Gladstone Commercial Corporation purchased the GSI Commerce Building at 935 1st Ave. in King of Prussia, PA from a private investor for $26 million.
The four-story, 104,000-square-foot office building was constructed in 2001 in Montgomery County, within the First Avenue Corporate Center.
The existing tenant in the building, Radial, will continue to occupy the building. The buyer plans to renovate the property at an estimated cost of $4 million.
www.omegare.com
Thursday, December 29, 2016
Equus Capital Partners Closes Fund X at $361 Million for VF Outlet Center in Philadelphia
Equus Capital Partners Ltd., a Philadelphia-based private equity real estate fund, recently held final close of its 12th discretionary, co-mingled value-added real estate fund, Equus Investment Partnership X. (Fund X), at $361 million, just exceeding its target of $300 million.
Some investors in the fund include the San Joaquin County Employees Retirement Association, Municipal Fire and Police Retirement System of Iowa and the West Virginia Investment Management Board.
Equus Capital said its Fund X is currently about 50% invested across 11 properties in the office, multifamily, and lab/R&D sectors located in the East, Midwest, Southwest and Western regions of the U.S. Equus said many of the assets in the fund are being repositioned via a combination of physical renovations, lease-up or raising property rent rolls.
This month, Equus acquired the VF Outlet Center at 801 Hill Ave. in the suburbs of Philadelphia. Following the acquisition, Equus announced a $70 million redevelopment plan to transform the more than 1 million-square-foot site into a walkable mixed-use campus featuring office, retail and restaurants. Jerome Kranzel, a senior vice president with CBRE's Capital Markets Group, marketed the property on behalf of the seller.
As part of that plan, Equus executed a 150,000-square-foot lease with UGI Energy Services (UGI) to consolidate the firm’s regional offices into an adaptive reuse of one of the site’s original buildings. The property was 35% leased at the time of acquisition.
“As we sought buyers for the VF Outlet Center, it was important to find one committed to redeveloping this historic property in a way that enhanced the Reading community - and we found that in Equus,” said Rick Ott, General Manager of VF Outlet, the seller. “We are excited to be part of the redevelopment as we continue to operate the VF Outlet store at the center.”
www.omegare.com
Some investors in the fund include the San Joaquin County Employees Retirement Association, Municipal Fire and Police Retirement System of Iowa and the West Virginia Investment Management Board.
Equus Capital said its Fund X is currently about 50% invested across 11 properties in the office, multifamily, and lab/R&D sectors located in the East, Midwest, Southwest and Western regions of the U.S. Equus said many of the assets in the fund are being repositioned via a combination of physical renovations, lease-up or raising property rent rolls.
This month, Equus acquired the VF Outlet Center at 801 Hill Ave. in the suburbs of Philadelphia. Following the acquisition, Equus announced a $70 million redevelopment plan to transform the more than 1 million-square-foot site into a walkable mixed-use campus featuring office, retail and restaurants. Jerome Kranzel, a senior vice president with CBRE's Capital Markets Group, marketed the property on behalf of the seller.
As part of that plan, Equus executed a 150,000-square-foot lease with UGI Energy Services (UGI) to consolidate the firm’s regional offices into an adaptive reuse of one of the site’s original buildings. The property was 35% leased at the time of acquisition.
“As we sought buyers for the VF Outlet Center, it was important to find one committed to redeveloping this historic property in a way that enhanced the Reading community - and we found that in Equus,” said Rick Ott, General Manager of VF Outlet, the seller. “We are excited to be part of the redevelopment as we continue to operate the VF Outlet store at the center.”
Thursday, December 22, 2016
Invesco Sells 215,000-SF Hartford Corners in NJ for $35M
Invesco Advisors, Inc. sold the Hartford Corners shopping center at 1310-1361 Fairview Blvd. in Delran, NJ to Principal Real Estate Investors LLC and Levin Management Corporation for $35.1 million, or roughly $163 per square foot.
The 214,841-square-foot, grocery-anchored retail property was constructed in 2003 on 9.9 acres in the North Burlington County submarket of Philadelphia. The center is anchored by Shop-Rite, Planet Fitness and Staples.
www.omegare.com
The 214,841-square-foot, grocery-anchored retail property was constructed in 2003 on 9.9 acres in the North Burlington County submarket of Philadelphia. The center is anchored by Shop-Rite, Planet Fitness and Staples.
www.omegare.com
New 780,000-SF Facility Breaks Ground in York, PA
A brand new 780,000-square-foot warehouse that broke ground this month on-spec is up for lease. Orchard Business Park II - Bldg. A is expected to deliver on E. Canal Rd. in York, PA by year-end 2017.
The 5-Star industrial building will be LERTA-designated with modern amenities including several hundred car parking spaces and 161 trailer stalls, up to 82 loading docks and two drive-ins, potential 75-foot clear heights and 1,600-amp heavy power.
www.omegare.com
The 5-Star industrial building will be LERTA-designated with modern amenities including several hundred car parking spaces and 161 trailer stalls, up to 82 loading docks and two drive-ins, potential 75-foot clear heights and 1,600-amp heavy power.
www.omegare.com
Conshohocken’s Tower Bridge Office Complex Developer Plans New Office Tower in Center City
By: Lance Knickerbocker at Montco.Today
Don Pulver is proposing to build a 38-story office tower at 13th and Market Streets in Philadelphia. He has already put the site under agreement with the Estate of Sam Rappaport, who, together with Richard Basciano, owned some of the city’s prime real estate properties.
The location has languished for years without any development plans. However, thanks to the recent interest in the city’s East Market area and over $1 billion in development planned or already underway, the value of the property has increased significantly.
This is prompting the Oliver Tyrone Pulver Corp to seize on the favorable market conditions and enter the Center City development.
The proposed new tower development would total 840,000 square feet and will cost several hundreds of millions of dollars. The majority of the space would be used for offices with some of the space set aside for retail and other related amenities.
www.omegare.com
Don Pulver is proposing to build a 38-story office tower at 13th and Market Streets in Philadelphia. He has already put the site under agreement with the Estate of Sam Rappaport, who, together with Richard Basciano, owned some of the city’s prime real estate properties.
The location has languished for years without any development plans. However, thanks to the recent interest in the city’s East Market area and over $1 billion in development planned or already underway, the value of the property has increased significantly.
This is prompting the Oliver Tyrone Pulver Corp to seize on the favorable market conditions and enter the Center City development.
The proposed new tower development would total 840,000 square feet and will cost several hundreds of millions of dollars. The majority of the space would be used for offices with some of the space set aside for retail and other related amenities.
www.omegare.com
Wednesday, December 21, 2016
Friday, December 16, 2016
Cohen Equities Acquires CBD Asset
Cohen Equities purchased the top seven floors of 801 Market St. in the heart of Philadelphia's CBD. The 382,801-square-foot office condo is currently anchored by Health and Human Services.
According to Cohen, the acquistions was driven by the strong market fundamentals and the quantifiable demand for high quality, low cost office space. The East Market and Fashion Outlets of Philadelphia mixed use projects are a major catalysts in this submarket as well as other recent leases. 801 Market has strong in place cash flow with a large capitalization. Cohen also said that there are not a lot of assets with value-add options in the marketplace. Cohen Equities' recent purchases are reflective of their institutional-grade focus on the office sector.
www.omegare.com
According to Cohen, the acquistions was driven by the strong market fundamentals and the quantifiable demand for high quality, low cost office space. The East Market and Fashion Outlets of Philadelphia mixed use projects are a major catalysts in this submarket as well as other recent leases. 801 Market has strong in place cash flow with a large capitalization. Cohen also said that there are not a lot of assets with value-add options in the marketplace. Cohen Equities' recent purchases are reflective of their institutional-grade focus on the office sector.
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