Jacob Adelman, Inquirer Staff Writer
he Pennsylvania Real Estate Investment Trust and the Macerich Co. say it will take $325 million in new investment to transform the Gallery at Market East into what they are calling Fashion Outlets of Philadelphia.
That is on top of the $250 million already spent by PREIT to assemble what had been privately owned property in the project area, bringing the total development cost to about $575 million.
The rest of the area still owned by the Philadelphia Redevelopment Authority will be conveyed to the developers as part of the revitalization plan being reviewed by City Council.
Here is a look at where the $325 million in new spending - for construction, renovation, and other costs - will come from:
Philadelphia funds: PREIT and Macerich plan to borrow $55 million that will be repaid over 20 years with city tax revenue it gets to keep through an arrangement called tax increment financing. The total cost to the city over that term, once interest is figured in, will be $127.5 million.
Pennsylvania funds: The state has awarded the developers $14.5 million from three grant programs, including the Redevelopment Assistance Capital Program, which targets development projects with the potential to jump-start economic development and employment. The developers have applied for $20 million more from that program.
Company spending: The developers plan to pay $234.5 million of the project costs themselves. Of that amount, $100 million will be borrowed through the federal EB-5 program, which offers U.S. visas to overseas citizens who invest in big, job-creating projects here.
Separately from the development costs, Philadelphia would commit $175.2 million over 43 years to maintain common areas of the Gallery, a continuation of a financial responsibility it has borne since the mall's opening. PREIT has cited a $58 million figure for this spending in the past, which is the amount in today's dollars.
www.omegare.com
Sunday, May 31, 2015
Friday, May 29, 2015
Woodmont Acquires 437K SF Pittston Industrial
by Steve Lubetkin, Globest.com
Woodmont Industrial Partners has acquired a 437,000-square-foot warehouse building at 1 Commerce Road in Pittston, PA.
A former Penguin Random House LLC book distribution center, the facility is now available for lease.
Woodmont will implement a capital improvement program that will include new trailer parking and the addition of up to 20 loading docks. Additional renovations will give the metal-paneled building a more modern feel and add extra functionality.
“The property appealed to Woodmont because of its prime location in the heart of the Northeast Pennsylvania market. The new Avoca interchange under construction now will connect Commerce Road directly to I-81, just south of the property,” says David Iacobucci, managing director of Woodmont Industrial Partners. “The building is highly functional in its current configuration, but adding the new loading docks will further increase its potential.”
Strategically located off of Interstate 81 in Northeast Pennsylvania, the warehouse is situated just east of the Wilkes-Barre Scranton International Airport, and is part of the Northeast Industrial Corridor. The Pennsylvania Department of Transportation has begun construction on a new access road that will connect the exit off of I-81, directly to Commerce Road. The new interchange will connect the airport to the surrounding industrial parks, making the warehouse even more conveniently located.
The property also features a high bay section offering 48’ to 54’ clear height with racking in place, and a parking lot that can accommodate up to 269 cars as well as a rail line behind the building, which can be activated.
www.omegare.com
Woodmont Industrial Partners has acquired a 437,000-square-foot warehouse building at 1 Commerce Road in Pittston, PA.
A former Penguin Random House LLC book distribution center, the facility is now available for lease.
Woodmont will implement a capital improvement program that will include new trailer parking and the addition of up to 20 loading docks. Additional renovations will give the metal-paneled building a more modern feel and add extra functionality.
“The property appealed to Woodmont because of its prime location in the heart of the Northeast Pennsylvania market. The new Avoca interchange under construction now will connect Commerce Road directly to I-81, just south of the property,” says David Iacobucci, managing director of Woodmont Industrial Partners. “The building is highly functional in its current configuration, but adding the new loading docks will further increase its potential.”
Strategically located off of Interstate 81 in Northeast Pennsylvania, the warehouse is situated just east of the Wilkes-Barre Scranton International Airport, and is part of the Northeast Industrial Corridor. The Pennsylvania Department of Transportation has begun construction on a new access road that will connect the exit off of I-81, directly to Commerce Road. The new interchange will connect the airport to the surrounding industrial parks, making the warehouse even more conveniently located.
The property also features a high bay section offering 48’ to 54’ clear height with racking in place, and a parking lot that can accommodate up to 269 cars as well as a rail line behind the building, which can be activated.
www.omegare.com
Thursday, May 28, 2015
Willner Properties Completes Five Leases at Courtside Square King of Prussia
by Steve Lubetkin, Globest.com
Willner Properties finalized five leases at the mixed-use retail and office complex, Courtside Square, at the intersection of Allendale Road and Route 202 across from the King of Prussia Mall in King of Prussia, PA.
Four new retail and office tenants including Hand & Stone Massage and Facial Spa, Box Pack N Ship, Best Brains and State Farm opened at Courtside Square. Existing tenant, Bharat Bazaar, expanded into a new space, which doubled the ethnic grocer’s footprint.
“Our new tenants will enhance the exceptional existing retail experience that is complemented by our anchor tenants, Panera Bread, DXL, The Melting Pot, Pier 1 and Fidelity."
State Farm, a Fortune 500 insurance company, Hand & Stone Massage & Facial Spa, a national spa franchise, Box Pack N Ship, an independent boxing and shipping company, and Best Brains, a national education enrichment center, in total leased over 6,000 square feet of retail and office space in the center. The tenants chose Courtside Square due to its attractive location at a major retail crossroads as well as the hands-on management style and value.
As the King of Prussia submarket gains momentum in retail and office sectors, Willner Properties is continuing to benefit from the flight to quality trend, as more businesses are seeking greater value per square foot. To stay ahead of the trend curve, 600 West DeKalb Pike and 150 Allendale Road in Courtside Square recently underwent capital improvements including lobby and common area renovations, new signage and lighting fixtures, elevator upgrades, roof replacement and the installation of herculite glass doors.
www.omegare.com
Willner Properties finalized five leases at the mixed-use retail and office complex, Courtside Square, at the intersection of Allendale Road and Route 202 across from the King of Prussia Mall in King of Prussia, PA.
Four new retail and office tenants including Hand & Stone Massage and Facial Spa, Box Pack N Ship, Best Brains and State Farm opened at Courtside Square. Existing tenant, Bharat Bazaar, expanded into a new space, which doubled the ethnic grocer’s footprint.
“Our new tenants will enhance the exceptional existing retail experience that is complemented by our anchor tenants, Panera Bread, DXL, The Melting Pot, Pier 1 and Fidelity."
State Farm, a Fortune 500 insurance company, Hand & Stone Massage & Facial Spa, a national spa franchise, Box Pack N Ship, an independent boxing and shipping company, and Best Brains, a national education enrichment center, in total leased over 6,000 square feet of retail and office space in the center. The tenants chose Courtside Square due to its attractive location at a major retail crossroads as well as the hands-on management style and value.
As the King of Prussia submarket gains momentum in retail and office sectors, Willner Properties is continuing to benefit from the flight to quality trend, as more businesses are seeking greater value per square foot. To stay ahead of the trend curve, 600 West DeKalb Pike and 150 Allendale Road in Courtside Square recently underwent capital improvements including lobby and common area renovations, new signage and lighting fixtures, elevator upgrades, roof replacement and the installation of herculite glass doors.
www.omegare.com
Wednesday, May 27, 2015
Crowdfunding Underwrites Philadelphia Area Residential Fund
by Steve Lubetkin, Globest.com
When InvestCo LLC wanted to raise capital for a group of multifamily properties in the Philadelphia market, it turned to Miami-based crowdfunding platform EarlyShares to help seal the deal.
The crowdfunding site helped InvestCo add $513,000 to its capital for the Philadelphia Residential Fund, which is focusing on 1-6 unit properties in Drexel Hill/Upper Darby that it believes have good prospects for future rent growth and property appreciation. The estimated IRR on the fund is 15.2 percent, and the cash-on-cash return is posted at 12 percent, with an estimated hold time of five years for the properties.
EarlyShares co-founder Joanna Schwartz says the firm is “right in the center” of the crowdfunding real estate market place.
“We started the company with a very broad vision, to leverage the JOBS Act to enable companies to raise money through those new regulations,” she tells GlobeSt.com exclusively. “We have a platform that really properly services those who are raising money and those who are investing money.”
Investors want collateral, security, and cash flow, Schwartz says. The company’s platform services project sponsors with multiple levels of security and privacy, and is “compliance-driven” to ensure that its network of accredited investors receives the right information. Currently, EarlyShares is only open to accredited investors, those who have specified levels of net worth and investable capital as provided in the JOBS Act.
EarlyShares employs a “two-stage” due diligence process, Schwartz says, with both internal and external review of deals before they come into the funding platform.
“It’s almost like an online investment bank where we are really helping the issuers promote their offerings,” she says. The firm is in the process of becoming a broker-dealer, she adds.
Crowdfunding has become an attractive tactic mainly because it adds “a new distribution channel,” to a process that has long depended on multiple sources of capital, usually raised through private placements or other sources.
“For the investors, this really actually is revolutionary,” she says, “because unless you knew people who were doing these transactions, usually you weren’t given access to them, or the price of entry was just much higher. Because of the flexibility or the streamlined nature of the online process, we’re able to reduce the minimum size of each investment, opening the door for many more [accredited investors] to participate at lower dollar volume across more deals.”
Multifamily properties and retail strip shopping centers have been funded on the site, and even some funds investing in single family properties, which have generated interest among some niche lenders, she says.
“Everything we do in our world is moving online,” Schwartz says. “We’re just a very big funnel for transactions that people want to fund.”
www.omegare.com
When InvestCo LLC wanted to raise capital for a group of multifamily properties in the Philadelphia market, it turned to Miami-based crowdfunding platform EarlyShares to help seal the deal.
The crowdfunding site helped InvestCo add $513,000 to its capital for the Philadelphia Residential Fund, which is focusing on 1-6 unit properties in Drexel Hill/Upper Darby that it believes have good prospects for future rent growth and property appreciation. The estimated IRR on the fund is 15.2 percent, and the cash-on-cash return is posted at 12 percent, with an estimated hold time of five years for the properties.
EarlyShares co-founder Joanna Schwartz says the firm is “right in the center” of the crowdfunding real estate market place.
“We started the company with a very broad vision, to leverage the JOBS Act to enable companies to raise money through those new regulations,” she tells GlobeSt.com exclusively. “We have a platform that really properly services those who are raising money and those who are investing money.”
Investors want collateral, security, and cash flow, Schwartz says. The company’s platform services project sponsors with multiple levels of security and privacy, and is “compliance-driven” to ensure that its network of accredited investors receives the right information. Currently, EarlyShares is only open to accredited investors, those who have specified levels of net worth and investable capital as provided in the JOBS Act.
EarlyShares employs a “two-stage” due diligence process, Schwartz says, with both internal and external review of deals before they come into the funding platform.
“It’s almost like an online investment bank where we are really helping the issuers promote their offerings,” she says. The firm is in the process of becoming a broker-dealer, she adds.
Crowdfunding has become an attractive tactic mainly because it adds “a new distribution channel,” to a process that has long depended on multiple sources of capital, usually raised through private placements or other sources.
“For the investors, this really actually is revolutionary,” she says, “because unless you knew people who were doing these transactions, usually you weren’t given access to them, or the price of entry was just much higher. Because of the flexibility or the streamlined nature of the online process, we’re able to reduce the minimum size of each investment, opening the door for many more [accredited investors] to participate at lower dollar volume across more deals.”
Multifamily properties and retail strip shopping centers have been funded on the site, and even some funds investing in single family properties, which have generated interest among some niche lenders, she says.
“Everything we do in our world is moving online,” Schwartz says. “We’re just a very big funnel for transactions that people want to fund.”
www.omegare.com
Tuesday, May 26, 2015
Anchor Health Opens Outpatient Facility in Chester County, PA
by Steve Lubetkin, Globest.com
Anchor Health Properties has opened Penn Medicine Southern Chester County, a 72,000 sq. ft. healthcare facility anchored by Penn Medicine Chester County Hospital (Penn Medicine) in Jennersville, PA.
Located in Penn Township, Penn Medicine Southern Chester County offers comprehensive outpatient services to residents of southern Chester County. Penn Medicine services include lab draw, physical therapy, primary care, and imaging consisting of MRI, CT, X-ray, Ultrasound and Bone Density. In addition, specialty physician practices lease space in the building including cardiology, ENT, GI, ophthalmology, orthopedics and pediatrics.
“As a local resident to Jennersville, it’s been particularly rewarding to develop this project in my own backyard,” says Katie Jacoby, senior vice president of Anchor Health Properties. “We designed Penn Medicine Southern Chester County with the patient experience first and foremost. From its visible and convenient location to the amenities and services within, every element is designed to make the experience seamless and pleasant.”
Penn Medicine Southern Chester County is located at the intersection of Routes 1 and 796, two heavily traveled roads in the most rapidly growing community in Chester County, offering easy access for all points between Avondale and Oxford. The project’s 45-acre site includes walking trails, meadows, landscaping and ample parking. The project architect is Array Architects and the construction manager is Norwood Company.
“Many of the patients who utilize ancillary and inpatient services of Chester County Hospital are residents of Southern Chester County. With this population growing, Penn Medicine Southern Chester County allows individuals and families to be seen locally in one convenient location. We anticipate that this will make a very positive difference in the lives of those living in this part of our region,” says Michael J. Duncan, president and CEO of Penn Medicine Chester County Hospital.
You can watch a video about the facility in the player below.
www.omegare.com
Anchor Health Properties has opened Penn Medicine Southern Chester County, a 72,000 sq. ft. healthcare facility anchored by Penn Medicine Chester County Hospital (Penn Medicine) in Jennersville, PA.
Located in Penn Township, Penn Medicine Southern Chester County offers comprehensive outpatient services to residents of southern Chester County. Penn Medicine services include lab draw, physical therapy, primary care, and imaging consisting of MRI, CT, X-ray, Ultrasound and Bone Density. In addition, specialty physician practices lease space in the building including cardiology, ENT, GI, ophthalmology, orthopedics and pediatrics.
“As a local resident to Jennersville, it’s been particularly rewarding to develop this project in my own backyard,” says Katie Jacoby, senior vice president of Anchor Health Properties. “We designed Penn Medicine Southern Chester County with the patient experience first and foremost. From its visible and convenient location to the amenities and services within, every element is designed to make the experience seamless and pleasant.”
Penn Medicine Southern Chester County is located at the intersection of Routes 1 and 796, two heavily traveled roads in the most rapidly growing community in Chester County, offering easy access for all points between Avondale and Oxford. The project’s 45-acre site includes walking trails, meadows, landscaping and ample parking. The project architect is Array Architects and the construction manager is Norwood Company.
“Many of the patients who utilize ancillary and inpatient services of Chester County Hospital are residents of Southern Chester County. With this population growing, Penn Medicine Southern Chester County allows individuals and families to be seen locally in one convenient location. We anticipate that this will make a very positive difference in the lives of those living in this part of our region,” says Michael J. Duncan, president and CEO of Penn Medicine Chester County Hospital.
You can watch a video about the facility in the player below.
www.omegare.com
Friday, May 22, 2015
King of Prussia's Nordstrom Rack to relocate
Natalie Kostelni, Staff Writer for Philadelphia Business Journal
Nordstrom Rack plans to relocate a store that now sits across from the King of Prussia Mall to the King of Prussia Town Center, which is about a mile away and under construction.
The new store will total 35,000-square-feet and is scheduled to open in the fall of 2016. Its current Nordstrom Rack at the Overlook at King of Prussia is slightly bigger at 45,000-square-feet and opened in 2002. It is on the second floor of a structure that houses a Best Buy.
Though not far from its current location, the company expects the move to be an improvement.
“We thought this would be a good opportunity to be part of new center and it will be a better location for our customers,” said a spokeswoman from Nordstrom Inc.
Nordstrom Rack will join Ulta Beauty at the King of Prussia Town Center, which is a 230,000-square-foot retail center off North Gulph Road in King of Prussia, Pa. It is being developed on 20 acres by JBGR Retail of Maryland.
Other tenants in the retail center haven't been disclosed though they are expected to be a mix of restaurants and stores.
Full story: http://tinyurl.com/mwdbpw7
www.omegare.com
Nordstrom Rack plans to relocate a store that now sits across from the King of Prussia Mall to the King of Prussia Town Center, which is about a mile away and under construction.
The new store will total 35,000-square-feet and is scheduled to open in the fall of 2016. Its current Nordstrom Rack at the Overlook at King of Prussia is slightly bigger at 45,000-square-feet and opened in 2002. It is on the second floor of a structure that houses a Best Buy.
Though not far from its current location, the company expects the move to be an improvement.
“We thought this would be a good opportunity to be part of new center and it will be a better location for our customers,” said a spokeswoman from Nordstrom Inc.
Nordstrom Rack will join Ulta Beauty at the King of Prussia Town Center, which is a 230,000-square-foot retail center off North Gulph Road in King of Prussia, Pa. It is being developed on 20 acres by JBGR Retail of Maryland.
Other tenants in the retail center haven't been disclosed though they are expected to be a mix of restaurants and stores.
Full story: http://tinyurl.com/mwdbpw7
www.omegare.com
Subscribe to:
Posts (Atom)
