A local investor acquired the Pineview and Waverly Court Apartments in Philadelphia, PA from Pearl Properties LLC for $11.35 million, or about $247,000 per unit.
Pineview Apartments is at 339-349 S. 13th St. and Waverly Court is located at 412-426 S. 13th St. Both buildings have a combined 46 units.
www.omegare.com
Wednesday, April 30, 2014
A&E Real Estate Ptnrs Pays $3.9M for Upper Darby Office
A & E Real Estate Partners LP acquired the office building at 6800-6816 West Chester Pike in Upper Darby, PA for $3.85 million, or about $63 per square foot, from Kimco Realty Corporation.
Originally constructed in the 1920's, the five-story, 60,728-square-foot office building was 96 percent leased at the time of sale.
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Originally constructed in the 1920's, the five-story, 60,728-square-foot office building was 96 percent leased at the time of sale.
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The Fine Print
By Natalie Kostelni, Staff Writer for the Philadelphia Business Journal
10,920 s.f.
10,920 s.f.
Radio One signed a new seven-year lease on 10,920 square feet at 333 E. City Ave. in Bala Cynwyd. Janet Giuliani of Tishman Speyer represented the landlord.
6,500 s.f.
Educational Data Systems Inc. renewed for eight years on 6,500 square feet at the Land Title building at 100 S. Broad St. in Philadelphia. .
4,024 s.f.
In another deal at the Land Title building, Perspective Consulting leased 4,024 square feet for eight years.
$800,000
A 20,200-square-foot flex building at 191 Heller Place at Bellmawr, N.J., sold for $800,000. by Korman Commercial Properties. The buyer, 191 Heller Place, arranged a 10-year lease on the building with TBT Group, a biosensing technology company headquartered in New York.
8,000 s.f.
Universal Hospital Services, a medical equipment management company, leased 18,000 square feet at 8000 Commerce Parkway in Mount Laurel, N.J. UHS is relocating from 14 Stow Road in Marlton, N.J.
Full story: http://tinyurl.com/n7usj7g
Tuesday, April 29, 2014
Monday, April 28, 2014
Market Trend: Philadelphia Retail Vacancy Down to 6.0%
The Philadelphia retail market experienced a slight improvement in market conditions in the first quarter 2014.
The vacancy rate went from 6.2% in the previous quarter to 6.0% in the current quarter. Net absorption was positive 1,175,336 square feet, and vacant sublease space decreased by 8,554 square feet. In fourth quarter 2013, net absorption was positive 629,439 square feet.
Tenants moving into large blocks of space in 2014 include: ShopRite moving into 90,000 square feet at Wishing Well Plaza; LA Fitness moving into 52,248 square feet at Collegetown Shopping Center; and Lehigh Hospital moving into 50,041 square feet at 1309 Blue Valley Dr.
Quoted rental rates increased from fourth quarter 2013 levels, ending at $13.90 per square foot per year.
A total of 9 retail buildings with 140,422 square feet of retail space were delivered to the market in the quarter, with 209,580 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.5% from the previous quarter, with net absorption positive 24.41 million square feet in the first quarter. Average rental rates increased to $14.63, and 779 buildings delivered to the market totaling almost 12.5 million square feet.
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The vacancy rate went from 6.2% in the previous quarter to 6.0% in the current quarter. Net absorption was positive 1,175,336 square feet, and vacant sublease space decreased by 8,554 square feet. In fourth quarter 2013, net absorption was positive 629,439 square feet.
Tenants moving into large blocks of space in 2014 include: ShopRite moving into 90,000 square feet at Wishing Well Plaza; LA Fitness moving into 52,248 square feet at Collegetown Shopping Center; and Lehigh Hospital moving into 50,041 square feet at 1309 Blue Valley Dr.
Quoted rental rates increased from fourth quarter 2013 levels, ending at $13.90 per square foot per year.
A total of 9 retail buildings with 140,422 square feet of retail space were delivered to the market in the quarter, with 209,580 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.5% from the previous quarter, with net absorption positive 24.41 million square feet in the first quarter. Average rental rates increased to $14.63, and 779 buildings delivered to the market totaling almost 12.5 million square feet.
www.omegare.com
Montco economic groups combine forces
by Jessica
Parks
Montgomery County announced a sweeping merger
designed to put all of its public and private economic-development efforts
under one roof.
The Montgomery County Economic Development Corp. - a private
board that administers state grants - will be dissolved and its operations
reconstituted within the county Commerce Department.
The department will take on the economic-development
agency's executive director, David Niles, its staff and operations, and will
offer membership to all of its existing business members.
According to a county news release announcing the agreement,
funding will initially come from the economic-development corporation, and
"the operations will not add to the county's expenses or add liabilities
to the county's balance sheet."
The new arrangement will eliminate some duplications and
competition between the previous public and private agencies, county Board of
Commissioners Chairman Josh Shapiro said. "The MCEDC and the county have
not historically worked together in a coordinated fashion," its chairman,
Richard Young, said.
After meeting with county officials and discussing ways to
work together, Young said, the board determined merging was "the best way
to ensure the continuity and sustainability of our programs and to secure
significant benefits for our members and the corporate community in
general."
"Montgomery County now has one vision, one brand, and
one entry point for businesses to access vital resources," Shapiro said.
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