Dollar Financial Group, Inc. leased 33,892 square feet in the ArborRidge 3 office building at 74 E. Swedesford Rd. in Malvern, PA.
The single-story, 56,128-square-foot property was built in 1958 on 5.2 acres in the Exton / Whitelands submarket of Chester County, part of the ArborRidge business park. The campus includes an amenities center, fitness center, conferencing facilities, cafe and dedicated food truck parking area, located less than 30 miles from the Philadelphia International Airport and Center City Philadelphia.
www.omegare.com
Wednesday, December 30, 2015
Dick's Leases 50,000 SF at Cumberland Mall
Dick's Sporting Goods has leased 50,000 square feet at the Cumberland Mall in Vineland, NJ.
The 1.27 million-square-foot super regional enclosed mall was built in 1973 on 110 acres in the Southern New Jersey submarket of Cumberland County, between the Atlantic City and Philadelphia International Airports. Dick's will fill the recently-vacated J.C. Penney anchor space at the mall, which is home to 90 retailers including Boscov's, Burlington Coat Factory, Marshalls, ULTA and Regal Cinemas.
"The addition of Dick's Sporting Goods will improve the merchandise mix and solidify the tenant roster at Cumberland Mall," said Joseph F. Coradino, CEO, PREIT, noting that the transaction demonstrates the firm's continued success in replacing anchors with in-demand retailers. "This transaction cements Cumberland Mall's position as a dominant retail hub in the area and adds to its appeal catering to a wide variety of consumers."
www.omegare.com
The 1.27 million-square-foot super regional enclosed mall was built in 1973 on 110 acres in the Southern New Jersey submarket of Cumberland County, between the Atlantic City and Philadelphia International Airports. Dick's will fill the recently-vacated J.C. Penney anchor space at the mall, which is home to 90 retailers including Boscov's, Burlington Coat Factory, Marshalls, ULTA and Regal Cinemas.
"The addition of Dick's Sporting Goods will improve the merchandise mix and solidify the tenant roster at Cumberland Mall," said Joseph F. Coradino, CEO, PREIT, noting that the transaction demonstrates the firm's continued success in replacing anchors with in-demand retailers. "This transaction cements Cumberland Mall's position as a dominant retail hub in the area and adds to its appeal catering to a wide variety of consumers."
www.omegare.com
M&J Wilkow, USAA Pay $188M for East Gate Shopping Center
M & J Wilkow Ltd. and joint-venture partner USAA Real Estate Company acquired the East Gate Square shopping center at 1000 - 1690 Nixon Dr. in Mount Laurel, NJ from Equus Capital Partners Ltd. for $188 million, or about $252 per square foot.
The 746,535-square-foot power center was built in six phases between 1992 and 2002 in a densely populated trade area in the North Burlington County submarket of Philadelphia, directly served by I-295 and Rtes. 73 and 38.
Surrounding the separately-owned Moorestown Mall and Home Depot shadow anchor, the center is currently 88 percent leased to more than 60 tenants including Shop Rite, Dicks Sporting Goods, Ross Dress for Less and PetSmart. Almost 90 percent of gross revenue at the center is generated by national and regional credit tenants.
www.omegare.com
The 746,535-square-foot power center was built in six phases between 1992 and 2002 in a densely populated trade area in the North Burlington County submarket of Philadelphia, directly served by I-295 and Rtes. 73 and 38.
Surrounding the separately-owned Moorestown Mall and Home Depot shadow anchor, the center is currently 88 percent leased to more than 60 tenants including Shop Rite, Dicks Sporting Goods, Ross Dress for Less and PetSmart. Almost 90 percent of gross revenue at the center is generated by national and regional credit tenants.
www.omegare.com
AION to Acquire 12-property AIG MF portfolio
by Steve Lubetkin, Globest.com
AIG Global Real Estate Investment has sold a 12-property apartment portfolio totaling 2,811 units located in New Jersey, Pennsylvania and Delaware, the remains of a portfolio it acquired from Kushner Companies in 2007. The buyer is thought to be New York-based AION Partners in a deal.
The buyer purchased the portfolio for approximately $165.4 million free and clear of existing debt. This transaction represents the largest multi-housing sale of 2015 in New Jersey, according to Real Capital Analytics.
In June 2007, Kushner Companies completed the sale of more than 17,500 apartment units in five states to a partnership of AIG and Morgan Properties, King of Prussia, PA. In October 2013, Morgan reportedly bought out AIG and another partner and took sole ownership of about 15,000 units. AIG retained the balance of the units, which would make up the bulk of the transaction announced today.
The well-leased, garden-style communities offer a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size. Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks. Several of the properties have undergone interior unit upgrades with proven rental premiums. Seven of the properties are located in New Jersey; three are in Pennsylvania; and two in Delaware.
List of properties: http://tinyurl.com/zmbb39r
www.omegare.com
AIG Global Real Estate Investment has sold a 12-property apartment portfolio totaling 2,811 units located in New Jersey, Pennsylvania and Delaware, the remains of a portfolio it acquired from Kushner Companies in 2007. The buyer is thought to be New York-based AION Partners in a deal.
The buyer purchased the portfolio for approximately $165.4 million free and clear of existing debt. This transaction represents the largest multi-housing sale of 2015 in New Jersey, according to Real Capital Analytics.
In June 2007, Kushner Companies completed the sale of more than 17,500 apartment units in five states to a partnership of AIG and Morgan Properties, King of Prussia, PA. In October 2013, Morgan reportedly bought out AIG and another partner and took sole ownership of about 15,000 units. AIG retained the balance of the units, which would make up the bulk of the transaction announced today.
The well-leased, garden-style communities offer a mix of one-, two- and three-bedroom units averaging approximately 800 square feet in size. Amenity packages vary by community but include fitness centers, swimming pools, tennis courts, playgrounds and dog parks. Several of the properties have undergone interior unit upgrades with proven rental premiums. Seven of the properties are located in New Jersey; three are in Pennsylvania; and two in Delaware.
List of properties: http://tinyurl.com/zmbb39r
www.omegare.com
Tuesday, December 29, 2015
PA Ridge Associates Acquires Independence Press Building
by Steve Lubetkin, Globest.com
P.A. Ridge Associates is acquiring The Independence Press Building, a vacant 156,000 square foot property at 525 North 11th Street in Philadelphia, PA, for $5 million. Ridge is planning loft-style residential units in the property.
“Continued development along North Broad Street and its adjacent neighborhoods has been well received due to the area’s access to transit, major roadways, and the Reading Viaduct project,” Anthony Palmiotto, the Kislak Company sales associate who represented the purchaser, tells GlobeSt.com exclusively. “Planned redevelopments of historic properties such as the Independence Press Building and Divine Lorraine Hotel highlight the eagerness of multifamily developers to pursue projects north of Spring Garden Street. It’s exciting to see projects like these help to link the North Broad Street of Center City with the North Broad Street of Temple University.”
Kislak senior vice president Matt Weilheimer represented the seller in the transaction.
The former factory is fully-approved for 92 loft-style residential units with parking. It is located in the rapidly changing "loft-district" neighborhood that has quickly become desirable for millennials and young professionals given its easy access to Center City Philadelphia and area hospitals and universities.
“The seller achieved a price that reflects the strong multifamily market in the Philadelphia metropolitan area,” says Palmiotto. “And the buyer was eager to acquire a historic building that was ready for immediate redevelopment in an up-and-coming neighborhood.”
www.omegare.com
P.A. Ridge Associates is acquiring The Independence Press Building, a vacant 156,000 square foot property at 525 North 11th Street in Philadelphia, PA, for $5 million. Ridge is planning loft-style residential units in the property.
“Continued development along North Broad Street and its adjacent neighborhoods has been well received due to the area’s access to transit, major roadways, and the Reading Viaduct project,” Anthony Palmiotto, the Kislak Company sales associate who represented the purchaser, tells GlobeSt.com exclusively. “Planned redevelopments of historic properties such as the Independence Press Building and Divine Lorraine Hotel highlight the eagerness of multifamily developers to pursue projects north of Spring Garden Street. It’s exciting to see projects like these help to link the North Broad Street of Center City with the North Broad Street of Temple University.”
Kislak senior vice president Matt Weilheimer represented the seller in the transaction.
The former factory is fully-approved for 92 loft-style residential units with parking. It is located in the rapidly changing "loft-district" neighborhood that has quickly become desirable for millennials and young professionals given its easy access to Center City Philadelphia and area hospitals and universities.
“The seller achieved a price that reflects the strong multifamily market in the Philadelphia metropolitan area,” says Palmiotto. “And the buyer was eager to acquire a historic building that was ready for immediate redevelopment in an up-and-coming neighborhood.”
www.omegare.com
Monday, December 28, 2015
Brandywine Sells Cira Square, Former Post Office in Philadelphia
by Steve Lubetkin, Globest.com
Brandywine Realty Trust is selling Cira Square, the former main US Post Office complex in the University City district of Philadelphia for $354 million. It’s the largest of a group of property sales the real estate investment trust announced Wednesday that Brandywine says will generate $389 million.
"The transactions reinforce our stated goals of prefunding our development pipeline and further improving our financial capacity through accelerated dispositions," Brandywine president and CEO Gerard H. Sweeney says. "The sale of Cira Square reflects our ability to both create and harvest value and will generate a significant gain to our shareholders. We acquired the historic post office building in 2007, embarked on a multi-year renovation of this iconic Philadelphia landmark and rebranded it as Cira Square. The other asset sales represent our continued efforts to reduce our ownership in non-core assets and markets.”
The five office properties Brandywine is selling contain an aggregate of slightly more than 1.2 million rentable square feet. The Cira Square property totals 862,700 square feet and is 100% leased to the General Services Administration and occupied by the Internal Revenue Service. Brandywine expects the sale to close in the first half of the first quarter 2016, and says it will use the proceeds to prepay the current mortgage totaling $177.4 million, and the mortgage on the 1,662-space parking garage at the newly constructed Cira Centre South totaling $35.5 million.
After the transaction, Brandywine will continue to provide management services at the Cira Square property.
Brandywine also sold three office properties totaling 196,100 square feet in Carlsbad, CA, for $30.4 million, or $155 per square foot; a 1.6 acre development site at the corner of Second and King Streets in Wilmington, DE, for $6.5 million; and a 158,000 square foot flex/office property in King of Prussia, PA, for $4.6 million, or $29 per square foot.
Brandywine says it expects the transactions to result in a net gain of approximately $96.7 million. Brandywine expects to use the net proceeds to fund current development commitments, reduce debt and general corporate purposes.
www.omegare.com
Brandywine Realty Trust is selling Cira Square, the former main US Post Office complex in the University City district of Philadelphia for $354 million. It’s the largest of a group of property sales the real estate investment trust announced Wednesday that Brandywine says will generate $389 million.
"The transactions reinforce our stated goals of prefunding our development pipeline and further improving our financial capacity through accelerated dispositions," Brandywine president and CEO Gerard H. Sweeney says. "The sale of Cira Square reflects our ability to both create and harvest value and will generate a significant gain to our shareholders. We acquired the historic post office building in 2007, embarked on a multi-year renovation of this iconic Philadelphia landmark and rebranded it as Cira Square. The other asset sales represent our continued efforts to reduce our ownership in non-core assets and markets.”
The five office properties Brandywine is selling contain an aggregate of slightly more than 1.2 million rentable square feet. The Cira Square property totals 862,700 square feet and is 100% leased to the General Services Administration and occupied by the Internal Revenue Service. Brandywine expects the sale to close in the first half of the first quarter 2016, and says it will use the proceeds to prepay the current mortgage totaling $177.4 million, and the mortgage on the 1,662-space parking garage at the newly constructed Cira Centre South totaling $35.5 million.
After the transaction, Brandywine will continue to provide management services at the Cira Square property.
Brandywine also sold three office properties totaling 196,100 square feet in Carlsbad, CA, for $30.4 million, or $155 per square foot; a 1.6 acre development site at the corner of Second and King Streets in Wilmington, DE, for $6.5 million; and a 158,000 square foot flex/office property in King of Prussia, PA, for $4.6 million, or $29 per square foot.
Brandywine says it expects the transactions to result in a net gain of approximately $96.7 million. Brandywine expects to use the net proceeds to fund current development commitments, reduce debt and general corporate purposes.
www.omegare.com
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