Ross Dress for Less, a discount clothing retailer, has signed a lease for 25,832 square feet in the Imperial Plaza shopping center at 3400 Aramingo Ave. in Philadelphia, PA.
The retail center totals 119,883 square feet. Kode Development Associates developed the property in 1995 on seven acres in the Northeast Philadelphia submarket. Other tenants in the plaza include Ihop, Modell’s Sporting Goods and Rainbow.
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Wednesday, November 30, 2016
Dalian on the Park Goes on the Market
Dalian on the Park, part of the Rodin Square development overlooking the Benjamin Franklin Parkway in Philadelphia, has been placed on the market.
It is the newly-constructed, 293-unit, 5-Star multifamily property at 501 N. 22nd St.
The property, which just opened to renters in recent months, is currently approximately 30 percent leased. The 10-story building, which features a 55,000-square-foot Whole Foods in the ground-floor retail portion, was built by Dalian Development. It is estimated that the property, which sits on three acres behind the Rodin Museum, could go for as much as $180 million.
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It is the newly-constructed, 293-unit, 5-Star multifamily property at 501 N. 22nd St.
The property, which just opened to renters in recent months, is currently approximately 30 percent leased. The 10-story building, which features a 55,000-square-foot Whole Foods in the ground-floor retail portion, was built by Dalian Development. It is estimated that the property, which sits on three acres behind the Rodin Museum, could go for as much as $180 million.
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Connell Foley Leases 71,000 SF at Roseland II
New Jersey law firm Connell Foley has leased 71,000 square feet in the Roseland II office building at 56 Livingston Ave. in Roseland, NJ.
The tenant will relocate its New Jersey headquarters from its nearby location in Roseland after 30 years there, taking space on the first and second floors of the building in spring 2017 when it joins Lowenstein Sandler LLP, Brown & Brown, ME Safris and Magone & Company in the property. Additional space on the second floor and 51,000 square feet on the fourth are still available for lease.
"Our previous location served as the foundation for the growth of our firm," said Philip F. McGovern, Jr., managing partner of Connell Foley. "In continuing to build our platform for the future, we were attracted to 56 at Roseland as it is a tremendous fit from the standpoint of location, building amenities, services and technological capability."
New York-based Gensler will handle Connell Foley's build-out, with 58,000 square feet on the first floor featuring main conference rooms, attorney offices and support operations with its second-floor space housing the firm's working cafe, additional offices for the legal team and administrative workspaces.
Built in 1982, the four-story, 433,945-square-foot, 4-Star office building sits on 55.8 acres in the Suburban Essex / Rt. 280 submarket of Essex County, within the Prudential Business Park. Mountain Development Corp. (MDC) and Square Mile Capital Management paid Merck & Co., Inc. $18.1 million, or about $42 per square foot, for the asset back in December 2011.
MDC and Square Mile have invested nearly $50 million in upgrades and capital improvements to the property, which now features new furniture and flooring, upscale fitness center, cardio/yoga studio, lockers and shower area, a green roof and a professional, 56-acre campus with hiking trails, volleyball, walking paths and an outdoor fire pit and lounge area.
Lowenstein Sandler, another area law firm, recently leased 170,000 square feet in the building and its space is currently undergoing build-out by Manhattan-based Marner & Associates, with a 2017 move-in.
Lowenstein Sandler’s managing partner, Gary Wingens, said, "Our firm is excited to be joined by our colleagues from the Connell Foley firm at 56 Livingston. The building offers first class amenities, such as a new high-end gym and dining and catering facilities designed for professional service firms."
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The tenant will relocate its New Jersey headquarters from its nearby location in Roseland after 30 years there, taking space on the first and second floors of the building in spring 2017 when it joins Lowenstein Sandler LLP, Brown & Brown, ME Safris and Magone & Company in the property. Additional space on the second floor and 51,000 square feet on the fourth are still available for lease.
"Our previous location served as the foundation for the growth of our firm," said Philip F. McGovern, Jr., managing partner of Connell Foley. "In continuing to build our platform for the future, we were attracted to 56 at Roseland as it is a tremendous fit from the standpoint of location, building amenities, services and technological capability."
New York-based Gensler will handle Connell Foley's build-out, with 58,000 square feet on the first floor featuring main conference rooms, attorney offices and support operations with its second-floor space housing the firm's working cafe, additional offices for the legal team and administrative workspaces.
Built in 1982, the four-story, 433,945-square-foot, 4-Star office building sits on 55.8 acres in the Suburban Essex / Rt. 280 submarket of Essex County, within the Prudential Business Park. Mountain Development Corp. (MDC) and Square Mile Capital Management paid Merck & Co., Inc. $18.1 million, or about $42 per square foot, for the asset back in December 2011.
MDC and Square Mile have invested nearly $50 million in upgrades and capital improvements to the property, which now features new furniture and flooring, upscale fitness center, cardio/yoga studio, lockers and shower area, a green roof and a professional, 56-acre campus with hiking trails, volleyball, walking paths and an outdoor fire pit and lounge area.
Lowenstein Sandler, another area law firm, recently leased 170,000 square feet in the building and its space is currently undergoing build-out by Manhattan-based Marner & Associates, with a 2017 move-in.
Lowenstein Sandler’s managing partner, Gary Wingens, said, "Our firm is excited to be joined by our colleagues from the Connell Foley firm at 56 Livingston. The building offers first class amenities, such as a new high-end gym and dining and catering facilities designed for professional service firms."
www.omegare.com
Monday, November 28, 2016
Burlington Leases 42,000 SF in New Castle
Burlington Coat Factory signed a lease for 42,443 square feet in the Brandywine Commons II shopping center at 1000 Rocky Run Pky in Wilmington, DE.
The 165,792-square-foot shopping center was built in 1993. Burlington’s lease includes the anchor space.
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The 165,792-square-foot shopping center was built in 1993. Burlington’s lease includes the anchor space.
www.omegare.com
Whirlpool Breaks Ground on New 1M Sqft Warehouse in Silver Spring Twp
Whirlpool, a leading global appliance manufacturerwith approximately $21 billion in sales, has broken ground on a 1.1 million-square-foot industrial facility at 100 Fry Dr. in Mechanicsburg, PA.
The warehouse will replace the current building on the site, adding another 300,000 square feet in addition to rail access. It is expected to deliver in the third quarter of 2017 in the Harrisburg Area West Industrial submarket of Cumberland County.
Penntex Construction Center is building the warehouse and Exeter Property Group is in charge of property development. Both are Montgomery County-based companies.
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The warehouse will replace the current building on the site, adding another 300,000 square feet in addition to rail access. It is expected to deliver in the third quarter of 2017 in the Harrisburg Area West Industrial submarket of Cumberland County.
Penntex Construction Center is building the warehouse and Exeter Property Group is in charge of property development. Both are Montgomery County-based companies.
www.omegare.com
Tuesday, November 22, 2016
Giant Food Leases 50,000 SF in Feasterville Trevose
Giant Food, a retail grocery chain with locations across the Mid-Atlantic States, signed a lease to occupy 49,672 square feet at 176 W. Street Rd. in Feasterville Trevose. PA.
The 99,648-square-foot former Big K-Mart center was built in 1973 on 12.3 acres in the Lower Bucks County submarket of Philadelphia.
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The 99,648-square-foot former Big K-Mart center was built in 1973 on 12.3 acres in the Lower Bucks County submarket of Philadelphia.
Griffin Subsidiary Secures $26.7M Loan
Two subsidiaries of Griffin Industrial Realty, Inc. have secured a non-recourse mortgage loan totaling $26.7 million from Webster Bank for two properties known as Lehigh Valley Trade Port II.
Lehigh Valley Trade Port includes 5210 Jaindl Blvd. totaling 252,000 square feet and the 280,000-square-foot warehouse located at 5220 Jaindl Blvd. in Bethlehem, PA. Both properties were constructed in 2015 on more than 20 acres in Northampton County.
One of the properties had an existing mortgage with Webster Bank with a balance of $13.7 million. This was refinanced into the new mortgage loan.
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Lehigh Valley Trade Port includes 5210 Jaindl Blvd. totaling 252,000 square feet and the 280,000-square-foot warehouse located at 5220 Jaindl Blvd. in Bethlehem, PA. Both properties were constructed in 2015 on more than 20 acres in Northampton County.
One of the properties had an existing mortgage with Webster Bank with a balance of $13.7 million. This was refinanced into the new mortgage loan.
www.omegare.com
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