Tuesday, June 7, 2016
MCB Joint Venture Sells Glenolden, PA Retail Center
by Steve Lubetkin, Globest.com
MCB Real Estate and Alex Brown Realty have sold 140 N. MacDade Boulevard in Glenolden, PA, to Wharton Realty Group. Terms were not disclosed.
The property, a 108,587-square-foot grocery-anchored shopping center, features a newly renovated ShopRite and is fully occupied.
“The investor demand for grocery-anchored shopping centers is stronger than ever. Especially for the dominate stores in the market – in this case, ShopRite. Not only is the Glenolden store one of the leading supermarkets, but it is located in Delaware County, one of the most densely populated trade areas in the Philadelphia suburbs.”
ShopRite acquired the lease from A&P, which, as previously reported by GlobeSt.com, has been disposing of leases for a number of New Jersey and Pennsylvania locations as a consequence of its bankruptcy filing last year.
ShopRite invested a significant amount of money into the store’s renovations and remodel, and as of May 2015 was officially re-opened. As the dominate grocer in the Philadelphia area, ShopRite continues to expand its footprint throughout the market.
www.omegare.com
MCB Real Estate and Alex Brown Realty have sold 140 N. MacDade Boulevard in Glenolden, PA, to Wharton Realty Group. Terms were not disclosed.
The property, a 108,587-square-foot grocery-anchored shopping center, features a newly renovated ShopRite and is fully occupied.
“The investor demand for grocery-anchored shopping centers is stronger than ever. Especially for the dominate stores in the market – in this case, ShopRite. Not only is the Glenolden store one of the leading supermarkets, but it is located in Delaware County, one of the most densely populated trade areas in the Philadelphia suburbs.”
ShopRite acquired the lease from A&P, which, as previously reported by GlobeSt.com, has been disposing of leases for a number of New Jersey and Pennsylvania locations as a consequence of its bankruptcy filing last year.
ShopRite invested a significant amount of money into the store’s renovations and remodel, and as of May 2015 was officially re-opened. As the dominate grocer in the Philadelphia area, ShopRite continues to expand its footprint throughout the market.
www.omegare.com
Monday, June 6, 2016
Patient First Medical Center In Devon, PA Sells For $2.86M
by Steve Lubetkin, Globest.com
he Patient First Medical Center located at 133 Lancaster Avenue in Devon, PA, has sold for $2.858 million.
“The sale of the Patient First in Devon was a ‘win-win’ scenario as the seller achieved a very aggressive cap rate and the buyer acquired an irreplaceable piece of Philadelphia’s Main Line."
“Due to our marketing process we were able to expose, negotiate and close on the asset leased to a non-investment grade tenant before construction of the building was completed."
The 7,000 square-foot building is located directly in front of the Devon train station. With the sale of the property comes a 20 year corporately guaranteed ground lease and no landlord responsibilities of expenses.
www.omegare.com
he Patient First Medical Center located at 133 Lancaster Avenue in Devon, PA, has sold for $2.858 million.
“The sale of the Patient First in Devon was a ‘win-win’ scenario as the seller achieved a very aggressive cap rate and the buyer acquired an irreplaceable piece of Philadelphia’s Main Line."
“Due to our marketing process we were able to expose, negotiate and close on the asset leased to a non-investment grade tenant before construction of the building was completed."
The 7,000 square-foot building is located directly in front of the Devon train station. With the sale of the property comes a 20 year corporately guaranteed ground lease and no landlord responsibilities of expenses.
www.omegare.com
Friday, June 3, 2016
Thursday, June 2, 2016
Survey Finds Office Dwellers Lacking Light, Air, Quiet
by Steve Lubetkin, Globest.com
Office workers continue to have limited access to daylight, experience poor air quality and uncomfortable temperatures and are distracted by too much noise in their workplace, according to a new national survey by a global building products company.
The responses from 400 office workers surveyed nationally by Saint-Gobain, one of the world’s largest building materials companies, point to a need to improve the quality of the office environment nationwide by creating spaces that are built to benefit employee well-being.
Such improvements, the study suggests, can have a significant impact on productivity, and ultimately, a company’s bottom line.
“The office environment is one of the most important elements of any company because it significantly impacts the most valuable asset — employees. With workplace satisfaction and productivity at stake, we believe it’s time workplaces reflect their significance,” says John Crowe, president and CEO of Saint-Gobain and CertainTeed Corporations. “For this reason, Saint-Gobain recently opened a new 65-acre North American headquarters that is designed to improve the quality of our employees’ lives and, in doing so, inspire them to create the next chapter of our 350-year innovation legacy.”
Saint-Gobain and its subsidiary SageGlass, which makes “electrochromic” glass that adjusts to daylight, conducted the study, which it called the 2016 Work Environment Survey. As previously reported by GlobeSt.com, Saint-Gobain’s new office campus in Malvern, about 25 miles southwest of Philadelphia, embraces open, collaborative space designs, SageGlass windows, and other design elements that address the study’s work environment concerns.
“We’ve found that the expectations and the opportunities for people who work in these buildings has gone up,” Carmine Ferrigno, vice president of communications at Saint-Gobain, and a leader of the Work Environment Survey, tells GlobeSt.com exclusively. “Once you start that dialogue, you really do open a lot of doors in terms of how these buildings could adapt to people. Once you start asking the people who work there what they want out of the building, they really start to push the envelope. We’ve found that asking the occupants what their expectations are, you really find a better way to drive the evolution of buildings.”
One of the top factors affecting employee well-being is natural light. In fact, nearly nine in 10 (87 percent) survey respondents said they would prefer to work near a window most of the time. Despite this overwhelming desire to be exposed to natural light, 36 percent of office workers do not have a window near their work space.
Of those with access to a window, 65 percent have blinds or curtains that block sunlight at least some of the day. It’s not just sunlight being blocked, but the restorative benefits of the outdoors. In fact, 32 percent of those with window access rarely or never see pleasant vistas.
Those with access to daylight and views of the outdoors are experiencing the benefits, the survey showed. Among those who reported seeing sunlight at work, approximately two-thirds (68 percent) indicated sunlight improves their mood, while nearly half (47 percent) felt sunlight makes them more energized and around 4 in 10 felt more relaxed (41 percent) and less stressed (36 percent). More than a quarter (28 percent) felt exposure to sunlight at work makes them more productive.
Beyond sunlight, a connection to the natural environment was also found to have a significant impact on well-being, but too few are connecting to the outdoors. Only a quarter of those surveyed can see outdoor scenery and nearly one-third (32 percent) rarely or never see it. This is especially concerning when you consider the restorative benefits of nature that could be realized if more employees had access to outdoor views. More than half felt looking at natural scenery while at work relaxed them (61 percent), provided a good way to take a break (60 percent) and reduced their stress level (53 percent).
Millennials appear to be somewhat more adaptable and to new office designs and environments, says Ferrigno. “Gen-Xers and Baby Boomers are a little more reticent,” he says. “They tend to hang back a bit. Millennials are used to having a more fluid environment, but I’m finding that the Baby Boomers are the best advocates for this because their initial resistance is so high.”
“Daylight and a connection to the outdoors have a powerful impact on employee well-being and it’s concerning that many office workers spend most of their day in an environment with no access to natural light,” says Dr. Alan McLenaghan, CEO of SageGlass. “No matter the size or location of a company, the workplace is at the heart of a strong internal culture and therefore should be a space that is healthy and comfortable. If companies want happier and more productive employees, it’s time to evaluate the workplace they’re providing.”
Additional Survey Highlights:
The Temperature is Rarely Just Right - The majority of office workers felt that at least sometimes the temperature at work was too cool (73 percent) and/or too warm (63 percent).
Many Offices Have Poor Air Quality – Nearly half of respondents felt that at least sometimes at work they experienced stale air/poor air quality (47 percent) and/or there was not enough humidity/too dry (46 percent).
Noise is Problematic – Nearly two-thirds (65 percent) of office workers found themselves distracted and/or irritated by too much noise at work at least sometimes.
Access to Sunlight Impacts Job Satisfaction – Office workers who rarely or never see sunlight at work were less likely to be satisfied with their job than those who see sunlight at work at least sometimes (57 percent vs. 75 percent, respectively).
Artificial Lighting and Sunlight Need Better Control – In regards to lighting from sunlight and artificial lighting, more than one-third of office workers felt the following applied at work at least sometimes: the lighting was too bright (46 percent), irritating (36 percent) and/or distracting (36 percent).
www.omegare.com
Office workers continue to have limited access to daylight, experience poor air quality and uncomfortable temperatures and are distracted by too much noise in their workplace, according to a new national survey by a global building products company.
The responses from 400 office workers surveyed nationally by Saint-Gobain, one of the world’s largest building materials companies, point to a need to improve the quality of the office environment nationwide by creating spaces that are built to benefit employee well-being.
Such improvements, the study suggests, can have a significant impact on productivity, and ultimately, a company’s bottom line.
“The office environment is one of the most important elements of any company because it significantly impacts the most valuable asset — employees. With workplace satisfaction and productivity at stake, we believe it’s time workplaces reflect their significance,” says John Crowe, president and CEO of Saint-Gobain and CertainTeed Corporations. “For this reason, Saint-Gobain recently opened a new 65-acre North American headquarters that is designed to improve the quality of our employees’ lives and, in doing so, inspire them to create the next chapter of our 350-year innovation legacy.”
Saint-Gobain and its subsidiary SageGlass, which makes “electrochromic” glass that adjusts to daylight, conducted the study, which it called the 2016 Work Environment Survey. As previously reported by GlobeSt.com, Saint-Gobain’s new office campus in Malvern, about 25 miles southwest of Philadelphia, embraces open, collaborative space designs, SageGlass windows, and other design elements that address the study’s work environment concerns.
“We’ve found that the expectations and the opportunities for people who work in these buildings has gone up,” Carmine Ferrigno, vice president of communications at Saint-Gobain, and a leader of the Work Environment Survey, tells GlobeSt.com exclusively. “Once you start that dialogue, you really do open a lot of doors in terms of how these buildings could adapt to people. Once you start asking the people who work there what they want out of the building, they really start to push the envelope. We’ve found that asking the occupants what their expectations are, you really find a better way to drive the evolution of buildings.”
One of the top factors affecting employee well-being is natural light. In fact, nearly nine in 10 (87 percent) survey respondents said they would prefer to work near a window most of the time. Despite this overwhelming desire to be exposed to natural light, 36 percent of office workers do not have a window near their work space.
Of those with access to a window, 65 percent have blinds or curtains that block sunlight at least some of the day. It’s not just sunlight being blocked, but the restorative benefits of the outdoors. In fact, 32 percent of those with window access rarely or never see pleasant vistas.
Those with access to daylight and views of the outdoors are experiencing the benefits, the survey showed. Among those who reported seeing sunlight at work, approximately two-thirds (68 percent) indicated sunlight improves their mood, while nearly half (47 percent) felt sunlight makes them more energized and around 4 in 10 felt more relaxed (41 percent) and less stressed (36 percent). More than a quarter (28 percent) felt exposure to sunlight at work makes them more productive.
Beyond sunlight, a connection to the natural environment was also found to have a significant impact on well-being, but too few are connecting to the outdoors. Only a quarter of those surveyed can see outdoor scenery and nearly one-third (32 percent) rarely or never see it. This is especially concerning when you consider the restorative benefits of nature that could be realized if more employees had access to outdoor views. More than half felt looking at natural scenery while at work relaxed them (61 percent), provided a good way to take a break (60 percent) and reduced their stress level (53 percent).
Millennials appear to be somewhat more adaptable and to new office designs and environments, says Ferrigno. “Gen-Xers and Baby Boomers are a little more reticent,” he says. “They tend to hang back a bit. Millennials are used to having a more fluid environment, but I’m finding that the Baby Boomers are the best advocates for this because their initial resistance is so high.”
“Daylight and a connection to the outdoors have a powerful impact on employee well-being and it’s concerning that many office workers spend most of their day in an environment with no access to natural light,” says Dr. Alan McLenaghan, CEO of SageGlass. “No matter the size or location of a company, the workplace is at the heart of a strong internal culture and therefore should be a space that is healthy and comfortable. If companies want happier and more productive employees, it’s time to evaluate the workplace they’re providing.”
Additional Survey Highlights:
The Temperature is Rarely Just Right - The majority of office workers felt that at least sometimes the temperature at work was too cool (73 percent) and/or too warm (63 percent).
Many Offices Have Poor Air Quality – Nearly half of respondents felt that at least sometimes at work they experienced stale air/poor air quality (47 percent) and/or there was not enough humidity/too dry (46 percent).
Noise is Problematic – Nearly two-thirds (65 percent) of office workers found themselves distracted and/or irritated by too much noise at work at least sometimes.
Access to Sunlight Impacts Job Satisfaction – Office workers who rarely or never see sunlight at work were less likely to be satisfied with their job than those who see sunlight at work at least sometimes (57 percent vs. 75 percent, respectively).
Artificial Lighting and Sunlight Need Better Control – In regards to lighting from sunlight and artificial lighting, more than one-third of office workers felt the following applied at work at least sometimes: the lighting was too bright (46 percent), irritating (36 percent) and/or distracting (36 percent).
www.omegare.com
MGM Resorts Buying Out Partner in Borgata Hotel Casino
MGM Resorts has doubled down on its bet on Atlantic City, striking a deal with its partner in the Borgata Hotel Casino, fellow casino-operator Boyd Gaming Corp., to buy out Boyd's 50% interest and gain full ownership over the upscale gaming property for $900 million.
The transaction, which is expected to net out for Boyd Gaming as $600 million in cash and approximately $300 milion in debt relief, includes the Borgata casino and its non-gambling Water Club hotel standing next door in the city's Marina District.
The property won't be on MGM Resorts' books for long, however. In a nifty piece of financial engineering, after completing the acquisition of Boyd Gaming's interest, MGM Resorts will sell the Borgata to its newly spun-off REIT, MGM Growth Properties (NYSE: MGP), for approximately $1.175 billion, and leaseback the property through a subsidiary.
The resort will be added to the master lease agreement between MGM Resorts and MGP, with the initial rent payment to MGP increased by $100 million. Under terms of the agreement, 90% of the rent will be fixed and contractually grow at 2% per year until 2022.
As for Boyd Gaming, the sale will enable it to reduce debt after it acquired three casinos in its home market of Las Vegas as part of a portfolio restructuring this year.
The transactions are expected to close in the third quarter of 2016, subject to regulatory approvals and other customary closing conditions.
MGM, which has designs on expanding its gaming operations across the east coast, is opening a major new casino just outside Washington DC later this year and another opening in Massachusetts in 2018. The Las Vegas firm is banking on a brighter future for Atlantic City, where four of the city’s 12 casinos have closed since 2014.
After opposing any bailout, New Jersey Governor Chris Christie relented last week and signed a financial rescue plan as the city teetered on the edge of bankruptcy.
"Borgata is the premier resort in Atlantic City and a great addition to our growing presence in the Northeast," said Jim Murren, Chairman and CEO of MGM Resorts International. "While the market continues to experience challenges, Borgata has outperformed and differentiated itself as the undisputed leader in the city."
www.omegare.com
The transaction, which is expected to net out for Boyd Gaming as $600 million in cash and approximately $300 milion in debt relief, includes the Borgata casino and its non-gambling Water Club hotel standing next door in the city's Marina District.
The property won't be on MGM Resorts' books for long, however. In a nifty piece of financial engineering, after completing the acquisition of Boyd Gaming's interest, MGM Resorts will sell the Borgata to its newly spun-off REIT, MGM Growth Properties (NYSE: MGP), for approximately $1.175 billion, and leaseback the property through a subsidiary.
The resort will be added to the master lease agreement between MGM Resorts and MGP, with the initial rent payment to MGP increased by $100 million. Under terms of the agreement, 90% of the rent will be fixed and contractually grow at 2% per year until 2022.
As for Boyd Gaming, the sale will enable it to reduce debt after it acquired three casinos in its home market of Las Vegas as part of a portfolio restructuring this year.
The transactions are expected to close in the third quarter of 2016, subject to regulatory approvals and other customary closing conditions.
MGM, which has designs on expanding its gaming operations across the east coast, is opening a major new casino just outside Washington DC later this year and another opening in Massachusetts in 2018. The Las Vegas firm is banking on a brighter future for Atlantic City, where four of the city’s 12 casinos have closed since 2014.
After opposing any bailout, New Jersey Governor Chris Christie relented last week and signed a financial rescue plan as the city teetered on the edge of bankruptcy.
"Borgata is the premier resort in Atlantic City and a great addition to our growing presence in the Northeast," said Jim Murren, Chairman and CEO of MGM Resorts International. "While the market continues to experience challenges, Borgata has outperformed and differentiated itself as the undisputed leader in the city."
www.omegare.com
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