by Natalie Kostelni, Staff Writer for the Philadelphia Business Journal
Brandywine Realty Trust has completed a nearly $400 million sale of 58 office properties that essentially finishes a multi-year effort to exit certain markets that don’t fit into its overall strategy to focus on urban areas and town centers.
In a complicated transaction that one analyst called “byzantine,” Brandywine (NYSE:BDN) said that yesterday it wrapped up a series of related transactions with affiliates of Och Ziff Capital Management Group involving the $398.1 million sale of those properties. The portfolio totaled 3.9 million square feet and it was 91.4 percent occupied at the time of the transaction.
The sale involved 10 buildings totaling 557,144 square feet in New Jersey, 11 buildings totaling 612,738 square feet in Pennsylvania as well as properties in Northern Virginia and Richmond, Va. A list of buildings involved in the Och-Ziff sale was not available.
The transaction was structured so that it involved: the sale of Brandywine's fee interests in a portfolio of land to an affiliate of Och-Ziff totaling $188.1 million; and the sale of leasehold interests in the portfolio to a newly formed Och-Ziff joint venture in which an affiliate of Brandywine kept a 50 percent stake.
Full story: http://tinyurl.com/hp536xt
www.omegare.com
Friday, February 5, 2016
Greene Turtle Bringing Adding Six Sites to Central Pennsylvania
by Steve Lubetkin, Globest.com
Six new The Greene Turtle sports bar and grille locations are coming to Central Pennsylvania, as the Maryland-based restaurant chain continues an aggressive expansion drive throughout the Northeast.
As previously reported by GlobeSt.com, Greene Turtle last year named franchisees to develop sites in Eastern PA and New Jersey.
Typhoon Central PA, a new franchise group consisting of partners Leho Poldmae and Dave Trimbur, will develop the restaurants in State College, PA, home to Penn State University’s ain campus, and throughout Cumberland, Dauphin, Lancaster, Lebanon and York Counties.
Poldmae and Trimbur have extensive experience with The Greene Turtle and the casual dining segment. Poldmae already operates three Greene Turtle locations in Maryland and Delaware.
Trimbur is managing partner of Typhoon Management, a company that owns and manages restaurants and other organizations, and has served as director of operations for Poldmae’s locations for the past several years. He is also executive director of the Big 33 Scholarship Foundation, a nonprofit organization that raises funds for academic scholarships and other charitable programs to develop and showcase excellence in students and communities. Previously, he was an area director for The Rose Group, one of the country’s largest franchisee companies, whose holdings include Applebee’s and Corner Bakery. Trimbur also was a regional manager for the Chi-Chi’s Mexican Restaurant chain.
“I’m thrilled to be partnering with Dave to introduce The Greene Turtle to Central Pennsylvania,” says Poldmae. “He is an operational expert with great depth of knowledge both in the restaurant business and in the markets where we plan to open. With his experience, my history with the company and The Greene Turtle’s strong family appeal, I’m confident we will do well.”
“There is a great growth opportunity with The Greene Turtle here,” Trimbur says. “The map is wide open for us to create many new, loyal customers while bringing The Greene Turtle closer to many who work or attend college here and already know The Greene Turtle from back home or from their travels along the central East Coast. We look forward to opening our first site as soon as possible.“
In mid-2015, The Greene Turtle announced a development agreement with another franchisee group that will yield 10 restaurants in markets surrounding Philadelphia. The first of those locations has now been secured and will open later this year in North Wales, PA. Combined with this new deal, The Greene Turtle now has about two-thirds of Pennsylvania covered with planned development.
“We’re very excited about this deal,” says Tom Finn, vice president of franchise development for The Greene Turtle. “The area it covers adjoins our core market and will benefit from our brand awareness. It also continues our penetration into Pennsylvania and expansion west of the coastline, and will let us tap into strong markets like State College, Hershey, Harrisburg, Lancaster and York. With this agreement in place, we are now actively seeking one more strategic franchise partner to develop Pittsburgh and the rest of western Pennsylvania.”
The Greene Turtle opened seven new restaurants in 2015, bringing the total to 44 locations stretching from southern Virginia north to New York’s Long Island and west to Morgantown, WV. As many as 10 sites will open in 2016, including the chain’s first locations in Pennsylvania and New Jersey. Franchisees have committed to develop more than 40 additional locations in Maryland, Virginia, New Jersey, New York, Pennsylvania and West Virginia, and The Greene Turtle is now seeking strategic franchise partners to develop western Pennsylvania, northern New Jersey and New York City, and markets in New England, Virginia, the Carolinas, Georgia and Florida.
www.omegare.com
Six new The Greene Turtle sports bar and grille locations are coming to Central Pennsylvania, as the Maryland-based restaurant chain continues an aggressive expansion drive throughout the Northeast.
As previously reported by GlobeSt.com, Greene Turtle last year named franchisees to develop sites in Eastern PA and New Jersey.
Typhoon Central PA, a new franchise group consisting of partners Leho Poldmae and Dave Trimbur, will develop the restaurants in State College, PA, home to Penn State University’s ain campus, and throughout Cumberland, Dauphin, Lancaster, Lebanon and York Counties.
Poldmae and Trimbur have extensive experience with The Greene Turtle and the casual dining segment. Poldmae already operates three Greene Turtle locations in Maryland and Delaware.
Trimbur is managing partner of Typhoon Management, a company that owns and manages restaurants and other organizations, and has served as director of operations for Poldmae’s locations for the past several years. He is also executive director of the Big 33 Scholarship Foundation, a nonprofit organization that raises funds for academic scholarships and other charitable programs to develop and showcase excellence in students and communities. Previously, he was an area director for The Rose Group, one of the country’s largest franchisee companies, whose holdings include Applebee’s and Corner Bakery. Trimbur also was a regional manager for the Chi-Chi’s Mexican Restaurant chain.
“I’m thrilled to be partnering with Dave to introduce The Greene Turtle to Central Pennsylvania,” says Poldmae. “He is an operational expert with great depth of knowledge both in the restaurant business and in the markets where we plan to open. With his experience, my history with the company and The Greene Turtle’s strong family appeal, I’m confident we will do well.”
“There is a great growth opportunity with The Greene Turtle here,” Trimbur says. “The map is wide open for us to create many new, loyal customers while bringing The Greene Turtle closer to many who work or attend college here and already know The Greene Turtle from back home or from their travels along the central East Coast. We look forward to opening our first site as soon as possible.“
In mid-2015, The Greene Turtle announced a development agreement with another franchisee group that will yield 10 restaurants in markets surrounding Philadelphia. The first of those locations has now been secured and will open later this year in North Wales, PA. Combined with this new deal, The Greene Turtle now has about two-thirds of Pennsylvania covered with planned development.
“We’re very excited about this deal,” says Tom Finn, vice president of franchise development for The Greene Turtle. “The area it covers adjoins our core market and will benefit from our brand awareness. It also continues our penetration into Pennsylvania and expansion west of the coastline, and will let us tap into strong markets like State College, Hershey, Harrisburg, Lancaster and York. With this agreement in place, we are now actively seeking one more strategic franchise partner to develop Pittsburgh and the rest of western Pennsylvania.”
The Greene Turtle opened seven new restaurants in 2015, bringing the total to 44 locations stretching from southern Virginia north to New York’s Long Island and west to Morgantown, WV. As many as 10 sites will open in 2016, including the chain’s first locations in Pennsylvania and New Jersey. Franchisees have committed to develop more than 40 additional locations in Maryland, Virginia, New Jersey, New York, Pennsylvania and West Virginia, and The Greene Turtle is now seeking strategic franchise partners to develop western Pennsylvania, northern New Jersey and New York City, and markets in New England, Virginia, the Carolinas, Georgia and Florida.
www.omegare.com
Thursday, February 4, 2016
Smart Warehousing Leases Warehouse Space
Smart Warehousing, a Kansas-based supply chain services company, leased 101,601 square feet at the Lehigh Valley Trade Port Bldg 2 located at 4270 Fritch Dr. in Bethlehem, PA.
The tenant's lease commences in April 2016, and runs through June 2021. The building is currently occupied by NFI. The landlord is Griffin Industrial Realty.
The single-story, 302,800-square-foot distribution building was constructed in 2014 on 50.9 acres in the Lehigh Valley Industrial submarket of Northampton County.
www.omegare.com
The tenant's lease commences in April 2016, and runs through June 2021. The building is currently occupied by NFI. The landlord is Griffin Industrial Realty.
The single-story, 302,800-square-foot distribution building was constructed in 2014 on 50.9 acres in the Lehigh Valley Industrial submarket of Northampton County.
www.omegare.com
AMES Cos Renews 114,000-SF Lease in Shiremanstown
AMES Companies, a hardware manufacturer, renewed its lease for 113,583 square feet at 485 St. Johns Church Rd. in Shiremanstown, PA.
The property totals 712,500 square feet was renovated in 1995. It houses Allen Distribution and other tenants.
www.omegare.com
The property totals 712,500 square feet was renovated in 1995. It houses Allen Distribution and other tenants.
www.omegare.com
Ashley Furniture Inks 20,000-SF Sublease
Ashley Furniture signed a sublease to occupy 20,000 square feet at Whitman Square, located at 9701 Roosevelt Blvd. in Philadelphia, PA.
The 468,457-square-foot shopping center was constructed in 2005 on 36 acres. Ashley Furniture joins Lowe’s, OfficeMax and Walmart there.
www.omegare.com
The 468,457-square-foot shopping center was constructed in 2005 on 36 acres. Ashley Furniture joins Lowe’s, OfficeMax and Walmart there.
www.omegare.com
Rodin Place Lands Target in Anchor Space
Target Department Store has signed a lease to occupy 30,000 square feet of retail space at 2001 Pennsylvania Ave. in Philadelphia, PA.
Rodin Place is a 41,000-square-foot retail building formerly occupied by Whole Foods Market, Inc.
www.omegare.com
Rodin Place is a 41,000-square-foot retail building formerly occupied by Whole Foods Market, Inc.
Wednesday, February 3, 2016
Ellis Preserve Newtown Square office portfolio hitting the market
by Natlie Kostelni, Staff writer for the Philadelphia Business Journal
In what could be one of the biggest real estate deals of the year, Equus Capital Partners Ltd. is seeking to sell off the office portion of Ellis Preserve in Newtown Square, Pa.
Ellis Preserve is a mixed-use development on 218 acres at Route 252 and Route 3 and is considered one of the more unique pieces of commercial real estate in the region.
Just the office segment of the development is being put up for sale and that involves 13 buildings totaling 596,000 square feet of space on roughly 40 acres, according to sources. The space is fully occupied more than two dozen tenants such as Sunoco Co., PetPlan and Main Line Health.
Why Equus would look to sell the office portion of Ellis Preserve couldn’t be determined. The private real estate firm has developed the entire property with a local partner. A contact at the Philadelphia company couldn’t be reached for immediate contact. It also couldn’t be immediately determined how much the portfolio might sell for.
Equus has sold other properties at Ellis Preserve in the past.
In 2005, it unloaded a 130,000-square-foot building that was fully leased to Main Line Health for a record-setting $388 a square foot. Though that was a big transaction, it shouldn’t be used as a direct comparison since it’s a single-tenant building leased on a long term basis. If anything, however, the appetite for fully leased office properties in campus-like settings where amenities are plentiful are appealing to investors.
There have been some large portfolio sales recently in the suburban office market.
Full story: http://tinyurl.com/j5njm7m
www.omegare.com
In what could be one of the biggest real estate deals of the year, Equus Capital Partners Ltd. is seeking to sell off the office portion of Ellis Preserve in Newtown Square, Pa.
Ellis Preserve is a mixed-use development on 218 acres at Route 252 and Route 3 and is considered one of the more unique pieces of commercial real estate in the region.
Just the office segment of the development is being put up for sale and that involves 13 buildings totaling 596,000 square feet of space on roughly 40 acres, according to sources. The space is fully occupied more than two dozen tenants such as Sunoco Co., PetPlan and Main Line Health.
Why Equus would look to sell the office portion of Ellis Preserve couldn’t be determined. The private real estate firm has developed the entire property with a local partner. A contact at the Philadelphia company couldn’t be reached for immediate contact. It also couldn’t be immediately determined how much the portfolio might sell for.
Equus has sold other properties at Ellis Preserve in the past.
In 2005, it unloaded a 130,000-square-foot building that was fully leased to Main Line Health for a record-setting $388 a square foot. Though that was a big transaction, it shouldn’t be used as a direct comparison since it’s a single-tenant building leased on a long term basis. If anything, however, the appetite for fully leased office properties in campus-like settings where amenities are plentiful are appealing to investors.
There have been some large portfolio sales recently in the suburban office market.
Full story: http://tinyurl.com/j5njm7m
www.omegare.com
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