by John Jordan Globest.com
Kin Properties of Boca Raton, FL has sold the former Macy’s department store at the Neshaminy Mall here to SANT Properties of Huntington Valley, PA.
The deal for the 211,000-square-foot dark anchor at the Neshaminy Mall was reported by Colliers Retail team of Todd Sussman and Jon Kieserman, which has been appointed exclusive leasing agent for the property by the new ownership.
No financial terms of the transaction were disclosed.
Macy’s opened at Neshaminy Mall in 1968 (then Strawbridge’s) and closed amidst 100 store closings nationwide for the retailer that began in 2017 as it readjusted its business to growing online competition.
The new owner has reconceived the vacant box as a mix of large floor plate opportunities, new exterior facing small retail and/or restaurant tenants along with several new outparcels offering the potential to court statement restaurant operators to the mall complex.
In addition, flexible zoning allows for multiple uses that would encourage, fitness, entertainment, office and more.
“We are excited to be an integral part of the redevelopment of this parcel. The 16 acres and the former Macy’s box will certainly be the key to transforming one of the most strategically placed malls in the Tri-state area."
Brookfield purchased the entirety of the Neshaminy Mall, independent of Macy’s, in 2018. There are some reports that Brookfield is planning to undertake redevelopment and implement substantial improvements for the property.
Current Neshaminy Mall retailers Boscov’s and AMC anchor a mix of specialty shops that include Barnes & Noble, Hollister Co., H&M, Aéropostale, The Children’s Place, Express and Victoria’s Secret.
www.omegare.com
Tuesday, March 10, 2020
Monday, March 9, 2020
Cherry Hill Office Complex Changes Hands
by John Jordan Globest.com
The two-building office complex at 5 and 6 Executive Campus here has been sold for an undisclosed sum.
The seller was an institutional owner of the 166,979-square-foot complex.
The portfolio is located off State Route 70 one mile from State Route 38 and approximately 5.4 miles from Philadelphia. The buildings are also proximate to retail and restaurant amenities along with being within walking distance to the Cherry Hill Transit station, which offers service to Philadelphia within 30 minutes, and across the street from the NJ Transit bus stop.
No financial terms of the transaction were disclosed.
The 66,703-square-foot 5 Executive is a two-story office building that was completed in 1970, and 6 Executive is a four-story, 100,276-square-foot building that first opened in 1982. The value-add buildings are home to a roster of all credit-rated government agencies.
“We were very pleased to work with the seller on the disposition of these properties. They were able to take advantage of the market’s strong demand for office properties that offer stable cash flow and leasing upside.”
The office portfolio acquisition provides the buyer with a “unique opportunity to acquire in-place cash flow secured by government agency tenancy in one of Southern New Jersey’s premier office markets.”
www.omegare.com
The two-building office complex at 5 and 6 Executive Campus here has been sold for an undisclosed sum.
The seller was an institutional owner of the 166,979-square-foot complex.
The portfolio is located off State Route 70 one mile from State Route 38 and approximately 5.4 miles from Philadelphia. The buildings are also proximate to retail and restaurant amenities along with being within walking distance to the Cherry Hill Transit station, which offers service to Philadelphia within 30 minutes, and across the street from the NJ Transit bus stop.
No financial terms of the transaction were disclosed.
The 66,703-square-foot 5 Executive is a two-story office building that was completed in 1970, and 6 Executive is a four-story, 100,276-square-foot building that first opened in 1982. The value-add buildings are home to a roster of all credit-rated government agencies.
“We were very pleased to work with the seller on the disposition of these properties. They were able to take advantage of the market’s strong demand for office properties that offer stable cash flow and leasing upside.”
The office portfolio acquisition provides the buyer with a “unique opportunity to acquire in-place cash flow secured by government agency tenancy in one of Southern New Jersey’s premier office markets.”
www.omegare.com
Sunday, March 8, 2020
26-Store Dollar General Portfolio in Pennsylvania Trades for $36M
by John Jordan Globest.com
A portfolio of 26 single-tenant retail properties in Pennsylvania occupied by discount retailer Dollar General has changed hands in a deal valued at $36 million.
Brentwood, TN-based GBT Realty Corporation, which developed the properties over the past two years, sold the portfolio to a Virginia-based, private investment group that was completing a sizable 1031 exchange.
Averaging a consideration of $1.4 million per location, each free-standing store features approximately 9,000 square feet of retail space and is absolute, triple-net leased to Dollar General Corporation which has provided its corporate guarantee on each lease. The leases all have between 12 and 13 years remaining with rent increases in each option period. The properties are all located in key suburban markets throughout the State of Pennsylvania.
“Discount retail continues to thrive as Dollar General, and its peers, open more stores each year. For the net lease investor, these assets provide an attractive combination of credit, lease term, and passive ownership, making dollar stores some of the most actively traded net lease properties on the market.”
Fallon notes that he is heading the marketing for additional Dollar Store inventory, including seven new Dollar General stores located in Pennsylvania, Ohio, Maine and Connecticut.
Dollar General currently operates more than 15,000 stores in 44 states and counting.
www.omegare.com
A portfolio of 26 single-tenant retail properties in Pennsylvania occupied by discount retailer Dollar General has changed hands in a deal valued at $36 million.
Brentwood, TN-based GBT Realty Corporation, which developed the properties over the past two years, sold the portfolio to a Virginia-based, private investment group that was completing a sizable 1031 exchange.
Averaging a consideration of $1.4 million per location, each free-standing store features approximately 9,000 square feet of retail space and is absolute, triple-net leased to Dollar General Corporation which has provided its corporate guarantee on each lease. The leases all have between 12 and 13 years remaining with rent increases in each option period. The properties are all located in key suburban markets throughout the State of Pennsylvania.
“Discount retail continues to thrive as Dollar General, and its peers, open more stores each year. For the net lease investor, these assets provide an attractive combination of credit, lease term, and passive ownership, making dollar stores some of the most actively traded net lease properties on the market.”
Fallon notes that he is heading the marketing for additional Dollar Store inventory, including seven new Dollar General stores located in Pennsylvania, Ohio, Maine and Connecticut.
Dollar General currently operates more than 15,000 stores in 44 states and counting.
www.omegare.com
Friday, March 6, 2020
Institutional Investor Sells Government Office Portfolio Near Philadelphia
An institutional investor has sold a value-add office portfolio totaling 166,969 square feet in Philadelphia’s Cherry Hill, New Jersey, suburb to a private investor.
The buildings at 5 and 6 Executive Campus are located off State Route 70, approximately 5 miles from downtown Philadelphia. The buildings are leased to a roster of all credit-rated government agencies.
The two-story office building at 5 Executive was built in 1970 and totals 66,703 square feet, and the four-story facility at 6 Executive, which opened its doors in 1982, totals 100,276 square feet. The buildings are within walking distance to the Cherry Hill Transit station.
“We were very pleased to work with the seller on the disposition of these properties. They were able to take advantage of the market’s strong demand for office properties that offer stable cash flow and leasing upside.”
www.omegare.com
The buildings at 5 and 6 Executive Campus are located off State Route 70, approximately 5 miles from downtown Philadelphia. The buildings are leased to a roster of all credit-rated government agencies.
The two-story office building at 5 Executive was built in 1970 and totals 66,703 square feet, and the four-story facility at 6 Executive, which opened its doors in 1982, totals 100,276 square feet. The buildings are within walking distance to the Cherry Hill Transit station.
“We were very pleased to work with the seller on the disposition of these properties. They were able to take advantage of the market’s strong demand for office properties that offer stable cash flow and leasing upside.”
www.omegare.com
Thursday, March 5, 2020
Cannabis Company Buys New Jersey Warehouse
Columbia Care, which holds one of six licenses in New Jersey to cultivate cannabis, has purchased its first location in the Garden State.
The company, a global medical cannabis operation with licenses in 18 jurisdictions in the United States and Europe, bought a vacant industrial building in the southern part of the state at 1560 N. West Blvd. in Vineland for $2.6 million, according to CoStar data.
LS Capital, which was represented by NAI Mertz in the transaction, sold the 50,274-square-foot building to Columbia Care, which provides cannabis-based health and wellness options for patients.
The company has more than 25 locations throughout the United States and Puerto Rico, with one now in New Jersey. The state issued Columbia Care its cultivation license in 2018.
"New Jersey is moving to provide alternative healthcare for qualifying patients, and Columbia Care is a trusted and respected company in its industry. This property provides quality warehouse and office space, and a smart location, to support its business operations."
The building that Columbia Care purchased has 47,525 square feet of warehouse space with two drive-in doors, four platform loading docks and clear ceiling heights of 15 to 27 feet. Its 2,749-square-foot, two-story office space includes seven offices and four restrooms. The property is in close proximity to major highways including Routes 47 and 55, and is about 35 minutes from the Atlantic City Expressway.
www.omegare.com
The company, a global medical cannabis operation with licenses in 18 jurisdictions in the United States and Europe, bought a vacant industrial building in the southern part of the state at 1560 N. West Blvd. in Vineland for $2.6 million, according to CoStar data.
LS Capital, which was represented by NAI Mertz in the transaction, sold the 50,274-square-foot building to Columbia Care, which provides cannabis-based health and wellness options for patients.
The company has more than 25 locations throughout the United States and Puerto Rico, with one now in New Jersey. The state issued Columbia Care its cultivation license in 2018.
"New Jersey is moving to provide alternative healthcare for qualifying patients, and Columbia Care is a trusted and respected company in its industry. This property provides quality warehouse and office space, and a smart location, to support its business operations."
The building that Columbia Care purchased has 47,525 square feet of warehouse space with two drive-in doors, four platform loading docks and clear ceiling heights of 15 to 27 feet. Its 2,749-square-foot, two-story office space includes seven offices and four restrooms. The property is in close proximity to major highways including Routes 47 and 55, and is about 35 minutes from the Atlantic City Expressway.
www.omegare.com
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