Poultry Producer Procures Pinnacle's Pickle Processing Plant

Pinnacle Foods Finance LLC has sold the industrial building at 29984 Pinnacle Way in Millsboro, DE to Allen Harim, a leading producer and processor of chicken in the DelMarVa area, for almost $5.6 million, or about $12 per square foot.

The 460,000-square-foot distribution facility was constructed in 1972 on 107 acres in the Sussex County Industrial submarket of Philadelphia. Vacant for more than two years, the former pickle processing facility features 15 loading docks and four drive-ins, 24-foot clear heights, eight-inch floors, and 2,000-amp heavy power.

Allen Harim anticipates the complex will be used initially as warehouse and storage space, though further evaluation may be necessary to decide on its highest and best use. The Seaford, DE-based company employs more than 1,600 people across the U.S., including more than 1,000 in Delaware alone, and partners with 200 independent growers while managing 25 company-owned farms in the area.

"Allen Harim is committed to investing in our people, facilities and infrastructure," said Steven A. Evans, CEO of Allen Harim. "This acquisition aligns with our strategic plan and supports our company's vision, mission and values. It is our desire to be a good neighbor in all of the regions in which we operate, and we look forward to becoming part of the fabric of Millsboro."

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Shippensburg Marketplace Sells for $12M

ACL Realty Corporation sold the Shippensburg Marketplace at 397 Baltimore Rd. in Shippensburg, PA for $12 million, or about $211 per square foot, to ARC Properties.

The 56,875-square-foot retail center was built in 2002 on 10.3 acres in Cumberland County. The center is 94 percent leased, anchored by Giant Food and Sovereign Bank.
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Physicians Realty Trust Pays $4.5M for Carlisle MOB

Physicians Realty Trust acquired the Carlisle Outpatient Surgery Center at 19 Sprint Dr. in Carlisle, PA from Property Valuation Services for $4.5 million, or about $340 per square foot.

The single-story medical office building totals 13,245 square feet and is located in Harrisburg Area West submarket of Philadelphia.
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BET Investments Spends $150M on Retail, Student Housing

by Natalie Kostelni Staff writer for Philadelphia Business Journal

BET Investments bought the Abington Shopping Center and a local student housing complex as part of a recent round of $150 million in acquisitions.

Low interest rates has served as one of the big drivers of the acquisitions.

In addition to the local buys, the Horsham, Pa., real estate company that was formed by Bruce E. Toll, also made out-of-state purchases as it expands its geographic footprint. It bought a student housing project in Tampa, Fla., and an apartment property in Northern Virginia.

Closer to home, it paid roughly $16.3 million for the Abington Shopping Center at Old York Road and London Road in Abington, Pa., from a partnership that involved real estate magnate Steve Guttman. The 75,000-square-foot center has a 36,000-square-foot vacancy caused by the closing of a Giant grocery store two years ago.

The center was constructed in the 1950s and is showing its age.

“We’re going to make a substantial investment into the property,” said Michael Markman, president of BET. Some of the upgrades include a new sign and facade. It will also fill most of the Giant vacancy with a national apparel retailer that Markman declined to disclose. A fast-casual food establishment will also move in and struggling existing tenants will eventually be replaced.

What makes this project particularly appealing to BET is both Toll and Markman live in Abington.

“Redeveloping a property in your own neighborhood and making things better is probably one of the most satisfying things you can do,” Markman said. “This is something that has been a real eyesore.”

BET also bought West Chester Commons, a 459-bed student house property at 230 E. Rosedale Ave in West Chester, Pa., for roughly $35 million

Full story: http://tinyurl.com/n222c7a

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E. Kahn Acquires Downingtown Property From Archdiocese

by Natalie Kostelni,  Staff writer for the Philadelphia Business Journal

E. Kahn Development Corp. has made two strategic acquisitions that will enhance existing land holdings in its portfolio.
In the largest purchase in terms of dollars and size, the developer paid $3.8 million to buy nearly 50 acres, which sit along Woodbine Road adjacent to the Downingtown Country Club in Downingtown, Pa., from the Archdiocese of Philadelphia. Kahn made the acquisition in partnership with Adam Loew and the Estate of Jack Loew.

The church operates St. John Vianney Center on about 15 acres of the tract and will continue to do so. Eli Kahn said he is still determining what to do with the land.

“This is ground we had been trying to buy for a long time and we’re not exactly sure what we are going to do with it yet,” he said. “We’re going to take our time and figure out what to do with it.”
In the other acquisition, Kahn paid $1.8 million for 144 Lancaster Ave. in Devon, Pa. Beatrice Goldfine and Carole S. Ben-Maimon were the sellers.

Full story: http://tinyurl.com/omdjp2h

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Weis Plaza in Kutztown, PA Trades

by Steve Lubetkin, GlobeSt.com

 Weis Plaza, 15260 Kutztown Rd., Kutztown, Berks County, PA. traded for an undisclosed amount. Phillips Edison Fund III of Cincinnati, OH was the seller. Nassimi Realty of New York City acquired the property.

Weis Plaza is a 115,359 square-foot shopping center anchored by a 56,614 square-foot Weis Markets and its gas pad. The property, built in 1972, was 77% leased at the time of the sale. Additional retail tenants include Dollar General, Once Again Thrift Store, National Auto Stores and RadioShack.

“Value-added shopping centers, with a grocery-anchor component, still remain in very high demand among all investor classes and continue to draw regional and national interest. The stability of owning a top tier grocer within the tenant mix allows for a premium on rentals, pushing for better appreciation among these demanded assets.”

The property is well located on Kutztown Road (East Main Street), providing excellent local and regional access while serving Kutztown University. The shopping center is within 30 minutes of Allentown and Reading via US Route 222.

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China's rich and US real estate (Video)

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