Thursday, April 5, 2012
Liberty Property Trust sells 49 properties
by Natalie Kostelni
"Liberty Property Trust has wrapped up a $195 million sale of 49 properties totaling 2.5 million square feet in a transaction that continues the company’s refocus on industrial space.
As the company unloads these properties, it is also diminishing its exposure to the suburban office market.
In the last 10 months the Malvern, Pa., real estate investment trust said it completely exited the suburban office market in Milwaukee, Richmond, Va.; and Greensboro, N.C., and significantly decreased its office presence in New Jersey. In South Jersey, the company sold: 701A Route 73 South, a 93,766-square-foot office building in Marlton; 701C Route 73 South, a 27,802-square-foot office building in Marlton; 3000 Atrium Way, a 108,416-square-foot office building in Mount Laurel; and 2000 Crawford Way, a 74,013-square-foot flex building in Mount Laurel."
Full Story: http://tinyurl.com/6s4w46a
http://www.omegare.com/
"Liberty Property Trust has wrapped up a $195 million sale of 49 properties totaling 2.5 million square feet in a transaction that continues the company’s refocus on industrial space.
As the company unloads these properties, it is also diminishing its exposure to the suburban office market.
In the last 10 months the Malvern, Pa., real estate investment trust said it completely exited the suburban office market in Milwaukee, Richmond, Va.; and Greensboro, N.C., and significantly decreased its office presence in New Jersey. In South Jersey, the company sold: 701A Route 73 South, a 93,766-square-foot office building in Marlton; 701C Route 73 South, a 27,802-square-foot office building in Marlton; 3000 Atrium Way, a 108,416-square-foot office building in Mount Laurel; and 2000 Crawford Way, a 74,013-square-foot flex building in Mount Laurel."
Full Story: http://tinyurl.com/6s4w46a
http://www.omegare.com/
Geico, Wells Fargo Stay at 919 Market Street, Wilmington, DE
"Keystone Property Group, a leading developer, manager and investor office and industrial properties, has signed two lease agreements at its 18-story, 221,686-square-foot, class A office building at 919 N. Market St. in Wilmington, DE.
Wells Fargo, a tenant in the building since 2002, signed an extension for its 6,251 square feet. Additioinally, GEICO, a tenant in the building since 1999, extended its lease duration for 3,497 square feet.
"We engaged both GEICO and Wells Fargo in discussions to renew their lease agreements at 919 North Market prior to closing on our purchase of the building and were able to secure the deals and finalize both agreements shortly after closing," said Bill Glazer, president of Keystone Property Group. "We look forward to executing on our strategic improvement program at the building and attracting additional leasing activity for the property’s available space."
http://www.omegare.com/
Wells Fargo, a tenant in the building since 2002, signed an extension for its 6,251 square feet. Additioinally, GEICO, a tenant in the building since 1999, extended its lease duration for 3,497 square feet.
"We engaged both GEICO and Wells Fargo in discussions to renew their lease agreements at 919 North Market prior to closing on our purchase of the building and were able to secure the deals and finalize both agreements shortly after closing," said Bill Glazer, president of Keystone Property Group. "We look forward to executing on our strategic improvement program at the building and attracting additional leasing activity for the property’s available space."
http://www.omegare.com/
Tuesday, April 3, 2012
Crayola To Move Into Bethlehem Warehouse
That's a lot of crayons.
"Crayola will close distribution centers in Hanover Township, Bethlehem Township and Fredericksburg, Lebanon County, move its warehouse operations next year into a new 800,000-square-foot warehouse at Majestic Bethlehem Center.
Ground breaking at the site developed by Majestic Realty is expected this spring. The crayon maker will become the first tenant for the former Bethlehem Steel land in a move intended to optimize logistics and warehouse operations under one roof, expand operations near the company's manufacturing and office operations and improve product flow, company officials said.
Crayola, owned by Hallmark Cards Inc., is headquartered in Forks Township, PA. The company has a Lehigh Valley workforce of more than 1,000 and will occupy the distribution center next March in a long term lease through 2023."
http://www.omegare.com/
"Crayola will close distribution centers in Hanover Township, Bethlehem Township and Fredericksburg, Lebanon County, move its warehouse operations next year into a new 800,000-square-foot warehouse at Majestic Bethlehem Center.
Ground breaking at the site developed by Majestic Realty is expected this spring. The crayon maker will become the first tenant for the former Bethlehem Steel land in a move intended to optimize logistics and warehouse operations under one roof, expand operations near the company's manufacturing and office operations and improve product flow, company officials said.
Crayola, owned by Hallmark Cards Inc., is headquartered in Forks Township, PA. The company has a Lehigh Valley workforce of more than 1,000 and will occupy the distribution center next March in a long term lease through 2023."
http://www.omegare.com/
Feldman Properties Closing NYC HQ for Chadds Ford, PA Location
"Feldman Mall Properties, Inc. (PINKSHEETS: FMLP) reported Friday that the Company will close its offices at 1065 Avenue of the Americas in New York and that the Company's headquarters will now be located at 2 Ponds Edge Drive, Chadds Ford, PA,
The Company's new mailing address is P.O. Box 1478, Chadds Ford, PA 19317. The Company will continue to use www.feldmanmall.com as its website.
Furthermore, the exclusivity period for the proposed private placement of securities by the Company, announced on February 6, 2012, has been extended to Wednesday, April 11, 2012, in order to allow the parties further time to complete negotiation of a definitive agreement. There have been no other changes to the terms and conditions of the transaction.
According to its website, the Company's portfolio, including non-owned anchor tenants, consists of two regional malls aggregating approximately 2.4 million square feet. The two malls are located in Illinois and Ohio."
http://www.omegare.com/
The Company's new mailing address is P.O. Box 1478, Chadds Ford, PA 19317. The Company will continue to use www.feldmanmall.com as its website.
Furthermore, the exclusivity period for the proposed private placement of securities by the Company, announced on February 6, 2012, has been extended to Wednesday, April 11, 2012, in order to allow the parties further time to complete negotiation of a definitive agreement. There have been no other changes to the terms and conditions of the transaction.
According to its website, the Company's portfolio, including non-owned anchor tenants, consists of two regional malls aggregating approximately 2.4 million square feet. The two malls are located in Illinois and Ohio."
http://www.omegare.com/
Accupac Enters Sale-Leaseback for 110,000 SF Mainland, PA Industrial Building
"AIC Ventures has closed on a sale leaseback transaction of a 110,000 square foot industrial building in Mainland, PA with Accupac, Inc.
AIC Ventures simultaneously entered into a long-term lease with the company, a manufacturer, filler and packager of consumer commodity, over-the-counter and prescription products.
Financials were not immediately available. Accupac's mailing address is 1501 Industrial Blvd. in Mainland, PA."
http://www.omegare.com/
AIC Ventures simultaneously entered into a long-term lease with the company, a manufacturer, filler and packager of consumer commodity, over-the-counter and prescription products.
Financials were not immediately available. Accupac's mailing address is 1501 Industrial Blvd. in Mainland, PA."
http://www.omegare.com/
Monday, April 2, 2012
REIT Buying Lehigh Valley, PA Industrial Assets in $137.3M Portfolio Trade
"Subsidiaries of Industrial Income Trust Inc. (IIT) have agreed to pay $137.3 million for a 100 percent fee interest in 11 industrial buildings totaling 3.5 million square feet on 201.3 acres in Plainfeld, IN and Lehigh Valley, PA.
The The IN/PA Industrial Portfolio is 93 percent leased to 23 tenants. IIT estimates the purchase price cap rate at 6.7 percent.
The Sellers are:
• KPJV Ruppsville Road LP (PA)
• KPJV 861 Nestle Way LP (PA)
• KPJV 7566 Morris Court LP (PA)
• KPJV 7520 Morris Court LP (PA)
• KPJV 595 South Perry Road LP (IN)
• KPJV 909 Whitaker Road LP (IN)
• KPJV 849 Whitaker Road LP (IN)
• KPJV 923 Whitaker Road LP (IN)
• KPJV 558 Airtech Parkway LP, (IN) and
• KPJV 5252 Decatur Boulevard LP. (IN)
In 2003, Keystone Property Trust formed a joint venture with the Mercantile Safe Deposit & Trust Company as Trustee for the AFL-CIO Building Investment Trust. Keystone contributed a $90 million portfolio of properties primarily located in Indianapolis, but also including properties in Allentown, Pennsylvania and one in Central New Jersey, to the venture, which was known as BIT.
Keystone's contribution consisted of eight industrial properties totaling approximately 2.0 million square feet. Among the properties contributed, Keystone reported that it had contributed the two buildings on Morris Court in Allentown, PA, which total about 265,000 square feet, into the joint venture. In its Annual Report, Keystone listed the three properties on Whitaker Road, which total about 885,000 square feet, as part of its BIT JV.
Currently, two tenants in the IN/PA Industrial Portfolio individually lease more than 10 percent of the rentable area of the entire portfolio:
• Home Depot U.S.A., Inc. leases 823,000 square feet, or approximately 23 percent of the portfolio's rentable area, under a lease that expires in June 2013 with no options to extend. The annual base rent under the lease is currently approximately $3.6 million and is subject to a rent escalation of approximately 2.0% in July 2012.
• Belkin International, Inc., a consumer electronic devices company, leases 798,000 square feet, or approximately 23% of the portfolio's rentable area, under a lease that expires in November 2019 with two options to extend the lease for a period of five years each. The annual base rent under the lease is currently approximately $2.7 million and is subject to rent escalations of approximately 4.5% in November 2014 and an additional 5.7% in November 2017.
The $137.3 million purchase price is exclusive of transfer taxes, due diligence expenses, and other closing costs."
http://www.omegare.com/
The The IN/PA Industrial Portfolio is 93 percent leased to 23 tenants. IIT estimates the purchase price cap rate at 6.7 percent.
The Sellers are:
• KPJV Ruppsville Road LP (PA)
• KPJV 861 Nestle Way LP (PA)
• KPJV 7566 Morris Court LP (PA)
• KPJV 7520 Morris Court LP (PA)
• KPJV 595 South Perry Road LP (IN)
• KPJV 909 Whitaker Road LP (IN)
• KPJV 849 Whitaker Road LP (IN)
• KPJV 923 Whitaker Road LP (IN)
• KPJV 558 Airtech Parkway LP, (IN) and
• KPJV 5252 Decatur Boulevard LP. (IN)
In 2003, Keystone Property Trust formed a joint venture with the Mercantile Safe Deposit & Trust Company as Trustee for the AFL-CIO Building Investment Trust. Keystone contributed a $90 million portfolio of properties primarily located in Indianapolis, but also including properties in Allentown, Pennsylvania and one in Central New Jersey, to the venture, which was known as BIT.
Keystone's contribution consisted of eight industrial properties totaling approximately 2.0 million square feet. Among the properties contributed, Keystone reported that it had contributed the two buildings on Morris Court in Allentown, PA, which total about 265,000 square feet, into the joint venture. In its Annual Report, Keystone listed the three properties on Whitaker Road, which total about 885,000 square feet, as part of its BIT JV.
Currently, two tenants in the IN/PA Industrial Portfolio individually lease more than 10 percent of the rentable area of the entire portfolio:
• Home Depot U.S.A., Inc. leases 823,000 square feet, or approximately 23 percent of the portfolio's rentable area, under a lease that expires in June 2013 with no options to extend. The annual base rent under the lease is currently approximately $3.6 million and is subject to a rent escalation of approximately 2.0% in July 2012.
• Belkin International, Inc., a consumer electronic devices company, leases 798,000 square feet, or approximately 23% of the portfolio's rentable area, under a lease that expires in November 2019 with two options to extend the lease for a period of five years each. The annual base rent under the lease is currently approximately $2.7 million and is subject to rent escalations of approximately 4.5% in November 2014 and an additional 5.7% in November 2017.
The $137.3 million purchase price is exclusive of transfer taxes, due diligence expenses, and other closing costs."
http://www.omegare.com/
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