Saturday, February 5, 2011
Route 93 & Sugarloaf Road, Contyngham, PA Sells for $875,000
"The lot is 1.5 acres and sold for $875,000. The buyer, Sheetz, plans on razing the former furniture store and developing the land for use as a convenience store. "
137 S. Main Street, North Wales Leases
"The lease of a 9,000 SF office building located at 137 S. Main Street, in the Borough of North Wales, Montgomery County, PA was signed. The building has been leased by 137 Associates to Montgomery Management Corp. for a multi-year term. The transaction is valued at approximately $175,000. The building, a converted mill was renovated into office space for Northeast American Construction Group in 2007 and will be operated by the Tenant as insurance offices."
Two New Office Leases signed in NJ
Laurelwood Office Complex signed two leases there.
1) At 1101 Laurel Oak Road, Zwicker & Associates will relocate its operation from Haddonfield to a 2,947 square foot suite.
2) At 1103 Laurel Oak Road, The Garver Group will relocate from Gibbsboro to a 6,099 square foot suite.
1) At 1101 Laurel Oak Road, Zwicker & Associates will relocate its operation from Haddonfield to a 2,947 square foot suite.
2) At 1103 Laurel Oak Road, The Garver Group will relocate from Gibbsboro to a 6,099 square foot suite.
Buildings Sell in Harrisburg for $2.2
"The sale of a 36,303 square feet industrial office warehouse closed late January, which situated on Amity Road in Harrisburg, Pennsylvania.
The sale closed on January 31, 2011 at the sales price of $2,215,000, which represents a 10.86 percent capitalization rate on current income. The seller, Natale Realty Company, Inc., a Pennsylvania corporation, The buyer, was DC Partners Amity Road, LLC, a Pennsylvania limited liability company.
"This property represented an opportunity to acquire two well-maintained, fully occupied, Class B flex buildings in the Harrisburg East industrial submarket," stated the broker. "The two tenants, JST Manufacturing Company, one of the top ten connector manufacturers in the world, and R.E. Michel Company, Inc., one of the largest wholesale distributors of HVAC equipment in the country, benefit from the property's close proximity to Interstate 81, Interstate 83 and the Pennsylvania Turnpike. 421 Amity Road was a combination of a strong tenant base, recent construction and renovations, net leases and minimal deferred maintenance which allows the new owners to step right in and maintain a steady cash flow for years to come.
After exhausting our marketing efforts with local investors, we expanded the campaign to regional buyers from Washington D.C. through New York. The ultimate buyer was a partnership formed between two investors based in Northern New Jersey and New York City. It was clear that local buyers were looking backwards at value while buyers from out of town saw stability and long-term upside," he added."
The sale closed on January 31, 2011 at the sales price of $2,215,000, which represents a 10.86 percent capitalization rate on current income. The seller, Natale Realty Company, Inc., a Pennsylvania corporation, The buyer, was DC Partners Amity Road, LLC, a Pennsylvania limited liability company.
"This property represented an opportunity to acquire two well-maintained, fully occupied, Class B flex buildings in the Harrisburg East industrial submarket," stated the broker. "The two tenants, JST Manufacturing Company, one of the top ten connector manufacturers in the world, and R.E. Michel Company, Inc., one of the largest wholesale distributors of HVAC equipment in the country, benefit from the property's close proximity to Interstate 81, Interstate 83 and the Pennsylvania Turnpike. 421 Amity Road was a combination of a strong tenant base, recent construction and renovations, net leases and minimal deferred maintenance which allows the new owners to step right in and maintain a steady cash flow for years to come.
After exhausting our marketing efforts with local investors, we expanded the campaign to regional buyers from Washington D.C. through New York. The ultimate buyer was a partnership formed between two investors based in Northern New Jersey and New York City. It was clear that local buyers were looking backwards at value while buyers from out of town saw stability and long-term upside," he added."
Thursday, February 3, 2011
Colin Dyer, CEO of Jones Lang LaSalle told CNBC in Davos VIDEO 4:19
"The institutional investors...have really stayed in the sector, right through the crisis, but they're in a mode now of picking up new assets and new investments and buying mode again," Colin Dyer, CEO of Jones Lang LaSalle told CNBC in Davos on the global real estate market."
http://www.cnbc.com/id/15840232/?video=1768855540&play=1
http://www.cnbc.com/id/15840232/?video=1768855540&play=1
Market Trend: Philadelphia’s Retail Vacancy Decreases to 6.7%
"The Philadelphia retail market experienced a slight improvement in market conditions in the fourth quarter 2010.
The vacancy rate went from 7.0% in the previous quarter to 6.7% in the current quarter. Net absorption was positive 2,135,613 square feet, and vacant sublease space decreased by (68,232) square feet.
Quoted rental rates decreased from third quarter 2010 levels, ending at $14.28 per square foot per year.
A total of 20 retail buildings with 888,687 square feet of retail space were delivered to the market in the quarter, with 1,559,631 square feet still under construction at the end of the quarter."
The vacancy rate went from 7.0% in the previous quarter to 6.7% in the current quarter. Net absorption was positive 2,135,613 square feet, and vacant sublease space decreased by (68,232) square feet.
Quoted rental rates decreased from third quarter 2010 levels, ending at $14.28 per square foot per year.
A total of 20 retail buildings with 888,687 square feet of retail space were delivered to the market in the quarter, with 1,559,631 square feet still under construction at the end of the quarter."
Subscribe to:
Posts (Atom)
