"Endurance Real Estate Group LLC sold the 394,577-square-foot Packaging Corporation of America industrial building at 171 - 173 Tuckerton Rd. in Reading, PA to STAG Industrial Management LLC for $17.3 million, or about $44 per square foot.
The distribution facility was constructed in 1956, and renovated in 1999. The building sits on more than 32 acres of land, contains 65 loading docks with levelators, and has access to four rail lines. Packaging Corporation of America occupies approximately 200,000 square feet with more than 14 years remaining on its lease."
http://www.omegare.com/
Thursday, May 31, 2012
Syms Selling All Owned Stores
"Discount clothing retailer Syms Corp. and its wholly owned subsidiary, Filene's Basement LLC, filed a plan of reorganization calling for Syms to continuing owning its real estate while it disposes of the properties.
The retailer filed for Chapter 11 reorganization last fall and liquidated the two chains earlier this year. It has either cancelled or is in the process of disposing of its leased store locations. Now, it plans to do the same for retail properties it owns
Syms cited a litany of woes that combined to undermine the two retail operations, including increased competition from large department stores offering the same brands at similar discounts; a proliferation of private label discount chains; decreased buying opportunities as manufacturers reduced overruns through improved supply chain management; together with what she described as the worst economic downturn in her lifetime.
Documents file with the Bankruptcy Court explain that "because Syms is solvent, under the Plan, Syms anticipates paying all its creditors in full… Syms will retain its real estate assets and own, manage, lease and dispose of them over time, in a non-distressed commercially reasonable manner, in order to maximize the value of these assets."
Filene's, on the other hand, is insolvent and Syms has agreed that Filene's creditors will share pro rata in a portion of the proceeds of Syms' assets."
Syms anticipates selling its parcels either "as is," i.e., vacant in certain cases, or after they have been leased to one or more commercial tenants and related improvements have been made. Syms anticipates that the disposition process could take up to four years.
Syms currently owns 17 stores totaling 1.53 million square feet
Fairfield, CT, 43,000
Ft. Lauderdale, FL, 55,000
Miami, FL, 53,000
West Palm Beach, FL, 112,000
Marietta, GA, 77,000
Norcross, GA, 69,000
Addison, IL, 68,000
Southfield, MI, 60,000
Cherry Hill, NJ, 150,000
Paramus, NJ, 77,000
Secaucus, NJ, 340,000
Elmsford, NY, 59,000
New York, NY, 57,000
Westbury, NY, 92,000
Williamsville, NY, 102,000
Berwyn, PA, 69,000
Houston, TX, 42,000
http://www.omegare.com/
The retailer filed for Chapter 11 reorganization last fall and liquidated the two chains earlier this year. It has either cancelled or is in the process of disposing of its leased store locations. Now, it plans to do the same for retail properties it owns
Syms cited a litany of woes that combined to undermine the two retail operations, including increased competition from large department stores offering the same brands at similar discounts; a proliferation of private label discount chains; decreased buying opportunities as manufacturers reduced overruns through improved supply chain management; together with what she described as the worst economic downturn in her lifetime.
Documents file with the Bankruptcy Court explain that "because Syms is solvent, under the Plan, Syms anticipates paying all its creditors in full… Syms will retain its real estate assets and own, manage, lease and dispose of them over time, in a non-distressed commercially reasonable manner, in order to maximize the value of these assets."
Filene's, on the other hand, is insolvent and Syms has agreed that Filene's creditors will share pro rata in a portion of the proceeds of Syms' assets."
Syms anticipates selling its parcels either "as is," i.e., vacant in certain cases, or after they have been leased to one or more commercial tenants and related improvements have been made. Syms anticipates that the disposition process could take up to four years.
Syms currently owns 17 stores totaling 1.53 million square feet
Fairfield, CT, 43,000
Ft. Lauderdale, FL, 55,000
Miami, FL, 53,000
West Palm Beach, FL, 112,000
Marietta, GA, 77,000
Norcross, GA, 69,000
Addison, IL, 68,000
Southfield, MI, 60,000
Cherry Hill, NJ, 150,000
Paramus, NJ, 77,000
Secaucus, NJ, 340,000
Elmsford, NY, 59,000
New York, NY, 57,000
Westbury, NY, 92,000
Williamsville, NY, 102,000
Berwyn, PA, 69,000
Houston, TX, 42,000
http://www.omegare.com/
Wednesday, May 30, 2012
Exeter buys 290,000 building in Elizabethtown, PA
1499 Zeager Rd., a 290,000-square-foot industrial building in Elizabethtown, PA, was bought by Exeter Property Group.
Prior to the sale, the former single-user facility had been converted to multi-tenant use.
Exeter Property Group was represented in-house.
The 55-acre property is located within Conewago Industrial Park, just off Route 283 with proximity to interstates 78, 81 and 83 and the Pennsylvania Turnpike in South Central Pennsylvania.
Among other users, 1499 Zeager Rd. is approximately 50 percent occupied by companies in the pet pharmaceutical industry - Butler Schein Animal Health and MWI Veterinary Supply. Approximately 100,000 square feet remains available for lease at the location.
http://www.omegare.com/
Prior to the sale, the former single-user facility had been converted to multi-tenant use.
Exeter Property Group was represented in-house.
The 55-acre property is located within Conewago Industrial Park, just off Route 283 with proximity to interstates 78, 81 and 83 and the Pennsylvania Turnpike in South Central Pennsylvania.
Among other users, 1499 Zeager Rd. is approximately 50 percent occupied by companies in the pet pharmaceutical industry - Butler Schein Animal Health and MWI Veterinary Supply. Approximately 100,000 square feet remains available for lease at the location.
http://www.omegare.com/
Tuesday, May 29, 2012
Philadelphia's Retail Vacancy Stays at 6.2%
"The Philadelphia retail market did not experience much change in market conditions in the first quarter 2012.
The vacancy rate remained at 6.2% from the previous quarter. Net absorption was positive 770,096 square feet, and vacant sublease space increased by 15,188 square feet.
The largest lease signings occurring in 2012 included: the 66,485-square-foot-lease signed by Impact Thrift at 101 E. Street Rd; the 57,680-square-foot-deal signed by Kohl's at Fairlane Village Mall; and the 31,436-square-foot-lease signed by Ross Dress for Less at 5084-5098 Jonestown Rd.
Quoted rental rates were unchanged from fourth quarter 2011 levels, ending at $13.93 per square foot per year.
A total of 18 retail buildings with 556,997 square feet of retail space were delivered to the market in the quarter, with 446,897 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. national retail vacancy rate, which stayed at 6.9% from the previous quarter, with net absorption positive 9.53 million square feet in the first quarter."
http://www.omegare.com/
The vacancy rate remained at 6.2% from the previous quarter. Net absorption was positive 770,096 square feet, and vacant sublease space increased by 15,188 square feet.
The largest lease signings occurring in 2012 included: the 66,485-square-foot-lease signed by Impact Thrift at 101 E. Street Rd; the 57,680-square-foot-deal signed by Kohl's at Fairlane Village Mall; and the 31,436-square-foot-lease signed by Ross Dress for Less at 5084-5098 Jonestown Rd.
Quoted rental rates were unchanged from fourth quarter 2011 levels, ending at $13.93 per square foot per year.
A total of 18 retail buildings with 556,997 square feet of retail space were delivered to the market in the quarter, with 446,897 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. national retail vacancy rate, which stayed at 6.9% from the previous quarter, with net absorption positive 9.53 million square feet in the first quarter."
http://www.omegare.com/
Friday, May 25, 2012
KTR Scoops Up 1.8M SF of I-81 Industrial
"An affiliate of New York City-based KTR Capital Partners has bought a pair of class A bulk warehouses totaling 1.8 million square feet along the I-81 industrial corridor here. Hillwood, nor KTR disclosed the purchase price; published reports say KTR paid a total of $93.3 million for the assets at 950 Centerville Rd. and 1700 Ritner Hwy. A KTR spokeswoman declines to comment on those reports.
Completed in 2008, 950 Centerville is a 1.2-million-square-foot cross-dock facility, part of the Key Logistics Park and currently 50% leased. 1700 Ritner is a 602,500-square-foot front-load facility that was developed in 2006; it’s leased long-term to a single tenant.
The deal “highlights the attraction of institutional capital to the top-tier central Pennsylvania industrial submarket and illustrates the strong demand for state-of-the-art, class A bulk distribution facilities in this region,” Hines says in a release.
At KTR, PJ Charlton, SVP of Investments, says in a release that the acquisition was an opportunity to buy "functional new product in a highly sought after market on an off-market basis." He adds that the I-81 corridor is a strategic location for logistics-driven users looking to serve the East Coast, "and because of that, central Pennsylvania has become a top tier market for institutional investors."
Charlton notes that the market has performed "favorably" over the past 24 months with over six million square feet of positive absorption and a vacancy rate of less than 9%. "Presently, there are very few large class A availabilities remaining in central Pennsylvania, which positions us well to capitalize on the demand for high quality distribution space at 950 Centerville Rd.," he adds. KTR’s portfolio in the region has now reached 8.5 million square feet, and the company is seeking out acquisition and development opportunities in Pennsylvania, New Jersey and Maryland, Charlton says."
http://www.omegare.com/
Completed in 2008, 950 Centerville is a 1.2-million-square-foot cross-dock facility, part of the Key Logistics Park and currently 50% leased. 1700 Ritner is a 602,500-square-foot front-load facility that was developed in 2006; it’s leased long-term to a single tenant.
The deal “highlights the attraction of institutional capital to the top-tier central Pennsylvania industrial submarket and illustrates the strong demand for state-of-the-art, class A bulk distribution facilities in this region,” Hines says in a release.
At KTR, PJ Charlton, SVP of Investments, says in a release that the acquisition was an opportunity to buy "functional new product in a highly sought after market on an off-market basis." He adds that the I-81 corridor is a strategic location for logistics-driven users looking to serve the East Coast, "and because of that, central Pennsylvania has become a top tier market for institutional investors."
Charlton notes that the market has performed "favorably" over the past 24 months with over six million square feet of positive absorption and a vacancy rate of less than 9%. "Presently, there are very few large class A availabilities remaining in central Pennsylvania, which positions us well to capitalize on the demand for high quality distribution space at 950 Centerville Rd.," he adds. KTR’s portfolio in the region has now reached 8.5 million square feet, and the company is seeking out acquisition and development opportunities in Pennsylvania, New Jersey and Maryland, Charlton says."
http://www.omegare.com/
Hankin makes old Johnson & Johnson space an incubator
by John George
"When Johnson & Johnson did not renew its lease for its freestanding building in Chester County, the property owner had a choice to make.
“We could have waited for another 40,000-square-foot lab user,” said Stacy A. Martin, director of commercial sales and leasing of the Hankin Group. Or offer it up in pieces.
Given the consolidation that has swept through the pharmaceutical industry, the first option did not seem like a practical approach.
“We were looking for a way to be flexible and creative with the space,” Martin said.
The Hankin Group decided to carve up the building into smaller offices and lab space to create The Innovation Center at Eagleview, an incubator for startups in the life sciences industry that can take advantage of the preserved lab space formerly used by Johnson & Johnson researchers.
Martin said as a member of the Chester County Economic Development Council she was aware of the county’s interest in creating space for entrepreneurs trying to launch companies, particularly in the biopharmaceutical sector.
Gary Smith, executive director of the Chester County Economic Development Council, said the creation of the Innovation Center at Eagleview supports the county’s philosophy of growing its own businesses rather than trying to attract some from outside the area.
“That happens,” Smith said, referring to established businesses moving into Chester County, “but starting companies is a primary objective of what we do.”
The incubator model, he said, provides entrepreneurs with a place to start their companies and interact with peers, while minimizing operating costs.
“With a lot of commercial leases [property owners] want a three- to five-year commitment,” Smith said. “The Innovation Center will be more flexible” with lease terms.
About 25,000 square feet in the building is being devoted to the Innovation Center, the planning for which began last fall.
The Hankin Group leased the other 15,000 square feet to Cray Valley, a trial maker of resins and additives that needed lab space for product development.
Martin said the Innovation Center has already secured its first tenant, TransSig. Founded by former Cephalon research scientist Douglas Pippin, who serves as the company’s CEO, TransSig is a biopharmaceutical company focused on the development of novel small molecule signal transduction modulators. The company got its start in the Pennsylvania Biotechnology Center of Bucks County.
The site is closer to Pippin’s Chester County home, he said, and provides him with greater ability to expand.
“There’s a lot more hood space,” Pippin said. “The laboratories are all fully equipped.”
Hankin’s plan is to have about 10 tenants, occupying 500 to 1,500 square feet of space under short-term leases.
The building is in the new Ideas x Innovation Network (i2n) created in March through a partnership by the Chester County and Delaware County Keystone Innovation Zones.
The i2n serves more than 55 companies in the two counties and was created to consolidate and strengthen the package of resources, services and networking opportunities available to emerging technology companies — primarily in the life sciences, information and energy sectors — in the Keystone Innovation Zones.
Full story: http://tinyurl.com/d8qgnma
http://www.omegare.com/
"When Johnson & Johnson did not renew its lease for its freestanding building in Chester County, the property owner had a choice to make.
“We could have waited for another 40,000-square-foot lab user,” said Stacy A. Martin, director of commercial sales and leasing of the Hankin Group. Or offer it up in pieces.
Given the consolidation that has swept through the pharmaceutical industry, the first option did not seem like a practical approach.
“We were looking for a way to be flexible and creative with the space,” Martin said.
The Hankin Group decided to carve up the building into smaller offices and lab space to create The Innovation Center at Eagleview, an incubator for startups in the life sciences industry that can take advantage of the preserved lab space formerly used by Johnson & Johnson researchers.
Martin said as a member of the Chester County Economic Development Council she was aware of the county’s interest in creating space for entrepreneurs trying to launch companies, particularly in the biopharmaceutical sector.
Gary Smith, executive director of the Chester County Economic Development Council, said the creation of the Innovation Center at Eagleview supports the county’s philosophy of growing its own businesses rather than trying to attract some from outside the area.
“That happens,” Smith said, referring to established businesses moving into Chester County, “but starting companies is a primary objective of what we do.”
The incubator model, he said, provides entrepreneurs with a place to start their companies and interact with peers, while minimizing operating costs.
“With a lot of commercial leases [property owners] want a three- to five-year commitment,” Smith said. “The Innovation Center will be more flexible” with lease terms.
About 25,000 square feet in the building is being devoted to the Innovation Center, the planning for which began last fall.
The Hankin Group leased the other 15,000 square feet to Cray Valley, a trial maker of resins and additives that needed lab space for product development.
Martin said the Innovation Center has already secured its first tenant, TransSig. Founded by former Cephalon research scientist Douglas Pippin, who serves as the company’s CEO, TransSig is a biopharmaceutical company focused on the development of novel small molecule signal transduction modulators. The company got its start in the Pennsylvania Biotechnology Center of Bucks County.
The site is closer to Pippin’s Chester County home, he said, and provides him with greater ability to expand.
“There’s a lot more hood space,” Pippin said. “The laboratories are all fully equipped.”
Hankin’s plan is to have about 10 tenants, occupying 500 to 1,500 square feet of space under short-term leases.
The building is in the new Ideas x Innovation Network (i2n) created in March through a partnership by the Chester County and Delaware County Keystone Innovation Zones.
The i2n serves more than 55 companies in the two counties and was created to consolidate and strengthen the package of resources, services and networking opportunities available to emerging technology companies — primarily in the life sciences, information and energy sectors — in the Keystone Innovation Zones.
Full story: http://tinyurl.com/d8qgnma
http://www.omegare.com/
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