Friday, October 16, 2015
Employee Benefits Firm Moving to SORA in Conshohocken
by Steve Lubetkin, Globest.com
Keystone Property Group has attracted Brown & Brown of Pennsylvania, an employee benefits and business insurance firm, to SORA East, its redevelopment project in Conshohocken, PA.
Brown & Brown signed a 16,846-square-foot lease at 125 East Elm Street (known as SORA East), which is part of a multifaceted, transit-oriented redevelopment initiative located in the heart of Conshohocken.
“It’s become abundantly clear that Conshohocken provides a mix of urban vitality and accessibility to Philadelphia that is attractive to businesses throughout the region,” says Bill Glazer, president of Keystone. “With SORA, we’re on the precipice of creating a truly special centerpiece in the borough – a commercial and cultural nucleus that will harness the rising energy of Conshohocken by providing a central hub to work, stay, and play.”
Brown & Brown adds to a tenant base at SORA East that includes Keystone itself, which relocated its headquarters to Conshohocken in February 2015. Keystone currently owns four commercial properties in Conshohocken, a burgeoning suburb of Philadelphia only a short drive or SEPTA ride from the city.
Upon completion, SORA – formerly known as One Conshohocken – will consist of more than 350,000 square feet of class A office space, structured parking, and a 220-room, hotel.
www.omegare.com
Keystone Property Group has attracted Brown & Brown of Pennsylvania, an employee benefits and business insurance firm, to SORA East, its redevelopment project in Conshohocken, PA.
Brown & Brown signed a 16,846-square-foot lease at 125 East Elm Street (known as SORA East), which is part of a multifaceted, transit-oriented redevelopment initiative located in the heart of Conshohocken.
“It’s become abundantly clear that Conshohocken provides a mix of urban vitality and accessibility to Philadelphia that is attractive to businesses throughout the region,” says Bill Glazer, president of Keystone. “With SORA, we’re on the precipice of creating a truly special centerpiece in the borough – a commercial and cultural nucleus that will harness the rising energy of Conshohocken by providing a central hub to work, stay, and play.”
Brown & Brown adds to a tenant base at SORA East that includes Keystone itself, which relocated its headquarters to Conshohocken in February 2015. Keystone currently owns four commercial properties in Conshohocken, a burgeoning suburb of Philadelphia only a short drive or SEPTA ride from the city.
Upon completion, SORA – formerly known as One Conshohocken – will consist of more than 350,000 square feet of class A office space, structured parking, and a 220-room, hotel.
www.omegare.com
Paradise Properties Acquires Montgomery County, PA Multifamily
by Steve Lubetkin, Globest.com
Paradise Properties has acquired the Madison Hunt Club in Montgomery County, PA, from Equus Capital Partners for $65 million. The 320-unit apartment community is in North Wales, PA, 20 miles north of Philadelphia. At the time of the sale, the community was 96 percent occupied.
“Madison Hunt Club’s convenient and irreplaceable infill location within immediate proximity to such desirable retail amenities as Whole Foods and Trader Joe’s resulted in extraordinary investor interest in this community,” says Greg Curci, vice president of Equus, who was responsible for overseeing the disposition for the firm.
Located less than a half mile from the entrance to the 309 Expressway, Madison Hunt Club has convenient access to the Pennsylvania Turnpike and downtown Philadelphia, as well as the major employment centers of Montgomery and Bucks County. The garden style apartment community offers a diverse mix of one, two, and three bedroom apartments in a low-density and attractive setting. All units offer private entrances, full-size washers and dryers, and patios or balconies. Community amenities include an outdoor swimming pool, tennis and basketball courts, fitness center, playground, and a nature trail.
An affiliate of Equus acquired Madison Hunt Club from AIMCO in 2008 as part of a three-property portfolio. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.
www.omegare.com
Paradise Properties has acquired the Madison Hunt Club in Montgomery County, PA, from Equus Capital Partners for $65 million. The 320-unit apartment community is in North Wales, PA, 20 miles north of Philadelphia. At the time of the sale, the community was 96 percent occupied.
“Madison Hunt Club’s convenient and irreplaceable infill location within immediate proximity to such desirable retail amenities as Whole Foods and Trader Joe’s resulted in extraordinary investor interest in this community,” says Greg Curci, vice president of Equus, who was responsible for overseeing the disposition for the firm.
Located less than a half mile from the entrance to the 309 Expressway, Madison Hunt Club has convenient access to the Pennsylvania Turnpike and downtown Philadelphia, as well as the major employment centers of Montgomery and Bucks County. The garden style apartment community offers a diverse mix of one, two, and three bedroom apartments in a low-density and attractive setting. All units offer private entrances, full-size washers and dryers, and patios or balconies. Community amenities include an outdoor swimming pool, tennis and basketball courts, fitness center, playground, and a nature trail.
An affiliate of Equus acquired Madison Hunt Club from AIMCO in 2008 as part of a three-property portfolio. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.
www.omegare.com
Thursday, October 15, 2015
Brandywine Realty Trust Sells Mt Laurel Corporate Park I
Brandywine Realty Trust sold the Mt. Laurel Corproate Park 1 office building at 1000 Howard Blvd. in Mount Laurel, NJ for $16.5 million, or about $157 per square foot.
The 105,312-square-foot building was constructed in 1988 and renovated in 2011. Some notable tenants are CBRE and Berkely Holdings Corp.
www.omegare.com
The 105,312-square-foot building was constructed in 1988 and renovated in 2011. Some notable tenants are CBRE and Berkely Holdings Corp.
www.omegare.com
Wednesday, October 14, 2015
Prologis Delivers 1.5M-SF Park 81
Prologis completed construction of Park 81, a 1.5 million-square-foot distribution facility at 234 Walnut Bottom Rd. in Shippensburg, PA.
Prologis broke ground on the property in the fourth quarter of 2014. The industrial building features 150 docks, 36-foot ceiling heights, and 56-foot column spacing.
Georgia-Pacific, a manufacturer of pulp and paper products, will occupy the entire built-to-suit property under a seven-year lease signed in 2014.
www.omegare.com
Prologis broke ground on the property in the fourth quarter of 2014. The industrial building features 150 docks, 36-foot ceiling heights, and 56-foot column spacing.
Georgia-Pacific, a manufacturer of pulp and paper products, will occupy the entire built-to-suit property under a seven-year lease signed in 2014.
www.omegare.com
Brennan Investment Grp Completes Sale Leaseback of Markel HQ
Brennan Investment Group LLC purchased the industrial building at 435 School Ln. in Plymouth Meeting, PA from Markel Corporation for an undisclosed amount, immediately leasing back the entire facility to Markel, one of the country’s largest manufacturers of high-end fluoropolymer solutions.
The 167,666-square-foot manufacturing facility was built in 1930 on 10.6 acres in the East Montgomery County Industrial submarket of Philadelphia. The two-story building also houses the firm's corporate headquarters.
www.omegare.com
The 167,666-square-foot manufacturing facility was built in 1930 on 10.6 acres in the East Montgomery County Industrial submarket of Philadelphia. The two-story building also houses the firm's corporate headquarters.
www.omegare.com
Miller Investment Mgmt Acquires The Plaza
Miller Investment Management acquired The Plaza office building at 401 Market St. in Philadelphia, PA from National Financial Realty and Oaktree Capital Management LP for an undisclosed amount.
The 11-story, 507,214-square-foot office building was constructed in 1973 on 1.8 acres in the Independence Hall submarket. The asset anchored by Wells Fargo in approximately 372,000 square feet.
www.omegare.com
The 11-story, 507,214-square-foot office building was constructed in 1973 on 1.8 acres in the Independence Hall submarket. The asset anchored by Wells Fargo in approximately 372,000 square feet.
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