranged more than $52.4 million in five loans, which include a $4.9 million retail banking center acquisition loan in Newtown Square, and two multifamily acquisition financings in Philadelphia totaling $2.18 million.

Internet effect on commercial space (Video)

Aztec Group Arranges $10.2M for Bartonsville Plaza

Miami-based Aztec Group, Inc. arranged $10.15 million first mortgage for the owners of Bartonsville Plaza in Stroudsburg, PA. 

Howard Taft and Charles Penan with Aztec teamed up with David Rosenberg at Maverick Capital Partners to originate the transaction. 

The loan carries a ten-year term with several years of interest-only payments and a favorable fixed interest rate. Financing was provided by Ladder Capital, a New York City-based conduit lender. 

"This is the latest example of high quality assets in desirable markets being able to secure sound financing. Factors such as Bartonsville Plaza’s ideal location, quality tenant mix, and strong ownership were of important consideration for the lender in providing the mortgage," said Taft. 

Located at Rte. 611 and Frantz Ln. near I-80 in Monroe County, the 49,000-square-foot, four-building retail center was built in 2009 by an affiliate of Legend Properties. The asset is currently 94 percent leased to Sleepy's, GameStop, Great Clips, Advance Auto Parts, Moe's Southwest Grill, Pocono Medical Center, and more, and is shadow-anchored by Lowe's and Kohl's

Wednesday, March 19, 2014

Intech Construction Inks 33,000 SF Lease

Intech Construction, Inc. has signed a long-term lease for 33,000 square feet at 3020 Market St. in Philadelphia, PA. The tenant will occupy the entire sixth floor.

Owned by Brandywine Realty Trust, the 217,007-square-foot office building is LEED Silver certified, and is located in a KOZ tax abatement zone. The facility, built in 1959 on 1.6 acres, has direct access to all major thoroughfares serving the Delaware Valley.

Tuesday, March 18, 2014

Monthly Economic Outlook -- March 2014 (Video)

Zell Turns Activist to Reshape Commonwealth REIT (Video)

260 S. Broad under agreement for more than $50M

by Natalie Kostelni, Staff Writer for Philadelphia Business Journal
The Atlantic building at 260 S. Broad St. in Center City is under agreement to be sold.
Jefferson Apartments of McLean, Va., is seeking to buy the 21-story, 330,000-square-foot former office building for more than $50 million, according to people familiar with the situation.
In 2012, Jefferson completed construction of Jefferson Pointe, a 230-unit apartment complex fronting Route 202 in West Chester, Pa. It sold the property last year for $60.9 million.
If it ends up buying 260 S. Broad, the transaction will mark the company’s first dip into the Center City market. The company focus on multifamily development in urban, transit-oriented markets.
Post Brothers bought the property for $27 million in July 2012 with an eye toward redeveloping it into residential use. At the time, the building had struggled when tenants began vacating it. What few, remaining firms were in the building when Post Brothers bought it were subsequently relocated.
Full story:

Monday, March 17, 2014

Keystone Property Group Divests Allentown Asset

STAG Industrial Management LLC has acquired the industrial building at 7132 Daniels Dr. in Allentown, PA for $12 million, or about $41 per square foot, from Keystone Property Group. 

The 289,900-square-foot warehouse and distribution facility was built in 1986 on 18.7 acres in the Lehigh Valley Industrial submarket of suburban Philadelphia, part of the Iron Run Corporate Center, with access to Routes 78 and 100 and the PA Turnpike. The cross-dock property features three-percent office build-out, 33 loading docks, 28-foot clear heights, 5,000-amp heavy power, six-inch floors, and up to 50-foot column spacing. 

Knoll, Inc. recently signed a lease to occupy the entire building. The successful lease-up and disposition of the asset will allow the seller to redeploy capital into its office and mixed-use portfolio, following a recent joint-venture agreement with Mack-Cali and several other completed deals across suburban Philadelphia. 

"The lease up and sale of this building is another step in our strategy to refocus our investment platform on well-located office assets where there exists significant opportunity to meet the evolving demands of the market through the creation of distinct, lifestyle-oriented business and mixed-use environments," stated Bill Glazer, president of Keystone Property Group.

Parkhouse Sale Finalized

By Dan Clark, The Times Herald

The geriatric facility in Upper Providence, which has been run by the county for the past 76 years, sold for $41 million on March 6 during a two hour-long recess at one of the commissioners’ bi-monthly meetings. The price of the facility was originally slated to be $39 but then the county sold the 70 acres across the street and bought it back for $2 million from Mid-Atlantic Health Care, LLC.
By buying back the land across the street from the facility, the county has been able to permanently protect the land as legally open space which means it cannot be built on. The 70 acres of land will continue to be used as a public park as it has been in the past.
Under current zoning laws, only 15 of the roughly 237 acres Mid-Atlantic now owns can be developed on but only with the express consent of the Upper Providence Township Supervisors.
“If any development ever happens there, Upper Providence is in 100 percent control of the process,” Montgomery County Solicitor Raymond McGarry said in an interview on Friday.
Residents of the area will also be able to use the unoccupied land surrounding Parkhouse as they have been in the past.
“For the first five years, at least, the land will remain available for public access in the same manner that is available for them today. During that first four and half years, before that time period expires, Mid-Atlantic is required to meet with representatives of the board of supervisors of Upper Providence as well as representatives from Montgomery County’s Lands Trust,” McGarry said.

Friday, March 14, 2014

Select Top Five Philadelphia Industrial Leases Signed in Q4 2013

The select top industrial lease signed during the fourth quarter of 2013 in the Philadelphia market was at 7132 Daniels Dr. in the Lehigh Valley submarket. Knoll, Inc. leased 289,843 square feet there. 

The landlord signed a 249,492-square-foot lease  at Pureland VI in the Gloucester County Industrial submarket. 

Warehouse Services, Inc. renewed its 224,086-square-foot lease with Liberty Property Trust at 651 Boulder Dr. in the Lehigh Valley submarket. 

Owens & Minor renewed its 191,330-square-foot lease at 7437 Industrial Blvd. in the Lehigh Valley submarket. Liberty Property Trust represented the landlord.

In the first quarter, Walmart signed a 1.2 million-square-foot lease at 2785 Commerce Center Blvd. in the Lehigh Valley submarket. Liberty Property Trust represented the landlord.

This trend is compared to the U.S. National Industrial select largest lease signings occurring in Q4 2013, which include Amazon's 1.15 million-square-foot lease on Keith Ave. in the Baltimore market; Home Depot's renewal of 1.1 million square feet at 150 Portside Ct. in the Savannah market; the 1.6-million-square-foot lease signed in the first quarter by Bestway Trucking at 2475 George Urban Blvd. in the Buffalo/Niagara Falls market; and Genco Distribution System's second-quarter renewal of 1.26 million square feet at Gateway Commerce Center 1 in the St. Louis market.

Wednesday, March 12, 2014

Whiteland Bus Park Bldg Trades for $3.9M

Newton Real Estate Advisors, Inc. acquired the flex building at 110 Summit Dr. in Exton, PA from ARMA Investments LP for $3.9 million, or about $89 per square foot. 
The 43,660-square-foot property was built in 1985 on a 2.1-acre site in the Chester County Industrial submarket, part of the Whiteland Business Park.

Aldi's Leases 18,000 SF at Mill Creek Square

Aldi’s signed a 10-year lease to occupy 17,594 square feet at 2350 Lincoln Hwy E in Lancaster, PA. 

Built in 2011, the 48,609-square-foot retail building is a part of the 419,000-square-foot Mill Creek Square shopping center, located on 35 acres in the Lancaster County submarket of Philadelphia. 

Aldi’s plans to take occupancy sometime in late summer, and will join Staples and Petco in the center.

TMC Properties Completes Net-Leased Investment Purchase

Equus Capital Partners LTD sold the industrial building at 121 Green Tree Rd. in Phoenixville, PA to TMC Properties LLC for $7.4 million, or about $128 per square foot. 

The 57,600-square-foot warehouse was built in 2005 on 1.3 acres in the East Montgomery County Industrial submarket. It contains 24-foot ceiling height and 14 loading docks. At the time of sale, the asset was fully occupied by Cosentino North America and Remedi Seniorcare of Pennsylvania, both on long-term, triple-net leases.

Treetop Buys Apt. Towers, Pays $47M, to Invest $7M

By John Jordan, contributing writer for Real Estate Forum and

Treetop Development, LLC of Teaneck, NJ, has acquired the 502-unit Charter Court apartment building here for $47.05 million.
The deal marks the firm's entrance into the Phladelphia multi-family market, say Adam Mermelstein and Azi Mandel, principals of Treetop. The company plans to invest another $7 million in upgrades to the twin, 11-story buildings in southwest Philadelphia and turn them into high-end apartments.
The acquisition fits with the company’s strategy to grow its portfolio of homes by acquiring value-added buildings in untapped residential neighborhoods in major northeastern cities, including New York City and Newark, NJ. In the past two years, Treetop Development has acquired nearly 2,000 apartments in strategic urban locations such as Morningside Heights, Rego Park, Queens and Upper Harlem.
“Charter Court was the perfect opportunity for us to enter into a dynamic rental market we firmly believe has strong pent up demand luxury apartments at reasonable pricing,” states Treetop’s Mermelstein. “This property has recently undergone $5 million of renovations by the previous owner to bring it on par with more expensive rental offerings in areas such as Center City. We plan millions more in upgrades to transform Charter Court into a high-end residential address that’s uncommon in northwest Philadelphia.
Treetop will be renovating all of the vacant units with high end finishes, including hardwood flooring, modern espresso cabinetry with blizzard white caesarstone, and fully renovated bathrooms. Treetop also plans to reconfigure the layout in many apartments to provide a more open floor plan. Treetop Development will also upgrade building mechanical systems, including the boilers and plumbing.
Company officials say the firm is currently pursuing several other residential portfolio style deals and anticipates investing in approximately $400 million worth of acquisitions throughout the year.

Full story:

Friday, March 7, 2014

Select Top Five Philadelphia Retail Leases Signed in Q4 2013

The select top retail lease signed during the fourth quarter of 2013 in the Philadelphia market was at Wishing Well Plaza in the North Burlington County submarket. ShopRite leased 90,000 square feet there. Fameco Real Estate represented the landlord. 

Giant Food leased 66,472 square feet at Ephrata Marketplace in the Lancaster County submarket. Colliers International represented the landlord. 

LA Fitness leased 52,248 square feet at Collegetown Shopping Center n the Gloucester County submarket. Brixmor Property Group represented the landlord. 

Philly Service Center leased 39,000 square feet at 6729 Essington Ave. in the South Philadelphia submarket. Binswanger represented the landlord in the direct deal. 

Habitat for Humanity signed a 25,690-square-foot lease at 530 Route 38 E. in the North Burlington County submarket. NAI Mertz represented the landlord. 

This trend is compared to the U.S. National Retail select largest new lease signings occurring in Q4 2013, which include the 230,000-square-foot deal by Wal-Mart in the Hampton Roads market; the 151,128-square-foot lease by Mariano's Fresh Market in the Chicago market; the 78,962-square-foot lease by Food 4 Less in the Los Angeles Market; and BJ's Wholesale Club signing a 240,448-square-foot lease during the third quarter in the Boston market.

Versa Capital Acquires Corporate Apartments Provider

By John Jordan, contributing writer for Real Estate Forum and

Locally-based Versa Capital Management, LLC has acquired BridgeStreet Global Hospitality, an international provider of fully-furnished corporate apartments.
BridgeStreet has a portfolio of more than 50,000 corporate apartments in 60 countries. Versa's investment in the hospitality company follows on the heels of BridgeStreet’s recent rebranding. Terms of the sale were not disclosed.
"BridgeStreet recently has made great strides in establishing itself as the leader of serviced apartment experiences worldwide,” said Gregory L. Segall, CEO of Versa Capital.
“Now that the company is strongly capitalized, with no third party debt, it is well-positioned to accelerate its growth," Segall said. He said the company plans to continue building BridgeStreet’s operations and services.
BridgeStreet CEO Sean Worker said, “Versa is the ideal owner for our strategy, with the resources and expertise to help us continue to build and grow." 
Versa Capital is a private equity investment firm with more than $1.4 billion of assets under management. Its portfolio includes retailers such as Avenue Stores, EMS and Bob’s Stores; restaurant Black Angus Steakhouses; community newspapers under Civitas Media; and systems manufacturers such as Bell and Howell.

Amerimar Invests in 401 North Broad St.

By John Jordan, contributing writer for Real Estate Forum and 

Locally-based Amerimar Enterprises Inc. and Abrams Capital of Boston have acquired 401 North Broad St. here from Stillman Property Group of New York City and plan to undertake a $70-million capital program on the 1.3-million-square-foot Internet and data center building.
Amerimar and Abrams say they are partnering with New York City-based communications network and real estate investor Hunter Newby to own and operate the property.
No financial terms of the transaction were released. Debt financing was provided by Starwood Property TrustRopes & Gray LLP, with a team led by partner Walter R. McCabe III, represented Amerimar and Abrams Capital in the purchase.
"Over the past 30 years, 401 North Broad was strategically repositioned to become the preeminent telecom carrier hotel in the Philadelphia region under the stewardship of The Stillman Group. Amerimar looks forward to continuing with the repositioning of the property through our $70-million capital improvement program," states Jerry Marshall, CEO of Amerimar. "401 North Broad, with over 80 networks, is a logical addition to our portfolio of carrier hotels; and we are very excited to partner with Hunter Newby on yet another telecom property."
The 11-story building was originally built in 1931 and has since been redeveloped into a fiber-dense, network-neutral facility, company officials state. The building serves as a major hub for data and Internet traffic and provides data center infrastructure for carriers, service providers, and enterprise customers.

Two Leases Totaling 80,000 SF Signed at CrossPoint

By John Jordan, contributing writer for Real Estate Forum and

The owners of the new CrossPoint at Valley Forge have announced they have signed two lease deals totaling 80,000 square feet at the 272,000-square-foot office development here.
The largest transaction was with Rovi Corp., an entertainment discovery firm, which signed a lease for approximately 65,000 square feet, according to officials with building owners The Davis Companies and MIM-Hayden Real Estate Funds. The CrossPoint at Valley Forge is currently undergoing a $19-million redevelopment that is nearing completion and recently received a temporary certificate of occupancy.
ColdLight Solutions, a firm engaged in advanced analytics, predictive technology and machine learning science, has inked a deal for 15,000 square feet at the property. With the lease signings, CrossPoint is current more than 60% leased. Prior to construction commencement on the redevelopment project, Teleflex Inc., a provider of medical devices used in critical care and surgery, signed an approximately 84,000-square-foot lease for its global headquarters.
Jonathan Davis, founder and CEO of The Davis Companies, states, “With this renovation, CrossPoint now offers best-in-class amenities. We understand that the place companies choose to call home is a key decision and know we have to offer the highest quality product to attract tenants of the caliber of ColdLight, Rovi and Teleflex. As employers we all want to attract the best talent to our teams; as creators of that work space The Davis Companies and our partners at MIM-Hayden are committed to offering a work environment that responds to our tenants’ every need. We are proud to have created one of the premier suburban office complexes in Philadelphia.”
Full story:

Thursday, March 6, 2014

Tech Money to Dramatically Change Real Estate (Video)

How Buffett's NYC Real Estate Play Tripled in Value (Video)

Posh Properties Pays $6.7M for Bethlehem Office

Joseph T. Posh Properties acquired the office building at 60 W. Broad St. in Bethlehem, PA from Dunn Twiggar Company LLC and Werntz 60 W Broad LLC for $6.7 million, or about $130 per square foot. 

The four-story, 51,383-square-foot office building was constructed in 1982 in Northampton County. The asset was 94 percent occupied at the time of sale.

Wednesday, March 5, 2014 knocked on Google's door: CEO Interview (Video)

Recent Commercial Real Estate Deals

Natalie Kostelni Staff Reporter-Philadelphia Business Journal

PennFab Inc., a fabricator and supplier to the rail and transportation industries, leased 115,000 square feet at 20 Steel Road S. in the New Ford Mill Road Industrial Park in Morrisville. The lease brings the 233,000-square-foot building to fully occupied. 

CDW signed a new lease for 31,121 square feet at Three Executive Campus in Cherry Hill. The information technology company will move from Four Echelon Plaza in Voorhees, N.J., in June. The new space at Three Executive will allow CDW to operate on a contiguous floor. The 430,995-square-foot building had been 58 percent occupied in 2011. The lease with CDW brings it to more than 80 percent leased. 

IOP Publishing leased 6,300 square feet of the American College of Physicians building at 190 N. Independence Mall in Philadelphia. The company, which publishes physics-related texts and periodicals, is moving from 4,500 square feet at the Public Ledger Building. The company is based in Great Britain and its new space will serve as its North American headquarters. 

EPAM Systems leased 6,100 square feet at 117-25 N. 8th St.  The landlord is Archworks Philadelphia.
Full story:

Tuesday, March 4, 2014

Endurance RE Grp Acquires Former Signature Furniture Bldg for $26M

Endurance Real Estate Group LLC has acquired the former Signature Furniture industrial building at 325 S. Salem Church Rd. in York, PA for $26 million, or about $42 per square foot, from an affiliate of national shopping center investor Schottenstein Property Group. 

The 624,800-square-foot distribution center was built in 2007 on 49.5 acres in the York County Industrial submarket, just off Route 30 in close proximity to I-83. It features 8-inch floors, EPDM rubber roof, 50x40-foot column spacing, 42-foot clear heights, wet sprinkler, 4,000-amp heavy power, 42 loading docks and one drive-in, and fenced parking for 280 trailers.

Monday, March 3, 2014

Where Buffett finds investment opportunities (Video)

Top Five Philadelphia Office Leases Signed in Q4 2013

The select top office lease signed during the fourth quarter of 2013 in the Philadelphia market was at 1801 Augustine Cut-Off in the North New Castle County submarket. Capano Management represented the landlord in a 190,823-square-foot office deal signed there. 

Exeter Property Group represented the landlord in a 70,110-square-foot office lease signed in the Conshohocken Ridge Corporate Center in the Conshohocken submarket. 

CSC renewed its 36,616-square-foot lease at 8000 Lincoln Dr. E in the South Burlington County submarket. Tequesta Properties, Inc. represented the landlord. 

The District 1199C Training & Upgrading Fund renewed its lease for 31,307 square feet at the Land Title Bldg in the Market Street West submarket. 

In the third quarter, Pepper Hamilton LLP renewed its 230,560-square-foot lease at Two Logan Square in the Market Street West submarket. Brandywine Realty Trust represented the landlord.

This trend is compared to the U.S. National Office select largest new lease signings occurring in Q4 2013, which include the 515,457-square-foot deal signed by GroupM Worldwide at 3 World Trade Center in the New York City market; CME Group, Inc.'s 449,000-square-foot office lease at the World Finance Center - NYMEX building; Valean Pharmaceuticals International, Inc. taking 310,000 square feet in the Northern New Jersey market; Cogo, Inc.'s lease of 234,484 square feet and Zebra Technologies Corp. leasing 233,286 square feet, both in the Chicago market.