by John Jordan Globest.com
The American College of Radiology has signed a lease for more than 10,000 square feet of space at the Two Liberty Place office tower here.
The American College of Radiology is scheduled to relocate operations this month from its offices at 1818 Market St. to the 28th floor of the 57-story Center City property.
“ACR has roughly 150 employees in the Philadelphia region, many of whom work remotely. This relocation provides the client with the opportunity to shed excess space and enhance the way the office operates. The group will leverage the consolidated, open-concept floorplate and move to a flexible hoteling solution with reservation-based unassigned seating. The efficient footprint allows ACR to significantly reduce annual overhead costs over the course of the lease.”
The relocation and shift in office format will allow ACR to reduce its Philadelphia real estate by a third, Savills states.
The space will be built out and designed to suit the organization’s specific needs. Utilizing a more efficient layout, the new hoteling concept will accommodate approximately 50 employees.
Charles Apgar, executive vice president, ACR, says, “After being in the last location for 15 years, we now have a workplace strategy that aligns with the ACR’s culture and positioning, as well as an engaging environment for our employees and guests.”
ACR, which is headquartered in Reston, VA, is a membership organization of approximately 40,000 radiologists, radiation oncologists and medical physicists dedicated to serving patients and society by empowering radiology professionals to advance the practice, science and professions of radiological care.
www.omegare.com
Wednesday, February 12, 2020
Tuesday, February 11, 2020
Monday, February 10, 2020
Friday, February 7, 2020
Kuwaiti group buys Axalta building in South Philly’s Navy Yard for $61.2 million
by Jacob Adelman Philadelphia Inquirer
A Kuwaiti investment firm has acquired Axalta Coating System LLC’s office and research building at the Navy Yard for $61.2 million.
Dimah Capital Investment Co. bought the 175,000-square-foot property through its U.S.-based Apex Capital Investments Corp. subsidiary. The seller was Liberty Property Trust.
The 1050 Constitution Ave. property was built for Center City-based Axalta in 2017. Axalta’s lease at the property runs until fall 2037.
Liberty built the project as the main developer of the Navy Yard’s central business campus before shifting its focus to industrial projects in 2018.
It sold the Axalta property shortly before its acquisition by San Francisco-based warehouse giant Prologis Inc. closed this week. It was announced in October.
The building is the latest in the region to be acquired by a Kuwait-based fund following the Centre Square office complex’s sale to a group involving Wafra Inc., and Soor Capital’s purchase of four Malvern buildings leased to Vanguard Group.
Apex is managed by Philadelphia-based John Gaghan, a former vice president with real estate firm Lowe Enterprises.
Full story: https://tinyurl.com/ruhpfcg
www.omegare.com
A Kuwaiti investment firm has acquired Axalta Coating System LLC’s office and research building at the Navy Yard for $61.2 million.
Dimah Capital Investment Co. bought the 175,000-square-foot property through its U.S.-based Apex Capital Investments Corp. subsidiary. The seller was Liberty Property Trust.
The 1050 Constitution Ave. property was built for Center City-based Axalta in 2017. Axalta’s lease at the property runs until fall 2037.
Liberty built the project as the main developer of the Navy Yard’s central business campus before shifting its focus to industrial projects in 2018.
It sold the Axalta property shortly before its acquisition by San Francisco-based warehouse giant Prologis Inc. closed this week. It was announced in October.
The building is the latest in the region to be acquired by a Kuwait-based fund following the Centre Square office complex’s sale to a group involving Wafra Inc., and Soor Capital’s purchase of four Malvern buildings leased to Vanguard Group.
Apex is managed by Philadelphia-based John Gaghan, a former vice president with real estate firm Lowe Enterprises.
Full story: https://tinyurl.com/ruhpfcg
www.omegare.com
Thursday, February 6, 2020
Cross Roads Plaza Shopping Center Trades for $25M
by John Jordan Globest.com
Cyprus-based Medipower Public Co. Ltd. has acquired the 99,650-square-foot Cross Roads Plaza shopping center here in a deal valued at $25 million.
The seller was a partnership between Madison International Realty and SITE Centers Corp.
Ron Stern, CEO of Medipower Public Co., said, “We believe that Crossroads Plaza, anchored by the region’s leading grocer, which is further supported by traffic-driving outparcels Wells Fargo and Wawa, is the ideal combination of location, strong demographics and attractive fit to our business model.”
Cross Roads Plaza is anchored by a 70,818-square-foot ShopRite, which makes-up 71% of the property’s gross leasing area and 58% of the gross income. The grocer’s lease term runs through 2024.
ShopRite expanded by more than 10,000 square feet in 2013 into its current footprint. ShopRite combines with outparcels occupied by Wawa and a bank to compromise 81% of the GLA and 74% of the property’s gross income, creating a stable and secure cash flow. The property is further supported by a premier shadow anchor in Lowe’s Home Improvement.
Approximately 20 miles from Philadelphia, the property maintains highly visibility along Route 38, counting more than 40,000 vehicles per day. Situated in Lumberton, Cross Roads Plaza is near Virtua Memorial Hospital, one of Burlington County’s largest employers, and adjacent to a dense aggregation of industrial employers.
“We have had tremendous success with stable, high-performing grocery-anchored product like Cross Roads Plaza within the Philadelphia MSA. With growing capital formation and continued cap rate compression within the vertical, the market is sure to remain strong.”
The deal for Cross Roads Plaza follows up Medipower’s $40-million purchase last month of Centre Square Commons, an 88,598-square-foot grocery anchored shopping center located in Blue Bell, PA, an affluent suburb of Philadelphia.
The center is anchored by Aldi in its latest prototype of 22,450 square feet. In addition to Aldi, the property is occupied by a strong mix of regional and national tenants including Pennsylvania Fine Wine & Spirits, Starbucks, Zoe’s and Anthony’s Coal Fire Pizza.
www.omegare.com
Cyprus-based Medipower Public Co. Ltd. has acquired the 99,650-square-foot Cross Roads Plaza shopping center here in a deal valued at $25 million.
The seller was a partnership between Madison International Realty and SITE Centers Corp.
Ron Stern, CEO of Medipower Public Co., said, “We believe that Crossroads Plaza, anchored by the region’s leading grocer, which is further supported by traffic-driving outparcels Wells Fargo and Wawa, is the ideal combination of location, strong demographics and attractive fit to our business model.”
Cross Roads Plaza is anchored by a 70,818-square-foot ShopRite, which makes-up 71% of the property’s gross leasing area and 58% of the gross income. The grocer’s lease term runs through 2024.
ShopRite expanded by more than 10,000 square feet in 2013 into its current footprint. ShopRite combines with outparcels occupied by Wawa and a bank to compromise 81% of the GLA and 74% of the property’s gross income, creating a stable and secure cash flow. The property is further supported by a premier shadow anchor in Lowe’s Home Improvement.
Approximately 20 miles from Philadelphia, the property maintains highly visibility along Route 38, counting more than 40,000 vehicles per day. Situated in Lumberton, Cross Roads Plaza is near Virtua Memorial Hospital, one of Burlington County’s largest employers, and adjacent to a dense aggregation of industrial employers.
“We have had tremendous success with stable, high-performing grocery-anchored product like Cross Roads Plaza within the Philadelphia MSA. With growing capital formation and continued cap rate compression within the vertical, the market is sure to remain strong.”
The deal for Cross Roads Plaza follows up Medipower’s $40-million purchase last month of Centre Square Commons, an 88,598-square-foot grocery anchored shopping center located in Blue Bell, PA, an affluent suburb of Philadelphia.
The center is anchored by Aldi in its latest prototype of 22,450 square feet. In addition to Aldi, the property is occupied by a strong mix of regional and national tenants including Pennsylvania Fine Wine & Spirits, Starbucks, Zoe’s and Anthony’s Coal Fire Pizza.
www.omegare.com
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