Thursday, April 30, 2020

Top Retail Leases Recognized for Philadelphia

Prominent retail leases signed by EFO Furniture Outlet, Giant Foods and Hobby Lobby negotiated by top dealmakers from Brixmor Property Group, CBL & Associates Properties and Tower Investments are among the first quarter retail leases recognized by CoStar.
As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. Beginning this year, CoStar is recognizing the largest leases completed each quarter and the dealmakers who made them happen in their respective market.
Here are the Philadelphia retail leases selected as the First Quarter 2020 winners of the CoStar Power Broker Quarterly Deal Awards:

TOP LEASE: 1001-1051 N Dupont Hwy Dover, DE

1001-1051 N Dupont Hwy Dover, DE (CoStar)
Space Leased: 57,820 SF
Deal Type: New Lease
Sign Date: January 1, 2020
Size: 205,708 SF
Tenant: Hobby Lobby

Deal Commentary: This new Hobby Lobby location is the first location in Delaware, with the next closest location in Salisbury, Maryland. The arts and crafts retailer will occupy a space that has sat vacant since 2018 and was previously occupied by ACME Markets.

TOP LEASE: 344 Stroud Mall Rd Stroudsburg, PA

344 Stroud Mall Rd Stroudsburg, PA (CoStar)
Space Leased: 93,316 SF
Deal Type: New Lease
Sign Date: January 22, 2020
Size: 93,316 SF
Tenant: EFO Furniture Outlet
Deal Commentary: EFO Furniture Outlet, which has four locations in Pennsylvania, leased half of a key anchor spot at Stroud Mall that has been vacant since early 2019. EFO replaces Sears and joins ShopRite as the new arrivals at the mall. EFO and offers furniture and mattresses from known brands. The remaining square footage on the second floor remains vacant and for lease.

TOP LEASE: 1401 S Columbus Blvd Philadelphia, PA

ws_lease-5_iStock-636371484.jpg
File Photo / iStock
Space Leased: 46,000 SF
Deal Type: New Lease
Sign Date: January 22, 2020
Tenant: Giant Foods
Deal Commentary: This new Giant Foods will anchor a proposed project along the Delaware River waterfront in Philadelphia. The site for this store is between Reed and Tasker streets, South Columbus Boulevard and the Delaware River. Other plans for this site include 35,000 square feet of separate retail space and a Super Wawa. Giant is an American supermarket chain that operates in Virginia, Maryland, Pennsylvania, West Virginia and Washington, D.C. Some stores in these areas operate under the Martin’s brand.

TOP LEASE: 713 E Baltimore Ave Clifton Heights, PA

713 E Baltimore Ave Clifton Heights, PA (CoStar)
Space Leased: 32,711 SF
Deal Type: New Lease
Sign Date: March 27, 2020
Size: 92,651 SF
Tenant: Big Lots

Deal Commentary: Located in central Clifton Heights, this Big Lots will be the first anchor tenant in a newly redeveloped strip center. The rest of the center is available for lease with Gator Investments. This will be the first location for the discount retailer in this area, with the next closest location in Norristown.

TOP LEASE: 1130-1170 Mae St Hummelstown, PA

1130-1170 Mae St Hummelstown, PA (CoStar)
Space Leased: 38,202 SF
Deal Type: New Lease
Sign Date: February 26, 2020
Size: 216,158 SF
Tenant: Big Lots
Deal Commentary: The former Kmart in Hershey will be reopening at as a Big Lots, giving consumers in the area an option for big-box discount shopping. Big Lots will join Five Below, Planet Fitness and T.J. Maxx as new tenants. Big Lots will share some of the old Kmart Space with indoor play center, Where the Wild Things Play. Plans were approved in November for changes that include demolishing a 4,464 square foot area in the back for loading docks and making way for a fast-food restaurant with a drive-thru lane where the Kmart garden center used to be located.

TOP LEASE: 1300-1326 Lititz Pike Lancaster, PA

1300-1326 Lititz Pike Lancaster, PA (CoStar)
Space Leased: 15,242 SF
Deal Type: New Lease
Sign Date: January 1, 2020
Size: 82,698 SF
Tenant: Immunotek

Deal Commentary: Adding to its other donation centers around the country, Immunotek leased 15,242 square feet in Lancaster. Immunotek is the global leader in plasma supply. The company offers people compensation in exchange for plasma and then supplies it to patients who require medicine derived from plasma.

TOP LEASE: 6520 Frankford Ave Philadelphia, PA

6520 Frankford Ave Philadelphia, PA (CoStar)
Space Leased: 7,840 SF
Deal Type: New Lease
Sign Date: January 16, 2020
Size: 53,637 SF
Tenant: Family Dollar
Deal Commentary: Leasing over 7,800 square feet, Family Dollar joins Dollar Tree and Rainbow in Mayfair and adds to the already large number of discount stores in the center. Family Dollar is a discount chain offering a variety of goods including groceries, household items and beauty products. Unlike Dollar Tree, Family Dollar sells goods for over the price of $1.

TOP LEASE: 300 Lincoln Ave East Stroudsburg, PA

300 Lincoln Ave East Stroudsburg, PA (CoStar)
Space Leased: 11,338 SF
Deal Type: New Lease
Sign Date: March 3, 2020
Size: 79,080 SF
Tenant: Wine & Spirits Shoppe
Deal Commentary: The state-run Fine Wines & Spirits Shoppe leased over 11,000 square feet in East Stroudsburg. The Pennsylvania Liquor Control Board operates more than 600 Fine Wine & Good Spirits stores, which were originally known as State Store and then PA Wine & Spirits before a statewide rebranding and addition of e-commerce.

TOP LEASE: 11000 Roosevelt Blvd Philadelphia, PA

11000 Roosevelt Blvd Philadelphia, PA (CoStar)
Space Leased: 6,870 SF
Deal Type: New Lease
Sign Date: March 30, 2020
Size: 87,143 SF
Tenant: Boulevard Laundromat
Deal Commentary: Boulevard Laundromat is the latest tenant at Boulevard Plaza, leasing over 6,800 square feet and projected to move in by the end of May. The laundromat is one of many owned by a long-standing client of Soloff Realty.

TOP LEASE: 3501 Route 42 Turnersville, NJ

3501 Route 42 Turnersville, NJ (CoStar)
Space Leased: 9,800 SF
Deal Type: New Lease
Sign Date: February 1, 2020
Size: 240,773 SF
Tenant: Dollar Tree
Deal Commentary: This new location in Cross Keys Commons, which is set to open this month, will be the third Dollar Tree store in Turnersville. This u-shaped center in Turnersville features anchor tenants such as Walmart, Ross, Marshalls and Staples.

Top Office Leases Recognized for Philadelphia

Prominent office leases signed by Hana, Morgan Lewis and Paypal 
As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. Beginning this year, CoStar is recognizing the largest leases completed each quarter and the dealmakers who made them happen in their respective market.
Here are the Philadelphia office leases selected as the First Quarter 2020 winners of the CoStar Power Broker Quarterly Deal Awards:

TOP LEASE: 2222 Market St Philadelphia, PA

This is the site where 2222 Market in Philadelphia will be built. (CoStar)
Space Leased: 307,998 SF
Deal Type: New Lease
Sign Date: January 9, 2020
Tenant: Morgan Lewis
Deal Commentary. Philadelphia’s largest office lease for the first quarter of 2020 belongs to law firm Morgan Lewis & Bockius’ deal to occupy all of 2222 Market, which will serve as the firm’s headquarters once the tower delivers. Construction on the office tower is set to begin this summer, but the project could face delays as a result of the coronavirus pandemic.

TOP LEASE: 4000 Chemical Rd Plymouth Meeting, PA

4000 Chemical Rd Plymouth Meeting, PA (CoStar)
Space Leased: 60,593 SF
Deal Type: New Lease
Sign Date: January 29, 2020
Size: 125,550 SF
Tenant: Paypal

Deal Commentary: Online payment system Paypal inked a lease to occupy 60,593 square feet at the Metroplex Corporate Center. Paypal is consolidating multiple local offices into a single building.

TOP LEASE: 1818 Market St Philadelphia, PA

1818 Market St Philadelphia, PA (CoStar)
Space Leased: 50,745 SF
Deal Type: New Lease
Sign Date: January 2, 2020
Size: 1,143,040 SF
Tenant: Hana
Deal Commentary: Coworking firm Hana signed a five-year lease to occupy 50,745 square feet on the ninth and 10th floors at 1818 Market St.

TOP LEASE: 426 W Lancaster Ave Devon, PA

426 W Lancaster Ave Devon, PA 

Space Leased: 55,941 SF
Deal Type: New Lease
Sign Date: January 30, 2020
Size: 64,445 SF
Tenant: Mullen Coughlin
Deal Commentary: Law firm Mullen Coughlin signed a lease deal to occupy 55,941 square feet at Devon West. The property was recently renovated in 2019, featuring a new glass atrium, updated lobby, restrooms and elevators.

TOP LEASE: 2 W Liberty Blvd Malvern, PA

2 W Liberty Blvd Malvern, PA (CoStar)
Space Leased: 60,307 SF
Deal Type: New Lease
Sign Date: February 12, 2020
Size: 128,000 SF
Tenant: The Vanguard Group
Deal Commentary: The Vanguard Group leased 60,307 square feet on the third floor at 2 W. Liberty Blvd. Quarry Ridge offers accessibility to the Pennsylvania Turnpike and Routes 202, 29, 30 and 401.

TOP LEASE: 100 Penn Sq E Philadelphia, PA

100 Penn Sq E Philadelphia, PA (CoStar)
Space Leased: 41,277 SF
Deal Type: New Lease
Sign Date: February 26, 2020
Size: 1,389,838 SF
Tenant: Mindspace

Deal Commentary: Mindspace signed a 41,277-square-foot lease on the fourth floor at 100 Penn Square E., which is known as the Wanamaker Building. The building was constructed in 1911 for the Wanamaker Department Store and its corporate offices. It has since been transformed from a department store to a Class A office and retail property.

TOP LEASE: 3419 Silverside Rd Wilmington, DE

3419 Silverside Rd Wilmington, DE (CoStar)
Space Leased: 60,000 SF
Deal Type: New Lease
Sign Date: February 12, 2020
Size: 60,000 SF
Tenant: Marlette Funding
Deal Commentary: Marlette Funding, a financial technology company that's expanding, signed a 60,000-square-foot lease at Concord Plaza, which is located at 2419 Silverside Road.

TOP LEASE: 1735 Market St Philadelphia, PA

1735 Market St Philadelphia, PA (CoStar)
Space Leased: 34,987 SF
Deal Type: New Lease
Sign Date: February 28, 2020
Size: 1,354,374 SF
Tenant: Dechert

Deal commentary: Another law firm has made it into Philadelphia's top office leases for the first quarter. Dechert leased over 34,000 square feet in Center City Philadelphia at 1735 Market St.

TOP LEASE: 402-404 Lippincott Dr Marlton, NJ

402-404 Lippincott Dr Marlton, NJ (CoStar)
Space Leased: 53,000 SF
Deal Type: New Lease
Sign Date: January 20, 2020
Size: 53,000 SF
Tenant: Consensus Health (CHA)
Deal Commentary: Consensus Health signed a 10-year, 53,000-square-foot lease at 402-404 Lippincott Drive in Marlton. The property is about a 30-minute drive from Center City Philadelphia.

TOP LEASE: 475 Sentry Pky Blue Bell, PA

475 Sentry Pky Blue Bell, PA (CoStar)
Space Leased: 39,712 SF
Deal Type: New Lease
Sign Date: January 30, 2020
Size: 79,560 SF
Tenant: Qualtek
Deal Commentary: Qualtek signed a 39,712-square-foot lease at One Sentry Park, which is located at 475 Sentry Parkway.

Top Property Sales Recognized for Philadelphia

As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the local community. CoStar recognized the largest deals completed during the first quarter in their respective markets.
Here are the Philadelphia property sales selected as the First Quarter 2020 winners of the CoStar Power Broker Quarterly Deal Awards:

TOP SALE: 7528 Walker Way Allentown, PA — Part of Portfolio


7528 Walker Way Allentown, PA (CoStar)
Sale Price: Not disclosed*
Sale Date: February 4, 2020
Size: 36,513,520 SF
Buyer: Prologis, San Francisco, CA
Seller: Liberty Property Trust, Wayne, PA
Deal Commentary: This property was part of Prologis' $13 billion acquisition of Liberty Property Trust. The portfolio of properties spans across the United States and the United Kingdom. The merger now positions San Francisco-based Prologis as a major player in the industrial sector, touting 921 million square feet of warehouses and distribution centers across several markets.
*Part of a portfolio sale

TOP SALE: 192 Kost Rd Carlisle, PA — Part of Portfolio


192 Kost Rd Carlisle, PA (CoStar)
Sale Price: $220,550,941 (allocated)*
Sale Date: January 8, 2020
Size: 3,529,889 SF
Buyer: Prologis, San Francisco, CA
Sellers: Black Creek Group and Industrial Property Trust, Denver, CO
Deal Commentary: This property was part of a portfolio transaction between Black Creek Group and Industrial Property Trust and affiliates of Prologis, consisting of 236 properties across 24 geographic areas and 37.5 million square feet of industrial holdings that were reported to be 96% leased at time of the sale. This transaction expands Prologis' position in key U.S. markets, including Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas-Fort Worth, San Antonio, Seattle and New Jersey.
*Part of a portfolio sale

TOP SALE: 4875 Susquehanna Trl York, PA — Part of Portfolio


ws_sale-29_GettyImages-1066712088.jpg
(File Photo/Getty Images)
Sale Price: $145,600,000 (allocated)*
Sale Date: February 11, 2020
Size: 1,661,175 SF
Buyer: Ahold Delhaize, Salisbury, NC
Seller: C&S Wholesale Grocers, Keene, NH
Deal Commentary: ES3, doing business as C & S Wholesale Grocers, completed the sale of three of its distribution facilities in York County, Pennsylvania, as a sale-leaseback deal. The purchase allows C & S Wholesale Grocers to increase its distribution operations and continue to modernize its supply chain.
*Part of a portfolio sale

TOP SALE: 301 Washington St Conshohocken, PA


301 Washington St Conshohocken, PA (CoStar)
Sale Price: $72,450,000
Sale Date: February 18, 2020
Size: 469,455 SF
Buyer: Coastal Ridge Real Estate, Columbus, OH
Seller: Invesco Advisers, Dallas, TX
Deal Commentary: Ohio-based Coastal Ridge Real Estate purchased this 309 unit multifamily complex as a part of its strategy to expand its portfolio. It currently manages 20,000 apartment units comprising conventional apartments and student housing units across 16 states.

TOP SALE: Three Crescent Dr Philadelphia, PA


Three Crescent Dr Philadelphia, PA (CoStar)
Sale Price: $62,341,000
Sale Date: January 2, 2020
Size: 106,400 SF
Buyer: Norvin Healthcare Properties, New York, NY
Seller: Liberty Property Trust, Wayne, PA
Deal Commentary: Norvin Healthcare Properties was able to secure this fully leased single-tenant office building as Liberty Property Trust sold off its office properties. The property was attractive to Norvin due to its 2009 construction, location in the Navy Yard Corporate center and the building's long-term tenant, Jefferson Health.

TOP SALE: 1050 Constitution Ave Philadelphia, PA


1050 Constitution Ave Philadelphia, PA (CoStar)
Sale Price: $61,200,000
Sale Date: January 16, 2020
Size: 175,000 SF
Buyers: Dimah Capital Investment Company, Safat and Rasmala Investment Bank Limited, Dubai
Sellers: Liberty Property Trust, Wayne, PA and Synterra Partners, Philadelphia, PA
Deal Commentary: CBRE brokered this $61.2 million deal, aiding Liberty Property trust in its quest to divest its office portfolio. The property was attractive to the buyers due to the location, long-term tenant, Axalta Coating Systems, and the size of the building.

TOP SALE: 1150 Helen Dr Newark, DE


1150 Helen Dr Newark, DE (CoStar)
Sale Price: $60,500,000
Sale Date: February 28, 2020
Size: 480,980 SF
Buyer: New York Life Real Estate Investors, New York, NY
Seller: Nv Commercial, Vienna, VA
Deal Commentary: This 245-unit multifamily property sold for $60.5 million at the end of February. The buyer was attracted to the property because of the location, condition of the apartment building and the quality of the amenities. The property was 95% occupied at the time of the sale.

TOP SALE: Portfolio of 8 Retail Properties


4351 Black Horse Pike Mays Landing, NJ (CoStar)
Sale Price: $60,000,000
Sale Date: February 18, 2020
Size: 556,918 SF
Buyer: Time Equities, New York, NY
Seller: Retail Value, Beachwood, OH
Deal Commentary: New York-based Time Equities secured the Hamilton Collins Shopping Center for $60 million. The site was formerly a part of the DDR Corp. shopping center portfolio. Hamilton Collins was completed in 2001 and was 93% leased at the time of the sale with 34 tenants, including anchor Regal Cinemas, Hobby Lobby, Marshalls, Ross Dress for Less and Big Lots.

TOP SALE: Portfolio of 2 Properties


160 E Erie Ave Philadelphia, PA (CoStar)
Sale Price: $52,250,000
Sale Date: February 12, 2020
Size: 594,504 SF
Buyer: Iron Stone Real Estate Partners, Philadelphia, PA
Seller: Paladin Healthcare, El Segundo, CA
Deal Commentary: Iron Stone Real Estate Partners, a Philadelphia developer known for acquiring financially distressed healthcare properties, purchased the 188-bed hospital and medical office building occupied by St. Christopher’s Hospital for Children.

TOP SALE: 432 Strafford Ave Wayne, PA and 416 Strafford Ave Wayne, PA


432 Strafford Ave Wayne, PA (CoStar)
Sale Price: $48,250,000
Sale Date: January 16, 2020
Size: 193,135 SF
Buyer: Morgan Properties, King Of Prussia, PA
Seller: Francis Iacobucci Properties, Havertown, PA
Deal Commentary: Morgan Properties purchased the Stafford Station apartments and adjacent Plaza at Stafford Station apartments as a part of its efforts to aggressively increase its portfolio. Morgan Properties is based in King of Prussia and is a leading owner of Class B apartment properties in the Philadelphia region.