Today, 1 World Trade Center reclaims the title of NYC's tallest skyscraper, reaching 1,250 feet.
http://www.omegare.com/
A time-lapse video shows new World Trade Center
Monday, April 30, 2012
Friday, April 27, 2012
The Philly area’s commercial real estate roundup
by Natalie Kostelni
A building that housed the former Drafting Room, a popular bar and eatery in Spring House, Pa., that closed two years ago, has sold for $1.1 million.
The last time the building sold it was in 1998, for $1.4 million. The 10,000-square-foot building on two acres at 900 N. Bethlehem Pike had been on the market for two years with three different buyers stepping up. The buyer, an affiliate of Andy’s Diner, plans to open an additional location at the site. DRI Real Estate Holdings was the seller.
5 Digit Plus leased 63,809 square feet at 200 Connecticut Drive at the Burlington Commerce Center in Burlington, N.J. The 148,500-square-foot building is owned by Exeter Property Group. 5 Digit, which provides postal optimization solutions and commingling services to agencies and mailers, leased the space for five years.
Perkiomen Creek Village, an eight-unit apartment complex at 514–530 Gravel Pike In Collegeville, Pa., is on the market for $1.15 million. The complex totals 10,500 square feet on the Perkiomen Creek and trail.
Panattoni Development Co. bought 129 acres in I-81/I-78 Logistics Park in Union, Pa., in Lebanon County. Panattoni plans to build two distribution facilities totaling 1.5 million square that will be completed next spring.
A 9,240-square-foot medical office building at 1201 County Line Road in Bryn Mawr, Pa., traded for $1.21 million, or $131 a square foot.
Full story: http://tinyurl.com/7lbf6ax
http://www.omegare.com/
A building that housed the former Drafting Room, a popular bar and eatery in Spring House, Pa., that closed two years ago, has sold for $1.1 million.
The last time the building sold it was in 1998, for $1.4 million. The 10,000-square-foot building on two acres at 900 N. Bethlehem Pike had been on the market for two years with three different buyers stepping up. The buyer, an affiliate of Andy’s Diner, plans to open an additional location at the site. DRI Real Estate Holdings was the seller.
5 Digit Plus leased 63,809 square feet at 200 Connecticut Drive at the Burlington Commerce Center in Burlington, N.J. The 148,500-square-foot building is owned by Exeter Property Group. 5 Digit, which provides postal optimization solutions and commingling services to agencies and mailers, leased the space for five years.
Perkiomen Creek Village, an eight-unit apartment complex at 514–530 Gravel Pike In Collegeville, Pa., is on the market for $1.15 million. The complex totals 10,500 square feet on the Perkiomen Creek and trail.
Panattoni Development Co. bought 129 acres in I-81/I-78 Logistics Park in Union, Pa., in Lebanon County. Panattoni plans to build two distribution facilities totaling 1.5 million square that will be completed next spring.
A 9,240-square-foot medical office building at 1201 County Line Road in Bryn Mawr, Pa., traded for $1.21 million, or $131 a square foot.
Full story: http://tinyurl.com/7lbf6ax
http://www.omegare.com/
South Jersey office market seeing shift
by Natalie Kostelni
"After years of being dominated by two local real estate investment trusts, several new landlords have entered the South Jersey office market. As Liberty Property Trust and Brandywine Realty Trust pared down their suburban office holdings, local entrepreneurial real estate investors saw an opening and stepped up to buy these and other properties that have come up for sale. This ownership shift is something the market hasn’t seen in nearly two decades and could change the way some real estate deals get done.
“REITs have different goals. They have more people to answer to such as shareholders and board members, and private owners don’t; they can make a decision standing in front of a prospect.”
Some of the new players in South Jersey include Somerset Properties Inc., Veritas Real Estate, Hill Properties, and Tequesta Properties Inc. Veritas has been buying in South Jersey for the last two years and has so far accumulated 10 buildings with an eye to buy more. One of its biggest assets is Four Greentree Centre, which is an office building totaling 62,000 square feet in Marlton. Veritas has bought from a variety of sellers including Liberty, banks who have taken back properties as well as regional owners. “With some of the changing dynamics in the market and opportunity presenting itself, we saw a chance now to take an equity position and build up a portfolio,” said Rick Schwartz of Veritas. “I think you’re seeing a situation where you need well-capitalized owners to come in, and underwrite and invest smart. We don’t have the constraints of the REITs. They have dynamics and performance guidelines from a financial perspective. You can do certain things to drive occupancy that don’t necessarily create value and that has an impact on the market in terms of value.” That’s not what Veritas is about, Schwartz said. The owners live in South Jersey and find it important to be hands on, build relationships with tenants and for the long haul. “We plan to be a permanent fixture in the market,” Schwartz said.
Tequesta Properties of Marlton has similar motives. It owns six buildings in South Jersey including One and Five Greentree and 30 Lake Center Drive in Marlton. The company launched a round of capital improvements to its buildings including installing solar panels to completely redoing the lobby, bathrooms and corridors at One Greentree. The lobby hasn’t been renovated since the 1980s. “We want to show we care and we are here to stay for a while,” said Todd Levin, operations manager at Tequesta. “It’s definitely a changing landscape and pretty exciting for companies like Tequesta. We’re going to be able to change the way things were being done.” During the recession, South Jersey experienced little new business growth, so landlords poached tenants from one another to fill vacancies at low rents. While Levin can appreciate why property owners might strike such deals, it’s not a strategy for Tequesta. “We see the leases that were done like that and we’re not doing those deals anymore,” Levin said. “We’re in business to make money. It’s a stability thing and we want to make it clear to the tenant what the rate is and fit out. There’s no game involved. Tenants want that openness.”
Somerset closed earlier this month on a $146 million deal with Liberty Property in which it bought 34 properties. Of those, four were in South Jersey. Somerset is re-entering the area office market after a hiatus. “We see some opportunity in this product type,” said Mark White, a principal at Somerset of Lower Gwynedd. “We think South Jersey and this property type is a proxy for the broader economy, and we’re optimistic that as economic conditions improve so will the value of these properties. It has been out of favor with investors for years and we tend to be a contrarian investor.” A majority of leases completed in the office market during the first quarter were done by these new owners and show rents higher than some previous deals completed over the past year. “The new owners are trying to hold the line on what rental rates should realistically be in southern New Jersey and not give away the house just to win deals and buy occupancy at steep discounts." Two years ago, average starting rents stood at about $6 to $10 a square foot and now it’s up around $10 to $12, he said."
Full story: http://tinyurl.com/7jnfgf7
http://www.omegare.com/
"After years of being dominated by two local real estate investment trusts, several new landlords have entered the South Jersey office market. As Liberty Property Trust and Brandywine Realty Trust pared down their suburban office holdings, local entrepreneurial real estate investors saw an opening and stepped up to buy these and other properties that have come up for sale. This ownership shift is something the market hasn’t seen in nearly two decades and could change the way some real estate deals get done.
“REITs have different goals. They have more people to answer to such as shareholders and board members, and private owners don’t; they can make a decision standing in front of a prospect.”
Some of the new players in South Jersey include Somerset Properties Inc., Veritas Real Estate, Hill Properties, and Tequesta Properties Inc. Veritas has been buying in South Jersey for the last two years and has so far accumulated 10 buildings with an eye to buy more. One of its biggest assets is Four Greentree Centre, which is an office building totaling 62,000 square feet in Marlton. Veritas has bought from a variety of sellers including Liberty, banks who have taken back properties as well as regional owners. “With some of the changing dynamics in the market and opportunity presenting itself, we saw a chance now to take an equity position and build up a portfolio,” said Rick Schwartz of Veritas. “I think you’re seeing a situation where you need well-capitalized owners to come in, and underwrite and invest smart. We don’t have the constraints of the REITs. They have dynamics and performance guidelines from a financial perspective. You can do certain things to drive occupancy that don’t necessarily create value and that has an impact on the market in terms of value.” That’s not what Veritas is about, Schwartz said. The owners live in South Jersey and find it important to be hands on, build relationships with tenants and for the long haul. “We plan to be a permanent fixture in the market,” Schwartz said.
Tequesta Properties of Marlton has similar motives. It owns six buildings in South Jersey including One and Five Greentree and 30 Lake Center Drive in Marlton. The company launched a round of capital improvements to its buildings including installing solar panels to completely redoing the lobby, bathrooms and corridors at One Greentree. The lobby hasn’t been renovated since the 1980s. “We want to show we care and we are here to stay for a while,” said Todd Levin, operations manager at Tequesta. “It’s definitely a changing landscape and pretty exciting for companies like Tequesta. We’re going to be able to change the way things were being done.” During the recession, South Jersey experienced little new business growth, so landlords poached tenants from one another to fill vacancies at low rents. While Levin can appreciate why property owners might strike such deals, it’s not a strategy for Tequesta. “We see the leases that were done like that and we’re not doing those deals anymore,” Levin said. “We’re in business to make money. It’s a stability thing and we want to make it clear to the tenant what the rate is and fit out. There’s no game involved. Tenants want that openness.”
Somerset closed earlier this month on a $146 million deal with Liberty Property in which it bought 34 properties. Of those, four were in South Jersey. Somerset is re-entering the area office market after a hiatus. “We see some opportunity in this product type,” said Mark White, a principal at Somerset of Lower Gwynedd. “We think South Jersey and this property type is a proxy for the broader economy, and we’re optimistic that as economic conditions improve so will the value of these properties. It has been out of favor with investors for years and we tend to be a contrarian investor.” A majority of leases completed in the office market during the first quarter were done by these new owners and show rents higher than some previous deals completed over the past year. “The new owners are trying to hold the line on what rental rates should realistically be in southern New Jersey and not give away the house just to win deals and buy occupancy at steep discounts." Two years ago, average starting rents stood at about $6 to $10 a square foot and now it’s up around $10 to $12, he said."
Full story: http://tinyurl.com/7jnfgf7
http://www.omegare.com/
Thursday, April 26, 2012
The Hampshire Cos Acquires Towne Square SC
"The Hampshire Companies has acquired the Towne Square Shopping Center at 860-892 Union Mill Rd. in Mount Laurel, NJ from J.S. Hovnanian & Sons LLC. The 88,380-square-foot retail center was built on 13.1 acres in the South Burlington County submarket of Philadelphia. The neighborhood center boasts an 88 percent occupancy anchored by ShopRite Supermarket, with 9,500 square feet of retail space currently available for lease."
http://www.omegare.com/
http://www.omegare.com/
Tuesday, April 24, 2012
Hankin finishes senior housing in Exton, Pa.
by Natalie Kostelni
"The Hankin Group has completed a $10 million, 50,857-square-foot affordable senior housing complex 15 years after it opened a similar multifamily facility in Chester County, Pa. The latest property, called the Bernard Hankin Building, for the company’s founder, has 50 apartments and is located at Pennsylvania Avenue and Rice Boulevard in Exton. The first building was named after Hankin’s wife, Henrietta Potter Hankin."
http://www.omegare.com/
"The Hankin Group has completed a $10 million, 50,857-square-foot affordable senior housing complex 15 years after it opened a similar multifamily facility in Chester County, Pa. The latest property, called the Bernard Hankin Building, for the company’s founder, has 50 apartments and is located at Pennsylvania Avenue and Rice Boulevard in Exton. The first building was named after Hankin’s wife, Henrietta Potter Hankin."
http://www.omegare.com/
Prestigious area golf course sold
by Natalie Kostelni
"ClubCorp of Dallas bought Hartefeld National Golf Club in Avondale, Chester County, a private country club that features one of the Northeast’s most honored golf courses, a Tom Fazio-designed championship course that has served as the site of both a PGA Tour and Senior PGA Tour event.
The purchase of Hartefeld National marks the fifth acquisition in less than a year for ClubCorp, which plans to spend more than $1 million in capital improvements to the club. Terms of the transaction weren’t disclosed."
http://www.omegare.com/
"ClubCorp of Dallas bought Hartefeld National Golf Club in Avondale, Chester County, a private country club that features one of the Northeast’s most honored golf courses, a Tom Fazio-designed championship course that has served as the site of both a PGA Tour and Senior PGA Tour event.
The purchase of Hartefeld National marks the fifth acquisition in less than a year for ClubCorp, which plans to spend more than $1 million in capital improvements to the club. Terms of the transaction weren’t disclosed."
http://www.omegare.com/
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