by John Jordan Globest.com
The development team of Penwood Real Estate Investment Management, LLC and Metrix Real Estate Services LLC has secured $16.76 million in construction financing for its 340,000-square-foot speculative warehouse-distribution project here.
Penwood Real Estate, which is headquartered in West Hartford, CT, and Princeton, NJ-based Metrix Real Estate secured a three-year construction loan with two one-year extension options through Wells Fargo Bank for the project at 10 Princess Road. The transaction was arranged by JLL Capital Markets, which worked on behalf of the borrowers in the deal.
The Class A industrial building is under construction on a 31-acre land site at 10 Princess Road in Lawrence Township within a business park situated to the northeast of Trenton and to the southwest of Princeton.
The cross-dock industrial building will feature 40-foot clear heights, 2,000 square feet of office space, 103 dock-high loading positions, 69 trailer parking stalls and four drive-in doors. The expected completion date for the project is June 2020.
The property is immediately off the four-way interchange of I-295 and Princeton Pike and offers prominent frontage on I-295. The location is proximate to and equidistant between both the ports of New York and New Jersey and the Port of Philadelphia, each located approximately 50 miles away.
Last September, Penwood Real Estate Investment Management, LLC, through its fifth value-added investment vehicle, Penwood Select Industrial Partners V, L.P., along with its development partner Metrix Real Estate Services, LLC, acquired an approximate 20.5-acre site in Hamilton, NJ.
The partnership plans to raze the existing inline shopping center and build a 171,250-square foot warehouse/distribution building at the site.
www.omegare.com
Wednesday, February 5, 2020
Tuesday, February 4, 2020
Ghost Kitchens Coming to a Mall Near You
by Linda Moss Costar News
Retail developer Simon Property Group, international hotelier Accor and hospitality firm SBE Entertainment Group are joining together to open so-called ghost kitchens at 200 locations, including vacant space at shopping malls, by the end of 2021.
The three companies have launched Creating Culinary Communities, or C3, which SBE described Monday as a new "way to approach food halls, ghost kitchens and mobile delivery." A ghost kitchen is a broad term that can encompass professional kitchen space for businesses that don’t have brick-and-mortar restaurant locations and only deliver or operate food trucks, as well as commissary space that national chains take to help fill their delivery orders or to prepare orders for their smaller eateries.
C3 will be bringing consumers food "from phone-to-table in under 30 minutes and for under $30 dollars," Sam Nazarian, SBE's founder and CEO, said in a statement.
"I view C3 as the Netflix-equivalent of food and beverage as we focus on constantly creating culinary content that can be delivered to consumers via non-traditional distribution channels," he said. "C3 will be the first entity to bring single operator, multi-branded solutions to food halls, ghost kitchens and mobile delivery."
C3 has started construction of its first major restaurant, Citizens, which is scheduled to have a ghost kitchen and open at Manhattan West, the 7 million-square-foot project that Brookfield Properties is developing in the Hudson Yards district on New York City’s West Side, according to SBE. The 40,000-square-foot restaurant, by award-winning interior designer David Rockwell, will have two full-service restaurants, multiple bars and a fast-casual market hall.
Citizens will also have a 5,000-square-foot ghost kitchen, one of the largest in New York, which will serve customers both at the food hall as well as through delivery, according to SBE. The Miami-based firm said "through the growing network of ghost kitchens, C3 will take a major step in reimagining the concept of food delivery."
In part, ghost kitchens provide a new use for vacant space at sites such as malls, which have seen vacancies because of the demise and bankruptcy filings of a number of national retail chains. The commissary kitchens also provide businesses a way to offer food for delivery, an increasingly popular choice for consumers, without the expense of opening a brick-and-mortar restaurant or over-burdening such locations.
There are other players in the ghost kitchen arena, including CloudKitchen, a company led by former Uber Technologies CEO Travis Kalanick, and Kitchen United, which is backed by RXR Realty and GV, formerly Google Ventures. C3 has signed four leases with CloudKitchen for ghost kitchens, according to The Wall Street Journal.
Officials at SBE and Simon declined to comment. Accor and CloudKitchen did not return requests for more information.
But in his statement, Nazarian called C3 and Indianapolis-based Simon a perfect match because of the mall owner’s "global real estate platform" and "continued commitment to rethinking consumer experiences." And Accor’s part in the ghost kitchens "will allow C3 to rethink the use of hotel real estate to play a significant role in the world of delivery, revolutionizing the in-room dining experience and, in turn, growing the delivery footprint of our C3 brands," according to Nazarian.
C3 has ghost kitchens slated for the King of Prussia Mall in Pennsylvania, Lenox Square in Atlanta and the Sanderson London hotel, according to the Journal.
"Our unrivaled portfolio of iconic retail, dining and entertainment destinations generates billions of visits each year and provide an ideal platform to re-imagine dining and culinary experiences that meet the evolving tastes of our customers," Simon CEO David Simon said in a statement. "C3 is another example of Simon partnering with dynamic, best-in-class brands to build the next generation of experiential destinations."
C3 has four chefs on its roster, namely Dani Garcia, Masaharu Morimoto, Dario Cecchini and SBE Chief Culinary Officer Martin Heierling. Garcia, as a three-star Michelin chef, will launch his Mediterranean tapas-style concept across the C3 ghost kitchen platform.
www.omegare.com
Retail developer Simon Property Group, international hotelier Accor and hospitality firm SBE Entertainment Group are joining together to open so-called ghost kitchens at 200 locations, including vacant space at shopping malls, by the end of 2021.
The three companies have launched Creating Culinary Communities, or C3, which SBE described Monday as a new "way to approach food halls, ghost kitchens and mobile delivery." A ghost kitchen is a broad term that can encompass professional kitchen space for businesses that don’t have brick-and-mortar restaurant locations and only deliver or operate food trucks, as well as commissary space that national chains take to help fill their delivery orders or to prepare orders for their smaller eateries.
C3 will be bringing consumers food "from phone-to-table in under 30 minutes and for under $30 dollars," Sam Nazarian, SBE's founder and CEO, said in a statement.
"I view C3 as the Netflix-equivalent of food and beverage as we focus on constantly creating culinary content that can be delivered to consumers via non-traditional distribution channels," he said. "C3 will be the first entity to bring single operator, multi-branded solutions to food halls, ghost kitchens and mobile delivery."
C3 has started construction of its first major restaurant, Citizens, which is scheduled to have a ghost kitchen and open at Manhattan West, the 7 million-square-foot project that Brookfield Properties is developing in the Hudson Yards district on New York City’s West Side, according to SBE. The 40,000-square-foot restaurant, by award-winning interior designer David Rockwell, will have two full-service restaurants, multiple bars and a fast-casual market hall.
Citizens will also have a 5,000-square-foot ghost kitchen, one of the largest in New York, which will serve customers both at the food hall as well as through delivery, according to SBE. The Miami-based firm said "through the growing network of ghost kitchens, C3 will take a major step in reimagining the concept of food delivery."
In part, ghost kitchens provide a new use for vacant space at sites such as malls, which have seen vacancies because of the demise and bankruptcy filings of a number of national retail chains. The commissary kitchens also provide businesses a way to offer food for delivery, an increasingly popular choice for consumers, without the expense of opening a brick-and-mortar restaurant or over-burdening such locations.
There are other players in the ghost kitchen arena, including CloudKitchen, a company led by former Uber Technologies CEO Travis Kalanick, and Kitchen United, which is backed by RXR Realty and GV, formerly Google Ventures. C3 has signed four leases with CloudKitchen for ghost kitchens, according to The Wall Street Journal.
Officials at SBE and Simon declined to comment. Accor and CloudKitchen did not return requests for more information.
But in his statement, Nazarian called C3 and Indianapolis-based Simon a perfect match because of the mall owner’s "global real estate platform" and "continued commitment to rethinking consumer experiences." And Accor’s part in the ghost kitchens "will allow C3 to rethink the use of hotel real estate to play a significant role in the world of delivery, revolutionizing the in-room dining experience and, in turn, growing the delivery footprint of our C3 brands," according to Nazarian.
C3 has ghost kitchens slated for the King of Prussia Mall in Pennsylvania, Lenox Square in Atlanta and the Sanderson London hotel, according to the Journal.
"Our unrivaled portfolio of iconic retail, dining and entertainment destinations generates billions of visits each year and provide an ideal platform to re-imagine dining and culinary experiences that meet the evolving tastes of our customers," Simon CEO David Simon said in a statement. "C3 is another example of Simon partnering with dynamic, best-in-class brands to build the next generation of experiential destinations."
C3 has four chefs on its roster, namely Dani Garcia, Masaharu Morimoto, Dario Cecchini and SBE Chief Culinary Officer Martin Heierling. Garcia, as a three-star Michelin chef, will launch his Mediterranean tapas-style concept across the C3 ghost kitchen platform.
www.omegare.com
Monday, February 3, 2020
Co-Living Brand Quarters to Open Second Location in Philly
by John Jordan Globest.com
New York City-based co-living provider reports it will build a new 113,000-square-foot ground-up development at 1201 Callowhill St. that will feature 239 bedrooms across shared apartments.
The six-story,113,700-square-foot development will include 4,000 square feet of retail, a 42-space parking garage, a 5,000-square-foot outdoor roof deck and a 2,900-square foot ground-floor lobby, which will offer co-working and lounge areas.
The owner and developer of the Philadelphia site, Richard Zeghibe—founder of Patriot Parking—is expecting to break ground on the building in the second quarter of 2020 and plans to complete construction in the fourth quarter of 2021.
“We made our foray into Philadelphia in May 2019 at 1150 North American St., which will open in the second quarter of 2020” says Gunther Schmidt, founder and CEO of Quarters. “We’re thrilled to bring an additional 239 bedrooms to the market, to meet the growing demand for flexibility.”
The announcement of the second location in Philadelphia follows the company’s $300-million raise for its U.S. expansion in January 2019 and its $1.1-billion raise for its European expansion in December 2018.
In addition to planned expansion in New York City, Philadelphia, Chicago, Austin and Washington, DC, the $300-million investment program includes target cities such as San Francisco, Boston, Denver, Seattle and Miami, with several sites due to be announced throughout 2020.
Last week, Quarters announced plans for two new locations in Brooklyn, NY. The new properties will add more than 200 beds to the Quarters’ Brooklyn portfolio and boosts its presence in New York City to five locations, according to multiple press reports.
www.omegare.com
New York City-based co-living provider reports it will build a new 113,000-square-foot ground-up development at 1201 Callowhill St. that will feature 239 bedrooms across shared apartments.
The six-story,113,700-square-foot development will include 4,000 square feet of retail, a 42-space parking garage, a 5,000-square-foot outdoor roof deck and a 2,900-square foot ground-floor lobby, which will offer co-working and lounge areas.
The owner and developer of the Philadelphia site, Richard Zeghibe—founder of Patriot Parking—is expecting to break ground on the building in the second quarter of 2020 and plans to complete construction in the fourth quarter of 2021.
“We made our foray into Philadelphia in May 2019 at 1150 North American St., which will open in the second quarter of 2020” says Gunther Schmidt, founder and CEO of Quarters. “We’re thrilled to bring an additional 239 bedrooms to the market, to meet the growing demand for flexibility.”
The announcement of the second location in Philadelphia follows the company’s $300-million raise for its U.S. expansion in January 2019 and its $1.1-billion raise for its European expansion in December 2018.
In addition to planned expansion in New York City, Philadelphia, Chicago, Austin and Washington, DC, the $300-million investment program includes target cities such as San Francisco, Boston, Denver, Seattle and Miami, with several sites due to be announced throughout 2020.
Last week, Quarters announced plans for two new locations in Brooklyn, NY. The new properties will add more than 200 beds to the Quarters’ Brooklyn portfolio and boosts its presence in New York City to five locations, according to multiple press reports.
www.omegare.com
UPS Expanding Operations in 4 PA Locations
Governor Tom Wolf announced that United Parcel Service (UPS), the world’s largest package delivery company and a provider of supply chain management solutions, will expand its operations in the commonwealth, supporting the creation of 1,721 new, full-time jobs and the retention of 6,458 full-time jobs.
“With a foundation of longevity and rich history, UPS is a company that is still growing at a rapid rate, serving the needs of people in all corners of the commonwealth on a daily basis,” said Gov. Wolf. “Our investment in this global company will not only ensure that customers across Pennsylvania will continue to receive the service they expect, but also local communities will benefit from the combined creation and retention of thousands of good-paying, full-time jobs.”
The company will expand its operations to four locations in Pennsylvania—Cumberland, Dauphin, Northampton, and Philadelphia counties—and will invest in building renovations, equipment, and infrastructure improvements at each of the locations. The company has committed to investing at least $1.4 billion in the project.
“UPS is grateful for the strong relationship we continue to build with the Commonwealth of Pennsylvania. We are excited to bring new jobs to Pennsylvania and we are committed to engaging in the communities where we are expanding our operations.” said Juan Perez, UPS Chief Information and Engineering Officer. “From small business owners growing their customer base to manufacturers moving parts and products, and e-tailers looking for efficient and fast order fulfillment, companies of all sizes throughout the Northeast will benefit from UPS’s latest global network transformation initiative.”
UPS received a funding proposal from the Department of Community and Economic Development for $2.7 million in Job Creation Tax Credits to be distributed following the creation of the new jobs, $5.6 million in Infrastructure and Facilities Improvement Program funding, and $659,400 in grants for workforce training and development. The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania.
Founded in 1907 as a messenger company in the United States, UPS has grown into a multi-billion-dollar corporation by clearly focusing on the goal of enabling commerce around the globe. Today, UPS is a global company with one of the most recognized and admired brands in the world. The world’s largest package delivery company and a leading global provider of specialized transportation and logistics services, UPS manages the flow of goods, funds, and information in more than 200 countries and territories worldwide.
www.omegare.com
“With a foundation of longevity and rich history, UPS is a company that is still growing at a rapid rate, serving the needs of people in all corners of the commonwealth on a daily basis,” said Gov. Wolf. “Our investment in this global company will not only ensure that customers across Pennsylvania will continue to receive the service they expect, but also local communities will benefit from the combined creation and retention of thousands of good-paying, full-time jobs.”
The company will expand its operations to four locations in Pennsylvania—Cumberland, Dauphin, Northampton, and Philadelphia counties—and will invest in building renovations, equipment, and infrastructure improvements at each of the locations. The company has committed to investing at least $1.4 billion in the project.
“UPS is grateful for the strong relationship we continue to build with the Commonwealth of Pennsylvania. We are excited to bring new jobs to Pennsylvania and we are committed to engaging in the communities where we are expanding our operations.” said Juan Perez, UPS Chief Information and Engineering Officer. “From small business owners growing their customer base to manufacturers moving parts and products, and e-tailers looking for efficient and fast order fulfillment, companies of all sizes throughout the Northeast will benefit from UPS’s latest global network transformation initiative.”
UPS received a funding proposal from the Department of Community and Economic Development for $2.7 million in Job Creation Tax Credits to be distributed following the creation of the new jobs, $5.6 million in Infrastructure and Facilities Improvement Program funding, and $659,400 in grants for workforce training and development. The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania.
Founded in 1907 as a messenger company in the United States, UPS has grown into a multi-billion-dollar corporation by clearly focusing on the goal of enabling commerce around the globe. Today, UPS is a global company with one of the most recognized and admired brands in the world. The world’s largest package delivery company and a leading global provider of specialized transportation and logistics services, UPS manages the flow of goods, funds, and information in more than 200 countries and territories worldwide.
www.omegare.com
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