Wednesday, December 30, 2015

Dollar Financial Leases 34,000 SF in Malvern

Dollar Financial Group, Inc. leased 33,892 square feet in the ArborRidge 3 office building at 74 E. Swedesford Rd. in Malvern, PA.

The single-story, 56,128-square-foot property was built in 1958 on 5.2 acres in the Exton / Whitelands submarket of Chester County, part of the ArborRidge business park. The campus includes an amenities center, fitness center, conferencing facilities, cafe and dedicated food truck parking area, located less than 30 miles from the Philadelphia International Airport and Center City Philadelphia.

Dick's Leases 50,000 SF at Cumberland Mall

Dick's Sporting Goods has leased 50,000 square feet at the Cumberland Mall in Vineland, NJ.

The 1.27 million-square-foot super regional enclosed mall was built in 1973 on 110 acres in the Southern New Jersey submarket of Cumberland County, between the Atlantic City and Philadelphia International Airports. Dick's will fill the recently-vacated J.C. Penney anchor space at the mall, which is home to 90 retailers including Boscov's, Burlington Coat Factory, Marshalls, ULTA and Regal Cinemas.

"The addition of Dick's Sporting Goods will improve the merchandise mix and solidify the tenant roster at Cumberland Mall," said Joseph F. Coradino, CEO, PREIT, noting that the transaction demonstrates the firm's continued success in replacing anchors with in-demand retailers. "This transaction cements Cumberland Mall's position as a dominant retail hub in the area and adds to its appeal catering to a wide variety of consumers."

M&J Wilkow, USAA Pay $188M for East Gate Shopping Center

M & J Wilkow Ltd. and joint-venture partner USAA Real Estate Company acquired the East Gate Square shopping center at 1000 - 1690 Nixon Dr. in Mount Laurel, NJ from Equus Capital Partners Ltd. for $188 million, or about $252 per square foot.

The 746,535-square-foot power center was built in six phases between 1992 and 2002 in a densely populated trade area in the North Burlington County submarket of Philadelphia, directly served by I-295 and Rtes. 73 and 38.

Surrounding the separately-owned Moorestown Mall and Home Depot shadow anchor, the center is currently 88 percent leased to more than 60 tenants including Shop Rite, Dicks Sporting Goods, Ross Dress for Less and PetSmart. Almost 90 percent of gross revenue at the center is generated by national and regional credit tenants.

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AION to Acquire 12-property AIG MF portfolio

by Steve Lubetkin,
AIG Global Real Estate Investment has sold a 12-property apartment portfolio totaling 2,811 units located in New Jersey, Pennsylvania and Delaware, the remains of a portfolio it acquired from Kushner Companies in 2007.  The buyer is thought to be New York-based AION Partners in a deal.

 The buyer purchased the portfolio for approximately $165.4 million free and clear of existing debt.  This transaction represents the largest multi-housing sale of 2015 in New Jersey, according to Real Capital Analytics.

In June 2007, Kushner Companies completed the sale of more than 17,500 apartment units in five states to a partnership of AIG and Morgan Properties, King of Prussia, PA. In October 2013, Morgan reportedly bought out AIG and another partner and took sole ownership of about 15,000 units. AIG retained the balance of the units, which would make up the bulk of the transaction announced today.

The well-leased, garden-style communities offer a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size.  Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks.  Several of the properties have undergone interior unit upgrades with proven rental premiums.  Seven of the properties are located in New Jersey; three are in Pennsylvania; and two in Delaware.
List of properties:

Tuesday, December 29, 2015

PA Ridge Associates Acquires Independence Press Building

by Steve Lubetkin,
P.A. Ridge Associates is acquiring The Independence Press Building, a vacant 156,000 square foot property at 525 North 11th Street in Philadelphia, PA, for $5 million. Ridge is planning loft-style residential units in the property.

“Continued development along North Broad Street and its adjacent neighborhoods has been well received due to the area’s access to transit, major roadways, and the Reading Viaduct project,” Anthony Palmiotto, the Kislak Company sales associate who represented the purchaser, tells exclusively. “Planned redevelopments of historic properties such as the Independence Press Building and Divine Lorraine Hotel highlight the eagerness of multifamily developers to pursue projects north of Spring Garden Street. It’s exciting to see projects like these help to link the North Broad Street of Center City with the North Broad Street of Temple University.”

Kislak senior vice president Matt Weilheimer represented the seller in the transaction.

The former factory is fully-approved for 92 loft-style residential units with parking. It is located in the rapidly changing "loft-district" neighborhood that has quickly become desirable for millennials and young professionals given its easy access to Center City Philadelphia and area hospitals and universities.

“The seller achieved a price that reflects the strong multifamily market in the Philadelphia metropolitan area,” says Palmiotto. “And the buyer was eager to acquire a historic building that was ready for immediate redevelopment in an up-and-coming neighborhood.”

Monday, December 28, 2015

Brandywine Sells Cira Square, Former Post Office in Philadelphia

by Steve Lubetkin,
Brandywine Realty Trust is selling Cira Square, the former main US Post Office complex in the University City district of Philadelphia for $354 million. It’s the largest of a group of property sales the real estate investment trust announced Wednesday that Brandywine says will generate $389 million.

"The transactions reinforce our stated goals of prefunding our development pipeline and further improving our financial capacity through accelerated dispositions," Brandywine president and CEO Gerard H. Sweeney says. "The sale of Cira Square reflects our ability to both create and harvest value and will generate a significant gain to our shareholders.  We acquired the historic post office building in 2007, embarked on a multi-year renovation of this iconic Philadelphia landmark and rebranded it as Cira Square.  The other asset sales represent our continued efforts to reduce our ownership in non-core assets and markets.”

The five office properties Brandywine is selling contain an aggregate of slightly more than 1.2 million rentable square feet. The Cira Square property totals 862,700 square feet and is 100% leased to the General Services Administration and occupied by the Internal Revenue Service.  Brandywine expects the sale to close in the first half of the first quarter 2016, and says it will use the proceeds to prepay the current mortgage totaling $177.4 million, and the mortgage on the 1,662-space parking garage at the newly constructed Cira Centre South totaling $35.5 million.

After the transaction, Brandywine will continue to provide management services at the Cira Square property.

Brandywine also sold three office properties totaling 196,100 square feet in Carlsbad, CA, for $30.4 million, or $155 per square foot; a 1.6 acre development site at the corner of Second and King Streets in Wilmington, DE, for $6.5 million; and a 158,000 square foot flex/office property in King of Prussia, PA, for $4.6 million, or $29 per square foot.

Brandywine says it expects the transactions to result in a net gain of approximately $96.7 million.  Brandywine expects to use the net proceeds to fund current development commitments, reduce debt and general corporate purposes.

Wednesday, December 23, 2015

Four Falls comes on the market

Natalie Kostelni, Reporter, Philadelphia Business Journal
A year after Arden Group bought Four Falls Corporate Center in West Conshohocken, Pa., for $44.3 million, the Philadelphia real estate investor has decided to put the office complex up for sale and estimates trading it at a premium.

The property consists of two, six-story buildings — 100 Four Falls and 200 Four Falls — totaling 254,000 square feet of office space. CBRE Inc. is marketing it for sale.

During Arden’s ownership, the complex underwent $3 million in renovations.

Constructed in 1987, its lobby, common corridors and exterior were starting to show their age and the market was responding. Tenants found space in other, newer buildings in the same submarket. Four Falls is about 70 percent occupied.

Work was done to its entrance, lobby, elevators and common areas. The Hub, a company that provides meeting and co-working space, leased 8,000 square feet but also uses the building’s atrium and outdoor patio spaces for its use.

Four Falls was a pioneering building when it was constructed.

It essentially kicked off the Conshohocken office market and provided executives who lived along the Main Line something they didn’t have – an office close to home. Tenants who could afford the rent, flocked to it.

The complex went through some rough patches as newer buildings came on the market and when Arden bought it, it was in receivership. Some estimates have it trading this time for around $68 million.

Its sister property across the street, 300 Four Falls, was put up for sale last summer and is under agreement by Hayden Real Estate Investments.
Full story:

Tuesday, December 22, 2015

Keystone Selling Devon Square Office Complex

by Steve Lubetkin,
Keystone Property Group has put a “for sale” sign on Devon Square, a two-building, 140,000-square-foot office complex at 724 and 744 W. Lancaster Avenue in Wayne, PA.

The office buildings, substantially renovated in 2007, are 91-percent occupied with a tenant base including Merril Lynch, Penn Liberty Bank and other leading tenants, including several medical offices. The property is well-amenitized with an adjacent Marriott Courtyard hotel and is walkable to several restaurants and retail options.

“Devon Square will prove highly desirable to both high-net-worth individuals and institutional investors interested in acquiring one of the most desirable office properties on the Main Line,” says Jessica Jacobs, Keystone Property Group asset manager. “This area is one of the strongest submarkets for office leasing in the Philadelphia region, and with its low vacancy rate and an average remaining lease of five years, Devon Square will provide the buyer with an extremely appealing investment opportunity.”

Situated on Route 30, the property is located in a highly desirable in-fill location and provides its tenants with easy access to roadways and mass transit. The property is located adjacent to Devon Square Shopping Center, and within minutes of I-76, I-476, Route 202, and SEPTA train lines. Across Lancaster Avenue from Devon Square is Devon Village, a shopping center anchored by Whole Foods.

Liberty Exiting Non-Core Suburban Office

by Steve Lubetkin,
Liberty Property Trust will reposition its portfolio through planned sales of approximately 8.5 million square feet of suburban office properties. Liberty CEO Bill Hankowsky says the REIT expects this sale strategy to enable it to report funds from operations for 2016 in the range of $2.35-$2.55, with timing of the sales contributing to the wider range.

The company reaffirmed its previously announced expectation to report FFO per share for 2015 in the range of $2.66-$2.69.

“In 2013, Liberty set in motion a five-year strategic plan for transforming our company to one that can take full advantage of changes in how business utilizes real estate, and fully devote our unique development, leasing and management talents to higher-value opportunities,” says Liberty’s chief executive officer, Bill Hankowsky. “As we approach 2016, we can see the conclusion of this transformation being completed. Our intent is to sell most, if not all, of our remaining non-core suburban office product. The result will be a Liberty footprint comprising our US and UK industrial platform plus a value-add focused office platform in four markets.”

Proceeds from asset sales will be used to fund Liberty’s growing development pipeline and potential acquisitions. Liberty expects to start $500-$700 million in new development projects in 2016. Expected results also reflect occupancy and rental growth in the company’s industrial portfolio, contributing to continuing positive performance in the company’s same store group of properties.

Liberty also reported on several highlights of fourth quarter 2015 activity.

Fourth quarter development starts (wholly owned) comprise five projects for $108 million. The projects total 669,000 square feet and are 49% pre-leased.
Fourth quarter acquisitions are expected to total $11 million and consist of one vacant 198,000 square foot distribution building in Shakopee, MN.
Fourth quarter dispositions to date total $300.3 million of suburban office and non-core industrial properties totaling 4.1 million square feet.
Liberty announced it has leased a 345,000 square foot office building in Eden Prairie, MN, representing the company’s largest single office vacancy.
“We are fortunate to be operating in a very strong environment, particularly for industrial real estate,” says Hankowsky. “We have experienced tremendous activity in nearly every industrial market during the fourth quarter, and we are also seeing remarkable interest by high-quality companies seeking to locate at The Navy Yard in Philadelphia, Rio Salado in Tempe, and our planned Camden Waterfront office project. This activity gives us a great deal of confidence in 2016.”

Thursday, December 17, 2015

Courtyard by Marriott Portfolio Sells for $52M

Marriott International, Inc. sold a multi-state portfolio of six net-leased hotels to real estate investment trust W.P. Carey, Inc. for $52 million, or about $67,000 per key.

Totaling 771 rooms, the 478,106-square-foot portolio includes hospitality buildings in North Carolina, New Jersy, Texas, Missouri, Iowa and Lousiana. All of the properties are operated by Courtyard by Marriott, a wholly-owned subsidiary of the Marriott brand.

"The acquisition of the Courtyard by Marriott portfolio presented the opportunity to acquire six established operating properties with strong performance at an attractive basis, offering compelling risk-adjusted returns," commented Jason Fox, head of global investments and president of W. P. Carey. "The steady, predictable cash flows and annual rent escalations, coupled with the strength of Marriott International's brand and credit made this an ideal addition to the W. P. Carey Inc. portfolio."

Wednesday, December 16, 2015

Exeter Property selling portfolio in $3B deal

Natalie Kostelni, Reporter, Philadelphia Business Journal
Exeter Property a Plymouth Meeting, Pa., real estate firm, is poised to sell its industrial portfolio in a deal valued at $3 billion.
The transaction, first reported in PERE newsletter, is scheduled to close next week. The buyer for the firm’s 55 million square feet of industrial space is Abu Dhabi Investment Authority and PSP Investments.
The properties were acquired with the first two funds that Exeter raised. The company deployed that money to buy more than $2.6 billion in properties between 2007 and 2014.

The report from PERE said that the transaction involves the properties to “be rolled over into a new core vehicle that will continue to be managed by Exeter. The firm will maintain a small stake in the assets but the vast majority of the interest will be held by ADIA and PSP. The core vehicle, however, will be unrelated to Exeter’s second industrial core fund, Exeter Core Industrial Club Fund II, which the firm is currently marketing.”

Ward Fitzgerald, president and chief executive of Exeter, declined to comment on the report.
The deal ranks among some other mega industrial transactions completed this year and is one of the biggest involving a Philadelphia area real estate firm. Among the other mega industrial portfolios that traded this year involved Blackstone Group completing an $8 billion sale, Prologis in a $5.9 billion acquisition and Industrial Income Trust selling its properties for 4.5 billion.

Full story:

Azavea Relocating in Philadelphia

Geospatial analysis (GIS) firm Azavea, Inc. signed a lease for 22,000 square feet at 990 Spring Garden St. in Philadelphia, PA.

Azavea will be relocating from its current space at 340 N. 12th St. in March to occupy a full floor in the Spring Garden Office Plaza.

Built in 1920 as an industrial building, it was renovated in 1998 and converted to a 160,000-square-foot office building. The property is just steps from the Reading Viaduct "Rail Park" project and a short walk to Chinatown and Reading Terminal Market.

Tuesday, December 15, 2015

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Procida Bullish on Philadelphia CRE Investments

by Steve Lubetkin,
Procida Funding & Advisors founder William "Billy" Procida remains highly enthusiastic about its investments in Philadelphia, having capped the third quarter with the $35-million construction financing for the restoration of the iconic Divine Lorraine Hotel on North Broad Street.

Procida’s 100 Mile Fund reported 16.02% annualized percentage yield for investors for the third quarter of 2015.  Since inception in November 2011, the 100 Mile Fund has closed on over $280 million in loan originations throughout New York, New Jersey and Pennsylvania.

The Divine Lorraine project has stirred enormous community excitement in Philadelphia, where hopes for restoration of the unusual structure have been high on the city’s wish list for decades.

“Did you know that 7,000 people showed up at the groundbreaking?” asked William “Billy” Procida in an exclusive interview with “In 35 years—and I’m big on groundbreakings—I think I had one or two where there was a hundred people. People waited on line for two hours to go in the building to see our exhibit.”

His other major financing project in Philadelphia, the Mural Arts Lofts, was fully leased before it opened.

“Construction, which we thought was going to be 18 months, finished in ten,” he says. “We thought it would take six to nine months to lease, and it leased before we even got a CO, so we are excited about that whole North Broad marketplace right now.”

Philadelphia remains both attractive aesthetically and financially, Procida says. “It’s twice as nice and half the price of New York,” he says. He points to the American Bible Society, which sold its headquarters at Columbus Circle in New York after being there for 100 years.

“They had enough money, they could have gone anywhere, they picked Philadelphia,” he says. “The Pope picked Philly [for his recent US visit], the Democratic Party picked Philly [for its convention in 2016], it’s just a great city.”

Procida, who describes himself as “a lifelong New York City developer,” says it’s “hard to walk down the street now in Manhattan.”

“If you go to Rittenhouse Square and sit at a sidewalk café, you can actually see Rittenhouse Park,” he says. “If you go to a sidewalk café in New York, all you see is Yellow Cabs.”

Procida is also financing several other projects in Philadelphia, including a $1.2 million bridge financing for a mixed-use building. He also believes the economically disadvantaged city of Paterson, NJ, where he says he has made $40 million in investments, has need of his financing expertise.

“I’ve got this new philosophy, don’t do what people want to do, do what needs to be done,” he says. “In the seven years I’m in Paterson, I’m making 15 percent on every dollar I have on the street, and I’m doing good work that needs to be done. We don’t need another skyscraper, we don’t need another shopping mall, what we need to do is finish what is supposed to be done.”

TL Management Acquires Spring Creek Rehab Center in Harrisburg

by Steve Lubetkin
Brooklyn, NY-based TL Management has acquired Spring Creek Rehabilitation and Health Care Center in Harrisburg, PA. Spring Creek, which has been in greater Harrisburg for more than 100 years, is a 404-bed rehabilitation and healthcare center which includes both short-term rehabilitation and long-term care facilities.

TL Management financed the acquisition with a $48 million credit facility arranged by First Niagara Bank.

"It was a pleasure to work with First Niagara to secure funding that provides us with the resources needed to continue to grow while maintaining the highest quality of care for our customers across all of our senior care facilities,” said Ben Reisman, vice president of corporate finance for TL Management.

TL Management owns more than 100 skilled nursing facilities around the country.

Friday, December 11, 2015

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Industrial Property Trust Buys Fully Leased Industrial Building

Industrial Property Trust acquired the industrial building at 515 N. Zarfoss Dr. in York, PA from Endurance Real Estate Group and Thackeray Partners for $16.5 million, or about $53 per square foot.

The 312,769-square-foot property currently is occupied by former governor Thomas Wolf’s kitchen and bath cabinetry company through 2021.

Industrial Inspection and Insurance Issuer Renews Lease at Bay Colony Exec Park

The Hartford Steam Boiler Inspection and Insurance, the countries oldest company devoted primarily to industrial safety, renewed its lease of 27,693 square feet in the 595 Bay Colony office building at at 595 E. Swedesford Rd. in Wayne, PA.

The three-story, 81,890-square-foot office building was constructed in 1988 on 6.6 acres in the King of Prussia / Wayne submarket of Chester County, within the Bay Colony Executive Park.

Wednesday, December 9, 2015

MANNA Moving to Rodin Place

by Steve Lubetkin,
Metropolitan Neighborhood Nutrition Alliance, a nonprofit hunger relief organization, signed a long-term lease in approximately 23,230 square feet of office space at Rodin Place, 2000 Hamilton Street, Philadelphia.

The contract that has an aggregate value of approximately $7.7 million.

MANNA is a private, not-for-profit service organization that links the food industry with 248 partner agencies and is a member of Feeding America, the nation's largest domestic hunger relief organization. The group is moving its office from 2323 Ranstead Street to the second floor of Rodin Place in the summer of 2016 and will use the space for administrative functions, as well as to prepare and deliver meals.

SAS Regency Sells Bensalem MF to Wessex First Avenue for $20M

by Steve Lubetkin,
Wessex First Avenue Associates has acquired Regency Apartments, a 253-unit, garden-style multi-housing community in Bensalem, PA, from owner SAS Regency for $19.75 million.

“The buyer pool was extremely diverse and we have had success importing capital from outside Philadelphia into the region. Investors continue to target Philadelphia based on strong fundamentals and the ‘flight-to-yield’ theory in comparison to the New York, New Jersey and Washington, DC markets.”

Wessex First Avenue Associates purchased the property free and clear of existing debt.  New debt was arranged for $15.472 million, seven-year, 75 percent, fixed-rate loan through a regional bank for the new owner.

Regency Apartments, 2049 Brown Avenue, is less than one half of a mile from the intersection of Street Road (Route 132) and Hulmeville Road (Route 513) and is less than two miles from Interstate 95, providing access into Philadelphia and New Jersey.  The property is flanked by Bensalem Plaza Shopping Center and Bensalem Township Country Club and is a short distance from Philadelphia Mills and Parx Casino and Race Course.  The community has seven, three-story residential buildings housing a mix of studio, one- and two-bedroom units averaging 774 square feet each centered around a courtyard with swimming pool.

Brandywine Breaks Ground on New Camden HQ

Brandywine Realty Trust has broken ground on Subaru of America's new 250,000-square-foot headquarters building on Admiral Wilson Blvd. in Camden, NJ.

The 10-story facility will be double the size of the property Subaru now occupies in Cherry Hill. The New Jersey Economic Development Authority (NJEDA) had granted Subaru $118 million in tax credits to move from Cherry Hill.

The Gateway Office Campus is owned by Campbell Soup Company. Brandywine Realty Trust is developing the building, expected to deliver in April 2017. Rick Widerman and Ron Cariola with JLL brokered the lease deal with Subaru.

Tuesday, December 8, 2015

Inverness Apartments Sold Again, This Time for $27.3M

by Steve Lubetkin,
The Inverness Apartments in Westville, Gloucester County, NJ have been sold in an off-market transaction for $27.3 million.

“The market for multifamily properties remains very strong throughout New Jersey and the region,” says Robert Holland, president. "The purchaser was eager to acquire such a large and well-performing property in suburban Philadelphia.”

The 368-unit property includes 256 one- and 112 two-bedroom garden-style apartments in 45 buildings on 31.6 acres. The property is located near public transportation, schools, and shopping. Amenities include an on-site clubhouse, pool, tennis court, and laundry facilities.

The units are fully-equipped with modern kitchens, central air-conditioning, separate dining rooms, large closets, 24-hour emergency maintenance, and either balconies or patios. Select units also include fireplaces. Over sixty percent of the tenant HVAC units have been replaced over the past two years. Siding and windows were replaced in 1999.

“The asset appreciated over 250%,” since the last sale in 1999.  This is a classic example of owners applying strong management principles to generate increased value.”

“We are seeing an influx of New York-based investors and purchasers in New Jersey that see the opportunities in the multifamily market."

Monday, December 7, 2015

Prime Group in $5.4M Deal for Suburban Philadelphia Self-Storage

by Steve Lubetkin,
Saratoga Springs, NY-based Prime Group has purchased Riverline Self Storage, a 381-unit self-storage facility located in the Philadelphia suburb of Cinnaminson, NJ, for $5.4 million.

The seller was a local private investor.  Prime purchased the asset free and clear of existing debt. Prime and its affiliates, including Rochester, NY-based Morgan Management, own approximately $2.8 billion of commercial real estate, including more than 3.6 million square feet of self storage facilities, about 25,000 apartment units and other real estate holdings.

Riverline Self Storage’s two buildings on 4.5 acres at 1714 Bannard Street, in the northern part of Cinnaminson, total 63,539 rentable square feet.  The property’s 381 climate-controlled units total 36,586 rentable square feet and occupy portions of both two-story buildings.  The remaining 26,953 rentable square feet is occupied by a combination of office, retail and warehouse tenants.  The property is located near the Tacony-Palmyra and Betsy Ross bridges and serves the communities of Cinnaminson, Delran, Riverton and Palmyra.

Liberty Property Trust Sells Horsham Office/Flex Portfolio for $245M

Liberty Property Trust has exited the Horsham, PA submarket, closing the sale of its entire portfolio of 41 office and flex properties to privately held Workspace Property Trust (WPT) for $245.3 million

The portfolio in Horsham, located 10 miles north of downtown Philadelphia, totals 2.4 million square feet of existing space and 20 acres of development land. The portfolio was 84.3% leased at closing.

The deal is the first major transaction by Workspace Property Trust, which specializes in the development, management, and operation of office and flex space in the Northeast. The company is led by former Mack-Cali Realty CEO Thomas A. Rizk.

WPT partnered with Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital in the transaction, financed with a $200 million loan provided by JPMorgan Chase Bank, N.A. and arranged by HFF's New York City debt placement team.

The sale brings Malvern, PA-based Liberty’s 2015 dispositions to date to a total of $536 million.

Thursday, December 3, 2015

Comcast Expands at Voorhees Tech Center

Comcast Corporation signed a lease to expand its presence at 401 White Horse Rd. in Voorhees, NJ by an additional 42,000 square feet. Beginning in early 2016, the tenant will occupy 150,000 square feet in the office building.

The 208,215-square-foot Vorhees Tech Center Bldg 1 was constructed in 1971 on 26 acres in the South Camden County submarket of Philadelphia. There is still 35,000 square feet available for lease there.

TJM Pays $15M for Radisson Philadelphia Northeast

TJM Properties, a Florida-based property investment and development firm, acquired the 274-room Radisson Philadelphia Northeast hotel at 2400 Old Lincoln Hwy in Trevose, PA from Haverford Hotel Partners LP for $15 million, or about $55,000 per keycard.

The six-story, 205,011-square-foot hospitality building was constructed in 1974, located 30 miles from the Philadelphia International Airport.

Dunn Twiggar Sells Exton MOB for $6.8M

Dunn Twiggar Co., DTC 479 TJW LP sold 479 Thomas Jones Way in Exton. The 49,264 s/f medical office building was purchased for $6.85 million. The buyer was Posh Properties in the sale. Major tenants include: Mainline Hospitals, Chester County, and Brandywine Hospital.

Tuesday, December 1, 2015

Keystone Redeveloping Plymouth Meeting Office

by Steve Lubetkin,
Keystone Property Group will redevelop One Plymouth Meeting, an iconic, 180,000-square-foot office property at 502 West Germantown Pike in Plymouth Meeting, PA.

Located at the recently reinvigorated Plymouth Meeting Mall, the nine-story building will be reimagined to reflect modern workplace demands with new amenities, a completely redeveloped interior and exterior, and LEED certification.

“One Plymouth Meeting is an ideal headquarters facility for forward-thinking companies intent on providing their employees with a wide range of lifestyle amenities in proximity to their office space,” says Rich Gottlieb, partner at Keystone. “With walkable access to nearly a dozen restaurants, Whole Foods, and the onsite movie theater at Plymouth Meeting Mall, the reimagined One Plymouth will be the sort of dynamic office property that will engage employees as it inspires creative thinking.”

Keystone’s redevelopment plans include adding a modern glass and precast exterior, all new mechanical and electrical systems, a modern lobby and a private outdoor gathering space. With the installation of larger windows, the comprehensive capital improvements campaign will increase the building’s energy efficiency and tenants’ interior experience. Keystone says it will work with tenants on customizing the renovated building to suit their specific needs.

“With efficient floor plates, high ceilings, abundant parking and signage potential, the building has amazing exposure and a great deal of versatility,” says Gottlieb. “Once we unlock its full potential, One Plymouth will cement its status as a modern landmark that brings energy to the workplace and fosters productivity and collaboration. As the mall continues its revitalization, One Plymouth will maintain its role as a significant commercial driver in the surrounding region.”

Located in southern Montgomery County, just 20 minutes from Center City, the redevelopment of One Plymouth Meeting will be the latest in a series of major enhancements made in the region that include the renovations at the mall and development of a 398-unit luxury residential property less than two miles away.

Saul Ewing Leases 15,000 SF in Wilmington

Wilmington-based Saul Ewing LLP, a full-service law firm, has signed a lease to take 15,227 square feet at 1201 N. Market St. in Wilmington, DE.

The 23-story, 441,341-square-foot, 4-Star office property was built in 1988, designed by Skidmore, Owings, and Merrill.

Saul Ewing will take over more than half of the 23rd floor, joining the likes of law firm Morris Nichols and Arsht and insurance company Nuclear Electric Insurance.

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