The 236,265-square-foot high-rise consists of one-, two-, and three- bedroom units centrally located in the Rittenhouse Square area of downtown Philadelphia. Construction was completed in 2014.
Thursday, July 9, 2015
Castle Rock Purchases 206-Unit Rental Tower
Federal Capital Partners, Cross Properties, and Alterra Property Group LLC have sold the 206-unit Icon 1616 multifamily building at 1616 Walnut St. in Philadelphia, PA to Castle Rock Equity Group LLC for $112 million, or approximately $544,000 per unit.
The 236,265-square-foot high-rise consists of one-, two-, and three- bedroom units centrally located in the Rittenhouse Square area of downtown Philadelphia. Construction was completed in 2014.
www.omegare.com
The 236,265-square-foot high-rise consists of one-, two-, and three- bedroom units centrally located in the Rittenhouse Square area of downtown Philadelphia. Construction was completed in 2014.
Lindenmeyr Munroe Leases 92,000 SF in King of Prussia
Lindenmeyr Munroe, a paper and packing distributor, renewed its lease of 92,000 square feet in the flex building located at 3300 Horizon Dr. in King of Prussia, PA.
The 97,225-square-foot building was constructed in 1996, part of Renaissance Park in the East Montgomery County Industrial submarket of Philadelphia.
www.omegare.com
The 97,225-square-foot building was constructed in 1996, part of Renaissance Park in the East Montgomery County Industrial submarket of Philadelphia.
www.omegare.com
PREIT Connects AT&T with 1501 Wanut Street
by Steve Lubetkin, Globest.com
PREIT has dialed up AT&T Mobility as the latest tenant for its recently acquired property, 1501 Walnut Street, in the heart of Center City Philadelphia.
"This transaction creates significant value and is the first step in the redevelopment of an asset that represented a unique opportunity in a prime location in a growing Philadelphia retail market," says Joseph Coradino, CEO of PREIT. "This opportunity is representative of PREIT's dominance in and significant knowledge of the retail landscape in Philadelphia."
PREIT is planning to reposition the 27,000 square foot property it acquired in 2014. The AT&T lease boosts occupancy to 92 percent. AT&T will occupy almost 5,000 square feet on the first and second levels of the building and is expected to open in November 2015. The property is also home to Club Monaco and Cameo Water Wear, and an 18,000-square-foot office tenant.
www.omegare.com
PREIT has dialed up AT&T Mobility as the latest tenant for its recently acquired property, 1501 Walnut Street, in the heart of Center City Philadelphia.
"This transaction creates significant value and is the first step in the redevelopment of an asset that represented a unique opportunity in a prime location in a growing Philadelphia retail market," says Joseph Coradino, CEO of PREIT. "This opportunity is representative of PREIT's dominance in and significant knowledge of the retail landscape in Philadelphia."
PREIT is planning to reposition the 27,000 square foot property it acquired in 2014. The AT&T lease boosts occupancy to 92 percent. AT&T will occupy almost 5,000 square feet on the first and second levels of the building and is expected to open in November 2015. The property is also home to Club Monaco and Cameo Water Wear, and an 18,000-square-foot office tenant.
www.omegare.com
PREIT Completes Sale of Springfield Park in Springfield, PA
by Steve Lubetkin, Globest.com
As part of its ongoing portfolio repositioning, Pennsylvania Real Estate Investment Trust has sold its 50 percent interest in Springfield Park, an open air center located in Springfield, PA, for $20.2 million.
The sale continues a PREIT program aimed at repositioning its investments into a portfolio of high-quality enclosed malls. The program has raised $440 million in gross proceeds so far, PREIT says.
Springfield Park is a 287,000 square foot open air center located in suburban Philadephia, anchored by Target and Bed, Bath and Beyond.
"This transaction marks another step in our portfolio transformation as we look to recycle capital into creating value in our high-quality mall portfolio," says Joseph F. Coradino, CEO of PREIT. "We have made meaningful strides in reconstituting and elevating PREIT's portfolio quality while improving our balance sheet and will continue to opportunistically dispose of assets that aren't core to our transformed portfolio."
As previously reported by GlobeSt.com, PREIT sold its Nittany and North Hanover Malls in September 2014; its 50 percent interest in Whitehall Mall in Allentown, PA in December; and has announced plans to divest Palmer Park Mall in Easton, PA; Uniontown Mall in Uniontown, PA; Lycoming Mall in Williamsport, PA; and Washington Crown Center in Washington, PA
www.omegare.com
As part of its ongoing portfolio repositioning, Pennsylvania Real Estate Investment Trust has sold its 50 percent interest in Springfield Park, an open air center located in Springfield, PA, for $20.2 million.
The sale continues a PREIT program aimed at repositioning its investments into a portfolio of high-quality enclosed malls. The program has raised $440 million in gross proceeds so far, PREIT says.
Springfield Park is a 287,000 square foot open air center located in suburban Philadephia, anchored by Target and Bed, Bath and Beyond.
"This transaction marks another step in our portfolio transformation as we look to recycle capital into creating value in our high-quality mall portfolio," says Joseph F. Coradino, CEO of PREIT. "We have made meaningful strides in reconstituting and elevating PREIT's portfolio quality while improving our balance sheet and will continue to opportunistically dispose of assets that aren't core to our transformed portfolio."
As previously reported by GlobeSt.com, PREIT sold its Nittany and North Hanover Malls in September 2014; its 50 percent interest in Whitehall Mall in Allentown, PA in December; and has announced plans to divest Palmer Park Mall in Easton, PA; Uniontown Mall in Uniontown, PA; Lycoming Mall in Williamsport, PA; and Washington Crown Center in Washington, PA
www.omegare.com
Tuesday, July 7, 2015
Woodmont Fills Yet Another Harrisburg Distribution Center
by Steve Lubetkin, Globest.com
Woodmont Industrial Partners has filled up yet another quarter-million square foot distribution center in central Pennsylvania, more evidence of roaring demand for logistics space in the Northeast as companies transform their supply chains to meet e-commerce needs and rapid delivery demands from consumers.
AC Products has renewed its 61,620 square-foot long-term lease at 400 Capital Lane, part of the Capital Logistics Center, a six-building, 1.55-million-square-foot industrial complex situated on more than 100 acres in Middletown, PA. The 242,824-square-foot building is now fully leased.
AC Products renewed its lease for a term of five years and three months. The company will use the space as a warehouse and distribution facility, as well as a showroom and sales space to display product for contractors and customers.
“The strategic location and contemporary features of 400 Capital Lane were some of the key factors in AC Products’ decision to stay in the space,” says Eric Witmondt, CEO of Woodmont Industrial Partners. “Capital Logistics Center is truly one of the most advanced industrial parks in the region and we’re pleased that both current and prospective tenants share in this sentiment.”
400 Capital Lane is one of the six state-of-the-art, class A industrial buildings at Capital Logistics Center. Features include thirty dock doors, three drive-in doors, T5 and high-bay lighting, a six-inch reinforced concrete floor and a standing seam metal roof.
In addition to 400 Capital Lane, Woodmont Industrial and AEW Capital Management also recently completed the construction of 200 Capital Lane, the largest building in the Capital Logistics Center, which is now equipped with T-5 lighting, an ESFR system, 87 dock doors plus two drive-in doors and 36’ clear ceilings throughout. Currently, 400,060 square feet of space is available for lease.
Conveniently located in Central Pennsylvania at the heart of the I-81 Distribution Corridor, the Capital Logistics Center fronts the Pennsylvania Turnpike and is less than a mile away from Harrisburg International Airport. The property is also near local FedEx and UPS facilities as well as Routes I-283, I-83 and 322.
www.omegare.com
Woodmont Industrial Partners has filled up yet another quarter-million square foot distribution center in central Pennsylvania, more evidence of roaring demand for logistics space in the Northeast as companies transform their supply chains to meet e-commerce needs and rapid delivery demands from consumers.
AC Products has renewed its 61,620 square-foot long-term lease at 400 Capital Lane, part of the Capital Logistics Center, a six-building, 1.55-million-square-foot industrial complex situated on more than 100 acres in Middletown, PA. The 242,824-square-foot building is now fully leased.
AC Products renewed its lease for a term of five years and three months. The company will use the space as a warehouse and distribution facility, as well as a showroom and sales space to display product for contractors and customers.
“The strategic location and contemporary features of 400 Capital Lane were some of the key factors in AC Products’ decision to stay in the space,” says Eric Witmondt, CEO of Woodmont Industrial Partners. “Capital Logistics Center is truly one of the most advanced industrial parks in the region and we’re pleased that both current and prospective tenants share in this sentiment.”
400 Capital Lane is one of the six state-of-the-art, class A industrial buildings at Capital Logistics Center. Features include thirty dock doors, three drive-in doors, T5 and high-bay lighting, a six-inch reinforced concrete floor and a standing seam metal roof.
In addition to 400 Capital Lane, Woodmont Industrial and AEW Capital Management also recently completed the construction of 200 Capital Lane, the largest building in the Capital Logistics Center, which is now equipped with T-5 lighting, an ESFR system, 87 dock doors plus two drive-in doors and 36’ clear ceilings throughout. Currently, 400,060 square feet of space is available for lease.
Conveniently located in Central Pennsylvania at the heart of the I-81 Distribution Corridor, the Capital Logistics Center fronts the Pennsylvania Turnpike and is less than a mile away from Harrisburg International Airport. The property is also near local FedEx and UPS facilities as well as Routes I-283, I-83 and 322.
www.omegare.com
Monday, July 6, 2015
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