The Suppor tCenter of Child Advocates sold its office building at 1900 Cherry St. in Philadelphia, PA to Liberty Property Trust for $5.35 million, or about $594 per square foot.
The two-story, 9,000-square-foot building is located in the Market Street West submarket of Philadelphia County.
www.omegare.com
Thursday, February 5, 2015
Wednesday, February 4, 2015
Center City apartment tower comes up for sale, seeks big sale price of $160M
by Natalie Kostelni Staff writer for the Philadelphia Business Journal
One of the newest apartment buildings in Center City — 2116 Chestnut St. — is up for sale.
Construction of the 34-story tower was completed in 2013 and 94 percent of its 321 apartments are occupied. Average rents on the apartments run $3.08 a square foot. The property includes 9,150 square feet of retail space.
While it was built for around $100 million, one estimate has the seller seeking as much as $160 million for the property.
The John Buck Co. of Chicago and National Real Estate Advisors partnered in developing the project. It sits on a site where the Sidney Hillman Medical Center had once operated.
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Tuesday, February 3, 2015
DavidBartonGym Muscles Into 1435 Walnut Street
by Steve Lubetkin, Globest.com
DavidBartonGym locations feature unique design, lighting, energizing music and motivational trainers. In addition to high-end equipment and studio spaces for personal training and intimate group classes, its new location at the base of The Drexel Building—a five-story, historic bank building on the corner of 15th and Walnut Streets in Center City that features high ceilings, intricate designs and oversized windows—will include an indoor cycling studio by Cyc Fitness.
“DavidBartonGym sets itself apart from other health clubs with a distinctive ambiance that combines local culture, history and the energy of each neighborhood. Real estate is critical to the brand’s identity and The Drexel Building’s architecture and location at the center of Philadelphia’s retail, residential, and hospitality districts, is an ideal fit for its steady expansion.”
“We are thrilled to make our entry into a new city and help Philadelphia #LookBetterNaked,” says Howard Brodsky, chief executive officer of DavidBartonGym. “Following the opening of our newest New York flagship location at the famed Limelight and our upcoming expansion into Boston, Philadelphia was a natural choice for our next gym. Our locations are inspired by the culture of the city and provide members with an energetic and encouraging escape that helps them achieve their fitness goals.”
www.omegare.com
DavidBartonGym locations feature unique design, lighting, energizing music and motivational trainers. In addition to high-end equipment and studio spaces for personal training and intimate group classes, its new location at the base of The Drexel Building—a five-story, historic bank building on the corner of 15th and Walnut Streets in Center City that features high ceilings, intricate designs and oversized windows—will include an indoor cycling studio by Cyc Fitness.
“DavidBartonGym sets itself apart from other health clubs with a distinctive ambiance that combines local culture, history and the energy of each neighborhood. Real estate is critical to the brand’s identity and The Drexel Building’s architecture and location at the center of Philadelphia’s retail, residential, and hospitality districts, is an ideal fit for its steady expansion.”
“We are thrilled to make our entry into a new city and help Philadelphia #LookBetterNaked,” says Howard Brodsky, chief executive officer of DavidBartonGym. “Following the opening of our newest New York flagship location at the famed Limelight and our upcoming expansion into Boston, Philadelphia was a natural choice for our next gym. Our locations are inspired by the culture of the city and provide members with an energetic and encouraging escape that helps them achieve their fitness goals.”
www.omegare.com
Monday, February 2, 2015
Philadelphia Retail Vacancy Increases to 5.9%
The Philadelphia retail market did not experience much change in market conditions in the fourth quarter 2014.
The vacancy rate went from 5.8% in the previous quarter to 5.9% in the current quarter. Net absorption was negative 74,123 square feet, and vacant sublease space increased by 21,583 square feet. In third quarter 2014, net absorption was positive 108,503 square feet.
Tenants moving into large blocks of space in 2014 include: Walmart moving into 100,000 square feet at 3400 Hartzdale Dr; ShopRite moving into 90,000 square feet at Wishing Well Plaza; and Giant Food moving into 66,472 square feet at Ephrata Marketplace.
Quoted rental rates increased from third quarter 2014 levels, ending at $14.02 per square foot per year.
A total of 6 retail buildings with 33,257 square feet of retail space were delivered to the market in the quarter, with 762,131 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.1% from the previous quarter, with net absorption positive 34.91 million square feet in the fourth quarter. Average rental rates increased to $14.90, and 561 retail buildings delivered, totaling almost 14.7 million square feet.
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The vacancy rate went from 5.8% in the previous quarter to 5.9% in the current quarter. Net absorption was negative 74,123 square feet, and vacant sublease space increased by 21,583 square feet. In third quarter 2014, net absorption was positive 108,503 square feet.
Tenants moving into large blocks of space in 2014 include: Walmart moving into 100,000 square feet at 3400 Hartzdale Dr; ShopRite moving into 90,000 square feet at Wishing Well Plaza; and Giant Food moving into 66,472 square feet at Ephrata Marketplace.
Quoted rental rates increased from third quarter 2014 levels, ending at $14.02 per square foot per year.
A total of 6 retail buildings with 33,257 square feet of retail space were delivered to the market in the quarter, with 762,131 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.1% from the previous quarter, with net absorption positive 34.91 million square feet in the fourth quarter. Average rental rates increased to $14.90, and 561 retail buildings delivered, totaling almost 14.7 million square feet.
www.omegare.com
Former Trump Tower Waterfront Project Site for Sale on Delaware Ave
by John Jordan Globest.com
The Delaware River waterfront development site dubbed Pier 35 ½ that was to be home to a high-rise Trump Tower is on the market for sale.
The vacant property is for sale and has set a deadline of March 2 for bids on the 2.13-acre site at 709-717 N. Penn St. The property is zone CMX-3—Community Commercial Mixed Use District, which makes the site suitable for a variety of uses, most notably: multifamily, retail, office, medical or hotel.
Recent highest and best use analysis suggests multi-family development with supporting commercial is optimal for this site.
The property is being sold by US Bank and other investors who had wanted to finance the proposed 45-story Trump Tower development. The project was approved by the city but never built, a victim of the recession.
The site is eligible for the BRT 10-year real estate tax abatement that exempts owners from paying taxes on the value of the improvements for the duration of the 10-year term.
www.omegare.com
The Delaware River waterfront development site dubbed Pier 35 ½ that was to be home to a high-rise Trump Tower is on the market for sale.
The vacant property is for sale and has set a deadline of March 2 for bids on the 2.13-acre site at 709-717 N. Penn St. The property is zone CMX-3—Community Commercial Mixed Use District, which makes the site suitable for a variety of uses, most notably: multifamily, retail, office, medical or hotel.
Recent highest and best use analysis suggests multi-family development with supporting commercial is optimal for this site.
The property is being sold by US Bank and other investors who had wanted to finance the proposed 45-story Trump Tower development. The project was approved by the city but never built, a victim of the recession.
The site is eligible for the BRT 10-year real estate tax abatement that exempts owners from paying taxes on the value of the improvements for the duration of the 10-year term.
www.omegare.com
Wednesday, January 28, 2015
Cabot Properties Pulls in $150 Mil. for a New Industrial Real Estate Fund
The Pennsylvania Public School Employees’ Retirement Board has committed to invest up to $150 million into a new core industrial fund being put together by Boston-based Cabot Properties.
Cabot Industrial Core Fund will focus exclusively on the industrial sector, targeting a limited number of select markets with growing demand and asset scarcity. With the PSERS investment, it is expected a portion of the fund’s investment will be in that state.
Cabot will generally pursue transactions smaller than $50 million and will seek to assemble portfolios for future sales at premium prices. Cabot anticipates investing $750 million in equity and will endeavor to create a portfolio of industrial properties with a fully capitalized value of $1.1 billion (assuming 40% leverage).
The portfolio is generally expected to consist of 80 to 120 buildings totaling 17 million to 20 million square feet.
Cabot anticipates that single tenant buildings will be 30% to 50% of the portfolio. Cabot projects building sizes will typically be 100,000 square feet to 700,000 square feet and that the tenant size may average 200,000 square feet.
www.omegare.com
Cabot Industrial Core Fund will focus exclusively on the industrial sector, targeting a limited number of select markets with growing demand and asset scarcity. With the PSERS investment, it is expected a portion of the fund’s investment will be in that state.
Cabot will generally pursue transactions smaller than $50 million and will seek to assemble portfolios for future sales at premium prices. Cabot anticipates investing $750 million in equity and will endeavor to create a portfolio of industrial properties with a fully capitalized value of $1.1 billion (assuming 40% leverage).
The portfolio is generally expected to consist of 80 to 120 buildings totaling 17 million to 20 million square feet.
Cabot anticipates that single tenant buildings will be 30% to 50% of the portfolio. Cabot projects building sizes will typically be 100,000 square feet to 700,000 square feet and that the tenant size may average 200,000 square feet.
www.omegare.com
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