Friday, September 30, 2016
Retailer Five Below Leasing 180K SF On Market Street In Philadelphia
by Steve Lubetkin, Globest.com
Five Below is relocating its corporate headquarters to Philadelphia’s historic Lit Brothers Building at 701 Market Street where it will occupy approximately 180,000 square feet of class A office space plus approximately 15,000 square feet of multi-level retail space.
The 15-year agreement was negotiated with Independence Realty, a division of Brickstone, which owns the building with Madison International, according to Real Capital Analytics, a proprietary research database. Brickstone also owns The Wanamaker Building and other assets in the Market East submarket.
Five Below is relocating from 1818 Market Street, and plans to remodel the space that was once the home of Lit Brothers department store by infusing its own unique brand culture into the building’s rich history. Financial terms were not disclosed.
“We are so excited to continue our great legacy in Philadelphia,” says Joel Anderson, CEO of Five Below. “It’s been our top priority to keep our home base in the city where it all started. This new space will allow our associates to unleash their passions further in a collaborative environment.”
The collaborative efforts of state and city officials over the last three years to keep the retailer in Philadelphia and observed that 701 Market Street offers sufficient space to accommodate current operations as well as the retailer’s anticipated growth in the years ahead.
“Since day one, we knew Five Below needed to stay in Philadelphia,” says Tom Vellios, executive chairman and co-founder of Five Below. “Our first store opened in Wayne, PA, and our headquarters have always remained in center city Philadelphia. Keeping our headquarters in the city is a no-brainer for us. Five Below is a Philadelphia brand. Always has been, always will be. ”
www.omegare.com
Five Below is relocating its corporate headquarters to Philadelphia’s historic Lit Brothers Building at 701 Market Street where it will occupy approximately 180,000 square feet of class A office space plus approximately 15,000 square feet of multi-level retail space.
The 15-year agreement was negotiated with Independence Realty, a division of Brickstone, which owns the building with Madison International, according to Real Capital Analytics, a proprietary research database. Brickstone also owns The Wanamaker Building and other assets in the Market East submarket.
Five Below is relocating from 1818 Market Street, and plans to remodel the space that was once the home of Lit Brothers department store by infusing its own unique brand culture into the building’s rich history. Financial terms were not disclosed.
“We are so excited to continue our great legacy in Philadelphia,” says Joel Anderson, CEO of Five Below. “It’s been our top priority to keep our home base in the city where it all started. This new space will allow our associates to unleash their passions further in a collaborative environment.”
The collaborative efforts of state and city officials over the last three years to keep the retailer in Philadelphia and observed that 701 Market Street offers sufficient space to accommodate current operations as well as the retailer’s anticipated growth in the years ahead.
“Since day one, we knew Five Below needed to stay in Philadelphia,” says Tom Vellios, executive chairman and co-founder of Five Below. “Our first store opened in Wayne, PA, and our headquarters have always remained in center city Philadelphia. Keeping our headquarters in the city is a no-brainer for us. Five Below is a Philadelphia brand. Always has been, always will be. ”
www.omegare.com
Planet Fitness Leases 16,000 SF in Vineland
Plant Fitness leased 16,380 square feet in the Vineland Shopping Center at 22 W. Landis Ave. in Vineland, NJ.
The 105,370-square-foot square foot shopping center was originally built in 1977 and renovated in 1991. Planet Fitness will join Family Dollar and Sir Speedy Prints & Signs.
www.omegare.com
The 105,370-square-foot square foot shopping center was originally built in 1977 and renovated in 1991. Planet Fitness will join Family Dollar and Sir Speedy Prints & Signs.
www.omegare.com
Tuesday, September 27, 2016
Winndevelopment Completes $15M Affordable Housing Renovation In Philadelphia
by Steve Lubetkin, Globest.com
WinnDevelopment has completed a $14.7 million rehabilitation of Breslyn House in Philadelphia, protecting affordable housing in the city’s rapidly gentrifying Walnut Hill neighborhood.
The extensive renovation work was fueled by a public-private refinancing agreement that also preserves the community as federal Project-Based Section 8 Housing until the year 2034.
“As the owners of Breslyn House since 1983, we are proud to invest in this community’s future as badly needed affordable apartments in a fast-changing neighborhood,” says Gilbert Winn, CEO of WinnCompanies. “This project is another example of our commitment to maintaining the highest possible quality subsidized housing in urban communities.”
Breslyn House consists of 48 two-bedroom units and 12 three-bedroom units. There are 30 units set aside for families and individuals whose household income does not exceed 50 percent of Area Median Income (AMI) and 30 units set aside for residents below 60 percent AMI.
The renovation effort included energy efficiency and environmental improvements, building exterior restoration, and enhancement of community spaces, including a new ADA-compliant community room and expanded laundry facilities. Each apartment underwent kitchen and bathroom overhauls, including the installation of new cabinetry, appliances, and fixtures. In addition, three apartments have been made ADA-accessible.
“WinnDevelopment’s investment in the revitalization of Breslyn House Apartments represents a vote of confidence in our diverse and vibrant community,” says Pennsylvania State Sen. Vincent J. Hughes. “The Walnut Hill neighborhood has seen a good deal of investment over the past few years, and we’re grateful to companies like WinnDevelopment for ensuring that we have housing solutions for our most vulnerable residents.”
Financing for the project was made possible by the US Department of Housing and Urban Development; the Pennsylvania Housing Finance Agency, through tax-exempt bonds and the allocation of Low-Income Housing Tax Credits; as well as Bank of America and Citi Community Capital.
Located in the western part of Philadelphia adjacent to the University City area, Breslyn House was built as apartments in 1913 and consists of five, three-story brick and granite buildings with Beaux Arts architectural elements. WinnCompanies converted the property into affordable housing after purchasing it in 33 years ago.
WinnCompanies owns eight housing communities in Pennsylvania totaling 889 apartments. In addition to Breslyn House, the company owns:
The Fred B. Rooney Building, 150 units in Bethlehem;
E.B. McNitt Apartments, 101 units in New Brighton;
Cobbs Creek, 85 units in Philadelphia;
Venango House, 106 units in Philadelphia
Maple Ridge, 91 units in Pittsburgh;
Grant Towers, 60 units in Pittsburgh;
Alleghany Commons, 136 units in Pittsburgh; and,
The Village at Somerset, 100 units in Somerset;
WinnResidential, the company’s property management arm, manages all of those properties, as well as two other Pennsylvania housing communities, totaling 595 units: Governors Square, 291 units in Harrisburg, and Foxwood Manor Apartments, 304 units in Levittown.
WinnDevelopment will begin work later this year on a similar rehabilitation project at the E.B. McNitt Apartments.
www.omegare.com
WinnDevelopment has completed a $14.7 million rehabilitation of Breslyn House in Philadelphia, protecting affordable housing in the city’s rapidly gentrifying Walnut Hill neighborhood.
The extensive renovation work was fueled by a public-private refinancing agreement that also preserves the community as federal Project-Based Section 8 Housing until the year 2034.
“As the owners of Breslyn House since 1983, we are proud to invest in this community’s future as badly needed affordable apartments in a fast-changing neighborhood,” says Gilbert Winn, CEO of WinnCompanies. “This project is another example of our commitment to maintaining the highest possible quality subsidized housing in urban communities.”
Breslyn House consists of 48 two-bedroom units and 12 three-bedroom units. There are 30 units set aside for families and individuals whose household income does not exceed 50 percent of Area Median Income (AMI) and 30 units set aside for residents below 60 percent AMI.
The renovation effort included energy efficiency and environmental improvements, building exterior restoration, and enhancement of community spaces, including a new ADA-compliant community room and expanded laundry facilities. Each apartment underwent kitchen and bathroom overhauls, including the installation of new cabinetry, appliances, and fixtures. In addition, three apartments have been made ADA-accessible.
“WinnDevelopment’s investment in the revitalization of Breslyn House Apartments represents a vote of confidence in our diverse and vibrant community,” says Pennsylvania State Sen. Vincent J. Hughes. “The Walnut Hill neighborhood has seen a good deal of investment over the past few years, and we’re grateful to companies like WinnDevelopment for ensuring that we have housing solutions for our most vulnerable residents.”
Financing for the project was made possible by the US Department of Housing and Urban Development; the Pennsylvania Housing Finance Agency, through tax-exempt bonds and the allocation of Low-Income Housing Tax Credits; as well as Bank of America and Citi Community Capital.
Located in the western part of Philadelphia adjacent to the University City area, Breslyn House was built as apartments in 1913 and consists of five, three-story brick and granite buildings with Beaux Arts architectural elements. WinnCompanies converted the property into affordable housing after purchasing it in 33 years ago.
WinnCompanies owns eight housing communities in Pennsylvania totaling 889 apartments. In addition to Breslyn House, the company owns:
The Fred B. Rooney Building, 150 units in Bethlehem;
E.B. McNitt Apartments, 101 units in New Brighton;
Cobbs Creek, 85 units in Philadelphia;
Venango House, 106 units in Philadelphia
Maple Ridge, 91 units in Pittsburgh;
Grant Towers, 60 units in Pittsburgh;
Alleghany Commons, 136 units in Pittsburgh; and,
The Village at Somerset, 100 units in Somerset;
WinnResidential, the company’s property management arm, manages all of those properties, as well as two other Pennsylvania housing communities, totaling 595 units: Governors Square, 291 units in Harrisburg, and Foxwood Manor Apartments, 304 units in Levittown.
WinnDevelopment will begin work later this year on a similar rehabilitation project at the E.B. McNitt Apartments.
www.omegare.com
Monday, September 26, 2016
$3M Ground Lease Sale Trades For A Planned Sheetz
by Steve Lubetkin, Globest.com
The sale of a 15-year Sheetz ground lease located in Manheim, PA traded. The asset sold at list price, $3 million.
Both the buyer and seller came to the table with different strategies. The developer was looking to pay down debt and invest in future projects, while the buyer was preserving equity in a 15-year corporate-backed lease.”
The triple-net property was sold pre-construction with approved development to include Sheetz, a town center and hotel, part of a three phase development plan. The 6,103-square foot convenience store is part of the company’s new prototype launch that includes 24-hour service and car wash. Sheetz is scheduled to open for business in September 2016.
“These types of transactions highlight the strong appeal for ground leases of well- respected convenience store brands. Brands such as Sheetz, Royal Farms and Wawa have such a strong demand we are noticing these rates have been compressing over the past 15 months compared to the rest of the net-leased market,” says Garthwaite.
www.omegare.com
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