by Natalie Kostelni staff writer for Philadelphia Business Journal
Liberty Property Trust has acquired a surface lot at 19th and Arch streets in Philadelphia. The property is part of a block the company has been assembling for some time for what many believe will be the site for a third tower for Comcast Corp.
The Malvern, Pa., real estate investment trust paid $2.45 million to buy what is a 10,720-square-foot surface parking lot at 1931-1937 Arch St.
It bought it from a limited liability corporation going under the initials J.H.E., according to Philadelphia property records. The entity has a Cherry Hill, N.J., postal address.
As I reported in February, Liberty (NYSE: LRY) has been buying up this block that is bound by 19th, Arch, Cherry and 20th streets piece by piece over the last year.
In December, Liberty acquired 120-22 N. 19th St., a small two-story building occupied by the Support Center for Child Advocates. The site is on the corner of 19th and Cherry streets and the building is 8,700 square feet.
Liberty has also made a move to buy Russell Byers Charter School at 1911-13 Arch St. The building totals 55,000 square feet. Other properties it has acquired include: 102-18 N. 19th St.; 100 N. 19th St.; and 1919-23 Arch St.
Commercial real estate sources have said that a third Comcast (NASDAQ: CMCSA) tower is in the works and that bidding on the project is in the initial stages.
Full story: http://tinyurl.com/o86s8lv
www.omegare.com
Wednesday, June 3, 2015
Willner Adds More Tenants at Exton Corporate Center
by Steve Lubetkin Globest.com
Willner Properties added two new leases totaling 8,400 square feet at the Exton Corporate Center for StudioETC and Evolution Energy Partners. Exton Corporate Center is an 80,000 square foot, five-story building at 102 Pickering Way in Exton, PA.
StudioETC, a trade show exhibit design firm, leased approximately 7,000 square feet to accommodate its growing, in-house design team. The company also specializes in the design of point-of-purchase displays and retail environments. StudioETC sold its previous office headquarters and relocated into Exton Corporate Center. The new office overlooks the company’s manufacturing facility and offers more space for the expanding business.
Evolution Energy Partners, an energy procurement, management and consulting company, chose to relocate to the Exton Corporate Center from nearby within the market leasing over 1,400 square feet of space. Evolution Energy Partners chose Exton Corporate Center for the quality amenities of the property, its visible location on Route 100 and the responsive professional management.
As one of the newest assets within Willner Properties’ portfolio, The Exton Corporate Center offers convenient access to Chester County’s skilled workforce as well as numerous local restaurants, hotels, and retail opportunities. The center’s accessibility to major roadways like the PA Turnpike and Routes 100, 113, 30 and 202 contributes to the properties growing corporate presence. Willner Properties Group is actively marketing the remaining 30,000 square feet of available build to suit space.
www.omegare.com
Willner Properties added two new leases totaling 8,400 square feet at the Exton Corporate Center for StudioETC and Evolution Energy Partners. Exton Corporate Center is an 80,000 square foot, five-story building at 102 Pickering Way in Exton, PA.
StudioETC, a trade show exhibit design firm, leased approximately 7,000 square feet to accommodate its growing, in-house design team. The company also specializes in the design of point-of-purchase displays and retail environments. StudioETC sold its previous office headquarters and relocated into Exton Corporate Center. The new office overlooks the company’s manufacturing facility and offers more space for the expanding business.
Evolution Energy Partners, an energy procurement, management and consulting company, chose to relocate to the Exton Corporate Center from nearby within the market leasing over 1,400 square feet of space. Evolution Energy Partners chose Exton Corporate Center for the quality amenities of the property, its visible location on Route 100 and the responsive professional management.
As one of the newest assets within Willner Properties’ portfolio, The Exton Corporate Center offers convenient access to Chester County’s skilled workforce as well as numerous local restaurants, hotels, and retail opportunities. The center’s accessibility to major roadways like the PA Turnpike and Routes 100, 113, 30 and 202 contributes to the properties growing corporate presence. Willner Properties Group is actively marketing the remaining 30,000 square feet of available build to suit space.
www.omegare.com
250K SF NoLib Warehouse Becoming Horizontal Office Space
by Steve Lubetkin, Globest.com
Alliance Partners HSP has unveiled plans to transform a 250,000-square-foot warehouse property into SoNo, a collaborative work environment in Philadelphia’s Northern Liberties neighborhood – a rising enclave for young professionals in the technology, advertising, media and information sectors (TAMI).
A private real estate investment and operating company, Alliance HSP has more than two decades of experience transforming underutilized, obsolete warehouse assets in infill locations into ‘cool space’ work environments. The company acquired the Northern Liberties property in 2014 with an eye toward designing and building an open and modern "horizontal" space that could serve as a magnet for companies looking to tap into Philadelphia’s pool of millennial talent. Philadelphia is home to 120,000 college students, 64 percent of who stay local after graduating. The city also boasts the nation’s fastest growing millennial population and the highest number of graduate degrees per capita.
"We have completed more than a billion dollars of large redevelopments throughout the Northeast and Mid-Atlantic region over the past 20 years. Never have we seen such a well-placed and underutilized asset as SoNo,” says Richard Previdi, operating managing partner for the firm.
Previdi and several members of his redevelopment team visited the West Coast prior to beginning the design process.
“Our goal was to ‘find the edge’ of warehouse redevelopment,” Previdi says. “What we heard from our fellow redevelopers was that buildings 'at the edge' were being redeveloped into large horizontal (versus vertical) workspaces that provided very efficient space, proximity to the 'biking' millennial workforce, and included such unique amenities as roof-top entertainment terraces, healthy-food dining facilities, and multiple collaborative meeting areas. The West Coast tenants told us that they have 'content versus commodity' businesses, and that people are their most important assets. As such, their most important real estate 'drivers' beyond having efficient, horizontal space is collaboration, branding and recruitment. We think SoNo provides all of these.”
SoNo will have a bi-level, open plan with 24-foot ceilings, 15 sawtooth skylights, numerous conference pods and alcoves, an amphitheater, custom art, and vertical window slots. A 75-foot tower will house a tenants-only lounge, bar and rooftop deck, fire pit, barbecue area and will offer panoramic views of Philadelphia.
Additional building amenities include a bicycle storage area with space for 75 bikes, lockers and a changing room; a café that features community tables, bar-style seating and healthy food options; and a club-caliber fitness center with treadmills, cross-trainers, stair-climbers, multiple bike configurations and a yoga area.
The building’s exterior will feature seating areas, a basketball court and a picnic area with space designated for food trucks – all within ten blocks of the center of the city.
“The changes underway in the SoNo area are a microcosm of the overall transformation of the Philadelphia central business district into a world-class, ‘live, work and play’ urban environment,” says Matt Handel, the company's director of leasing. “Our Northern Liberties neighborhood alone has seen a 60 percent population increase between 2000 and 2010.”
The City of Philadelphia has responded to the surging interest in its urban core as a millennial destination by undertaking transformative public improvement projects. These projects include the Spring Garden Greenway Initiative, which will transform the four lanes running directly in front of SoNo into a 2.2 mile, heavily landscaped boulevard with dedicated bike lanes, and, as previously reported by GlobeSt.com, the Rail Park – a three mile section of the abandoned Reading rail line, which is now being converted into an elevated urban park, much like Manhattan’s High Line.
“It's clear that change has come to Philadelphia's urban core and that the Northern Liberties neighborhood soon will become Philadelphia's answer to Manhattan's TriBeCa,” says Handel. “We at Alliance are certain that SoNo will be a big part of this transformation."
www.omegare.com
Alliance Partners HSP has unveiled plans to transform a 250,000-square-foot warehouse property into SoNo, a collaborative work environment in Philadelphia’s Northern Liberties neighborhood – a rising enclave for young professionals in the technology, advertising, media and information sectors (TAMI).
A private real estate investment and operating company, Alliance HSP has more than two decades of experience transforming underutilized, obsolete warehouse assets in infill locations into ‘cool space’ work environments. The company acquired the Northern Liberties property in 2014 with an eye toward designing and building an open and modern "horizontal" space that could serve as a magnet for companies looking to tap into Philadelphia’s pool of millennial talent. Philadelphia is home to 120,000 college students, 64 percent of who stay local after graduating. The city also boasts the nation’s fastest growing millennial population and the highest number of graduate degrees per capita.
"We have completed more than a billion dollars of large redevelopments throughout the Northeast and Mid-Atlantic region over the past 20 years. Never have we seen such a well-placed and underutilized asset as SoNo,” says Richard Previdi, operating managing partner for the firm.
Previdi and several members of his redevelopment team visited the West Coast prior to beginning the design process.
“Our goal was to ‘find the edge’ of warehouse redevelopment,” Previdi says. “What we heard from our fellow redevelopers was that buildings 'at the edge' were being redeveloped into large horizontal (versus vertical) workspaces that provided very efficient space, proximity to the 'biking' millennial workforce, and included such unique amenities as roof-top entertainment terraces, healthy-food dining facilities, and multiple collaborative meeting areas. The West Coast tenants told us that they have 'content versus commodity' businesses, and that people are their most important assets. As such, their most important real estate 'drivers' beyond having efficient, horizontal space is collaboration, branding and recruitment. We think SoNo provides all of these.”
SoNo will have a bi-level, open plan with 24-foot ceilings, 15 sawtooth skylights, numerous conference pods and alcoves, an amphitheater, custom art, and vertical window slots. A 75-foot tower will house a tenants-only lounge, bar and rooftop deck, fire pit, barbecue area and will offer panoramic views of Philadelphia.
Additional building amenities include a bicycle storage area with space for 75 bikes, lockers and a changing room; a café that features community tables, bar-style seating and healthy food options; and a club-caliber fitness center with treadmills, cross-trainers, stair-climbers, multiple bike configurations and a yoga area.
The building’s exterior will feature seating areas, a basketball court and a picnic area with space designated for food trucks – all within ten blocks of the center of the city.
“The changes underway in the SoNo area are a microcosm of the overall transformation of the Philadelphia central business district into a world-class, ‘live, work and play’ urban environment,” says Matt Handel, the company's director of leasing. “Our Northern Liberties neighborhood alone has seen a 60 percent population increase between 2000 and 2010.”
The City of Philadelphia has responded to the surging interest in its urban core as a millennial destination by undertaking transformative public improvement projects. These projects include the Spring Garden Greenway Initiative, which will transform the four lanes running directly in front of SoNo into a 2.2 mile, heavily landscaped boulevard with dedicated bike lanes, and, as previously reported by GlobeSt.com, the Rail Park – a three mile section of the abandoned Reading rail line, which is now being converted into an elevated urban park, much like Manhattan’s High Line.
“It's clear that change has come to Philadelphia's urban core and that the Northern Liberties neighborhood soon will become Philadelphia's answer to Manhattan's TriBeCa,” says Handel. “We at Alliance are certain that SoNo will be a big part of this transformation."
www.omegare.com
Investors Trade Marlton Office Assets
Lippincott Real Estate Associates LLC sold the medical office buildings at 402-404 Lippincott Dr. in Marlton, NJ to UR Lippincott DST for $9.5 million, or about $181 per square foot.
The assets are fully occupied by Continuum Health Associates under a long term lease deal.
The single-story, 53,100-square-foot property was constructed in 1997 on 5.7 acres in the South Burlington County submarket of Philadelphia. The buildings are part of the Marlton Crossing Office Park, which enjoys direct access to Rte 73 near I-295 and the Turnpike, and is home to Virtua Health, Morgan Stanley, and Friedman LLP.
www.omegare.com
The assets are fully occupied by Continuum Health Associates under a long term lease deal.
The single-story, 53,100-square-foot property was constructed in 1997 on 5.7 acres in the South Burlington County submarket of Philadelphia. The buildings are part of the Marlton Crossing Office Park, which enjoys direct access to Rte 73 near I-295 and the Turnpike, and is home to Virtua Health, Morgan Stanley, and Friedman LLP.
Tuesday, June 2, 2015
AmerisourceBergen plans to construct 3 new facilities
by John George Senior Reporter- Philadelphia Business Journal
AmerisourceBergen said Tuesday it plans to build three additional distribution centers in the United States.
The Valley Forge, Pa., pharmaceutical distribution services company said its is building facilities in Olive Branch, Miss.; Shakopee, Minn.; and Newburgh, N.Y.; to "improve product access and increase supply chain efficiency."
The company currently operates 25 distribution centers across the country.
The building projects are part of AmerisourceBergen's ongoing investments in improving its shipping and information technology systems. Those investments have exceeded $1 billion during the the past 10 years. The cost of the three new centers, and the number of jobs they will create, was not immediately available from Amerisource Bergen (NYSE: ABC).
Construction is expected to start this summer and will take 18 to 24 months to complete.
AmerisourceBergen, which posted revenues of just under $120 billion in its 2014 fiscal year, handles about 35 percent of the pharmaceuticals sold and distributed in the United States.
Full story: http://tinyurl.com/o2nl3mv
www.omegare.com
Monday, June 1, 2015
2 Valley Forge apartment complexes hit the market
Natalie Kostelni Staff Writer for Philadelphia Business Journal
Two apartment properties that are next door to each other in Valley Forge, Pa., have come up for sale.
O’Neill Properties Group has decided to sell the Lofts at Valley Forge, a 388-unit complex at 1876 Minutemen Lane. The property had been up for sale two years ago but a deal for it was never arranged.
“It’s a great time to sell,” said Brian O’Neill, founder of O’Neill Properties of King of Prussia, Pa. “We think it’s a good time to be out in the market.”
O’Neill is trying to seize on the frothy multifamily housing market while investors remain on the hunt for established properties that are performing well.
The complex, which consists of seven, four-story buildings, is about 97 percent occupied.
O'Neill said he is hoping a buyer comes along who is willing to pay $90 million, or more than $220,000 a unit, for the property that his company constructed.
The other property to come on the market is Riverview Landing at Valley Forge at 1776 Patriots Lane.
Also constructed by O’Neill Properties, the 310-unit building was sold by JP Morgan in November 2012 for $51 million, or $165,000 a unit, to Milestone Apartements REIT of Dallas, Texas. That complex consists of six buildings, a 5,000-square-foot clubhouse and pool as well as other amenities.
Full story: http://tinyurl.com/nueo6l8
www.omegare.com
Two apartment properties that are next door to each other in Valley Forge, Pa., have come up for sale.
O’Neill Properties Group has decided to sell the Lofts at Valley Forge, a 388-unit complex at 1876 Minutemen Lane. The property had been up for sale two years ago but a deal for it was never arranged.
“It’s a great time to sell,” said Brian O’Neill, founder of O’Neill Properties of King of Prussia, Pa. “We think it’s a good time to be out in the market.”
O’Neill is trying to seize on the frothy multifamily housing market while investors remain on the hunt for established properties that are performing well.
The complex, which consists of seven, four-story buildings, is about 97 percent occupied.
O'Neill said he is hoping a buyer comes along who is willing to pay $90 million, or more than $220,000 a unit, for the property that his company constructed.
The other property to come on the market is Riverview Landing at Valley Forge at 1776 Patriots Lane.
Also constructed by O’Neill Properties, the 310-unit building was sold by JP Morgan in November 2012 for $51 million, or $165,000 a unit, to Milestone Apartements REIT of Dallas, Texas. That complex consists of six buildings, a 5,000-square-foot clubhouse and pool as well as other amenities.
Full story: http://tinyurl.com/nueo6l8
www.omegare.com
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