The 95,802-square-foot Williamstown Shopping Center is owned and managed by RD Management LLC. It is anchored by Dollar General, CVS Pharmacy and Total Fitness.
Friday, January 29, 2016
Rockin’ Jump Leases Space in Williamstown
Rockin’ Jump, a recreational trampoline park, has signed a five-year lease for 21,006 square feet of retail space at 1231 S. Black Horse Pike in Williamstown, NJ.
The 95,802-square-foot Williamstown Shopping Center is owned and managed by RD Management LLC. It is anchored by Dollar General, CVS Pharmacy and Total Fitness.
www.omegare.com
The 95,802-square-foot Williamstown Shopping Center is owned and managed by RD Management LLC. It is anchored by Dollar General, CVS Pharmacy and Total Fitness.
Planet Fitness to Occupy 20,000 SF in Middletown Square
Planet Fitness signed a lease for 19,508 square feet at the Middletown Square shopping center at 701-881 N. Broad St. in Middletown, DE.
The 291,858-square-foot shopping center was built in 1990, has a parking ratio of 2.8:1, and is anchored by Dollar Tree and Pet City.
www.omegare.com
The 291,858-square-foot shopping center was built in 1990, has a parking ratio of 2.8:1, and is anchored by Dollar Tree and Pet City.
www.omegare.com
Main Street Movies 5 Leases 18,000 SF in Newark
Atlantic Realty Company leased 18,000SF of retail space at the Newark Shopping Center located at 301-415 Newark Shopping Center in Newark DE. The Shopping center consists of a total 183,017 square feet and recently completed a renovation in 2015.
The tenants plan to apply for a permit to serve a full bar as well to its customers. The 18,000 SF space plans its renovation and build out to begin in February, 2016 with an opening date set for late summer.
www.omegare.com
The tenants plan to apply for a permit to serve a full bar as well to its customers. The 18,000 SF space plans its renovation and build out to begin in February, 2016 with an opening date set for late summer.
www.omegare.com
University of Pennsylvania Health System Leases Space at Centre Square
The University of Pennsylvania Health System has signed a 10-year lease for 29,583 square feet in the office building located at 1500 Market St. in Philadelphia, PA.
The 43-story, 1.38 million-square-foot Centre Square West Tower building was designed by Vincent G. Kling & Partners and delivered in 1974, with a renovation completed in 1991.
The University’s lease includes space on floors 8 - 12 and 14. Other tenants in the building include Sovereign Bank, Public Health Management Corporation and Comcast, among others.
www.omegare.com
The 43-story, 1.38 million-square-foot Centre Square West Tower building was designed by Vincent G. Kling & Partners and delivered in 1974, with a renovation completed in 1991.
The University’s lease includes space on floors 8 - 12 and 14. Other tenants in the building include Sovereign Bank, Public Health Management Corporation and Comcast, among others.
www.omegare.com
Goodwill Leases 18,000 SF in Trappe
Goodwill leased 17,650 square feet of retail space on a 10-year basis at the Trappe Center retail center at 130A W. Main St. in Trappe. PA.
Trappe Center totals 122,822 square feet, built in 1991. Goodwill will be sharing the property with a grocery anchor and CVS Pharmacy, among others.
www.omegare.com
Trappe Center totals 122,822 square feet, built in 1991. Goodwill will be sharing the property with a grocery anchor and CVS Pharmacy, among others.
www.omegare.com
Thursday, January 28, 2016
Blumenfeld: Philadelphia’s North Broad Corridor ‘Connects the Dots’
by Steve Lubetkin, Globest.com
Philadelphia’s North Broad Corridor, one of the hottest redevelopment sites in Center City, can help “connect the dots” of redevelopment more broadly between the Center City area and the Temple University complex in North Philadelphia, Eric Blumenfeld, founder and principal, EB Realty Management Corp., tells GlobeSt.com exclusively.
“I’m going to talk about how we can connect the dots about where we came from and where we’re going, the distinctive buildings that we’re involved in and why they lend so much character,” he says. “How can we preserve them in a way that’s respectful of the past and see the need to cure obsolescence and create the best situation for the neighborhood.”
Blumenfeld, who is participating in the “Build, Rebuild, Renew” panel at ALM’s RealShare Philadelphia Conference February 9 at the historic Union League Club, has several signature projects in the works on North Broad Street. Coming off the ribbon cutting for his Mural Loft Apartments in the former Thaddeus Stevens School of Practice, a former school building at the corner of North Broad and Spring Garden Streets, Blumenfeld and his financing partner, William “Billy” Procida of Procida Funding recently launched the redevelopment of the historic Divine Lorraine Hotel in the neighborhood, which will encompass residential, office, retail, and dining space in an unusual and iconic building.
“It’s a lot about critical mass,” says Blumenfeld. “When we built 640 North Broad, the upper floors proved the residential model, that people would actually live on North Broad Street, and then Osteria proved the commercial model. That only happened because the development in the neighborhoods that flank Broad Street, Francisville and Fairmount, was happening for decades.”
Now that the Divine Lorraine, the Studebaker Building, and other projects are underway on North Broad Street, says Blumenfeld, “you can start to see North Broad Street as a kind of connected community that’s walkable and scalable.”
The demand is clearly there, says Blumenfeld.
“The absorption is very, very fast there,” he says. “We came on line with the Mural Arts building in late November and December, and here we are in late January, we’re 70 percent occupied. Nobody would have believed that. We expected it would take six months or maybe a year to absorb that community. And I’ve never seen a building have more of a mystique than the Divine Lorraine. I expect that to lease up even faster than Mural Arts.”
The “Build, Rebuild, Renew: Development and Redevelopment Around Philadelphia” panel, also will include as panelists Robert Cottone, president and CEO, IMC Construction; Michael D'Onofrio, managing director, Engineered Tax Services, and Gary Gabriel, executive vice president, Cushman & Wakefield of New Jersey. Moderating the panel is Carl Primavera, partner, Klehr, Harrison, Harvey, Branzburg.
Panelists will discuss the area’s most notable projects as well as the in-demand geographical areas, available tax abatements, and impact on the community. Among the expected topics:
Will Camden do for Philadelphia what Jersey City did for NYC?
Where does repurposing fit into the thriving activity, and
Will these projects continue to flourish or will they falter from overbuilding?
The panel is scheduled to start at 11:05 a.m. The conference kicks off Tuesday, February 9 at 7:30 am at the Union League Club, 140 South Broad Street, Philadelphia.
www.omegare.com
Philadelphia’s North Broad Corridor, one of the hottest redevelopment sites in Center City, can help “connect the dots” of redevelopment more broadly between the Center City area and the Temple University complex in North Philadelphia, Eric Blumenfeld, founder and principal, EB Realty Management Corp., tells GlobeSt.com exclusively.
“I’m going to talk about how we can connect the dots about where we came from and where we’re going, the distinctive buildings that we’re involved in and why they lend so much character,” he says. “How can we preserve them in a way that’s respectful of the past and see the need to cure obsolescence and create the best situation for the neighborhood.”
Blumenfeld, who is participating in the “Build, Rebuild, Renew” panel at ALM’s RealShare Philadelphia Conference February 9 at the historic Union League Club, has several signature projects in the works on North Broad Street. Coming off the ribbon cutting for his Mural Loft Apartments in the former Thaddeus Stevens School of Practice, a former school building at the corner of North Broad and Spring Garden Streets, Blumenfeld and his financing partner, William “Billy” Procida of Procida Funding recently launched the redevelopment of the historic Divine Lorraine Hotel in the neighborhood, which will encompass residential, office, retail, and dining space in an unusual and iconic building.
“It’s a lot about critical mass,” says Blumenfeld. “When we built 640 North Broad, the upper floors proved the residential model, that people would actually live on North Broad Street, and then Osteria proved the commercial model. That only happened because the development in the neighborhoods that flank Broad Street, Francisville and Fairmount, was happening for decades.”
Now that the Divine Lorraine, the Studebaker Building, and other projects are underway on North Broad Street, says Blumenfeld, “you can start to see North Broad Street as a kind of connected community that’s walkable and scalable.”
The demand is clearly there, says Blumenfeld.
“The absorption is very, very fast there,” he says. “We came on line with the Mural Arts building in late November and December, and here we are in late January, we’re 70 percent occupied. Nobody would have believed that. We expected it would take six months or maybe a year to absorb that community. And I’ve never seen a building have more of a mystique than the Divine Lorraine. I expect that to lease up even faster than Mural Arts.”
The “Build, Rebuild, Renew: Development and Redevelopment Around Philadelphia” panel, also will include as panelists Robert Cottone, president and CEO, IMC Construction; Michael D'Onofrio, managing director, Engineered Tax Services, and Gary Gabriel, executive vice president, Cushman & Wakefield of New Jersey. Moderating the panel is Carl Primavera, partner, Klehr, Harrison, Harvey, Branzburg.
Panelists will discuss the area’s most notable projects as well as the in-demand geographical areas, available tax abatements, and impact on the community. Among the expected topics:
Will Camden do for Philadelphia what Jersey City did for NYC?
Where does repurposing fit into the thriving activity, and
Will these projects continue to flourish or will they falter from overbuilding?
The panel is scheduled to start at 11:05 a.m. The conference kicks off Tuesday, February 9 at 7:30 am at the Union League Club, 140 South Broad Street, Philadelphia.
www.omegare.com
Station Apartments in Croydon Sells for $6.55M
by Steve Lubetkin, Globest.com
Croydon Station Apartments sold for $6.5 million. It is a 92-unit apartment complex in Bristol, PA. Buyer and seller were not identified. The sale marked the first time the property had been on the market since it was built in 1968.
“The sale of Croydon Station Apartments provided an opportunity to acquire a highly desirable asset in Bucks County. The transaction reflects the continued strong demand among investors for apartments, even as interest rates began to rise. Given the strength of the market, we obtained an aggressive price for the property, which was approximately 95 percent occupied at closing.”
All units at Croydon Station, 909 Bristol Pike, offer large floor plans, eat-in kitchens, and very large walk-in closets. Before the sale, the owner had upgraded select units with new kitchens and bathrooms. New hot water heaters were also installed throughout the property.
“The purchaser was eager to acquire such a strong property from a long term owner."
The property is located along Bristol Pike (U.S. 13) directly across from the Croydon Station SEPTA Line. The station is served by the Trenton Line, which provides access to and from Philadelphia; Trenton, NJ; and NJ Transit to New York City. The property also is near the Delaware Expressway and Pennsylvania Turnpike.
www.omegare.com
Croydon Station Apartments sold for $6.5 million. It is a 92-unit apartment complex in Bristol, PA. Buyer and seller were not identified. The sale marked the first time the property had been on the market since it was built in 1968.
“The sale of Croydon Station Apartments provided an opportunity to acquire a highly desirable asset in Bucks County. The transaction reflects the continued strong demand among investors for apartments, even as interest rates began to rise. Given the strength of the market, we obtained an aggressive price for the property, which was approximately 95 percent occupied at closing.”
All units at Croydon Station, 909 Bristol Pike, offer large floor plans, eat-in kitchens, and very large walk-in closets. Before the sale, the owner had upgraded select units with new kitchens and bathrooms. New hot water heaters were also installed throughout the property.
“The purchaser was eager to acquire such a strong property from a long term owner."
The property is located along Bristol Pike (U.S. 13) directly across from the Croydon Station SEPTA Line. The station is served by the Trenton Line, which provides access to and from Philadelphia; Trenton, NJ; and NJ Transit to New York City. The property also is near the Delaware Expressway and Pennsylvania Turnpike.
www.omegare.com
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