Paradise Property LLC acquired The Glen at Lafayette Hill multifamily community at 555 Andorra Glen Ct. in Lafayette Hill, PA from AEW Capital Management for $22.77 million, or about $163,813 per unit.
The three-story, 208,527-square-foot apartment building was constructed in 1999 on 18.1 acres in the Conshohoken / Plymouth Meeting submarket of Montgomery County. The 139 units are a mix of one-, two- and three-bedroom apartments were 91 percent occupied at the time of sale.
Wednesday, February 5, 2014
Security Storage Co Sells New Castle Industrial for $4M
Calumet Enterprises LLC acquired the industrial building at 705 Morehouse Dr. in New Castle, DE for $4 million, or about $37 per square foot, from Security Storage Company.
The 108,000-square-foot warehouse was built in 1980 in the New Castle County Industrial submarket. It contains 15 loading docks and three drive-ins, 21-foot ceilings, and heavy power.
www.omegare.com
The 108,000-square-foot warehouse was built in 1980 in the New Castle County Industrial submarket. It contains 15 loading docks and three drive-ins, 21-foot ceilings, and heavy power.
www.omegare.com
Montgomery County Human Services Ctr Sells for $17.5M
The County of Montgomery, PA sold the Montgomery County Human Services Center office building at 1430 Dekalb St. in Norristown, PA to Silverang Hallowell Development Company for $17.5 million, or approximately $51 per square foot.
The five-story, 346,000-square-foot office building was constructed in 1958 on 3.1 acres in the Norristown / Valley Forge submarket of Philadelphia. Montgomery County Health Department executed a 15-year leaseback for 125,000 square feet there.
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The five-story, 346,000-square-foot office building was constructed in 1958 on 3.1 acres in the Norristown / Valley Forge submarket of Philadelphia. Montgomery County Health Department executed a 15-year leaseback for 125,000 square feet there.
www.omegare.com
Tuesday, February 4, 2014
Liberty Closes Second Half of $697.3M Disposition
Liberty Property Trust has closed on its disposition of 48 properties totaling roughly 2.6 million square feet of office and flex space along with 19 acres of land to Connecticut-based Greenfield Partners LLC with Somerset Properties for $329.6 million.
The sale marks the final part of the previously announced sale that saw Greenfield take 49 properties from Liberty in December 2013 for $367.7 million.
See CoStar COMPS #2920492
The second half of this 97-property disposition for Liberty included 2.1 million square feet of office properties and 468,000 square feet of flex properties spread across the Mid-Atlantic. The portfolio was more than 88 percent leased at the time of sale.
The largest property in this sale is the three-building Longview Executive Park (pictured, above) in Hunt Valley, MD. The 256,961-square-foot office campus was built in 1988 at 309-311 International Cir. on 14.1 acres in the Route 83 Corridor North submarket of Baltimore County.
The two sales mark the latest step in Liberty's ambitious asset repositioning program, under which it plans to increase its ownership of industrial property and reduce its exposure to office space in non-core markets.
Analysts noted the Liberty portfolio included properties with significant capital improvement requirements and near-term lease expirations. They expect the REIT's earnings to ramp up over the next several quarters as asset sale proceeds are reinvested.
www.omegare.com
The sale marks the final part of the previously announced sale that saw Greenfield take 49 properties from Liberty in December 2013 for $367.7 million.
See CoStar COMPS #2920492
The second half of this 97-property disposition for Liberty included 2.1 million square feet of office properties and 468,000 square feet of flex properties spread across the Mid-Atlantic. The portfolio was more than 88 percent leased at the time of sale.
The largest property in this sale is the three-building Longview Executive Park (pictured, above) in Hunt Valley, MD. The 256,961-square-foot office campus was built in 1988 at 309-311 International Cir. on 14.1 acres in the Route 83 Corridor North submarket of Baltimore County.
The two sales mark the latest step in Liberty's ambitious asset repositioning program, under which it plans to increase its ownership of industrial property and reduce its exposure to office space in non-core markets.
Analysts noted the Liberty portfolio included properties with significant capital improvement requirements and near-term lease expirations. They expect the REIT's earnings to ramp up over the next several quarters as asset sale proceeds are reinvested.
www.omegare.com
SEPTA Details $500M King of Prussia Rail Project
by Jared Shelly Digital Producer- Philadelphia Business Journal
SEPTA updated citizens today on its plans for the King of Prussia Rail project that could cost as much as $650 million. It plans to add stops to the Norristown high-speed line to serve a community now consumed by traffic.
At its public meeting at the Radisson Hotel at the Valley Forge Casino, Byron Comati director of strategic planning for SEPTA, laid out three possible routes for the new extension: a PECO utility corridor, along Route 202 and along the Pennsylvania Turnpike. (Check out the accompanying map to see all the route alternatives.)
"There is so much automobile traffic in that neck of the woods," said Comati, "and getting there from Center City Philadelphia and other points in region is challenging if you have to use the Schuylkill Expressway."
The total cost of the project is estimated to range from $500 million to $650 million and is still about eight years away from being completed, said Comati in an interview before the event. Plans call for half of the money to come from federal dollars while the other half should come from state or local sources, he said.
The project would add about three to four stops to the Norristown line to extend it into King of Prussia and Upper Merion Township. The new stops would most certainly include the King of Prussia Mall and are likely to include Valley Forge National Historical Park and the Valley Forge Casino Resort.
A SEPTA line that extends into King of Prussia is sure to be welcomed by the mall's 30,000 workers, many of whom spend long bus or car rides on the Schuylkill expressway to get to work.
"You are talking about a lot of delay, congestion and inefficacy for workers to get to jobs," said Comati.
In the last public meeting about a year and a half ago, citizens were concerned about the aesthetics of the new rail lines and wondered if they should be at ground level or elevated in the air.
Full story: http://tinyurl.com/l865l5a
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Monday, February 3, 2014
Philadelphia's Industrial Vacancy Decreases to 8.6%
The Philadelphia Industrial market ended the fourth quarter 2013 with a vacancy rate of 8.6%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 6,776,750 square feet in the fourth quarter. That compares to positive 1,105,038 square feet in the third quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 1,463,921 square feet.
Tenants moving into large blocks of space in 2013 include: Walmart moving into 1,200,000 square feet at 2785 Commerce Center Blvd, Subaru moving into 526,050 square feet at Subaru, and Harley Davidson moving into 438,000 square feet at York Business Center.
Rental rates ended the fourth quarter at $4.52, an increase over the previous quarter.
A total of four buildings delivered to the market in the quarter totaling 764,000 square feet, with 5,023,394 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 8.0% from the previous quarter, with net absorption totaling positive 78.93 million square feet in the fourth quarter. Average rental rates increased to $5.36 this quarter, and 150 industrial buildings delivered to the market totaling more than 18.5 million square feet.
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The vacancy rate was down over the previous quarter, with net absorption totaling positive 6,776,750 square feet in the fourth quarter. That compares to positive 1,105,038 square feet in the third quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 1,463,921 square feet.
Tenants moving into large blocks of space in 2013 include: Walmart moving into 1,200,000 square feet at 2785 Commerce Center Blvd, Subaru moving into 526,050 square feet at Subaru, and Harley Davidson moving into 438,000 square feet at York Business Center.
Rental rates ended the fourth quarter at $4.52, an increase over the previous quarter.
A total of four buildings delivered to the market in the quarter totaling 764,000 square feet, with 5,023,394 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 8.0% from the previous quarter, with net absorption totaling positive 78.93 million square feet in the fourth quarter. Average rental rates increased to $5.36 this quarter, and 150 industrial buildings delivered to the market totaling more than 18.5 million square feet.
www.omegare.com
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