"Prologis LP sold the Pittston Distribution Center #1 to Endurance Real Estate Group LLC for $4.36 million, or about $15 per square foot.
Located at 301-305 Oak Street in Pittston, PA, the 289,242-square-foot industrial facility sits on more than 17 acres. The property was constructed in 1991 with renovation completed in 1996.
The property was put under contract vacant; however, during due diligence, a new tenant signed a deal to occupy the entire facility. R.C. Moore, Inc. has taken occupancy of the entire facility in the middle of February."
http://www.omegare.com/
Monday, March 5, 2012
Federal Capital Partners, Cross Properties Close on $28.5M Philadelphia Acquisition
Federal Capital Partners and Cross Properties purchased the office tower located at 1616-1626 Walnut St. in downtown Philadelphia for $28.5 million, or about $121 per square foot, from Isard-Greenberg Company.
The 25-story office building totals 263,265 square feet and sits on about 0.37 acres. The buyers are possibly planning to convert the property into a multifamily development.
http://www.omegare.com/
The 25-story office building totals 263,265 square feet and sits on about 0.37 acres. The buyers are possibly planning to convert the property into a multifamily development.
http://www.omegare.com/
Sunday, March 4, 2012
Latest Philadelphia Commercial Real Estate Deals
by Natalie Kostelni
"A two-story, 26,250-square-foot office building at 5000 Hilltop Drive in Brookhaven, Pa., traded for $1.75 million. The building can be expanded by 21,000 square feet in a three-story office building or a one-story flex building.
Water View Court Apartments, a 120-unit complex at 361 Harbor Drive in Claymont, Del., traded for $6.4 million, or $53,333 per unit.
Creekside Plaza, a 10,030 square-foot retail property located at 1207 McDade Blvd. in Collingdale, Pa. sold for $3.1 million, or more than $300 per square foot.
A 50,000-square-foot industrial building and site at 415 S. Penn St. in Clifton Heights, Pa., traded for $875,000. The building will become the new home to DCI Products.
Endurance Real Estate Group of Bala Cynwyd, Pa., bought 301-305 Oak St., a warehouse/distribution building totaling 289,277 square feet on 17 acres $4.4 million, or $15.07 a square foot. Endurance put the building under contract while vacant and managed to land RC Moore Inc., a logistics company that offers freight logistics, during due diligence. RC Moore took the entire building.
Oldcastle Building Envelope, a supplier of architectural glass and aluminum glazing systems, signed a new lease for the entire 32,700-square-foot office/flex building at 1507 Lancer Drive at Moorestown West Corporate Center in Moorestown, N.J."
http://www.omegare.com/
"A two-story, 26,250-square-foot office building at 5000 Hilltop Drive in Brookhaven, Pa., traded for $1.75 million. The building can be expanded by 21,000 square feet in a three-story office building or a one-story flex building.
Water View Court Apartments, a 120-unit complex at 361 Harbor Drive in Claymont, Del., traded for $6.4 million, or $53,333 per unit.
Creekside Plaza, a 10,030 square-foot retail property located at 1207 McDade Blvd. in Collingdale, Pa. sold for $3.1 million, or more than $300 per square foot.
A 50,000-square-foot industrial building and site at 415 S. Penn St. in Clifton Heights, Pa., traded for $875,000. The building will become the new home to DCI Products.
Endurance Real Estate Group of Bala Cynwyd, Pa., bought 301-305 Oak St., a warehouse/distribution building totaling 289,277 square feet on 17 acres $4.4 million, or $15.07 a square foot. Endurance put the building under contract while vacant and managed to land RC Moore Inc., a logistics company that offers freight logistics, during due diligence. RC Moore took the entire building.
Oldcastle Building Envelope, a supplier of architectural glass and aluminum glazing systems, signed a new lease for the entire 32,700-square-foot office/flex building at 1507 Lancer Drive at Moorestown West Corporate Center in Moorestown, N.J."
http://www.omegare.com/
BlueGolf moving to Devon Square
by Natalie Kostelni
"BlueGolf, a maker of systems that manage golf tournaments and golf clubs, leased office space at Devon Square, bringing the complex up to 90 percent occupied.
The company took 5,000 square feet in a five-year deal and is moving from 230 Sugartown Road. The company is in three different locations at its existing offices and this will give it room to consolidate, a more efficient lay-out and room to grow. The landlord is Keystone Property Group.
Tryko buys ‘nation’s first retirement community’ Boca Raton's 1200 Corporate Place sells for .25M Follow this company . About 15,000 square feet remain available at the Devon, Pa., site. Other recent lease deals include 7,816 square feet with AudioCARE Systems, and 5,000 square feet with Evocal Dairy Trade Inc."
http://www.omegare.com/
"BlueGolf, a maker of systems that manage golf tournaments and golf clubs, leased office space at Devon Square, bringing the complex up to 90 percent occupied.
The company took 5,000 square feet in a five-year deal and is moving from 230 Sugartown Road. The company is in three different locations at its existing offices and this will give it room to consolidate, a more efficient lay-out and room to grow. The landlord is Keystone Property Group.
Tryko buys ‘nation’s first retirement community’ Boca Raton's 1200 Corporate Place sells for .25M Follow this company . About 15,000 square feet remain available at the Devon, Pa., site. Other recent lease deals include 7,816 square feet with AudioCARE Systems, and 5,000 square feet with Evocal Dairy Trade Inc."
http://www.omegare.com/
Hersha Hospitality buys Rittenhouse Hotel
"The Rittenhouse Hotel has a new owner.
Hersha Hospitality Trust, a real estate investment trust that owns 67 hotels mostly in the Northeast Corridor, closed on a deal to buy the 111-room, five-diamond luxury hotel for $42 million Thursday, chief executive officer Jay H. Shah said.
"We're delighted with the opportunity to really transition ownership," Shah said in an interview just moments after the deal was sealed. "We're very excited about being the new era of ownership of this Philadelphia icon."
Hersha bought the hotel, which includes 152 residential condominiums, from Rittenhouse Development Corp., which developed, owned, and also managed it.
http://www.omegare.com/
Hersha Hospitality Trust, a real estate investment trust that owns 67 hotels mostly in the Northeast Corridor, closed on a deal to buy the 111-room, five-diamond luxury hotel for $42 million Thursday, chief executive officer Jay H. Shah said.
"We're delighted with the opportunity to really transition ownership," Shah said in an interview just moments after the deal was sealed. "We're very excited about being the new era of ownership of this Philadelphia icon."
Hersha bought the hotel, which includes 152 residential condominiums, from Rittenhouse Development Corp., which developed, owned, and also managed it.
http://www.omegare.com/
Saturday, March 3, 2012
Real Estate Fine Print
by Natalie Kostelni
"BPG Properties Ltd. expanded its Arizona presence and bought a Class A office complex in Scottsdale, marking its second acquisition in that market.
The Philadelphia company paid $34.25 million for Lincoln Towne Centre, which is substantially below replacement costs. The 223,605 square-foot-building is 33 percent vacant. BPG Properties bought the complex from Lincoln National Life Insurance Co.
Tenants include CNA National Warranty Corp. (NYSE:CAN) and EMC Corp. (NYSE:EMC). The site consists of two, five-story office towers with below grade parking for more than 800 cars and it was built in 1999 …
Zukin Realty Co. got the go-ahead from Chester County, Pa., to buy three contiguous buildings at 33-35-37-39 W. Market St. in West Chester. Zukin will pay the county $575,000 for the properties … An 11-unit mixed-use property consisting of nine apartments and two retail spaces at 1061-1063 Easton Road in Abington sold for $1 million. Marcus & Millichap arranged the transaction between two undisclosed entities …
Markeim-Chalmers completed a series of deals including: The sale of a 2,500-square-foot office building at 204 Kings Highway S. in Cherry Hill, N.J., for $295,000; Velocity Sports/Rothman Institute leased 14,000 square feet at 309 Fries Mill Road in Sewell, N.J., for seven years; and the renewal of two leases at 5090 Central Highway, Pennsauken, N.J., in a building owned by J&J Snack Foods. WIS International and Vital Network Services took a combined 10,000 square feet in the building … Ocean Healthcare Operating Partners of Lakewood, N.J., placed a $15 million bid on a 200-bed hospital on 22.3 acres in Pemberton, N.J., that is operated by the Burlington County government, according to the Courier-Post. The facility serves long-term care and psychiatric patients. The county still needs to decide whether it wants to approve the deal …
A developer is eying converting the First Baptist Church of Ardmore at the intersection of Athens Avenue and St. Paul’s Road, for residential use, according to a report in the Main Line Times. Wally Smerconish will present his plans to the community on Tuesday at the church … Buccini/Pollin Group is getting closer to constructing a new $36 million, 180-room Westin Hotel on the riverfront in Wilmington, Del. The developer is set to receive $5 million in public-loan guarantees to help build the hotel, according to a report in the Wilmington News Journal. The Riverfront Development Corp. has been working with Buccini Pollin for more than a year on the project and firming up the details on the acquisition of the publicly owned parcel."
http://www.omegare.com/
Full Story: http://tinyurl.com/82v35hw
"BPG Properties Ltd. expanded its Arizona presence and bought a Class A office complex in Scottsdale, marking its second acquisition in that market.
The Philadelphia company paid $34.25 million for Lincoln Towne Centre, which is substantially below replacement costs. The 223,605 square-foot-building is 33 percent vacant. BPG Properties bought the complex from Lincoln National Life Insurance Co.
Tenants include CNA National Warranty Corp. (NYSE:CAN) and EMC Corp. (NYSE:EMC). The site consists of two, five-story office towers with below grade parking for more than 800 cars and it was built in 1999 …
Zukin Realty Co. got the go-ahead from Chester County, Pa., to buy three contiguous buildings at 33-35-37-39 W. Market St. in West Chester. Zukin will pay the county $575,000 for the properties … An 11-unit mixed-use property consisting of nine apartments and two retail spaces at 1061-1063 Easton Road in Abington sold for $1 million. Marcus & Millichap arranged the transaction between two undisclosed entities …
Markeim-Chalmers completed a series of deals including: The sale of a 2,500-square-foot office building at 204 Kings Highway S. in Cherry Hill, N.J., for $295,000; Velocity Sports/Rothman Institute leased 14,000 square feet at 309 Fries Mill Road in Sewell, N.J., for seven years; and the renewal of two leases at 5090 Central Highway, Pennsauken, N.J., in a building owned by J&J Snack Foods. WIS International and Vital Network Services took a combined 10,000 square feet in the building … Ocean Healthcare Operating Partners of Lakewood, N.J., placed a $15 million bid on a 200-bed hospital on 22.3 acres in Pemberton, N.J., that is operated by the Burlington County government, according to the Courier-Post. The facility serves long-term care and psychiatric patients. The county still needs to decide whether it wants to approve the deal …
A developer is eying converting the First Baptist Church of Ardmore at the intersection of Athens Avenue and St. Paul’s Road, for residential use, according to a report in the Main Line Times. Wally Smerconish will present his plans to the community on Tuesday at the church … Buccini/Pollin Group is getting closer to constructing a new $36 million, 180-room Westin Hotel on the riverfront in Wilmington, Del. The developer is set to receive $5 million in public-loan guarantees to help build the hotel, according to a report in the Wilmington News Journal. The Riverfront Development Corp. has been working with Buccini Pollin for more than a year on the project and firming up the details on the acquisition of the publicly owned parcel."
http://www.omegare.com/
Full Story: http://tinyurl.com/82v35hw
Subscribe to:
Posts (Atom)
