FreedomPay, Inc., a payment and commerce technology company, has leased 24,813 square feet in the FMC Tower at Cira Centre South office building at 2929 Walnut St. in Philadelphia, PA.
The 27-story building totals 598,900 square feet in the Market Street West submarket. It broke ground in 2014 and delivered in September 2016.
www.omegare.com
Tuesday, January 3, 2017
Collegeville Welcomes Largest Kimberton Whole Foods Store Yet
By: Joe Zlomek, Limerick Post
Kimberton Whole Foods, which grew from its 1980s start as a dairy farm stand in Chester County into a regional natural foods retailer, announced plans Monday (Dec. 5, 2016) to open a 12,800-square-foot grocery store in the Collegeville Shopping Center, 222 E. Main St.
A Fall 2017 opening is anticipated. The company said the new store would be its largest to date; others are located in Phoenixville, Douglassville, Downingtown, Malvern, and Ottsville.
The store will include “an extensive bulk foods department, expanded food service offerings, and ample indoor and outdoor seating,” company owner Terry Brett said. The independent natural grocer focuses on providing customers with natural, organic and non-GMO (genetically modified organism) groceries, prepared foods and supplements. It works with more than 150 local producers to bring fresh, natural and organic products to its shelves.
The shopping center was once the location of an Acme supermarket. It closed several years ago and remained vacant. Located off of Route 29, the 110,000-square-foot neighborhood center also includes Pep Boys, Rascals Fitness, Stagliano Barber Shop, and Philly’s Pretzel Factory. The center is owned and operated by Brixmor Property Group.
“Adding high-quality retailers like Kimberton Whole Foods to our center allows us to better meet the needs of the Collegeville community we serve,” said David Vender, north region president for Brixmor.
www.omegare.com
Kimberton Whole Foods, which grew from its 1980s start as a dairy farm stand in Chester County into a regional natural foods retailer, announced plans Monday (Dec. 5, 2016) to open a 12,800-square-foot grocery store in the Collegeville Shopping Center, 222 E. Main St.
A Fall 2017 opening is anticipated. The company said the new store would be its largest to date; others are located in Phoenixville, Douglassville, Downingtown, Malvern, and Ottsville.
The store will include “an extensive bulk foods department, expanded food service offerings, and ample indoor and outdoor seating,” company owner Terry Brett said. The independent natural grocer focuses on providing customers with natural, organic and non-GMO (genetically modified organism) groceries, prepared foods and supplements. It works with more than 150 local producers to bring fresh, natural and organic products to its shelves.
The shopping center was once the location of an Acme supermarket. It closed several years ago and remained vacant. Located off of Route 29, the 110,000-square-foot neighborhood center also includes Pep Boys, Rascals Fitness, Stagliano Barber Shop, and Philly’s Pretzel Factory. The center is owned and operated by Brixmor Property Group.
“Adding high-quality retailers like Kimberton Whole Foods to our center allows us to better meet the needs of the Collegeville community we serve,” said David Vender, north region president for Brixmor.
www.omegare.com
Monday, January 2, 2017
2016 Another Banner Year for Commercial Real Estate
For all its ups and downs, U.S. commercial real estate enjoyed another banner year in 2016, thanks in large part to the unprecedented run in multifamily rents and property values and the fact that the U.S. continues to be viewed as a 'safe haven' by global property investors.
But it was also marked by continued distress in the retail property sector as the 'creative destruction' forces unleashed by Amazon and other internet retailers continued their inexorable impact on traditional bricks-and-mortar stores.
Here is the news reported by CoStar that you, our readers, considered to be the most interesting and newsworthy in 2016:
2. Macy’s To Close 100 Full-Line Stores
The news that Macy's plans to close another 100 stores caught many by surprise. The move raised a red flag among already-jittery mall investors and signalled a much-more aggressive stance by Macy's CEO Terry J. Lundgren to pursue strategies to unlock more value from the department store chain's real estate. These related stories also attracted strong reader interest:
Macy's Gives Brookfield First Crack at Redevelopment Plans for 50 Stores
Disparity in Mall Values Driven by Powerful Combination of Forces
Taubman, Kimco Start Off 2016 With ‘De-Malling’ Plans for Pair of Retail Centers
3. 'Dual Agency' Transactions Under Scrutiny in California Court Case
CoStar's real estate audience was also very interested in the intrigue over a California court case involving the legal implications of 'dual agency' representation in that state. In a decision with potentially far-reaching impact on how commercial and residential real estate brokerages do business, the California Supreme Court upheld a lower court ruling that a listing broker had a fiduciary responsibility to both the buyer and the seller in a "dual agency" transaction.
4. Economists, CRE Industry Begin to Take Stock of Trump's Election Upset on Property Markets
The surprise election win of real estate developer and reality television star Donald Trump as the next U.S. president set off a bit of a scramble among business leaders grappling with the unexpected economic and regulatory impact of an upcoming Trump presidency. However, the shock of the unexpected election results were quickly replaced by the realization that the same party now controls Congress and the executive branch. The industry is poised to monitor the election's impact in the year ahead with significant changes expected to the tax code as well as U.S. trade policy and rollbacks in the nation’s financial and business regulatory framework.
5. Hines Exploring Potential Sale of Nearly $5 Billion in Holdings
The news of Hines' decision to cash out two of its sponsored REITs and lock-in returns at current property valuations was seen by many as a sign that commercial property markets may be approaching their peak. Hines later went on to strike several major deals with other investors to sell of its holdings. Hines was joined by KBS and NorthStar Realty in putting large portfolios on the block even as a large number of publicly traded REITs including Liberty Property Trust, Kimco and others wound down their aggressive property disposition strategies.
6. US Banks Ratchet Up CRE Lending Standards
Throughout 2016, there was a pitched battle between bank regulators calling for stricter underwriting standards for CRE loans, and lenders competing for business in an increasingly competitive real estate lending environment. Despite federal banking regulators putting banks on notice that they were going to be taking a closer look at CRE loan concentrations, banks continued to pump up their CRE lending, buoyed by continued strong property fundamentals, much to the chagrin of regulators. Stay tuned for CoStar's continued coverage of this important topic in 2017.
7. Open Season on Appraisal Firms as JLL Snaps Up Three More Integra Realty Offices
JLL's plan to add a robust valuation and advisory services business line to match its competitors emerged as the top real estate M&A story line in 2016, with more dominoes expected to fall in this sector in 2017. Insiders widely expect other IRR affiliates to be acquired by larger companies in coming weeks or months. Other M&A news capturing a lot of interest in 2017 included Cushman & Wakefield's acquisitions of Taylor & Mathis in Florida and Atlanta-based Multi Housing Advisors to expand its market share in fast-growing southeastern markets, and Newmark Grubb Knight Frank's bid to add top talent in key markets.
8. Blackstone Seeking to Revive Non-Traded REIT Industry
In a surprising move that could radically reshape the beleagured non-traded REIT industry, the $100 billion behemoth that is Blackstone Real Estate announced plans to launch its first-ever non-traded REIT, seeking to introduce new fee structures and lend its considerable heft to the once-mighty real-estate capital-raising sector.
9. Internet Commerce Drives Strongest Surge in Demand for US Industrial Space Since 2001
Typically outshone by the multifamily and office sectors, warehouse and distribution property saw a lot of the investment and leasing action in 2016. Among the many blockbuster deals, Global Logistic Properties Ltd. agreed to buy a 15-million-square-foot logistics portfolio from Hillwood Development Co. to solidify the Singapore-based company's position as the second-largest owner of industrial property real estate in the U.S. That was followed one week later by Blackstone Group was jumping back into the industrial property space with an agreement to buy 46 logistics properties totaling over 26 million square feet from LBA Realty for a reported $1.5 billion.
"All in all, the last six months have been the best in our company’s history," said Hamid Moghadam, chairman and CEO of San Francisco-based Prologis (NYSE:PLD). "E-commerce and supply chain reconfiguration continue as big drivers of demand for our product. The Class A market is where the action is."
10. WeWork, Other Shared-Office Providers Aiming to Reinvent How Office Leasing Works
CoStar readers were intrigued by the remarkable success of WeWork and other popular shared-office providers, with their ongoing expansions greeted by both confidence and skepticism in the long-term prospects for the concept.
BONUS. Gold Rush: Swelling Numbers of CRE Brokers Making for Tougher Competition in the Ranks
Another interesting if unexpected trend in 2016 was the impact of swelling ranks of commercial real estate brokers, attracted by the recent run in sales and leasing activity. The number of commercial members with less than two years of experience nearly doubled to 9% in 2016. CoStar News shared the perspective of several experienced managers on the impact of the broker boom.
But it was also marked by continued distress in the retail property sector as the 'creative destruction' forces unleashed by Amazon and other internet retailers continued their inexorable impact on traditional bricks-and-mortar stores.
Here is the news reported by CoStar that you, our readers, considered to be the most interesting and newsworthy in 2016:
2. Macy’s To Close 100 Full-Line Stores
The news that Macy's plans to close another 100 stores caught many by surprise. The move raised a red flag among already-jittery mall investors and signalled a much-more aggressive stance by Macy's CEO Terry J. Lundgren to pursue strategies to unlock more value from the department store chain's real estate. These related stories also attracted strong reader interest:
Macy's Gives Brookfield First Crack at Redevelopment Plans for 50 Stores
Disparity in Mall Values Driven by Powerful Combination of Forces
Taubman, Kimco Start Off 2016 With ‘De-Malling’ Plans for Pair of Retail Centers
3. 'Dual Agency' Transactions Under Scrutiny in California Court Case
CoStar's real estate audience was also very interested in the intrigue over a California court case involving the legal implications of 'dual agency' representation in that state. In a decision with potentially far-reaching impact on how commercial and residential real estate brokerages do business, the California Supreme Court upheld a lower court ruling that a listing broker had a fiduciary responsibility to both the buyer and the seller in a "dual agency" transaction.
4. Economists, CRE Industry Begin to Take Stock of Trump's Election Upset on Property Markets
The surprise election win of real estate developer and reality television star Donald Trump as the next U.S. president set off a bit of a scramble among business leaders grappling with the unexpected economic and regulatory impact of an upcoming Trump presidency. However, the shock of the unexpected election results were quickly replaced by the realization that the same party now controls Congress and the executive branch. The industry is poised to monitor the election's impact in the year ahead with significant changes expected to the tax code as well as U.S. trade policy and rollbacks in the nation’s financial and business regulatory framework.
5. Hines Exploring Potential Sale of Nearly $5 Billion in Holdings
The news of Hines' decision to cash out two of its sponsored REITs and lock-in returns at current property valuations was seen by many as a sign that commercial property markets may be approaching their peak. Hines later went on to strike several major deals with other investors to sell of its holdings. Hines was joined by KBS and NorthStar Realty in putting large portfolios on the block even as a large number of publicly traded REITs including Liberty Property Trust, Kimco and others wound down their aggressive property disposition strategies.
6. US Banks Ratchet Up CRE Lending Standards
Throughout 2016, there was a pitched battle between bank regulators calling for stricter underwriting standards for CRE loans, and lenders competing for business in an increasingly competitive real estate lending environment. Despite federal banking regulators putting banks on notice that they were going to be taking a closer look at CRE loan concentrations, banks continued to pump up their CRE lending, buoyed by continued strong property fundamentals, much to the chagrin of regulators. Stay tuned for CoStar's continued coverage of this important topic in 2017.
7. Open Season on Appraisal Firms as JLL Snaps Up Three More Integra Realty Offices
JLL's plan to add a robust valuation and advisory services business line to match its competitors emerged as the top real estate M&A story line in 2016, with more dominoes expected to fall in this sector in 2017. Insiders widely expect other IRR affiliates to be acquired by larger companies in coming weeks or months. Other M&A news capturing a lot of interest in 2017 included Cushman & Wakefield's acquisitions of Taylor & Mathis in Florida and Atlanta-based Multi Housing Advisors to expand its market share in fast-growing southeastern markets, and Newmark Grubb Knight Frank's bid to add top talent in key markets.
8. Blackstone Seeking to Revive Non-Traded REIT Industry
In a surprising move that could radically reshape the beleagured non-traded REIT industry, the $100 billion behemoth that is Blackstone Real Estate announced plans to launch its first-ever non-traded REIT, seeking to introduce new fee structures and lend its considerable heft to the once-mighty real-estate capital-raising sector.
9. Internet Commerce Drives Strongest Surge in Demand for US Industrial Space Since 2001
Typically outshone by the multifamily and office sectors, warehouse and distribution property saw a lot of the investment and leasing action in 2016. Among the many blockbuster deals, Global Logistic Properties Ltd. agreed to buy a 15-million-square-foot logistics portfolio from Hillwood Development Co. to solidify the Singapore-based company's position as the second-largest owner of industrial property real estate in the U.S. That was followed one week later by Blackstone Group was jumping back into the industrial property space with an agreement to buy 46 logistics properties totaling over 26 million square feet from LBA Realty for a reported $1.5 billion.
"All in all, the last six months have been the best in our company’s history," said Hamid Moghadam, chairman and CEO of San Francisco-based Prologis (NYSE:PLD). "E-commerce and supply chain reconfiguration continue as big drivers of demand for our product. The Class A market is where the action is."
10. WeWork, Other Shared-Office Providers Aiming to Reinvent How Office Leasing Works
CoStar readers were intrigued by the remarkable success of WeWork and other popular shared-office providers, with their ongoing expansions greeted by both confidence and skepticism in the long-term prospects for the concept.
BONUS. Gold Rush: Swelling Numbers of CRE Brokers Making for Tougher Competition in the Ranks
Another interesting if unexpected trend in 2016 was the impact of swelling ranks of commercial real estate brokers, attracted by the recent run in sales and leasing activity. The number of commercial members with less than two years of experience nearly doubled to 9% in 2016. CoStar News shared the perspective of several experienced managers on the impact of the broker boom.
Middle Market Digest For The Northeast
by Steve Lubetkin, Globest.com
Here is a roundup of Middle Market activity in the Northeast for Friday, December 30, 2016.
Commentary
A quiet holiday week wrapped up the year in the Northeast, with a few owners and developers taking advantage of continued low interest rates to reposition financing packages on several properties. Eastman Companies refinanced its Eisenhower Corporate Campus in Livingston, NJ for the second time in less than 10 years; and the Brooklyn Navy Yard Development Corporation refinanced outstanding EB-5 debt with two conventional loans totaling $62 million. As the new administration prepares to take office in less than a month, most observers are betting on continued low interest rates and tax relief.
Thanks to a brisk holiday season for retailers, both online and in bricks-and-mortar stores, capital continues to chase industrial properties in the New York-New Jersey metroplex as fast as ground can be broken, and many legacy multifamily properties are getting record sale prices as second and third-generation owners transition those assets to developers anxious to add amenities and attract a new cohort of millennial tenants.
...
MIDDLETOWN, PA—Madison Hawk Partners will conduct a sealed bid auction for a 167-acre development site in the Woodland Hills planned residential community in Middletown Borough, Dauphin County, PA. The offering includes a 12.5-acre site fully approved for the construction of 150 rental units in five separate buildings. The remaining acreage has preliminary approval for the development of 290 for-sale, single-family homes. Bids can be placed on the entire development or either parcel individually. The sealed bid deadline is Thursday, January 19, 2017.
www.omegare.com
Here is a roundup of Middle Market activity in the Northeast for Friday, December 30, 2016.
Commentary
A quiet holiday week wrapped up the year in the Northeast, with a few owners and developers taking advantage of continued low interest rates to reposition financing packages on several properties. Eastman Companies refinanced its Eisenhower Corporate Campus in Livingston, NJ for the second time in less than 10 years; and the Brooklyn Navy Yard Development Corporation refinanced outstanding EB-5 debt with two conventional loans totaling $62 million. As the new administration prepares to take office in less than a month, most observers are betting on continued low interest rates and tax relief.
Thanks to a brisk holiday season for retailers, both online and in bricks-and-mortar stores, capital continues to chase industrial properties in the New York-New Jersey metroplex as fast as ground can be broken, and many legacy multifamily properties are getting record sale prices as second and third-generation owners transition those assets to developers anxious to add amenities and attract a new cohort of millennial tenants.
...
MIDDLETOWN, PA—Madison Hawk Partners will conduct a sealed bid auction for a 167-acre development site in the Woodland Hills planned residential community in Middletown Borough, Dauphin County, PA. The offering includes a 12.5-acre site fully approved for the construction of 150 rental units in five separate buildings. The remaining acreage has preliminary approval for the development of 290 for-sale, single-family homes. Bids can be placed on the entire development or either parcel individually. The sealed bid deadline is Thursday, January 19, 2017.
www.omegare.com
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