by John Jordan Globest.com
A fully-occupied more than 172,000-square-foot industrial office building here has been sold.
The property a 1515 Garnet Mine Road here was sold by Evergreen Private Finance of Washington, DC to New York-based BHN Associates.
1515 Garnet Mine Road is currently 100% occupied by two industrial tenants; The Mine Studios, LLC, which leases 119,031 square feet and Club W, Inc., which occupies 53,040 square feet at the property.
“Investor demand for older, functioning industrial product along the I-95 corridor has never been stronger."
He adds that both leases are below market at the property that is located three miles from I-95 and 12 miles from Philadelphia International Airport, which makes the deal a tremendous opportunity for BHN Associates going forward.
Built in 1974 and renovated in 2002, the 4.36-acre site was originally designed as a single-tenant manufacturing facility that was subsequently bifurcated to house multiple tenants. Today, 1515 Garnet Mine Road, which is located 25 miles southwest of Center City Philadelphia, contains 48,000 square feet of office space and 124,071 square feet of production and warehouse space with ceiling heights ranging from 16 to 24 feet. The property features 10 existing raised loading docks and the site has the ability to add additional docks if required.
www.omegare.com
Wednesday, February 19, 2020
Tuesday, February 18, 2020
Michaels Organization Kicks Off Final Phase of Camden Redevelopment
The Michaels Organization has begun construction of 58 affordable apartments for seniors in Camden, New Jersey, marking the final stage of the redevelopment of a former public housing site in that city's Centerville neighborhood.
Michaels, which is itself based in Camden, has partnered with the city's housing authority on the nearly $16 million project. The senior housing marks phase four of The Branches at Centerville, which will complete the revitalization of the site of the former Clement T. Branch Village.
Michaels spearheaded the Branch Village redevelopment with financing or tax credit awards from the New Jersey Housing and Mortgage Finance Agency. The first phase opened in December 2017 with 50 affordable one- to two-bedroom rental apartments in a mid-rise building. The second phase created 72 affordable townhouses for families with incomes up to 60% of the area median income and includes five apartments for homeless individuals. Last October, Michaels held a groundbreaking for the third phase, 75 additional townhouses for families, with an expected completion date of this October.
The agency awarded the $15.9 million development 9% low-income housing tax credits, which are expected to generate $12.9 million in private equity. The low-income housing tax program is considered the single largest source of funding for affordable housing in the United States for families, seniors and residents with special needs, according to NJHMFA, which is New Jersey's sole administrator of the program.
Branch Village was built in 1941 and named for Dr. Clement T. Branch, who was a prominent doctor and the first African American to serve on the Camden school board. The development featured blocks of brick apartment buildings that over time became dilapidated and obsolete public housing.
The final phase of the redevelopment will include 58 one-bedroom apartments in a three-story building for residents age 55 and older, earning up to 60% percent of the area median income. Five apartments will be set aside for homeless individuals. Rents for the senior apartments will be about $825 for a one-bedroom apartment.
Clement T. Branch Village is the last public housing community to be redeveloped in the Mount Ephraim Avenue corridor. Eight two-story brick buildings were demolished, and three new public roads will be introduced to better integrate the community with the rest of the residential neighborhood.
Michaels has partnered with NJHMFA on a number of projects in Camden. In the past five years alone, the private developer has completed or plans to complete six developments financed in part by the agency, which have provided or will provide nearly 600 affordable housing units.
www.omegare.com
Michaels, which is itself based in Camden, has partnered with the city's housing authority on the nearly $16 million project. The senior housing marks phase four of The Branches at Centerville, which will complete the revitalization of the site of the former Clement T. Branch Village.
Michaels spearheaded the Branch Village redevelopment with financing or tax credit awards from the New Jersey Housing and Mortgage Finance Agency. The first phase opened in December 2017 with 50 affordable one- to two-bedroom rental apartments in a mid-rise building. The second phase created 72 affordable townhouses for families with incomes up to 60% of the area median income and includes five apartments for homeless individuals. Last October, Michaels held a groundbreaking for the third phase, 75 additional townhouses for families, with an expected completion date of this October.
The agency awarded the $15.9 million development 9% low-income housing tax credits, which are expected to generate $12.9 million in private equity. The low-income housing tax program is considered the single largest source of funding for affordable housing in the United States for families, seniors and residents with special needs, according to NJHMFA, which is New Jersey's sole administrator of the program.
Branch Village was built in 1941 and named for Dr. Clement T. Branch, who was a prominent doctor and the first African American to serve on the Camden school board. The development featured blocks of brick apartment buildings that over time became dilapidated and obsolete public housing.
The final phase of the redevelopment will include 58 one-bedroom apartments in a three-story building for residents age 55 and older, earning up to 60% percent of the area median income. Five apartments will be set aside for homeless individuals. Rents for the senior apartments will be about $825 for a one-bedroom apartment.
Clement T. Branch Village is the last public housing community to be redeveloped in the Mount Ephraim Avenue corridor. Eight two-story brick buildings were demolished, and three new public roads will be introduced to better integrate the community with the rest of the residential neighborhood.
Michaels has partnered with NJHMFA on a number of projects in Camden. In the past five years alone, the private developer has completed or plans to complete six developments financed in part by the agency, which have provided or will provide nearly 600 affordable housing units.
www.omegare.com
Monday, February 17, 2020
Seven Lease Deals Totaling 90,000 SF Signed at Equus Capital Properties in PA
by John Jordan Globest.com
Equus Capital Partners of Newtown Square, PA has secured seven new lease deals at its 440 and 460 East Swedesford Road office buildings here that totaled 90,137 square feet of space
There were four new lease deals and three renewals. The largest transactions were renewals by Genex totaling 50,037 square feet at 440 East Swedesford Road and Tekni-Lex’s 17,219-square-foot renewal at 460 Swedesford Place. The Provident Bank also signed a lease renewal for its 3,350-square-foot operations at 460 Swedesford Road.
Western & Southern Life Insurance Company (4,545, square feet), Kelley Jasons McGowan Spinelli Hanna & Reber, LLP (4,172 square feet), FRS Capital Management (3,947 square feet) and Transparent Health Marketplace (6,867 square feet) all signed new office deals at 460 East Swedesford Road.
Equus Capital Partners, which acquired the two, Class A office buildings in early 2018 from Liberty Property Trust, repositioned the assets and invested significant capital on renovations to both interior and exterior features, as well as the enhancement of amenity spaces and building systems.
“Credit to Equus for taking two outdated buildings in a premier location and turning them into two of the top office properties in the East Swedesford Road corridor. A new grand, three-story glass entrance with exposed stairs and glass railings was constructed at both properties and all new finishes in the lobbies, restrooms and corridors were added, plus a Fooda concept for on-site dining. With these improvements, existing and new tenants saw the value at 440 and 460 East Swedesford Road.”
The two buildings, totaling 149,450 sq. ft. of office space, are located in Tredyffrin Township with no earned income or business privilege taxes. Additionally, the properties are in proximity to the King of Prussia Town Center and the King of Prussia Mall and offer access to Routes 202, 252, 422, Interstate 76 and the Pennsylvania Turnpike.
Earlier this month, an affiliate of Equus Capital Partners, Ltd. acquired The Reserve at Bridford, a 232-unit garden-style multi-family community located in Greensboro, NC. The acquisition was made on behalf of Equus Investment Partnership XI, L.P. (“Fund XI”), a fully discretionary $382-million value-add equity fund managed by Equus. Madison Apartment Group, L.P., the multi-family operating arm of Equus, will manage the community.
www.omegare.com
Equus Capital Partners of Newtown Square, PA has secured seven new lease deals at its 440 and 460 East Swedesford Road office buildings here that totaled 90,137 square feet of space
There were four new lease deals and three renewals. The largest transactions were renewals by Genex totaling 50,037 square feet at 440 East Swedesford Road and Tekni-Lex’s 17,219-square-foot renewal at 460 Swedesford Place. The Provident Bank also signed a lease renewal for its 3,350-square-foot operations at 460 Swedesford Road.
Western & Southern Life Insurance Company (4,545, square feet), Kelley Jasons McGowan Spinelli Hanna & Reber, LLP (4,172 square feet), FRS Capital Management (3,947 square feet) and Transparent Health Marketplace (6,867 square feet) all signed new office deals at 460 East Swedesford Road.
Equus Capital Partners, which acquired the two, Class A office buildings in early 2018 from Liberty Property Trust, repositioned the assets and invested significant capital on renovations to both interior and exterior features, as well as the enhancement of amenity spaces and building systems.
“Credit to Equus for taking two outdated buildings in a premier location and turning them into two of the top office properties in the East Swedesford Road corridor. A new grand, three-story glass entrance with exposed stairs and glass railings was constructed at both properties and all new finishes in the lobbies, restrooms and corridors were added, plus a Fooda concept for on-site dining. With these improvements, existing and new tenants saw the value at 440 and 460 East Swedesford Road.”
The two buildings, totaling 149,450 sq. ft. of office space, are located in Tredyffrin Township with no earned income or business privilege taxes. Additionally, the properties are in proximity to the King of Prussia Town Center and the King of Prussia Mall and offer access to Routes 202, 252, 422, Interstate 76 and the Pennsylvania Turnpike.
Earlier this month, an affiliate of Equus Capital Partners, Ltd. acquired The Reserve at Bridford, a 232-unit garden-style multi-family community located in Greensboro, NC. The acquisition was made on behalf of Equus Investment Partnership XI, L.P. (“Fund XI”), a fully discretionary $382-million value-add equity fund managed by Equus. Madison Apartment Group, L.P., the multi-family operating arm of Equus, will manage the community.
www.omegare.com
Thursday, February 13, 2020
PREIT Inks 150,000 SF of Leases at Redeveloped Properties
by John Jordan Globest.com
Locally-based PREIT reports it has signed more than 150,000 square feet of new leases at four of its redeveloped shopping centers.
A total of more than a dozen tenants will open in the next six months at its Woodland Mall, Willow Grove Park, Plymouth Meeting and Valley Mall properties.
“In an ever-evolving retail environment, our redevelopments continue to attract a unique tenant mix geared toward current consumer preferences that both refresh our properties and improve our portfolio,” says Joseph F. Coradino, CEO of PREIT. “PREIT has been at the forefront of shaping the consumer experience, recently completing several high-impact redevelopments that are expected to fuel growth and create value within the portfolio demonstrated by the continuous addition of high-quality, diverse tenants.”
This year, Sephora, White House|Black Market, Windsor Fashion, Champs Sports and Aeropostale will open at the Woodland Mall in Grand Rapids, MI. Specialty grab-and-go options, Auntie Anne’s and Jamba will also open this spring. The new tenants will bring 20,000 square feet of new retail and dining at the mall.
Woodland Mall opened its expansion wing in October 2019, which resulted in double-digit traffic growth over the recent holiday season.
At the Willow Grove Park Mall located north of Philadelphia, the newly-added Yard House will be joined by new dining and snack options including &Pizza, Häagen-Dazs, and Dunkin’, as well as Studio Movie Grille, which will open this spring. LUSH will also join the tenant roster, further strengthening the property’s retail line-up that includes one of two Bloomingdale’s and Primark locations in the Philadelphia metro.
In first half of 2020 at the Plymouth Meeting Mall in Plymouth Meeting, PA, Sola Salon Studios, Ideal Image and Restore Hyper Wellness and Cryotherapy will complete the open-air plaza connecting the newly-added anchors, DICK’s Sporting Goods and Burlington to the lifestyle wing anchored by Whole Foods.
In Hagerstown, MD, the Valley Mall will welcome Dick’s Sporting Goods this spring, replacing the former Sears space and completing PREIT’s anchor repositioning initiative at the property. Dick’s Sporting Goods will occupy 59,000 square feet and complement the property’s other new and diverse anchor tenants: Onelife Fitness, Belk and Tilt. Regal Cinema will complete its full-scale renovation this year as well, PREIT reports.
www.omegare.com
Locally-based PREIT reports it has signed more than 150,000 square feet of new leases at four of its redeveloped shopping centers.
A total of more than a dozen tenants will open in the next six months at its Woodland Mall, Willow Grove Park, Plymouth Meeting and Valley Mall properties.
“In an ever-evolving retail environment, our redevelopments continue to attract a unique tenant mix geared toward current consumer preferences that both refresh our properties and improve our portfolio,” says Joseph F. Coradino, CEO of PREIT. “PREIT has been at the forefront of shaping the consumer experience, recently completing several high-impact redevelopments that are expected to fuel growth and create value within the portfolio demonstrated by the continuous addition of high-quality, diverse tenants.”
This year, Sephora, White House|Black Market, Windsor Fashion, Champs Sports and Aeropostale will open at the Woodland Mall in Grand Rapids, MI. Specialty grab-and-go options, Auntie Anne’s and Jamba will also open this spring. The new tenants will bring 20,000 square feet of new retail and dining at the mall.
Woodland Mall opened its expansion wing in October 2019, which resulted in double-digit traffic growth over the recent holiday season.
At the Willow Grove Park Mall located north of Philadelphia, the newly-added Yard House will be joined by new dining and snack options including &Pizza, Häagen-Dazs, and Dunkin’, as well as Studio Movie Grille, which will open this spring. LUSH will also join the tenant roster, further strengthening the property’s retail line-up that includes one of two Bloomingdale’s and Primark locations in the Philadelphia metro.
In first half of 2020 at the Plymouth Meeting Mall in Plymouth Meeting, PA, Sola Salon Studios, Ideal Image and Restore Hyper Wellness and Cryotherapy will complete the open-air plaza connecting the newly-added anchors, DICK’s Sporting Goods and Burlington to the lifestyle wing anchored by Whole Foods.
In Hagerstown, MD, the Valley Mall will welcome Dick’s Sporting Goods this spring, replacing the former Sears space and completing PREIT’s anchor repositioning initiative at the property. Dick’s Sporting Goods will occupy 59,000 square feet and complement the property’s other new and diverse anchor tenants: Onelife Fitness, Belk and Tilt. Regal Cinema will complete its full-scale renovation this year as well, PREIT reports.
www.omegare.com
Wednesday, February 12, 2020
REIT News (Video)
2020 Nareit Chair Describes the REIT Industry as “Healthy”
REIT Market Minute - February 2020
Physicians Realty Trust Looking to Medical Office Buildings to Fuel Future Growth
www.omegare.com
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