"RMF Associates in leasing their 22,725 SF facility situated on 2.81 acres located at 3035 Franks Road, Huntingdon Valley, Lower Moreland Township, Montgomery County, PA to Dentex Dental Mobile, Inc.
The building offers 3,920 SF of office space and features ceiling heights of 21' 6" sloping to 21' clear, three (3) tailgate loading doors, four (4) drive-in doors, one (1) 2-ton pendant operated bridge crane and two (2) 5-ton pendant operated bridge cranes. The facility is conveniently located in Eastern Montgomery County offering convenient access to Interstate 95, Route 1 (Roosevelt Boulevard), Pennsylvania Turnpike (I-76), Woodhaven Road (Route 63) and the bridges to New Jersey.
Dentex Dental Mobile, Inc. is a dental company serving Philadelphia area for nearly two decades. The company utilizes their mobile units as a practical and convenient way to treat patients who have difficulties to get to a physical office. This allows the company the freedom to perform a wide range of dental procedures in the areas that need dental care services."
Friday, April 23, 2010
Whitman Plaza refinanced
"Whitman Plaza, a 279,000-square-foot retail center at Oregon Avenue and Randolph Street in Philadelphia, was refinanced for $16.25 million. The loan was arranged by Berkadia Commercial Mortgage.
The property, anchored by Pathmark and K-Mart, was constructed 25 years ago by Breslin Realty Development. Other tenants include Fashion Bug, Payless Shoes, Radio Shack and Party City. Berkadia arranged the loan with Long Island, N.Y.-based Bethpage Federal Credit Union. The borrower is an affiliate of Breslin Realty Development ... Community Ventures broke ground on Francisville East, a $10.3 million, 44-unit rental development in Philadelphia’s Francisville neighborhood. The development will use $797,390 of federal stimulus funding. The homes will be rented to lower income families ...
Construction of the Salvation Army Kroc Center, a $54 million recreational center at 4200 Wissahickon Ave. in the Nicetown/Tioga section of North Philadelphia, is nearing completion. The 130,000 square-foot facility is being constructed on a brownfield. MGA Partners and PZS Architects designed the project that will include an aquatic education center, gymnasium and fitness center. The project is on time and on budget and scheduled to open in October ...
Thornton Tomasetti Inc., an engineering firm in New York, received an award for Engineering Excellence from the American Council of Engineering Companies of New York for structural design of Comcast Center.
Thornton Tomasetti incorporated engineering and safety measure learned after leading the assessment of the collapse of the World Trade Center towers. For example, elevators, sprinklers, communications systems and stairwells in the cable company’s headquarters were encased in a massive concrete core that stretches the full height of the building. And, because the building is slender with a small footprint, the building height to core ratio is high with thicker-than-usual exterior walls."
The property, anchored by Pathmark and K-Mart, was constructed 25 years ago by Breslin Realty Development. Other tenants include Fashion Bug, Payless Shoes, Radio Shack and Party City. Berkadia arranged the loan with Long Island, N.Y.-based Bethpage Federal Credit Union. The borrower is an affiliate of Breslin Realty Development ... Community Ventures broke ground on Francisville East, a $10.3 million, 44-unit rental development in Philadelphia’s Francisville neighborhood. The development will use $797,390 of federal stimulus funding. The homes will be rented to lower income families ...
Construction of the Salvation Army Kroc Center, a $54 million recreational center at 4200 Wissahickon Ave. in the Nicetown/Tioga section of North Philadelphia, is nearing completion. The 130,000 square-foot facility is being constructed on a brownfield. MGA Partners and PZS Architects designed the project that will include an aquatic education center, gymnasium and fitness center. The project is on time and on budget and scheduled to open in October ...
Thornton Tomasetti Inc., an engineering firm in New York, received an award for Engineering Excellence from the American Council of Engineering Companies of New York for structural design of Comcast Center.
Thornton Tomasetti incorporated engineering and safety measure learned after leading the assessment of the collapse of the World Trade Center towers. For example, elevators, sprinklers, communications systems and stairwells in the cable company’s headquarters were encased in a massive concrete core that stretches the full height of the building. And, because the building is slender with a small footprint, the building height to core ratio is high with thicker-than-usual exterior walls."
Tuesday, April 20, 2010
Unsold condos in Old City building to be auctioned
"In the beginning, the six-story, 10-unit condo project at 257-59 N. Second St. was to be called Blu, for the color of its exterior panels.
Architect Jay Tackett was hired by 257-59 Development L.L.C., and "they even built a scale model of it and had pictures of what the units would look like," said Realtor/mortgage broker Fred Glick, the original listing agent.
But completing the project was a hurdle the developer - hamstrung, observers say, by a general contractor who went out of business midstream - couldn't clear.
"People needed to see the finished product," Glick said. "The problem is that it was finished at the wrong time in the wrong area. If it were Rittenhouse or Fitler Square, it would have sold."
At 1 p.m. May 15, the nine unsold units at what is known today as Cu257 will be auctioned at the Hilton Philadelphia Airport Hotel. The minimum bid for the two penthouses, once listed at $1.2 million each, will be $200,000. The minimum bid for the seven remaining units, with list prices ranging from $698,400 to $871,255, will be $95,000.
The seller is 257 Olde City L.L.C. of Wilmington, a subsidiary of the lender, Wilmington Saving Fund Society, designated to complete and sell the building after it was returned to the bank rather than go through foreclosure and sheriff's sale.
According to Bob Dann, vice president of Max Spann Real Estate & Auction Co. in Clifton, N.J., the properties will be sold through "bidder's choice." In each round, the winning bidder chooses his favorite property from the remaining inventory.
The first penthouse and the first three condos are guaranteed to be sold at the minimum or higher, with subsequent units subject to the seller's confirmation, Dann said.
Property previews begin Tuesday, from 4 to 6 p.m. Beforehand, prospective bidders must sign up for a property-information package at www.maxspann.com.
Real estate auctions like this one are becoming more commonplace. Spann conducted one for Westrum Development Co. in June 2008, selling 11 townhouses at Hilltop at Falls Ridge in East Falls.
In June of last year, Accelerated Marketing Partners of Boston auctioned 40 units at the Murano at 21st and Market Streets; the company will do the same April 29 with 36 units at The Phoenix, at 1600-18 Arch St.
The auctions' intent was to reduce unsold inventory to financially manageable levels. A by-product for Hilltop and the Murano: Units not on the block were sold afterward to unsuccessful bidders.
Auctions can help create interest in the real estate market as a whole, though agents and brokers disagree whether last summer's Murano event achieved that for Center City.
Sometimes, a viable marketing plan works as well.
Richard Oller, who acquired 50 residential and three commercial units at the Aria on Locust Street near Broad at a November sheriff's sale, closed on 16 units after the deed was filed Dec. 31 and has 10 under agreement - more than half his remaining inventory.
"We set our prices 'at market' when we acquired the property" - an average 30 percent discount from the original list - "without reducing prices at all," Oller said.
Price was just one of Cu257's problems.
"Why didn't it sell? Price, economy, and location. What a product mix!" said real estate broker/developer Allan Domb.
The median sale price for condos in Old City was $344,950 in the first quarter of 2010, according to Trend Multiple Listing Service. Half sold for more, half for less.
Cynthia Kehl wants the part of Cu257 she says rests on her roof at 142 Vine St. removed before the auction, or to be compensated for the damage she says has been done to the south wall of her 18th-century rowhouse.
Kehl, who has hired a lawyer, said at least three of her neighbors also have issues with the building.
When asked about those issues, the auction house's Dann replied that the bank says they have been addressed.
A certificate of occupancy has not yet been issued for Cu257, normal when final inspections are under way, said Maura Kennedy, a spokeswoman for Mayor Nutter's office. She added the Department of Licenses and Inspections expects that to be taken care of soon.
Blu's name became Cu257 after the developer, in return for permission to build a 5,900-square-foot roof deck, agreed to change the exterior facade panels from blue to red. Cu is the periodic-table symbol for copper.
The new owner brought in Philadelphia developer David Grasso, of Grasso Holdings, to finish and market Cu257.
"There was a great deal of work that needed to be done because the property had been sitting fallow for some time," Grasso said. "We spent considerable time working on the exterior to ensure that the building was watertight. It was a tough job."
His firm marketed the units and had what he described as "significant interest from prospective buyers" until the lender decided on the auction, Grasso said.
Realtor Mark Wade of Prudential Fox & Roach, who handles Center City condos, said the auction offered the chance for a good deal.
"At the price point where some of these units may eventually sell, it is hard to highlight any negatives . . . in terms of locale, views, or the fact that the property had problems selling when first offered to the general public," Wade said.
"It is not too amazing what a drastic reduction in sale price can overcome."
Architect Jay Tackett was hired by 257-59 Development L.L.C., and "they even built a scale model of it and had pictures of what the units would look like," said Realtor/mortgage broker Fred Glick, the original listing agent.
But completing the project was a hurdle the developer - hamstrung, observers say, by a general contractor who went out of business midstream - couldn't clear.
"People needed to see the finished product," Glick said. "The problem is that it was finished at the wrong time in the wrong area. If it were Rittenhouse or Fitler Square, it would have sold."
At 1 p.m. May 15, the nine unsold units at what is known today as Cu257 will be auctioned at the Hilton Philadelphia Airport Hotel. The minimum bid for the two penthouses, once listed at $1.2 million each, will be $200,000. The minimum bid for the seven remaining units, with list prices ranging from $698,400 to $871,255, will be $95,000.
The seller is 257 Olde City L.L.C. of Wilmington, a subsidiary of the lender, Wilmington Saving Fund Society, designated to complete and sell the building after it was returned to the bank rather than go through foreclosure and sheriff's sale.
According to Bob Dann, vice president of Max Spann Real Estate & Auction Co. in Clifton, N.J., the properties will be sold through "bidder's choice." In each round, the winning bidder chooses his favorite property from the remaining inventory.
The first penthouse and the first three condos are guaranteed to be sold at the minimum or higher, with subsequent units subject to the seller's confirmation, Dann said.
Property previews begin Tuesday, from 4 to 6 p.m. Beforehand, prospective bidders must sign up for a property-information package at www.maxspann.com.
Real estate auctions like this one are becoming more commonplace. Spann conducted one for Westrum Development Co. in June 2008, selling 11 townhouses at Hilltop at Falls Ridge in East Falls.
In June of last year, Accelerated Marketing Partners of Boston auctioned 40 units at the Murano at 21st and Market Streets; the company will do the same April 29 with 36 units at The Phoenix, at 1600-18 Arch St.
The auctions' intent was to reduce unsold inventory to financially manageable levels. A by-product for Hilltop and the Murano: Units not on the block were sold afterward to unsuccessful bidders.
Auctions can help create interest in the real estate market as a whole, though agents and brokers disagree whether last summer's Murano event achieved that for Center City.
Sometimes, a viable marketing plan works as well.
Richard Oller, who acquired 50 residential and three commercial units at the Aria on Locust Street near Broad at a November sheriff's sale, closed on 16 units after the deed was filed Dec. 31 and has 10 under agreement - more than half his remaining inventory.
"We set our prices 'at market' when we acquired the property" - an average 30 percent discount from the original list - "without reducing prices at all," Oller said.
Price was just one of Cu257's problems.
"Why didn't it sell? Price, economy, and location. What a product mix!" said real estate broker/developer Allan Domb.
The median sale price for condos in Old City was $344,950 in the first quarter of 2010, according to Trend Multiple Listing Service. Half sold for more, half for less.
Cynthia Kehl wants the part of Cu257 she says rests on her roof at 142 Vine St. removed before the auction, or to be compensated for the damage she says has been done to the south wall of her 18th-century rowhouse.
Kehl, who has hired a lawyer, said at least three of her neighbors also have issues with the building.
When asked about those issues, the auction house's Dann replied that the bank says they have been addressed.
A certificate of occupancy has not yet been issued for Cu257, normal when final inspections are under way, said Maura Kennedy, a spokeswoman for Mayor Nutter's office. She added the Department of Licenses and Inspections expects that to be taken care of soon.
Blu's name became Cu257 after the developer, in return for permission to build a 5,900-square-foot roof deck, agreed to change the exterior facade panels from blue to red. Cu is the periodic-table symbol for copper.
The new owner brought in Philadelphia developer David Grasso, of Grasso Holdings, to finish and market Cu257.
"There was a great deal of work that needed to be done because the property had been sitting fallow for some time," Grasso said. "We spent considerable time working on the exterior to ensure that the building was watertight. It was a tough job."
His firm marketed the units and had what he described as "significant interest from prospective buyers" until the lender decided on the auction, Grasso said.
Realtor Mark Wade of Prudential Fox & Roach, who handles Center City condos, said the auction offered the chance for a good deal.
"At the price point where some of these units may eventually sell, it is hard to highlight any negatives . . . in terms of locale, views, or the fact that the property had problems selling when first offered to the general public," Wade said.
"It is not too amazing what a drastic reduction in sale price can overcome."
Monday, April 19, 2010
Delinquency rates higher
"The delinquency rates of commercial loans in the Metropolitan Philadelphia area have steadily crept up during the last four quarters. Lodging appears to have taking the biggest hit and largest jump quarter over quarter, and multifamily second in line, according to data provided by Trepp Inc. Office and retail are also suffering but not at the pace as the other two property types.
Here’s a breakdown of the delinquency rate by property type for Philadelphia MSA for past four quarters. At the end of second-quarter 2009 the rates were: lodging 3.10 percent, multifamily 0.41, office 0.87 and retail 3.28; third-quarter 2009: lodging 3.0 percent, multifamily 0.53, office 1.21 and retail 3.85; at the end of fourth-quarter 2009, lodging rose to 3.9 percent, multifamily jumped to 8.66; office to 4.10 and retail to 3.94; at the end of the first quarter this year: lodging shot up to 11.19, multifamily increased to 9.15 percent, office slightly rose to 4.88 and retail climbed to 4.51."
Here’s a breakdown of the delinquency rate by property type for Philadelphia MSA for past four quarters. At the end of second-quarter 2009 the rates were: lodging 3.10 percent, multifamily 0.41, office 0.87 and retail 3.28; third-quarter 2009: lodging 3.0 percent, multifamily 0.53, office 1.21 and retail 3.85; at the end of fourth-quarter 2009, lodging rose to 3.9 percent, multifamily jumped to 8.66; office to 4.10 and retail to 3.94; at the end of the first quarter this year: lodging shot up to 11.19, multifamily increased to 9.15 percent, office slightly rose to 4.88 and retail climbed to 4.51."
Saturday, April 17, 2010
Ridesafely.com Purchases Office in Bucks County Business Park
Ridesafely.com acquired 78 Cabot Blvd. E. in Langhorne, PA, from Enterprise Leasing Co. for $1.6 million, or $175 per square foot.
The single-story, 9,166 square-foot office building is in the Bucks County Business Park and was built in 1995. Ridesafely.com, an online automotive auction company, plans to occupy the entire building.
The single-story, 9,166 square-foot office building is in the Bucks County Business Park and was built in 1995. Ridesafely.com, an online automotive auction company, plans to occupy the entire building.
Patriot Parking Sells Independence Press Bldg. for $4M
Patriot Parking Inc. sold the nine-story Independence Press building in Philadelphia, PA, to Kabro Associates for $4.05 million.
The building at 525-533 N. 11th St. delivered in 1920 and was fully occupied by the Independence Press until the company sold the property in 2007. The building was previously approved for 92 residential units.
The building at 525-533 N. 11th St. delivered in 1920 and was fully occupied by the Independence Press until the company sold the property in 2007. The building was previously approved for 92 residential units.
Wednesday, April 14, 2010
Andrew Florance Says Commercial Defaults May Rise in 2012: Video
This is a great interview with Andrew Florance from Costar on Bloomberg. CoStar is analytical and listing service most commercial real estate firms use.
$1.4 Trillion of commercial notes coming due between now and the next 3 to 4 years.
http://www.youtube.com/watch?v=-o19UkwS6N8
$1.4 Trillion of commercial notes coming due between now and the next 3 to 4 years.
http://www.youtube.com/watch?v=-o19UkwS6N8
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