by Steve Lubetkin, Globest.com
Joint venture partners Trammell Crow Company and Clarion Partners have acquired a 90-acre site at 4815 Hanoverville Road in Lower Nazareth, PA, for the development of Lehigh Valley Trade Center. Construction will commence later this month on two class A speculative warehouse/distribution buildings totaling more than 1.2 million square feet. Clarion Partners has acquired the property on behalf of a commingled fund that it manages.
“This project benefits greatly from its strategic location on the east side of the Lehigh Valley industrial market, with close proximity to a deep, high quality labor force as well as immediate access to what is perhaps the most important transportation infrastructure on the east coast,” says Andrew Mele, managing director with Trammell Crow Company’s NE Metro Business Unit. “TCC has a long history of delivering institutional quality, class A industrial real estate in the Valley and we look forward to starting this new project.”
Building A will total 947,000 square feet with cross-dock loading, 36-foot clear height, capacity for more than 240 loading dock doors and car and trailer parking ratios that are well above current market standards. Building B will total 297,000 square feet with rear loading and 32-foot clear height.
“This is our third speculative industrial project with TCC in this area,” says Joe Zingaro, vice president with Clarion Partners. “This market has all the fundamentals to support a project of this size and quality; demand for class A industrial space in the Lehigh Valley remains very strong across a variety of size ranges. The flexible, two-building design will allow us to see a diverse mix of tenant requirements.”
The project’s location along Route 22 provides immediate access to I-78 and I-476. The existing highway infrastructure allows users to easily reach New York, Philadelphia and the rest of the Northeast.
www.omegare.com
Tuesday, March 15, 2016
Monday, March 14, 2016
PREIT Begins Redevelopment Of Exton Square Mall
by Steve Lubetkin, Globest.com
REIT says it has begun the first phase of the redevelopment of Exton Square Mall. The company acquired the land parcel underlying the existing Kmart store, enabling demolition and construction of the new Whole Foods, set to open in 2017. Demolition will begin in early April.
Additionally, PREIT recently executed a lease with Round 1 Entertainment that will bring bowling, billiards, ping pong and other games. Construction is underway for an anticipated opening prior to the end of 2016. The tenant will occupy 58,000 square feet and will be located in the lower level of the former JC Penney store. This entertainment offering will broaden the property’s appeal, attracting families and extend visits to the mall.
Located in Chester County, which has the highest per capita income in Pennsylvania, the trade area is home to 525,000 residents. The property has visibility from Routes 100 and 30 and is easily accessed via Route 201 and the Pennsylvania Turnpike with over 38 million cars passing by annually.
“We have looked forward to the opportunity to reposition this well-located property with incredible demographics,” says Joseph F. Coradino, CEO of PREIT. “These new additions will act as catalysts to continue to improve the merchandise mix and drive sales and NOI at the property.”
www.omegare.com
REIT says it has begun the first phase of the redevelopment of Exton Square Mall. The company acquired the land parcel underlying the existing Kmart store, enabling demolition and construction of the new Whole Foods, set to open in 2017. Demolition will begin in early April.
Additionally, PREIT recently executed a lease with Round 1 Entertainment that will bring bowling, billiards, ping pong and other games. Construction is underway for an anticipated opening prior to the end of 2016. The tenant will occupy 58,000 square feet and will be located in the lower level of the former JC Penney store. This entertainment offering will broaden the property’s appeal, attracting families and extend visits to the mall.
Located in Chester County, which has the highest per capita income in Pennsylvania, the trade area is home to 525,000 residents. The property has visibility from Routes 100 and 30 and is easily accessed via Route 201 and the Pennsylvania Turnpike with over 38 million cars passing by annually.
“We have looked forward to the opportunity to reposition this well-located property with incredible demographics,” says Joseph F. Coradino, CEO of PREIT. “These new additions will act as catalysts to continue to improve the merchandise mix and drive sales and NOI at the property.”
www.omegare.com
Friday, March 11, 2016
Wednesday, March 9, 2016
Clarion Hotel Conversion Complete
The former Clarion Hotel at 6821 Black Horse Pike in Egg Harbor Township, NJ has completed a conversion this month to an 84-unit affordable housing community.
The six-story building totals 229,644 square feet on 13.5 acres in the Outer Central Atlantic County MF submarket of Philadelphia. It now encompasses 16 one-bedroom, 43 two-bedroom and 25 three-bedroom apartments, and has achieved LEED certification.
WNC, a national REIT, provided $14.5 million in low-income housing tax credits (LIHTC) to fund the conversion.
www.omegare.com
The six-story building totals 229,644 square feet on 13.5 acres in the Outer Central Atlantic County MF submarket of Philadelphia. It now encompasses 16 one-bedroom, 43 two-bedroom and 25 three-bedroom apartments, and has achieved LEED certification.
WNC, a national REIT, provided $14.5 million in low-income housing tax credits (LIHTC) to fund the conversion.
www.omegare.com
Cira Square Sale Closes in Philadelphia
The Korea Investment Corp. closed on the previously announced acquisition of Cira Square from Brandywine Realty Trust for $354 million, or about $407 per square foot.
The historic office building was originally constructed in 1935 at 2970 Market St. in Philadelphia, PA. Recently renovated in 2010, the building totals 870,262 square feet and is 100 percent occupied today, anchored by the Internal Revenue Service (IRS) in almost the entire building under a GSA lease with 15 years remaining.
In connection with the sale, Brandywine realized net sales proceeds of $350.2 million after closing costs. The company will report a gain of approximately $114.0 million in the first quarter of 2016.
www.omegare.com
The historic office building was originally constructed in 1935 at 2970 Market St. in Philadelphia, PA. Recently renovated in 2010, the building totals 870,262 square feet and is 100 percent occupied today, anchored by the Internal Revenue Service (IRS) in almost the entire building under a GSA lease with 15 years remaining.
In connection with the sale, Brandywine realized net sales proceeds of $350.2 million after closing costs. The company will report a gain of approximately $114.0 million in the first quarter of 2016.
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