Pennsylvania Real Estate Investment Trust completed the sale of eight properties in 2014 for $191.7 million and plans to continue its strategic disposition program this year and has identified five properties to sell.
PREIT has been divesting non-core properties to improve overall portfolio quality and focus resources on value-creating opportunities.
PREIT commenced its disposition program in 2012 and has sold its interests in 16 assets to date, including six non-core enclosed malls which generated average sales per square foot of less than $250. The interests sold had a total value of $424.1 million.
The five properties that it will seek to divest in 2015 are as follows.
• Palmer Park Mall in Easton, PA
• Uniontown Mall in Uniontown, PA
• Lycoming Mall in Williamsport, PA
• Washington Crown Center in Washington, PA
• Springfield Park in Springfield, PA
"By proactively marketing additional assets for sale in 2015, we are confident that we are taking the right steps to continue a portfolio transformation that will set us apart from our peers while generating significant proceeds to further upgrade our core, high-quality properties" said Joseph F. Coradino, CEO of PREIT.
www.omegare.com
Monday, January 5, 2015
Keystone Unveils VEVA, Blue Bell, PA Office Complex
by Steve Lubetkin, Globest.com
Keystone Property Group is banking on dramatic design and amenity upgrades to attract tenants to VEVA, its 425,000-square -foot office complex in Blue Bell, PA. The reinvented space, formerly known as Sentry Park West, has been upgraded and revamped into a contemporary office campus designed to compete with more recent urban core developments.
“We had purchased five buildings in 2013 and had the opportunity to purchase two more buildings, and this gave us the opportunity to make it a cohesive park,” Keystone partner Richard Gottlieb tells GlobeSt.com exclusively. “VEVA builds upon our earlier efforts to create a state-of-the-art business environment at this address. We are effectively taking our vision to the next level with VEVA, which combines best-in-class office space with an environment that will better promote vision, collaboration, and great ideas.”
VEVA’s reinvention is based on Keystone’s approach to integrating modern lifestyle design and inviting common spaces with the park’s workspace offerings.
Richard Gottlieb, partner at Keystone Property Group
“At VEVA, we’ve created the workplace of tomorrow — a tenant experience that will attract and connect with today’s forward-thinking businesses,” says Bill Glazer, president of Keystone Property Group. “Businesses in the region have long been attracted to this complex due to its accessible location and high-quality office space. However, the grand-scale upgrades we’ve made will inspire a higher level of creativity, productivity, collaboration and imagination.”
Included in VEVA’s offerings are: A reinvented plaza and public pavilion; a unique array of ambient lighting; enhanced inter-and-intranet connectivity; redesigned building entrances; and upgraded furniture and room design. The complex also features a premium fitness and wellness facility, modern café and lounge, a state of the art conferencing facility and collaborative outdoor “green” workspaces.
Currently, VEVA is approximately 83% leased, with such tenants as CIGNA, Citizens Bank, Fiberlink Communications, inVentiv Health Clinical, Morgan Stanley Smith Barney and Fesnak and Associates.
Full story (with audio interview): http://tinyurl.com/l82t7v4
www.omegare.com
Keystone Property Group is banking on dramatic design and amenity upgrades to attract tenants to VEVA, its 425,000-square -foot office complex in Blue Bell, PA. The reinvented space, formerly known as Sentry Park West, has been upgraded and revamped into a contemporary office campus designed to compete with more recent urban core developments.
“We had purchased five buildings in 2013 and had the opportunity to purchase two more buildings, and this gave us the opportunity to make it a cohesive park,” Keystone partner Richard Gottlieb tells GlobeSt.com exclusively. “VEVA builds upon our earlier efforts to create a state-of-the-art business environment at this address. We are effectively taking our vision to the next level with VEVA, which combines best-in-class office space with an environment that will better promote vision, collaboration, and great ideas.”
VEVA’s reinvention is based on Keystone’s approach to integrating modern lifestyle design and inviting common spaces with the park’s workspace offerings.
Richard Gottlieb, partner at Keystone Property Group
“At VEVA, we’ve created the workplace of tomorrow — a tenant experience that will attract and connect with today’s forward-thinking businesses,” says Bill Glazer, president of Keystone Property Group. “Businesses in the region have long been attracted to this complex due to its accessible location and high-quality office space. However, the grand-scale upgrades we’ve made will inspire a higher level of creativity, productivity, collaboration and imagination.”
Included in VEVA’s offerings are: A reinvented plaza and public pavilion; a unique array of ambient lighting; enhanced inter-and-intranet connectivity; redesigned building entrances; and upgraded furniture and room design. The complex also features a premium fitness and wellness facility, modern café and lounge, a state of the art conferencing facility and collaborative outdoor “green” workspaces.
Currently, VEVA is approximately 83% leased, with such tenants as CIGNA, Citizens Bank, Fiberlink Communications, inVentiv Health Clinical, Morgan Stanley Smith Barney and Fesnak and Associates.
Full story (with audio interview): http://tinyurl.com/l82t7v4
www.omegare.com
Friday, January 2, 2015
York News Paper Bldg Sold for $3.4M
Principio Health Center 1 LLC acquired the flex building at 1891 Loucks Rd. in York, PA from the York Newspaper Co. for $3.35 million, or about $35 per square foot.
The 97,000 square foot building sits on 12.2 acres in the York County Industrial submarket of Philadelphia.
www.omegare.com
The 97,000 square foot building sits on 12.2 acres in the York County Industrial submarket of Philadelphia.
www.omegare.com
Pierce Phelps Facility Sold for $3.5M
Peirce Phelps Inc., an HVAC and consumer electronics company, sold its industrial facility at 2000 N. 59th St. in Philadelphia, PA to PECO Energy Company for $3.5 million, or about $17 per square foot.
The three-story, 202,217-square-foot building was constructed in 1951.
www.omegare.com
The three-story, 202,217-square-foot building was constructed in 1951.
Koch Development Co Sells Retail, Land for $8.8M
Koch Development Company sold a retail building and three land lots located in Etters and Newberrytown, PA to the Rlgvs Partners LLC of Mechanicsburg for $8.78 million.
The deal totals five acres of vacant land located on Lot 4, 6 and 7 on Newberry Parkway in Etters and Newberrytown, PA, and one retail property that totals 32,206 square feet at 1303 Old Trail Rd. in Etters, PA.
www.omegare.com
The deal totals five acres of vacant land located on Lot 4, 6 and 7 on Newberry Parkway in Etters and Newberrytown, PA, and one retail property that totals 32,206 square feet at 1303 Old Trail Rd. in Etters, PA.
www.omegare.com
Philadelphia Office Trades for $3M
Local investors acquired the office building at 113-115 Arch St. in Philadelphia, PA from Hanlan Midgette Scriven LP for $3 million, or about $136 per square foot.
The historic office delivered in 1860 and totals 22,000 square feet.
www.omegare.com
The historic office delivered in 1860 and totals 22,000 square feet.
www.omegare.com
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