The 312,769-square-foot property currently is occupied by former governor Thomas Wolf’s kitchen and bath cabinetry company through 2021.
Friday, December 11, 2015
Industrial Property Trust Buys Fully Leased Industrial Building
Industrial Property Trust acquired the industrial building at 515 N. Zarfoss Dr. in York, PA from Endurance Real Estate Group and Thackeray Partners for $16.5 million, or about $53 per square foot.
The 312,769-square-foot property currently is occupied by former governor Thomas Wolf’s kitchen and bath cabinetry company through 2021.
www.omegare.com
The 312,769-square-foot property currently is occupied by former governor Thomas Wolf’s kitchen and bath cabinetry company through 2021.
Industrial Inspection and Insurance Issuer Renews Lease at Bay Colony Exec Park
The Hartford Steam Boiler Inspection and Insurance, the countries oldest company devoted primarily to industrial safety, renewed its lease of 27,693 square feet in the 595 Bay Colony office building at at 595 E. Swedesford Rd. in Wayne, PA.
The three-story, 81,890-square-foot office building was constructed in 1988 on 6.6 acres in the King of Prussia / Wayne submarket of Chester County, within the Bay Colony Executive Park.
www.omegare.com
The three-story, 81,890-square-foot office building was constructed in 1988 on 6.6 acres in the King of Prussia / Wayne submarket of Chester County, within the Bay Colony Executive Park.
www.omegare.com
Wednesday, December 9, 2015
MANNA Moving to Rodin Place
by Steve Lubetkin, Globest.com
Metropolitan Neighborhood Nutrition Alliance, a nonprofit hunger relief organization, signed a long-term lease in approximately 23,230 square feet of office space at Rodin Place, 2000 Hamilton Street, Philadelphia.
The contract that has an aggregate value of approximately $7.7 million.
MANNA is a private, not-for-profit service organization that links the food industry with 248 partner agencies and is a member of Feeding America, the nation's largest domestic hunger relief organization. The group is moving its office from 2323 Ranstead Street to the second floor of Rodin Place in the summer of 2016 and will use the space for administrative functions, as well as to prepare and deliver meals.
www.omegare.com
Metropolitan Neighborhood Nutrition Alliance, a nonprofit hunger relief organization, signed a long-term lease in approximately 23,230 square feet of office space at Rodin Place, 2000 Hamilton Street, Philadelphia.
The contract that has an aggregate value of approximately $7.7 million.
MANNA is a private, not-for-profit service organization that links the food industry with 248 partner agencies and is a member of Feeding America, the nation's largest domestic hunger relief organization. The group is moving its office from 2323 Ranstead Street to the second floor of Rodin Place in the summer of 2016 and will use the space for administrative functions, as well as to prepare and deliver meals.
www.omegare.com
SAS Regency Sells Bensalem MF to Wessex First Avenue for $20M
by Steve Lubetkin, Globest.com
Wessex First Avenue Associates has acquired Regency Apartments, a 253-unit, garden-style multi-housing community in Bensalem, PA, from owner SAS Regency for $19.75 million.
“The buyer pool was extremely diverse and we have had success importing capital from outside Philadelphia into the region. Investors continue to target Philadelphia based on strong fundamentals and the ‘flight-to-yield’ theory in comparison to the New York, New Jersey and Washington, DC markets.”
Wessex First Avenue Associates purchased the property free and clear of existing debt. New debt was arranged for $15.472 million, seven-year, 75 percent, fixed-rate loan through a regional bank for the new owner.
Regency Apartments, 2049 Brown Avenue, is less than one half of a mile from the intersection of Street Road (Route 132) and Hulmeville Road (Route 513) and is less than two miles from Interstate 95, providing access into Philadelphia and New Jersey. The property is flanked by Bensalem Plaza Shopping Center and Bensalem Township Country Club and is a short distance from Philadelphia Mills and Parx Casino and Race Course. The community has seven, three-story residential buildings housing a mix of studio, one- and two-bedroom units averaging 774 square feet each centered around a courtyard with swimming pool.
www.omegare.com
Wessex First Avenue Associates has acquired Regency Apartments, a 253-unit, garden-style multi-housing community in Bensalem, PA, from owner SAS Regency for $19.75 million.
“The buyer pool was extremely diverse and we have had success importing capital from outside Philadelphia into the region. Investors continue to target Philadelphia based on strong fundamentals and the ‘flight-to-yield’ theory in comparison to the New York, New Jersey and Washington, DC markets.”
Wessex First Avenue Associates purchased the property free and clear of existing debt. New debt was arranged for $15.472 million, seven-year, 75 percent, fixed-rate loan through a regional bank for the new owner.
Regency Apartments, 2049 Brown Avenue, is less than one half of a mile from the intersection of Street Road (Route 132) and Hulmeville Road (Route 513) and is less than two miles from Interstate 95, providing access into Philadelphia and New Jersey. The property is flanked by Bensalem Plaza Shopping Center and Bensalem Township Country Club and is a short distance from Philadelphia Mills and Parx Casino and Race Course. The community has seven, three-story residential buildings housing a mix of studio, one- and two-bedroom units averaging 774 square feet each centered around a courtyard with swimming pool.
www.omegare.com
Brandywine Breaks Ground on New Camden HQ
Brandywine Realty Trust has broken ground on Subaru of America's new 250,000-square-foot headquarters building on Admiral Wilson Blvd. in Camden, NJ.
The 10-story facility will be double the size of the property Subaru now occupies in Cherry Hill. The New Jersey Economic Development Authority (NJEDA) had granted Subaru $118 million in tax credits to move from Cherry Hill.
The Gateway Office Campus is owned by Campbell Soup Company. Brandywine Realty Trust is developing the building, expected to deliver in April 2017. Rick Widerman and Ron Cariola with JLL brokered the lease deal with Subaru.
www.omegare.com
The 10-story facility will be double the size of the property Subaru now occupies in Cherry Hill. The New Jersey Economic Development Authority (NJEDA) had granted Subaru $118 million in tax credits to move from Cherry Hill.
The Gateway Office Campus is owned by Campbell Soup Company. Brandywine Realty Trust is developing the building, expected to deliver in April 2017. Rick Widerman and Ron Cariola with JLL brokered the lease deal with Subaru.
www.omegare.com
Tuesday, December 8, 2015
Inverness Apartments Sold Again, This Time for $27.3M
by Steve Lubetkin, Globest.com
The Inverness Apartments in Westville, Gloucester County, NJ have been sold in an off-market transaction for $27.3 million.
“The market for multifamily properties remains very strong throughout New Jersey and the region,” says Robert Holland, president. "The purchaser was eager to acquire such a large and well-performing property in suburban Philadelphia.”
The 368-unit property includes 256 one- and 112 two-bedroom garden-style apartments in 45 buildings on 31.6 acres. The property is located near public transportation, schools, and shopping. Amenities include an on-site clubhouse, pool, tennis court, and laundry facilities.
The units are fully-equipped with modern kitchens, central air-conditioning, separate dining rooms, large closets, 24-hour emergency maintenance, and either balconies or patios. Select units also include fireplaces. Over sixty percent of the tenant HVAC units have been replaced over the past two years. Siding and windows were replaced in 1999.
“The asset appreciated over 250%,” since the last sale in 1999. This is a classic example of owners applying strong management principles to generate increased value.”
“We are seeing an influx of New York-based investors and purchasers in New Jersey that see the opportunities in the multifamily market."
www.omegare.com
The Inverness Apartments in Westville, Gloucester County, NJ have been sold in an off-market transaction for $27.3 million.
“The market for multifamily properties remains very strong throughout New Jersey and the region,” says Robert Holland, president. "The purchaser was eager to acquire such a large and well-performing property in suburban Philadelphia.”
The 368-unit property includes 256 one- and 112 two-bedroom garden-style apartments in 45 buildings on 31.6 acres. The property is located near public transportation, schools, and shopping. Amenities include an on-site clubhouse, pool, tennis court, and laundry facilities.
The units are fully-equipped with modern kitchens, central air-conditioning, separate dining rooms, large closets, 24-hour emergency maintenance, and either balconies or patios. Select units also include fireplaces. Over sixty percent of the tenant HVAC units have been replaced over the past two years. Siding and windows were replaced in 1999.
“The asset appreciated over 250%,” since the last sale in 1999. This is a classic example of owners applying strong management principles to generate increased value.”
“We are seeing an influx of New York-based investors and purchasers in New Jersey that see the opportunities in the multifamily market."
www.omegare.com
Monday, December 7, 2015
Prime Group in $5.4M Deal for Suburban Philadelphia Self-Storage
by Steve Lubetkin, Globest.com
Saratoga Springs, NY-based Prime Group has purchased Riverline Self Storage, a 381-unit self-storage facility located in the Philadelphia suburb of Cinnaminson, NJ, for $5.4 million.
The seller was a local private investor. Prime purchased the asset free and clear of existing debt. Prime and its affiliates, including Rochester, NY-based Morgan Management, own approximately $2.8 billion of commercial real estate, including more than 3.6 million square feet of self storage facilities, about 25,000 apartment units and other real estate holdings.
Riverline Self Storage’s two buildings on 4.5 acres at 1714 Bannard Street, in the northern part of Cinnaminson, total 63,539 rentable square feet. The property’s 381 climate-controlled units total 36,586 rentable square feet and occupy portions of both two-story buildings. The remaining 26,953 rentable square feet is occupied by a combination of office, retail and warehouse tenants. The property is located near the Tacony-Palmyra and Betsy Ross bridges and serves the communities of Cinnaminson, Delran, Riverton and Palmyra.
www.omegare.com
Saratoga Springs, NY-based Prime Group has purchased Riverline Self Storage, a 381-unit self-storage facility located in the Philadelphia suburb of Cinnaminson, NJ, for $5.4 million.
The seller was a local private investor. Prime purchased the asset free and clear of existing debt. Prime and its affiliates, including Rochester, NY-based Morgan Management, own approximately $2.8 billion of commercial real estate, including more than 3.6 million square feet of self storage facilities, about 25,000 apartment units and other real estate holdings.
Riverline Self Storage’s two buildings on 4.5 acres at 1714 Bannard Street, in the northern part of Cinnaminson, total 63,539 rentable square feet. The property’s 381 climate-controlled units total 36,586 rentable square feet and occupy portions of both two-story buildings. The remaining 26,953 rentable square feet is occupied by a combination of office, retail and warehouse tenants. The property is located near the Tacony-Palmyra and Betsy Ross bridges and serves the communities of Cinnaminson, Delran, Riverton and Palmyra.
www.omegare.com
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