Friday, September 26, 2014

Real Estate Fine Print

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal

10,150 s.f.
Learnquest signed a five-year lease on 10,150 square feet at Two Bala Plaza in Bala Cynwyd.

Real Property Capital originated a $27 million first mortgage for Reiser Land Development to buy a parcel at Atwater Corporate Center in Malvern that will eventually be a residential development. The three-year, interest-only loan will have its interest and operating reserves funded from the sale of improved residential building lots. Reiser buys residential building lots and sells them to home builders.

A joint venture between Advance Realty of Bridgewater, N.J., and the Davis Cos. of Boston bought 2750 Morris Road in Worcester for $18.3 million from Equus Capital Partners of Philadelphia. The 675,000-square-foot property consists of 570,000 square feet of tech assembly space and 105,000 square feet of office space. More than 400,000 square feet is vacant.

Scout Ltd. bought the eight-story, 338,000-square-foot Edward W. Bok Technical High School at 1901 S. 9th St. in South Philadelphia and has plans to convert it into a mixed-use complex that caters to the creative community. The School District of Philadelphia, which closed Bok last year, was the seller.

19,691 s.f.
Connect America, a medical alert company, expanded by 19,691 square feet at the GSB building at One Belmont Ave. in Bala Cynwyd. The company already leases 20,000 square feet on the 12th floor of the building. Connect America is headquartered in Broomall.
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