Monday, November 3, 2014

Recent Real Estate Deals

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal

Hagen Properties sold a 15,150-square-foot building on 1.22 acres at 1642 Woodhaven Drive in the Woodhaven Industrial Park in Bensalem for $840,000. Creative Commercial Prop bought the property to house its Creative Architectural Metals Inc., which is leasing space at 309 Cramer Drive in Bensalem. 

Laborers District Council Benefit Fund leased 13,667 square feet at 665 N. Broad St. in Philadelphia. The union had been in 475 N. 5th St. in Philadelphia.

R.C. Moore Inc., a distributor for Monster Beverage Corp., bought a 289,000-square-foot warehouse building at 301 Oak St. in Pittston, Luzerne County, for $9.4 million from Endurance Real Estate, which bought the building in 2012 for $4.36 million. R.C. Moore leased the building while Endurance was in due diligence and later negotiated to buy the property. 

Hayden Maguire Real Estate Fund paid $45.6 million for a five-building office-flex portfolio totaling 317,782 square feet in the Avion Business Park in Chantilly, Va. The portfolio was in foreclosure and bought through a special service. It was about 85 percent occupied.

Brandywine Realty Trust is teaming up with LCOR and the California State Teachers' Retirement System to construct 1919 Market St. in Philadelphia.
Work is expected to begin soon on the 29-story, 455,000-square-foot mixed-use project. It is scheduled to be completed by spring 2016.

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