The Brickstone Companies purchased 1122-1124 and 1126-1128 Chestnut St. in Philadelphia from Petra Capital Management LLC for $8 million, or about $60 per square foot.
The two buildings total a combined 134,509 square feet and sit on more than half an acre. The Brickstone Companies plans to convert the office building at 1126 - 1128 Chestnut Street into residential units with ground level retail. The building located at 1122-1124 Chestnut St will be razed by end of 2013, and a multiple-floor building of retail and apartment units will be built in its place.
www.omegare.com
Thursday, September 5, 2013
Foster Wheeler USA Corp Sells Camden Resource Recovery Facility
ovanta Holding Corporation purchased the Camden Resource Recovery Facility at 600 Morgan St. in Camden, NJ from Foster Wheeler USA Corporation for $48.6 million, or about $163 per square foot.
The 297,930-square-foot facility sits on 18.8 acres and is capable of producing upwards of 146,000 megawatt hours of electricity in a year. This facility burns 1,050 tons of waste per day, converting it to usable energy.
Covanta is a waste disposal and renewable energy production company. This facility is the fourth of its kind for the company in New Jersey.
"We are excited to expand our portfolio of energy-from-waste facilities with the strategic and opportunistic acquisition. We have a strong track record of successfully integrating businesses and we look forward to welcoming new clients and employees into the Covanta family," said Anthony Orlando, Covanta's CEO and president.
The 297,930-square-foot facility sits on 18.8 acres and is capable of producing upwards of 146,000 megawatt hours of electricity in a year. This facility burns 1,050 tons of waste per day, converting it to usable energy.
Covanta is a waste disposal and renewable energy production company. This facility is the fourth of its kind for the company in New Jersey.
"We are excited to expand our portfolio of energy-from-waste facilities with the strategic and opportunistic acquisition. We have a strong track record of successfully integrating businesses and we look forward to welcoming new clients and employees into the Covanta family," said Anthony Orlando, Covanta's CEO and president.
Endurance RE Acquires Union Meeting Corp Ctr
HUB Properties Trust has sold the three office buildings at 960 Harvest Dr. in Blue Bell, PA to Endurance Real Estate Group LLC for $4.1 million, or about $32 per square foot.
The three office buildings total 129,433 square feet and were built in 1988. The property was vacant at the time of the sale which consists of two two-story buildings and one single-story building. The new owners are planning multiple improvements including upgrading the building systems, renovating the lobbies and common areas.
www.omegare.com
The three office buildings total 129,433 square feet and were built in 1988. The property was vacant at the time of the sale which consists of two two-story buildings and one single-story building. The new owners are planning multiple improvements including upgrading the building systems, renovating the lobbies and common areas.
www.omegare.com
Karcher NA Leases 131,000 SF in Blackwood
Karcher North America, a cleaning equipment manufacturer, signed a lease for 130,930 square feet in the industrial building at 500 University Ct. in Blackwood, NJ.
The single-story warehouse totals 275,930 square feet in the Freeway Corporate Center. The building was constructed in 1996. Karcher North America will occupy nearly half of the building, which includes 10,000 square feet of office space.
www.omegare.com
The single-story warehouse totals 275,930 square feet in the Freeway Corporate Center. The building was constructed in 1996. Karcher North America will occupy nearly half of the building, which includes 10,000 square feet of office space.
www.omegare.com
Wednesday, September 4, 2013
Brian Tierney Sets Up Shop in West Conshy
Brian Tierney has moved the office of Brian Communications and Realtime Media to the Four Falls building in West Conshohocken. Tierney is the former head and namesake of Tierney Communications and at one time was the publisher of the Philadelphia Inquirer, Daily News and Philly.com.
Brian Communications is a full service communications agency. Realtime Media is a strategic promotions firm that builds consumer insights for brands by engaging customers across web, social and mobile.
Tower near Schuylkill River Park wins design approval
A 20-story residential tower planned at the entrance to the popular Schuylkill River Park won final approval Tuesday from the Civic Design Review board, despite concerns that the project could seriously affect pedestrian safety and an adjacent community garden.
The unanimous decision cleared the way for developer Carl Dranoff to start construction next fall. Joan Wells, president of the Schuylkill River Park Community Garden, said she was disappointed that the review board gave the project a green light, especially after several board members pointed out problems with the design. "He doesn't have to change anything now," she complained.
While Dranoff has all the approvals he needs to start construction, he acknowledged during the hearing that some of the criticism was legitimate, and offered to continue meeting with residents to discuss revisions to the design, by Cecil Baker + Partners. "I want to be collaborative," he said. Any changes are likely to be modest. For instance, Dranoff said he that he could not agree to a key demand from opponents to shift the tower farther away from the garden. Doing so, he argued, would require a major redesign and time-consuming city approvals.
The mixed-used project, which is being called One Riverside, is planned for a small triangular parking lot on 25th Street immediately south of the Locust Street entrance to the Schuylkill Banks trail. The slim glass tower would rise along the southern edge of the site, just eight feet from the community garden. It would stand alongside a one-story parking garage on 25th Street.
Full story: http://tinyurl.com/jwtjk5s
www.omegare.com
The unanimous decision cleared the way for developer Carl Dranoff to start construction next fall. Joan Wells, president of the Schuylkill River Park Community Garden, said she was disappointed that the review board gave the project a green light, especially after several board members pointed out problems with the design. "He doesn't have to change anything now," she complained.
While Dranoff has all the approvals he needs to start construction, he acknowledged during the hearing that some of the criticism was legitimate, and offered to continue meeting with residents to discuss revisions to the design, by Cecil Baker + Partners. "I want to be collaborative," he said. Any changes are likely to be modest. For instance, Dranoff said he that he could not agree to a key demand from opponents to shift the tower farther away from the garden. Doing so, he argued, would require a major redesign and time-consuming city approvals.
The mixed-used project, which is being called One Riverside, is planned for a small triangular parking lot on 25th Street immediately south of the Locust Street entrance to the Schuylkill Banks trail. The slim glass tower would rise along the southern edge of the site, just eight feet from the community garden. It would stand alongside a one-story parking garage on 25th Street.
Full story: http://tinyurl.com/jwtjk5s
www.omegare.com
Tuesday, September 3, 2013
Commercial Real Estate Rents on the Rise
By Glenn Somerville
Shopping centers and office towers that sat empty and unlighted during and after the recession are slowly being put back into use. Along with the rest of the national economy, rents for commercial space hit the skids during the severe 2007-2009 contraction. Now a slow but steady revival means rents will rise about 2.25% on average in 2014, after climbing about 2% this year. Nearly three years of unbroken monthly job creation has left shoppers better off and businesses looking around for warehouse space that will allow them to stock up inventories.
Boom conditions they’re not — certainly the improvement isn’t enough to trigger another construction surge. But the situation is a great deal better than from 2009 to mid-2011, when industry discussion focused on how much rents had to be cut to keep any occupants in commercial buildings. The upswing is not evenly distributed, either, especially for retail space. Consumer demand has not rebounded equally and some big urban areas — Los Angeles on the West Coast and New York on the East Coast, for example — are seeing big rent increases. Meanwhile, commercial real estate in other regions continues to languish.
Still, “a rising tide lifts all boats,” as Phil Jemmett, a commercial loan expert and CEO of Breakwater Equity Partners in San Diego, says. “The further the Great Recession retreats into our past, the more accurately we can see that the recovering economy is lifting the commercial real estate industry. The end of 2012 marked an inflection point and we have subsequently seen steady improvement.”
After increasing an average of 2.6% this year, top-flight office space will cost about 2.8% more next year — more on the coasts, where businesses cluster and legal, banking and other business service industries bid for the classiest buildings and premium locations.
Not long ago, a savvy businessman could snag the best space, Class A, for a song, just because its owners desperately needed the income. Those days are gone. Such top-quality space in primary markets such as New York and Los Angeles has now reached its potential, according to Jemmett. He says, “Deals that were available 18 months ago are absolutely, categorically out the window now.” Even in popular smaller markets —such as Austin, Texas — rents are following that upward trend.
Full story: http://tinyurl.com/k2688cw
www.omegare.com
Shopping centers and office towers that sat empty and unlighted during and after the recession are slowly being put back into use. Along with the rest of the national economy, rents for commercial space hit the skids during the severe 2007-2009 contraction. Now a slow but steady revival means rents will rise about 2.25% on average in 2014, after climbing about 2% this year. Nearly three years of unbroken monthly job creation has left shoppers better off and businesses looking around for warehouse space that will allow them to stock up inventories.
Boom conditions they’re not — certainly the improvement isn’t enough to trigger another construction surge. But the situation is a great deal better than from 2009 to mid-2011, when industry discussion focused on how much rents had to be cut to keep any occupants in commercial buildings. The upswing is not evenly distributed, either, especially for retail space. Consumer demand has not rebounded equally and some big urban areas — Los Angeles on the West Coast and New York on the East Coast, for example — are seeing big rent increases. Meanwhile, commercial real estate in other regions continues to languish.
Still, “a rising tide lifts all boats,” as Phil Jemmett, a commercial loan expert and CEO of Breakwater Equity Partners in San Diego, says. “The further the Great Recession retreats into our past, the more accurately we can see that the recovering economy is lifting the commercial real estate industry. The end of 2012 marked an inflection point and we have subsequently seen steady improvement.”
After increasing an average of 2.6% this year, top-flight office space will cost about 2.8% more next year — more on the coasts, where businesses cluster and legal, banking and other business service industries bid for the classiest buildings and premium locations.
Not long ago, a savvy businessman could snag the best space, Class A, for a song, just because its owners desperately needed the income. Those days are gone. Such top-quality space in primary markets such as New York and Los Angeles has now reached its potential, according to Jemmett. He says, “Deals that were available 18 months ago are absolutely, categorically out the window now.” Even in popular smaller markets —such as Austin, Texas — rents are following that upward trend.
Full story: http://tinyurl.com/k2688cw
www.omegare.com
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