Friday, August 16, 2013
FARO Technologies Inks 90,000-SF BTS Lease
FARO Technologies, a developer and manufacturer of 3-D measurement and imaging systems, signed a 10-year, build-to-suit lease for the entire 90,364-square-foot flex building proposed at 290 National Rd. in Exton, PA.
The building is expected to break ground in September 2013, with completion scheduled for the third quarter of 2014. The building sits on 13 acres zoned I-2. When completed, it will have at least 24-foot clear height and 40x40-foot column spacing. The number of docks and drive-ins has yet to be determined.
www.omegare.com
The building is expected to break ground in September 2013, with completion scheduled for the third quarter of 2014. The building sits on 13 acres zoned I-2. When completed, it will have at least 24-foot clear height and 40x40-foot column spacing. The number of docks and drive-ins has yet to be determined.
www.omegare.com
Lehigh Valley WIB Secures New Location
The Lehigh Valley Workforce Investment Board has signed a long-term lease for 30,000 square feet at 555 Union Blvd. in Allentown, PA. The tenant will occupy the entire first floor of Building 1.
The two-story, 66,078-square-foot office building sits on more than 41 acres adjacent to the Coca Cola Field. The site consists of five connected buildings totaling 294,639 square feet. The portfolio offers training rooms, auditorium, classrooms, and an outdoor covered break area.
The two-story, 66,078-square-foot office building sits on more than 41 acres adjacent to the Coca Cola Field. The site consists of five connected buildings totaling 294,639 square feet. The portfolio offers training rooms, auditorium, classrooms, and an outdoor covered break area.
Walgreens, CVS Properties Sold for $22.4M
Menlo Capital Group acquired two net-leased retail buildings, a Walgreens in Saint Albans, NY and a CVS in Phoenixville, PA, from Elion Real Estate Investments for $22.43 million, or about $978 per square foot.
The Walgreens at 112-55 Farmers Blvd. in the South Queens submarket of Long Island totals 9,988 square feet. It was built in 2011 on half an acre. The CVS at 130 Nutt Rd. in the Exton/Whitelands submarket of Philadelphia totals 12,900 square feet. It was built in 2010 on 2.4 acres.
www.omegare.com
The Walgreens at 112-55 Farmers Blvd. in the South Queens submarket of Long Island totals 9,988 square feet. It was built in 2011 on half an acre. The CVS at 130 Nutt Rd. in the Exton/Whitelands submarket of Philadelphia totals 12,900 square feet. It was built in 2010 on 2.4 acres.
www.omegare.com
Tuesday, August 13, 2013
Market Trend: Philadelphia's Office Deliveries, Construction and Inventory
During the second quarter 2013, three buildings totaling 23,100 square feet were completed in the Philadelphia market area.
This compares to seven buildings totaling 722,360 square feet that were completed in the first quarter 2013, six buildings totaling 275,256 square feet completed in the fourth quarter 2012, and 46,319 square feet in four buildings completed in the third quarter 2012.
There were 790,192 square feet of office spaceunder construction at the end of the second quarter 2013.
Some of the notable 2013 deliveries include: Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and is now 100% occupied, and Five Crescent Dr, a 207,779-square-foot building that delivered in first quarter 2013 and is now 100% occupied.
The largest projects underway at the end of second quarter 2013 were 3737 Market St, a 272,700-square-foot building with 70% of its space pre-leased, and CrossPoint at Valley Forge, a 272,109-square-foot facility that is 31% pre-leased.
Total office inventory in the Philadelphia market area amounted to 397,855,549 square feet in 20,051 buildings as of the end of the second quarter 2013. The Class-A office sector consisted of 127,387,442 square feet in 936 projects. Within the Office market there were 888 owner-occupied buildings accounting for 35,276,735 square feet of office space.
This trend is compared to U.S. National Office deliveries and construction, which saw 219 buildings totaling 10.26 million square feet complete construction, with an additional 71.06 million square feet of office space still under construction at the end of the second quarter. A 685,000-square-foot facility at 200 S 108th Ave. in the Omaha/Council Bluffs market delivered, while the 3.02 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market area totaled 10.34 billion square feet in more than 493,000 buildings at the end of the second quarter 2013, including almost 20,000 owner-occupied buildings accounting for 879.9 million square feet.
www.omegare.com
This compares to seven buildings totaling 722,360 square feet that were completed in the first quarter 2013, six buildings totaling 275,256 square feet completed in the fourth quarter 2012, and 46,319 square feet in four buildings completed in the third quarter 2012.
There were 790,192 square feet of office spaceunder construction at the end of the second quarter 2013.
Some of the notable 2013 deliveries include: Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and is now 100% occupied, and Five Crescent Dr, a 207,779-square-foot building that delivered in first quarter 2013 and is now 100% occupied.
The largest projects underway at the end of second quarter 2013 were 3737 Market St, a 272,700-square-foot building with 70% of its space pre-leased, and CrossPoint at Valley Forge, a 272,109-square-foot facility that is 31% pre-leased.
Total office inventory in the Philadelphia market area amounted to 397,855,549 square feet in 20,051 buildings as of the end of the second quarter 2013. The Class-A office sector consisted of 127,387,442 square feet in 936 projects. Within the Office market there were 888 owner-occupied buildings accounting for 35,276,735 square feet of office space.
This trend is compared to U.S. National Office deliveries and construction, which saw 219 buildings totaling 10.26 million square feet complete construction, with an additional 71.06 million square feet of office space still under construction at the end of the second quarter. A 685,000-square-foot facility at 200 S 108th Ave. in the Omaha/Council Bluffs market delivered, while the 3.02 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market area totaled 10.34 billion square feet in more than 493,000 buildings at the end of the second quarter 2013, including almost 20,000 owner-occupied buildings accounting for 879.9 million square feet.
www.omegare.com
Wednesday, August 7, 2013
Woodmont Properties, AEW Capital Purchase 1.5M SF in Middletown
AEW Capital Management, in a joint venture with Woodmont Industrial Partners, acquired the Capital Business Center - a six-building, 1.55 million-square-foot industrial complex near Harrisburg International Airport, from Eaton Vance Investment Managers.
The new owners plan to demolish two circa 1950s vintage buildings and replace them with two LEED-certified, class A warehouse facilities totaling 530,000 square feet. There will be significant capital improvements to other buildings to bring them up to current institutional standards. The center was also renamed Capital Logistics Center to better reflect its strategic location next to Harrisburg International Airport.
Of the six properties that comprise Capital Logistics Center, three of them are 100 percent occupied, one is at 28 percent occupancy and the other two will be redeveloped. In a premier location, the Capital Logistics Center fronts the PA Turnpike is less than two miles from the Harrisburg East Interchange. It is also located within five miles of I-81 near Routes I-283, I-83 and 322.
www.omegare.com
The new owners plan to demolish two circa 1950s vintage buildings and replace them with two LEED-certified, class A warehouse facilities totaling 530,000 square feet. There will be significant capital improvements to other buildings to bring them up to current institutional standards. The center was also renamed Capital Logistics Center to better reflect its strategic location next to Harrisburg International Airport.
Of the six properties that comprise Capital Logistics Center, three of them are 100 percent occupied, one is at 28 percent occupancy and the other two will be redeveloped. In a premier location, the Capital Logistics Center fronts the PA Turnpike is less than two miles from the Harrisburg East Interchange. It is also located within five miles of I-81 near Routes I-283, I-83 and 322.
www.omegare.com
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