Kimco Realty Corporation sold a portion of the 103,296-square-foot retail and multifamily building at 1401 Walnut St. in Philadelphia, PA to Pearl Properties LLC for $15 million, or about $196 per square foot. Pearl Properties purchased floors 3 through 12, totaling 76,596 square feet of office and residential space.
The mixed-use building is centrally located at the corner of Broad and Walnut Streets in Market West. The 36 luxury apartments known as the Pearl Apartments range from 1,700 to 2,450 square feet in size. The apartments are located on floors 3 through 7, and 10 through 12. The eighth and ninth floors contain office space. The new owner may convert the vacant ninth floor to additional units.
www.omegare.com
Wednesday, August 7, 2013
Arden Grp Pays $31.1M for Doubletree Philadelphia West
LNR Partners, Inc., a special loan servicer, sold the 253-room Doubletree Guest Suites - Philadelphia West to The Arden Group for $31.1 million, or approximately $123,000 per room. At the time of sale, the asset was not distressed and had good operating income.
Located at 640 Fountain Rd. in Plymouth Meeting, PA, the seven-story, 246,048-square-foot hospitality building sits on almost eight acres. The property was awarded an Energy Star label in 2007 for its operating efficiency. The Arden Group will invest an additional $6 million in upgrades to the asset.
Located at 640 Fountain Rd. in Plymouth Meeting, PA, the seven-story, 246,048-square-foot hospitality building sits on almost eight acres. The property was awarded an Energy Star label in 2007 for its operating efficiency. The Arden Group will invest an additional $6 million in upgrades to the asset.
Independence Square Apts Trade for $8.9M
Geller Associates sold the Independence Square Apartments at 1 Maryland Cir. in Whitehall, PA to Andover Properties for $8.94 million, or about $67,000 per unit.
The 133-unit multifamily building sits on almost five acres in the Lehigh / Northampton submarket of Philadelphia. The complex was over 95 percent occupied at the time of sale.
The 133-unit multifamily building sits on almost five acres in the Lehigh / Northampton submarket of Philadelphia. The complex was over 95 percent occupied at the time of sale.
Brookfield To Boost Industrial Property Holdings with $1.1 Billion IDI Buy
Brookfield Property Partners (NYSE:BPY) has reached an agreement to buy Atlanta-based Industrial Developments International Inc. (IDI) for $1.1 billion.
IDI owns 75 industrial distribution facilities totalling 27 million square feet located in 12 states. The deal also includes IDI's third party property management business and development sites it controls that can support 49 million square feet of future warehouse distribution projects.
Acquiring IDI will provide a significant boost to Brookfield's U.S. industrial property holdings and establish the firm as one of largest global owners of industrial property, capping a series of acquisitions by the recent property spin-off of Brookfield Asset Management.
Earlier this summer, BPP bought EZW Gazeley Ltd., a warehouse and distribution park developer with locations in the U.K., Western Europe and China. That followed the acquisition last year of a majority position in Verde Realty, which owns 18 million square feet of industrial space in major U.S. distribution markets and markets along the U.S. and Mexico border.
Following the IDI acquisition, Brookfield will have more than 62 million square feet of industrial property in its portfolio, plus 79 million square feet of future development potential, making it one of the largest owners of industrial and logistics facilities.
Ric Clark, CEO of Brookfield Property Group, said the combined business will own "irreplaceable assets and development sites near major markets and transport routes" and said one of the firm's investment goals is to create a global industrial real estate company capable of delivering high quality distribution facilities to its clients around the world.
Brookfield Property Partner is buying IDI from a U.S. subsidiary of Kajima Corp. It will own a quarter-share interest in IDI with the balance owned by Brookfield’s institutional partners. The transaction is expected to close in the fourth quarter of 2013.
Brookfield also has a partnership arrangement with Dallas-based Hillwood Industrial Partners to acquire industrial properties in the U.S.
The acquisition will be made through Brookfield’s $4.4 billion Brookfield Strategic Real Estate Partners fund, which targets opportunistic investments in commercial property markets, with an emphasis on North America, Europe, Brazil and Australia.
www.omegare.com
IDI owns 75 industrial distribution facilities totalling 27 million square feet located in 12 states. The deal also includes IDI's third party property management business and development sites it controls that can support 49 million square feet of future warehouse distribution projects.
Acquiring IDI will provide a significant boost to Brookfield's U.S. industrial property holdings and establish the firm as one of largest global owners of industrial property, capping a series of acquisitions by the recent property spin-off of Brookfield Asset Management.
Earlier this summer, BPP bought EZW Gazeley Ltd., a warehouse and distribution park developer with locations in the U.K., Western Europe and China. That followed the acquisition last year of a majority position in Verde Realty, which owns 18 million square feet of industrial space in major U.S. distribution markets and markets along the U.S. and Mexico border.
Following the IDI acquisition, Brookfield will have more than 62 million square feet of industrial property in its portfolio, plus 79 million square feet of future development potential, making it one of the largest owners of industrial and logistics facilities.
Ric Clark, CEO of Brookfield Property Group, said the combined business will own "irreplaceable assets and development sites near major markets and transport routes" and said one of the firm's investment goals is to create a global industrial real estate company capable of delivering high quality distribution facilities to its clients around the world.
Brookfield Property Partner is buying IDI from a U.S. subsidiary of Kajima Corp. It will own a quarter-share interest in IDI with the balance owned by Brookfield’s institutional partners. The transaction is expected to close in the fourth quarter of 2013.
Brookfield also has a partnership arrangement with Dallas-based Hillwood Industrial Partners to acquire industrial properties in the U.S.
The acquisition will be made through Brookfield’s $4.4 billion Brookfield Strategic Real Estate Partners fund, which targets opportunistic investments in commercial property markets, with an emphasis on North America, Europe, Brazil and Australia.
www.omegare.com
Franklin Square Capital to move to Navy Yard from Cira Centre
by Natalie Kostelni-Staff Writer, Philadelphia Business Journal
Franklin Square Capital Partners will be relocating its headquarters to the Philadelphia Navy Yard where Liberty Property Trust and Synterra Partners will construct a new four-story, 80,050-square-foot building for the firm.
The firm will be moving from Cira Centre.
Franklin Square signed a long-term lease for the entire building, which is located on just over four acres next to the Courtyard by Marriott that is under construction. The address is 201 Rouse Blvd.
Franklin Square designs and manages alternative investment funds that allow mainstream investors to access asset classes, like investments in private companies, that were previously only available to institutional investors. Company revenues grew from $1.5 million in 2009 to just under $27 million last year, or 1,698 percent. It was formed in 2007 with 15 employees and now has 150 people working for it. It has been ranked 13th on Forbes Magazine’s 2013 list of America’s most promising companies.
“We are excited to keep our headquarters in Philadelphia and to join the growing community at the Navy Yard,” said Michael Forman, founder and CEO of Franklin Square, in a statement. “We look forward to having a custom designed space that will accommodate our rapid growth and foster our company’s energetic, collaborative and innovative culture,” Forman concluded.
The new headquarters will have views of both of a new park and Philadelphia’s skyline, a café-style restaurant, a multi-use exercise facility, conference facilities, and floor plans full of natural light and designed to foster team interaction.
Full story: http://tinyurl.com/ldocag8
Monday, August 5, 2013
Philadelphia's Industrial Vacancy Increases to 9.3%
The Philadelphia Industrial market ended the second quarter 2013 with a vacancy rate of 9.3%.
The vacancy rate was up over the previous quarter, with net absorption totaling negative 965,846 square feet in the second quarter. That compares to positive 64,473 square feet in the first quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 2,424,434 square feet.
Tenants moving into large blocks of space in 2013 include: One Kings Lane moving into 503,423 square feet at Commerce Circle, Perdue moving into 223,750 square feet at 1801 Dulaney St - Building 1, and Schenker Logistics moving into 700 Allen Rd.
Rental rates ended the second quarter at $4.49, an increase over the previous quarter.
A total of one building delivered to the market in the quarter totaling 70,000 square feet, with 4,149,992 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 8.5% from the previous quarter, with net absorption positive 44.6 million square feet in the second quarter. Average rental rates increased to $5.25 this quarter, and 167 industrial buildings delivered to the market totaling almost 17.5 million square feet.
www.omegare.com
The vacancy rate was up over the previous quarter, with net absorption totaling negative 965,846 square feet in the second quarter. That compares to positive 64,473 square feet in the first quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 2,424,434 square feet.
Tenants moving into large blocks of space in 2013 include: One Kings Lane moving into 503,423 square feet at Commerce Circle, Perdue moving into 223,750 square feet at 1801 Dulaney St - Building 1, and Schenker Logistics moving into 700 Allen Rd.
Rental rates ended the second quarter at $4.49, an increase over the previous quarter.
A total of one building delivered to the market in the quarter totaling 70,000 square feet, with 4,149,992 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 8.5% from the previous quarter, with net absorption positive 44.6 million square feet in the second quarter. Average rental rates increased to $5.25 this quarter, and 167 industrial buildings delivered to the market totaling almost 17.5 million square feet.
www.omegare.com
Dow Opens a Northeast Tech Center in Collegeville
Dow Chemical opened its new 800,000-square-foot Northeast Technology Center Innovation Hub this week.
The center serves as lab and office facility for more than 800 employees and contractors. It is one of the largest sites of its kind in Dow’s global network. Company officials said the new center will play a pivotal role for many businesses in Dow’s Advanced Materials portfolio, which is headquartered in Philadelphia.
Pennsylvania Gov. Tom Corbett speaking to 700 Dow employees who attended Wednesday’s ribbon-cutting, said, "Today Dow is making clear that it is committed to Pennsylvania, as a place of business, as a center of research and development, and as a home of innovation. This tech center is part of something special happening all over our commonwealth. Businesses are coming here to become part of our economic comeback."
“The Northeast Technology Center is yet another example of Dow's continued commitment to innovation and collaboration,” added Andrew Liveris, Dow Chairman and CEO. “Working at the intersection of the sciences, Dow scientists and technologists are bridging the gap between chemistry and technology to develop solutions to some of the world's greatest challenges.”
Dow Chemical employs approximately 2,000 workers in the Delaware Valley. The company has started moving employees from its Spring House Technical Center to the NTC and will continue the transition through 2014.
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