BET Investments, Inc., a Philadelphia-based property investment firm, acquired the Bucks Crossing Shopping Center at 95-205 E. Street Rd. in Feasterville Trevose, PA from Korman Commercial Properties, Inc. for $18.25 million, or about $139 per square foot.
This 131,035-square-foot retail center was delivered in 1967. It was 94 percent occupied at the time of the sale, including anchor tenants Petco and Acme Market and a free-standing Wachovia Bank branch.
www.omegare.com
Wednesday, October 9, 2013
1.4M square feet of N.J. industrial space acquired by Liberty Property Trust
Pennsylvania-based Liberty Property Trust announced Tuesday it has acquired approximately 23 million square feet of industrial space across several U.S. markets. Liberty purchased the assets via the acquisition of the operating partnership of Cabot Industrial Value Fund III for $1.475 billion.
Financial details of the New Jersey portion of the portfolio were not broken down in a press release from the company.
According to the announcement, Liberty added 177 properties in 24 markets. The acquisition was funded through a combination of sources including proceeds of $834.1 million from an offering of 24,150,000 common shares, proceeds from the offering of $450 million of 4.40% senior notes due 2024 and the assumption of $230 million in mortgage debt.
Tuesday, October 8, 2013
The Billionaire Land Grab (Video)
Top 100 Land owners own 33M Acres. Up 18% since 2008. This Equals 2% of all US land mass.
www.omegare.com
www.omegare.com
Monday, October 7, 2013
Axalta: Why two offices is better than one
by Natalie Kostelni-Staff Writer, Philadelphia Business Journal
Axalta Coating Systems, which was formerly DuPont Performance Coatings, has taken an unusual route and split its global and North American headquarters. It just located both to Pennsylvania from Delaware — but in separate locations.
“We wanted to have distinct regional operations and a distinct corporate headquarters,” said Matt Winokur, company spokesman. “We wanted to give the North American business its own location and identity.”
The company decided to place its global headquarters in 30,000 square feet in Commerce Square in Center City. It wanted those operations to be in an urban setting so it could easily access transportation such as trains and the airport.
The company moved its North American headquarters to 55,000 square feet off Applied Card Way in Glen Mills, Pa. The site is closer to where most employees live and from where they have been commuting for years, Winokur said. The two offices are about 25 miles apart.
Full story: http://tinyurl.com/q6onr3b
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