Grocer to Open New Store in Edgmont

Giant Food Stores of Carlisle, PA plans to open a new store at a former Genuradi’s location in Delaware County.

The store at 4855 West Chester Pike in Edgmont Township will open Nov 6. The store will fill 43,000 square feet that has been vacant since 2010 when Genuardi’s shut down its store. The Giant Food Store at Newtown Square will employ 120 full and part-time workers

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Blackstone Profit Rises 3% on Real Estate Gain

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Philadelphia's Office Vacancy Decreases to 11.5%

The Philadelphia Office market ended the third quarter 2013 with a vacancy rate of 11.5%. 

The vacancy rate was down over the previous quarter, with net absorption totaling positive 193,270 square feet in the third quarter. That compares to positive 786,597 square feet in the second quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 1,243,897 square feet. 

Tenants moving into large blocks of space in 2013 include: Endo Pharmaceuticals, Inc. moving into 300,000 square feet at Atwater Corporate Center; GlaxoSmithKline moving into 205,000 square feet at Five Crescent Dr; and Drexel University moving into 117,464 square feet at Three Parkway. 

Rental rates ended the third quarter at $21.06, a decrease over the previous quarter. 

A total of three buildings delivered to the market in the quarter totaling 61,700 square feet, with 791,386 square feet still under construction at the end of the quarter. 

This trend is compared to the U.S. National Office vacancy rate, which decreased to 11.6% from the previous quarter, with net absorption positive 23.48 million square feet in the third quarter. Average rental rates increased to $21.75, and 244 office buildings delivered to the market totaling more than 12.2 million square feet. 
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Retail Bldg Trades for $2.6M

Sadwith Industries, Co. acquired the retail building located at 330 York Rd. in Carlisle, PA from Carlisle GS Branch LLC for $2.64 million, or about $580 per square foot. 

The property that sold is a 4,550-square-foot financial bank branch building located in Cumberland County. 
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Applied Bank Center Sold for $10.5M

RAA Management LLC acquired the Applied Bank Center office building at 2200 Concord Pike in Wilmington, DE from AstraZeneca Pharmaceuticals LP for $10.5 million, or about $54 per square foot. 

The 15-story, 195,495-square-foot, class A office building was originally built in 1980 on 11.6 acres in the North New Castle County submarket. Renovations were finished in 2002. 
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Hunt for Yield: The Return of Risky Lending and Commercial Real Estate

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Camelback Mountain Resort Sells for $69.3M

EPR Properties (NYSE: EPR) has acquired the Camelback Mountain Resort at 1 Camelback Rd. in Tannersville, PA from Spirit Realty Capital, Inc. (NYSE: SRC) for $69.25 million. 

The resort, located in the Pocono Mountains region of northeastern Pennsylvania, consists of 160 acres of skiable terrain and includes a waterpark, outdoor treetop adventure park with mountain coaster and zip line, 40-lane tubing hill and a 48,400-square-foot base lodge. The resort attracts nearly 900,000 visitors annually. 

CBH2O has operated the resort since 2005, and has just committed to a new 20-year lease at the property. Ken Ellis and Art Berry, principals at CBH2O, have reinvested and redeveloped the property with additional attractions to enhance attendance through all seasons. 

"I am very pleased to announce this expansion of our Recreation portfolio with Camelback Mountain Resort. Camelback has been a very popular and successful recreation property for over 50 years and importantly, offers year-round attractions and sustainable year-round cash flows," said David Brain, president and CEO of EPR. 
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