Monday, August 10, 2015
Firm sells 1,070 MF Units in Philadelphia
by Steve Lubetkin, Globest.com
Philadelphia’s multifamily housing stock is performing at a year-over-year high for effective rents/low for vacancy rates while also recording strong absorption of new product metrowide, according to Gebroe-Hammer Associates. The firm has arranged sales of more than 1,070 units in the past six months, for sales totaling more than $97.63 million.
Investment appetite is skyrocketing in the city, according to Gebroe-Hammer senior vice president Eli Rosen.
“Philadelphia is a melting pot of property classes, ranging from newly constructed luxury hi-rise buildings to existing post-World War II mid-rise buildings that have been renovated through the years and are poised for repositioning,” says Rosen, who represents prominent investors and developers throughout the metro Philadelphia market and its outlying suburbs. “The city as a whole has experienced an annual increase in effective rents with record-breaking growth every quarter since the first quarter of 2010. Monthly effective rents are now at about four percent over last year alone, with some neighborhoods like Center City performing better than ever.”
The Center City submarket saw a year-over-year effective rent increase of 5.3 percent, Gebroe-Hammer says. Similarly, Northwest Philadelphia also has undergone a multi-family boom laying the groundwork for neighborhood gentrification, says Rosen. Recent multi-family transaction highlights include the $24.5 million sale of Chestnut Hill Tower. Rosen, along with managing director Joseph Brecher, recently represented the seller and buyer in the trade of the 240-unit modern high-rise tower located at 7600 Stenton Ave.
The property, which was acquired by the seller in 2012 for $17 million in a transaction also arranged by Gebroe-Hammer, was repositioned through capital improvements during the past three years. The 18-story property now features hardwood flooring, modern cabinetry and the addition of high-end finishes. It is close to the train, offering a direct link to downtown Philadelphia.
In addition to Chestnut Hill Tower, Rosen arranged the two separate sales of 64 units at Airy Avenue Apartments, a garden-apartment complex in East Mount Airy, and 40 units at Walnut Park Apartments in the West Mount Airy neighborhood.
“Renting remains the mass-majority preference of a tenant base that transcends three different generations – from millennials to retirees,” says Rosen. “Apartment living is no longer dictated by income. It is a choice driven by a desire to avoid mortgage payments and home maintenance costs while having immediate access to job opportunities, mass transit, dining, arts and culture.”
Gebroe-Hammer also has been active is the Temple University Hospital district, where Rosen has sold 102 units in the past six months. Additional transactions arranged by the Rosen/Brecher team include the sale of 181 total units in Northeast Philadelphia; the $20 million sale of several garden-apartment complexes in Montgomery County; and the trade of 120 units in Bucks County.
www.omegare.com
Philadelphia’s multifamily housing stock is performing at a year-over-year high for effective rents/low for vacancy rates while also recording strong absorption of new product metrowide, according to Gebroe-Hammer Associates. The firm has arranged sales of more than 1,070 units in the past six months, for sales totaling more than $97.63 million.
Investment appetite is skyrocketing in the city, according to Gebroe-Hammer senior vice president Eli Rosen.
“Philadelphia is a melting pot of property classes, ranging from newly constructed luxury hi-rise buildings to existing post-World War II mid-rise buildings that have been renovated through the years and are poised for repositioning,” says Rosen, who represents prominent investors and developers throughout the metro Philadelphia market and its outlying suburbs. “The city as a whole has experienced an annual increase in effective rents with record-breaking growth every quarter since the first quarter of 2010. Monthly effective rents are now at about four percent over last year alone, with some neighborhoods like Center City performing better than ever.”
The Center City submarket saw a year-over-year effective rent increase of 5.3 percent, Gebroe-Hammer says. Similarly, Northwest Philadelphia also has undergone a multi-family boom laying the groundwork for neighborhood gentrification, says Rosen. Recent multi-family transaction highlights include the $24.5 million sale of Chestnut Hill Tower. Rosen, along with managing director Joseph Brecher, recently represented the seller and buyer in the trade of the 240-unit modern high-rise tower located at 7600 Stenton Ave.
The property, which was acquired by the seller in 2012 for $17 million in a transaction also arranged by Gebroe-Hammer, was repositioned through capital improvements during the past three years. The 18-story property now features hardwood flooring, modern cabinetry and the addition of high-end finishes. It is close to the train, offering a direct link to downtown Philadelphia.
In addition to Chestnut Hill Tower, Rosen arranged the two separate sales of 64 units at Airy Avenue Apartments, a garden-apartment complex in East Mount Airy, and 40 units at Walnut Park Apartments in the West Mount Airy neighborhood.
“Renting remains the mass-majority preference of a tenant base that transcends three different generations – from millennials to retirees,” says Rosen. “Apartment living is no longer dictated by income. It is a choice driven by a desire to avoid mortgage payments and home maintenance costs while having immediate access to job opportunities, mass transit, dining, arts and culture.”
Gebroe-Hammer also has been active is the Temple University Hospital district, where Rosen has sold 102 units in the past six months. Additional transactions arranged by the Rosen/Brecher team include the sale of 181 total units in Northeast Philadelphia; the $20 million sale of several garden-apartment complexes in Montgomery County; and the trade of 120 units in Bucks County.
www.omegare.com
Thursday, August 6, 2015
New Shooting Range Developed in Warwick Flex
by Steve Lubetkin, Globest.com
Guardian Academy and Indoor Range is planning the largest indoor gun range in the Northeast, when it expands the 8,750-square-foot office/flex building in Warwick, PA, it acquired for an undisclosed sum.
The Guardian Academy plans to expand the building, on two acres at 1528 Campus Drive within Warwick Business Campus, into a 20,000-square-foot state-of-the-art 22-lane indoor gun range and retail store. Once complete, the facility will be the largest indoor range in the northeast. Property highlights include an advanced Carey air filtration system, a 3,500-square-foot shoot house, 360-degree computer-generated simulation training, and a 50-person banquet hall ideal for corporate conventions or private parties.
Construction of the building expansion is slated to begin in August, with a grand opening slated for January 2016. It will be open to both the public and Academy members. Chris Sfinas, a NRA-certified nine year Army qualified sniper, will lead the staff at Guardian Academy, which will provide full tactical training for law enforcement and combat military, as well as personal civilian tactical training.
Warwick Business Campus is located just off of Mearns Road near the intersection of Bristol and Mearns Roads in Warwick, PA. The campus is situated between the Willow Grove and Neshaminy interchanges of the Pennsylvania Turnpike.
www.omegare.com
Guardian Academy and Indoor Range is planning the largest indoor gun range in the Northeast, when it expands the 8,750-square-foot office/flex building in Warwick, PA, it acquired for an undisclosed sum.
The Guardian Academy plans to expand the building, on two acres at 1528 Campus Drive within Warwick Business Campus, into a 20,000-square-foot state-of-the-art 22-lane indoor gun range and retail store. Once complete, the facility will be the largest indoor range in the northeast. Property highlights include an advanced Carey air filtration system, a 3,500-square-foot shoot house, 360-degree computer-generated simulation training, and a 50-person banquet hall ideal for corporate conventions or private parties.
Construction of the building expansion is slated to begin in August, with a grand opening slated for January 2016. It will be open to both the public and Academy members. Chris Sfinas, a NRA-certified nine year Army qualified sniper, will lead the staff at Guardian Academy, which will provide full tactical training for law enforcement and combat military, as well as personal civilian tactical training.
Warwick Business Campus is located just off of Mearns Road near the intersection of Bristol and Mearns Roads in Warwick, PA. The campus is situated between the Willow Grove and Neshaminy interchanges of the Pennsylvania Turnpike.
www.omegare.com
Logistics Driving Spec Warehouses in Central PA
by Steve Lubetkin, Globest.com
Warehousing companies continue moving into Central Pennsylvania to feed the needs of an evolving logistics business. PCCP and Dermody Properties have acquired a 43-acre site where they plan to build a class A, 405,000-square-foot distribution center in Jonestown, Lebanon County, PA.
LogistiCenter78-81, as the property will be branded, is located at the intersection of I-78 and I-81. Construction is starting now with anticipated completion in spring 2016.
“There is much to like about this site. Aside from great access and visibility, LogistiCenter 78-81 will be developed to be flexible for any number of potential tenant profiles,” says John Randall, managing director with PCCP. “PCCP identified this as a compelling investment opportunity to deliver a quality industrial asset in partnership with Dermody Properties, a best-in-class industrial development firm.”
Randall says the property will be marketed to a single user and was delivered development-ready by the seller, Pennsylvania-based land developer, Vision Group Ventures.
“We are looking forward to increasing our footprint in Central Pennsylvania with LogistiCenter 78-81, as well as continuing our excellent partnership with PCCP,” said Gene Preston, east region partner,Dermody Properties. “LogistiCenter78-81 will meet the needs of companies looking for modern, flexible-use facilities in this market.”
LogistiCenter78-81 will consist of a front-load distribution building and a separate lot providing excess parking capacity. The state-of-the-art distribution facility will include 36’ clear heights; an ESFR sprinkler system; 81 dock doors; two drive-in doors, clerestory glass to allow natural light; 60’ loading bays; T-5 lighting; parking for 220 cars; and one extra trailer parking space per dock door.
The site is in Gateway Logistics Park, a master-planned, three-building center located at the junction of two of the primary distribution corridors servicing the northeastern United States, I-81 and I-78. I-81 serves as the outer beltway of the Northeast and has grown in popularity with users as it provides access to a wide range of outbound distribution locations.
www.omegare.com
Warehousing companies continue moving into Central Pennsylvania to feed the needs of an evolving logistics business. PCCP and Dermody Properties have acquired a 43-acre site where they plan to build a class A, 405,000-square-foot distribution center in Jonestown, Lebanon County, PA.
LogistiCenter78-81, as the property will be branded, is located at the intersection of I-78 and I-81. Construction is starting now with anticipated completion in spring 2016.
“There is much to like about this site. Aside from great access and visibility, LogistiCenter 78-81 will be developed to be flexible for any number of potential tenant profiles,” says John Randall, managing director with PCCP. “PCCP identified this as a compelling investment opportunity to deliver a quality industrial asset in partnership with Dermody Properties, a best-in-class industrial development firm.”
Randall says the property will be marketed to a single user and was delivered development-ready by the seller, Pennsylvania-based land developer, Vision Group Ventures.
“We are looking forward to increasing our footprint in Central Pennsylvania with LogistiCenter 78-81, as well as continuing our excellent partnership with PCCP,” said Gene Preston, east region partner,Dermody Properties. “LogistiCenter78-81 will meet the needs of companies looking for modern, flexible-use facilities in this market.”
LogistiCenter78-81 will consist of a front-load distribution building and a separate lot providing excess parking capacity. The state-of-the-art distribution facility will include 36’ clear heights; an ESFR sprinkler system; 81 dock doors; two drive-in doors, clerestory glass to allow natural light; 60’ loading bays; T-5 lighting; parking for 220 cars; and one extra trailer parking space per dock door.
The site is in Gateway Logistics Park, a master-planned, three-building center located at the junction of two of the primary distribution corridors servicing the northeastern United States, I-81 and I-78. I-81 serves as the outer beltway of the Northeast and has grown in popularity with users as it provides access to a wide range of outbound distribution locations.
www.omegare.com
Florence approves 20-year tax break to developer
By Sean Patrick Murphy Staff Writer Burlington County Times
The Township Council voted 4-0 to approve a 20-year tax break to a developer with plans to build a large warehouse and logistics center off Cedar Lane near Route 130.
"It's a good thing for Florence Township with the tax abatement, it guarantees us a payment whether the company is in operation or not," said Mayor Craig Wilkie. "Many people don't realize that when taxes are set, they can be appealed if the property or business is not in operation.
"With the PILOTs (payment in lieu of taxes), it's a guarantee payment, minimal, so it's a good thing for the community."
There was a public hearing and vote for final adoption Wednesday night.
Liberty Property Trust has proposed constructing as much as 760,000 square feet of warehouse, logistics, and office space on 50 vacant acres off the highway adjacent to the Cream-O-Land Dairy site and the Fire Department.
The project, the Cedar Lane South Industrial Park, is expected to create at least 276 full-time jobs, but is contingent on the municipality agreeing to a tax-abatement plan with the Malvern, Pennsylvania-based developer.
Liberty expects to break ground by October in hopes of opening the center by next September. The company plans to rent the proposed space to one or multiple businesses to use for product distribution.
It will become the latest of several industrial development projects that have been built or are near completion in the township's stretch of the Route 130 corridor. The other projects include a Subaru of America distribution center and warehouse complex, an Express Scripts plant, a Destination Maternity warehouse, and a new Burlington Coat Factory headquarters.
Hundreds of new jobs are attached to each of those projects, which local officials said would benefit the town and region.
The project is eligible for the tax break because it is within the township's Route 130 redevelopment area. The zone was created by ordinance in July 2013.
Although the agreement would excuse the developer from having to pay property taxes on the improved value of the 50 acres, it calls for Liberty to pay a quarterly "service fee" in lieu of taxes.
During the first 10 years, the fee, known as a payment in lieu of taxes, or PILOT, will be based on the square footage of the constructed warehouse and office space. After 10 years, the fee will be calculated based on the square footage or a share of the total tax rate, whichever is higher.
About $3.7 million is expected to be paid to the municipality during the first 10 years of the agreement. A minimum of $5.2 million is expected during years 11 through 20.
Five percent of the service fee will be sent to Burlington County in lieu of county taxes. The remaining 95 percent will be divided among the local governing body, school district and fire district, officials said.
Liberty has not identified any tenants for the industrial park yet, but the company has a record of success, with more than 100 million square feet of industrial and office space developed in the United States and United Kingdom.
The company's past projects include redevelopment at the Philadelphia Naval Shipyard in South Philadelphia.
The project received final site-plan approval from the Planning Board in May following two meetings.
www.omegare.com
The Township Council voted 4-0 to approve a 20-year tax break to a developer with plans to build a large warehouse and logistics center off Cedar Lane near Route 130.
"It's a good thing for Florence Township with the tax abatement, it guarantees us a payment whether the company is in operation or not," said Mayor Craig Wilkie. "Many people don't realize that when taxes are set, they can be appealed if the property or business is not in operation.
"With the PILOTs (payment in lieu of taxes), it's a guarantee payment, minimal, so it's a good thing for the community."
There was a public hearing and vote for final adoption Wednesday night.
Liberty Property Trust has proposed constructing as much as 760,000 square feet of warehouse, logistics, and office space on 50 vacant acres off the highway adjacent to the Cream-O-Land Dairy site and the Fire Department.
The project, the Cedar Lane South Industrial Park, is expected to create at least 276 full-time jobs, but is contingent on the municipality agreeing to a tax-abatement plan with the Malvern, Pennsylvania-based developer.
Liberty expects to break ground by October in hopes of opening the center by next September. The company plans to rent the proposed space to one or multiple businesses to use for product distribution.
It will become the latest of several industrial development projects that have been built or are near completion in the township's stretch of the Route 130 corridor. The other projects include a Subaru of America distribution center and warehouse complex, an Express Scripts plant, a Destination Maternity warehouse, and a new Burlington Coat Factory headquarters.
Hundreds of new jobs are attached to each of those projects, which local officials said would benefit the town and region.
The project is eligible for the tax break because it is within the township's Route 130 redevelopment area. The zone was created by ordinance in July 2013.
Although the agreement would excuse the developer from having to pay property taxes on the improved value of the 50 acres, it calls for Liberty to pay a quarterly "service fee" in lieu of taxes.
During the first 10 years, the fee, known as a payment in lieu of taxes, or PILOT, will be based on the square footage of the constructed warehouse and office space. After 10 years, the fee will be calculated based on the square footage or a share of the total tax rate, whichever is higher.
About $3.7 million is expected to be paid to the municipality during the first 10 years of the agreement. A minimum of $5.2 million is expected during years 11 through 20.
Five percent of the service fee will be sent to Burlington County in lieu of county taxes. The remaining 95 percent will be divided among the local governing body, school district and fire district, officials said.
Liberty has not identified any tenants for the industrial park yet, but the company has a record of success, with more than 100 million square feet of industrial and office space developed in the United States and United Kingdom.
The company's past projects include redevelopment at the Philadelphia Naval Shipyard in South Philadelphia.
The project received final site-plan approval from the Planning Board in May following two meetings.
www.omegare.com
Gramercy Property Trust Acquires Penn Jersey Paper Building for $26 Million
Dermody Properties sold the Penn Jersey Paper building at 9355 Blue Grass Road in Philadelphia for $26.1 million, or $102.22 per square foot.
The 255,336-square-foot Class B industrial building was built in 2011. At the time of sale, the property was fully leased to its long term tenant Penn Jersey Paper.
www.omegare.com
The 255,336-square-foot Class B industrial building was built in 2011. At the time of sale, the property was fully leased to its long term tenant Penn Jersey Paper.
CTDI Leases Space In Logan Township
CTDI signed a lease to occupy 85,480 square feet at 2100 Center Square Road in Logan Township, NJ.
The single-story, 365,760-square-foot Class A industrial building was constructed in September 2008. It features an ESRF sprinkler system, reinforced concrete construction and 1.31 parking spaces.
www.omegare.com
The single-story, 365,760-square-foot Class A industrial building was constructed in September 2008. It features an ESRF sprinkler system, reinforced concrete construction and 1.31 parking spaces.
www.omegare.com
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