Kellogg’s has renewed its lease for 1.19 million square feet in the industrial bulding at 400 Nestle Way in Macungie, PA.
The lease will keep the Battle Creek, MI-headquartered multinational food manufacturing company in the entire industrial building. It was developed in 1997 by Liberty Property Trust on 83.6 acres in the Lehigh Valley Industrial submarket.
www.omegare.com
Monday, February 12, 2018
Liberty Planning to Sell Remaining Suburban Office Holdings for Up to $800 Million
Ramping up its transition out of the office sector and into the businiess of owning warehouse and logistics property, Liberty Property Trust (NYSE: LPT) said this week that it hopes to raise up to $800 million for reinvestment into industrial acquisition and development by divesting its remaining suburban office portfolio by the end of the year.
"We intend in 2018 to dispose of all of our remaining suburban office properties and redeploy these proceeds into our accretive development pipeline, along with industrial acquisitions within targeted markets," Liberty CEO Bill Hankowsky told analysts in a Tuesday conference call. "We anticipate asset sales of at least $600 million to $800 million."
While most of those properties designated for sale are located in the Philadelphia suburbs, "we also expect to take advantage of the market and selectively harvest value," Hankowsky added.
Liberty will plow proceeds from the sales into its growing industrial platform, acquiring $400 million to $600 million of industrial properties in target markets and starting up to $600 million worth of development projects, he added.
As part of its ongoing shift, Liberty last month sold a 641,000-square-foot suburban office portfolio in King of Prussia, PA in the Renaissance Park corporate center for $77 million. The REIT also disclosed the pending sale of 779,000 square feet of additional office space in the Philadelphia region, with multiple contracts totaling $107 million.
Liberty executives said the properties being put on the market include the Vanguard corporate campus, a six-building office complex in Malvern where the REIT is based. The company will also sell its Malvern headquarters and holdings in Tempe, AZ.
Liberty plans to hold onto its Philadelphia CBD office assets, including the under-construction Comcast Technology Center and newly build assets in the Navy Yard.
Sandler O'Neill REIT analyst Alexander Goldfarb applauded the asset sales, but noted that industrial capitalization rates continue to decrease.
"We and others have pressed LPT over the years to exit the capex-intensive and slower-growth office to orient entirely to industrial," Goldfarb said.
In late 2016, Liberty sold a nearly $1 billion suburban office portfolio in five markets to a partnership of Horsham, PA-based Workspace Property Trust, Safanad, a Dubai-based global principal investment firm; and affiliates of diversified investment firm Square Mile Capital Management LLC.
www.omegare.com
"We intend in 2018 to dispose of all of our remaining suburban office properties and redeploy these proceeds into our accretive development pipeline, along with industrial acquisitions within targeted markets," Liberty CEO Bill Hankowsky told analysts in a Tuesday conference call. "We anticipate asset sales of at least $600 million to $800 million."
While most of those properties designated for sale are located in the Philadelphia suburbs, "we also expect to take advantage of the market and selectively harvest value," Hankowsky added.
Liberty will plow proceeds from the sales into its growing industrial platform, acquiring $400 million to $600 million of industrial properties in target markets and starting up to $600 million worth of development projects, he added.
As part of its ongoing shift, Liberty last month sold a 641,000-square-foot suburban office portfolio in King of Prussia, PA in the Renaissance Park corporate center for $77 million. The REIT also disclosed the pending sale of 779,000 square feet of additional office space in the Philadelphia region, with multiple contracts totaling $107 million.
Liberty executives said the properties being put on the market include the Vanguard corporate campus, a six-building office complex in Malvern where the REIT is based. The company will also sell its Malvern headquarters and holdings in Tempe, AZ.
Liberty plans to hold onto its Philadelphia CBD office assets, including the under-construction Comcast Technology Center and newly build assets in the Navy Yard.
Sandler O'Neill REIT analyst Alexander Goldfarb applauded the asset sales, but noted that industrial capitalization rates continue to decrease.
"We and others have pressed LPT over the years to exit the capex-intensive and slower-growth office to orient entirely to industrial," Goldfarb said.
In late 2016, Liberty sold a nearly $1 billion suburban office portfolio in five markets to a partnership of Horsham, PA-based Workspace Property Trust, Safanad, a Dubai-based global principal investment firm; and affiliates of diversified investment firm Square Mile Capital Management LLC.
www.omegare.com
Tuesday, February 6, 2018
Thursday, February 1, 2018
OptiNose Renews, Expands Lease in Lower Makefield Corp Ctr
OptiNose, Inc., a specialty pharmaceutical company, has renewed its lease and added an additional 9,590 square feet at 1020 Stony Hill Rd. in Yardley, PA. The tenant's occupancy there now stands at 30,090 square feet.
The three-story office building totals 60,000 square feet and was delivered in 2001 by Berwind Property Group/DeLuca Enterprises. It’s currently owned by Equus Capital Partners, Ltd.
Other tenants in the building include Olson Research Group and Janney Montgomery Scott. The property is located within the Lower Makefield Corporate Center's North Campus.
www.omegare.com
The three-story office building totals 60,000 square feet and was delivered in 2001 by Berwind Property Group/DeLuca Enterprises. It’s currently owned by Equus Capital Partners, Ltd.
Other tenants in the building include Olson Research Group and Janney Montgomery Scott. The property is located within the Lower Makefield Corporate Center's North Campus.
Candlebrook Properties Secures Financing for 251 Dekalb
Candlebrook Properties secured a $110 million balance sheet financing for its five-building multifamily complex at 251 W. Dekalb Pike in King of Prussia, PA.
Abe Hirsch, Ronnie Levine and Akiva Friend of Meridian arranged the financing on behalf of the borrower. The 36-month loan, provided by a national debt fund, features a rate of 275 basis points over 30-day LIBOR and full-term interest-only payments.
"The quality and location of 251DEKALB dominated our conversations with lenders when we brought this transaction to market and allowed us to achieve a very efficient 36-month loan for this exceptional asset," said Hirsch.
Built in 1970 and renovated in 2015, the 651-unit apartment building features more than 800 parking spaces, a fitness center, pool and spa. Candlebrook Properties acquired the complex from Metropolitan Properties of America, Inc. in 2013 for $68 million.
www.omegare.com
Abe Hirsch, Ronnie Levine and Akiva Friend of Meridian arranged the financing on behalf of the borrower. The 36-month loan, provided by a national debt fund, features a rate of 275 basis points over 30-day LIBOR and full-term interest-only payments.
"The quality and location of 251DEKALB dominated our conversations with lenders when we brought this transaction to market and allowed us to achieve a very efficient 36-month loan for this exceptional asset," said Hirsch.
Built in 1970 and renovated in 2015, the 651-unit apartment building features more than 800 parking spaces, a fitness center, pool and spa. Candlebrook Properties acquired the complex from Metropolitan Properties of America, Inc. in 2013 for $68 million.
www.omegare.com
T-Mobile Leases 24,000 SF in Fort Washington Office Bldg
T-Mobile, a cell phone provider, has leased 24,112 square feet in the office building at 475 Virginia Dr. in Fort Washington, PA.
The three-story building totals 62,498 square feet and was built in 1971, with a renovation completed in 1991. Another tenant in the building is Acclara Solutions, which recently leased 38,717 square feet with plans to move in the first quarter of 2018. With T-Mobile's lease, the office building is now fully leased.
The landlord is Intercontinental Real Estate & Development.
www.omegare.com
The three-story building totals 62,498 square feet and was built in 1971, with a renovation completed in 1991. Another tenant in the building is Acclara Solutions, which recently leased 38,717 square feet with plans to move in the first quarter of 2018. With T-Mobile's lease, the office building is now fully leased.
The landlord is Intercontinental Real Estate & Development.
www.omegare.com
Subscribe to:
Posts (Atom)
