260 S. Broad under agreement for more than $50M

by Natalie Kostelni, Staff Writer for Philadelphia Business Journal

The Atlantic building at 260 S. Broad St. in Center City is under agreement to be sold.

Jefferson Apartments of McLean, Va., is seeking to buy the 21-story, 330,000-square-foot former office building for more than $50 million, according to people familiar with the situation.

In 2012, Jefferson completed construction of Jefferson Pointe, a 230-unit apartment complex fronting Route 202 in West Chester, Pa. It sold the property last year for $60.9 million.

If it ends up buying 260 S. Broad, the transaction will mark the company’s first dip into the Center City market. The company focus on multifamily development in urban, transit-oriented markets.

Post Brothers bought the property for $27 million in July 2012 with an eye toward redeveloping it into residential use. At the time, the building had struggled when tenants began vacating it. What few, remaining firms were in the building when Post Brothers bought it were subsequently relocated.

Full story: http://tinyurl.com/nw2oewt

www.omegare.com

Keystone Property Group Divests Allentown Asset

STAG Industrial Management LLC has acquired the industrial building at 7132 Daniels Dr. in Allentown, PA for $12 million, or about $41 per square foot, from Keystone Property Group. 

The 289,900-square-foot warehouse and distribution facility was built in 1986 on 18.7 acres in the Lehigh Valley Industrial submarket of suburban Philadelphia, part of the Iron Run Corporate Center, with access to Routes 78 and 100 and the PA Turnpike. The cross-dock property features three-percent office build-out, 33 loading docks, 28-foot clear heights, 5,000-amp heavy power, six-inch floors, and up to 50-foot column spacing. 

Knoll, Inc. recently signed a lease to occupy the entire building. The successful lease-up and disposition of the asset will allow the seller to redeploy capital into its office and mixed-use portfolio, following a recent joint-venture agreement with Mack-Cali and several other completed deals across suburban Philadelphia. 

"The lease up and sale of this building is another step in our strategy to refocus our investment platform on well-located office assets where there exists significant opportunity to meet the evolving demands of the market through the creation of distinct, lifestyle-oriented business and mixed-use environments," stated Bill Glazer, president of Keystone Property Group. 
www.omegare.com

Parkhouse Sale Finalized

By Dan Clark, The Times Herald

The geriatric facility in Upper Providence, which has been run by the county for the past 76 years, sold for $41 million on March 6 during a two hour-long recess at one of the commissioners’ bi-monthly meetings. The price of the facility was originally slated to be $39 but then the county sold the 70 acres across the street and bought it back for $2 million from Mid-Atlantic Health Care, LLC.

By buying back the land across the street from the facility, the county has been able to permanently protect the land as legally open space which means it cannot be built on. The 70 acres of land will continue to be used as a public park as it has been in the past.

Under current zoning laws, only 15 of the roughly 237 acres Mid-Atlantic now owns can be developed on but only with the express consent of the Upper Providence Township Supervisors.

“If any development ever happens there, Upper Providence is in 100 percent control of the process,” Montgomery County Solicitor Raymond McGarry said in an interview on Friday.

Residents of the area will also be able to use the unoccupied land surrounding Parkhouse as they have been in the past.

“For the first five years, at least, the land will remain available for public access in the same manner that is available for them today. During that first four and half years, before that time period expires, Mid-Atlantic is required to meet with representatives of the board of supervisors of Upper Providence as well as representatives from Montgomery County’s Lands Trust,” McGarry said.

Full story: http://tinyurl.com/q4ph8gs

www.omegare.com

Select Top Five Philadelphia Industrial Leases Signed in Q4 2013

The select top industrial lease signed during the fourth quarter of 2013 in the Philadelphia market was at 7132 Daniels Dr. in the Lehigh Valley submarket. Knoll, Inc. leased 289,843 square feet there. 

The landlord signed a 249,492-square-foot lease  at Pureland VI in the Gloucester County Industrial submarket. 

Warehouse Services, Inc. renewed its 224,086-square-foot lease with Liberty Property Trust at 651 Boulder Dr. in the Lehigh Valley submarket. 

Owens & Minor renewed its 191,330-square-foot lease at 7437 Industrial Blvd. in the Lehigh Valley submarket. Liberty Property Trust represented the landlord.

In the first quarter, Walmart signed a 1.2 million-square-foot lease at 2785 Commerce Center Blvd. in the Lehigh Valley submarket. Liberty Property Trust represented the landlord.

This trend is compared to the U.S. National Industrial select largest lease signings occurring in Q4 2013, which include Amazon's 1.15 million-square-foot lease on Keith Ave. in the Baltimore market; Home Depot's renewal of 1.1 million square feet at 150 Portside Ct. in the Savannah market; the 1.6-million-square-foot lease signed in the first quarter by Bestway Trucking at 2475 George Urban Blvd. in the Buffalo/Niagara Falls market; and Genco Distribution System's second-quarter renewal of 1.26 million square feet at Gateway Commerce Center 1 in the St. Louis market. 
www.omegare.com

Whiteland Bus Park Bldg Trades for $3.9M

Newton Real Estate Advisors, Inc. acquired the flex building at 110 Summit Dr. in Exton, PA from ARMA Investments LP for $3.9 million, or about $89 per square foot. 
The 43,660-square-foot property was built in 1985 on a 2.1-acre site in the Chester County Industrial submarket, part of the Whiteland Business Park. 
www.omegare.com

Aldi's Leases 18,000 SF at Mill Creek Square

Aldi’s signed a 10-year lease to occupy 17,594 square feet at 2350 Lincoln Hwy E in Lancaster, PA. 

Built in 2011, the 48,609-square-foot retail building is a part of the 419,000-square-foot Mill Creek Square shopping center, located on 35 acres in the Lancaster County submarket of Philadelphia. 

Aldi’s plans to take occupancy sometime in late summer, and will join Staples and Petco in the center. 
www.omegare.com

TMC Properties Completes Net-Leased Investment Purchase

Equus Capital Partners LTD sold the industrial building at 121 Green Tree Rd. in Phoenixville, PA to TMC Properties LLC for $7.4 million, or about $128 per square foot. 

The 57,600-square-foot warehouse was built in 2005 on 1.3 acres in the East Montgomery County Industrial submarket. It contains 24-foot ceiling height and 14 loading docks. At the time of sale, the asset was fully occupied by Cosentino North America and Remedi Seniorcare of Pennsylvania, both on long-term, triple-net leases. 
www.omegare.com