by Gary Puleo, Times Hearld
The Collegeville Inn’s new lease on life may not be the culinary comeback many folks were anticipating, but as a senior living facility, much of its legendary history will live on.
Providence Place Senior Living at the Collegeville Inn, which underwent a groundbreaking on the 20-acre site recently, even embraces the long gone smorgasbord’s legend in its name — a first for the company, noted Ashley Uhler, vice president of marketing, whose collection of postcards and prints showcase the restaurant’s heyday in the 1950s and ’60s.
“We usually use the name of the town in the name,” Uhler said, referring to a string of Providence Place Senior Living locations throughout the state. “But because the Collegeville Inn was so well known we thought it would be a nice tie-in. Providence Place is proud to be the company that is resurrecting the nostalgic Collegeville Inn.”
Debuting sometime in the post-World War II years, The Collegeville Inn had been shuttered for years when it was purchased in 1994 by Nutrition Services Management Co. of Kimberton. It reopened in 1997 as the Marketplace Restaurant, which closed in the early 2000s, ultimately landing the property under the ownership of M&T Bank.
Although the restored Inn building overlooking Perkiomen Creek will serve as a private dining room for the 113 units’ residents and their guests, the public will be welcome to attend certain functions, said David Leader, president of Providence Place.
“We’ll certainly have occasional public events where we’ll open our doors to the public with hor d’ouevres and things like that,” noted Leader, who said he is pleased to be retaining so much of the building’s character, which is partly attributable to its “Swiss chalet” beginnings decades ago and partly to its 1990s mountain lodge-style makeover as a food court and training center.
“I had heard of the Collegeville Inn but was not familiar with it. As we explored the project we talked to a lot of people and almost everyone in the area had a story about the Collegeville Inn,” he said. “That’s what captivated us to preserve the integrity, the look, the feel and as much of their memories as we could. We’re keeping some of the most memorable aspects … the cathedral ceiling lobby, the pub barroom with the beautiful woodwork. It really has some exquisite wood carvings.”
Providence Place will provide a continuum of care, ranging from minor assistance to significant daily aid, with a separate memory support component.
“Our philosophy is to try and offer seniors options that are a little more affordable than some that are out there today. We’re excited to be coming to the Collegeville area with our unique philosophy of aging in place. The whole building will be licensed by the state of Pennsylvania as assisted living, but some of the people won’t need much assistance besides meals and transportation, while some will need greater amounts of assistance. If you don’t need assistance, great, you pay less. As you need assistance you can take on more. We’ll have people that will stay five or 10 years, and others who come in active and maybe still driving and will stay until the end of their days,” explained Leader. “This will not be a skilled nursing facility but we will have nurses around the clock. Most people now don’t stay in nursing homes very long anymore. They go for a week or two and then they come home. If I were a resident who had an injury I might recuperate for a few weeks in a nursing home and then return here. So that’s how we will function.”
Leader’s father, George Leader, who served as Governor of Pennsylvania from 1955 to 1959, founded the forerunner to Providence Place, Leader Nursing Centers, back in the 1960s, his son allowed.
“Leader Nursing Centers was a public company that was acquired by another company in the 1980s. My family then decided that in the future we would no longer have companies that could be acquired by someone else, so Providence Place is a private company. We have five other Providence Place Senior Living facilities and also run Country Meadows Retirement Communities. Between the two we have properties across the state.”
Leader noted that the relevance of his company’s name to Lower Providence Township was purely coincidental.
“I often joke that who would have guessed we’d be calling ourselves Providence Place in a township where everything is called ‘providence something’?” he said, laughing.
Before Horst Construction begins erecting the building that will house 113 apartments of varying sizes adjacent to the Inn, a wall will be built to address the property’s longstanding flooding issues.
Full story: http://www.timesherald.com/general-news/20171024/providence-place-breaks-ground-on-assisted-living-facility-at-former-collegeville-inn
www.omegare.com
Monday, October 30, 2017
Checkpoint Extends So. Jersey HQ Lease 10 Years
by Steve Lubetkin, Globest.com
With a $10 million capital improvement commitment from Sky Management Services, inventory control and security firm Checkpoint Systems has extended the lease on its global headquarters for another ten years. Located at 101 Wolf Drive in Thorofare, NJ, the asset is located a few miles from the Philadelphia CBD.
Through its affiliate company, Sky Power, the company will also be installing a renewable solar energy system to help Checkpoint reduce its carbon footprint and produce nearly all its own electric power from non-polluting solar energy.
“This project allows us to create a State of the Art Technology Development Center for Intelligent Retail Solutions,” says John Dargan, president of Checkpoint. “It also allows us to significantly reduce our carbon footprint through the installation of a solar energy system.”
Checkpoint’s global headquarters, which facilitates its North American distribution, research and development, and office operations, was designed and built for the company in 1994.
According to Alex Dembitzer, Sky’s founder and CEO, renovations are scheduled for completion in 2018.
“The renovations at Checkpoint will modernize the facility, and the renewable energy solar project will reduce the carbon footprint while converting the property into a sustainable facility,” says Dembitzer.
Dembitzer has made reducing the environmental impact of Sky’s buildings an increasing priority as part of what he calls his personal social mission.
At New Jersey’s Wedgewood Waterford US corporate headquarters, for instance, Sky installed a 1.5 MW solar energy system which is expected to provide 90 percent of the facility’s electricity.
Additionally, Sky Management made the proactive decision to purchase an adjacent land parcel, making it possible for Checkpoint to expand in the future if needed or for Sky Management to pursue additional development opportunities.
The long-term extension and modernization will preserve more than 150 jobs in Southern NJ and create an estimated 100 construction jobs, supporting Sky’s core values of creating and providing a substantial positive social and environmental impact in the communities in which it is active.
www.omegare.com
With a $10 million capital improvement commitment from Sky Management Services, inventory control and security firm Checkpoint Systems has extended the lease on its global headquarters for another ten years. Located at 101 Wolf Drive in Thorofare, NJ, the asset is located a few miles from the Philadelphia CBD.
Through its affiliate company, Sky Power, the company will also be installing a renewable solar energy system to help Checkpoint reduce its carbon footprint and produce nearly all its own electric power from non-polluting solar energy.
“This project allows us to create a State of the Art Technology Development Center for Intelligent Retail Solutions,” says John Dargan, president of Checkpoint. “It also allows us to significantly reduce our carbon footprint through the installation of a solar energy system.”
Checkpoint’s global headquarters, which facilitates its North American distribution, research and development, and office operations, was designed and built for the company in 1994.
According to Alex Dembitzer, Sky’s founder and CEO, renovations are scheduled for completion in 2018.
“The renovations at Checkpoint will modernize the facility, and the renewable energy solar project will reduce the carbon footprint while converting the property into a sustainable facility,” says Dembitzer.
Dembitzer has made reducing the environmental impact of Sky’s buildings an increasing priority as part of what he calls his personal social mission.
At New Jersey’s Wedgewood Waterford US corporate headquarters, for instance, Sky installed a 1.5 MW solar energy system which is expected to provide 90 percent of the facility’s electricity.
Additionally, Sky Management made the proactive decision to purchase an adjacent land parcel, making it possible for Checkpoint to expand in the future if needed or for Sky Management to pursue additional development opportunities.
The long-term extension and modernization will preserve more than 150 jobs in Southern NJ and create an estimated 100 construction jobs, supporting Sky’s core values of creating and providing a substantial positive social and environmental impact in the communities in which it is active.
www.omegare.com
Industrial Vacancies Falling In Philadelphia, Spec Builds Up In Lehigh Valley
by Steve Lubetkin, Globest.com
The market for industrial property tightened in the third quarter as industrial real estate vacancy declined in Philadelphia, but the continued frenzy of speculative construction along the PA I-81 and I-78 Corridor in the Lehigh Valley region led to an increase in vacancies there.
In the Lehigh Valley, 1.5 million square feet of speculative construction added during the third quarter remained largely vacant.
“Both the Philadelphia Metropolitan Area and the industrial, warehouse and manufacturing markets along the major Interstates of I-81 and I-78 continue to benefit from job creation in the Pennsylvania economy,” Statewide unemployment rate declined by 60 basis points over the past year to 4.9 percent.
“Philadelphia’s manufacturing index has been positive for 14 consecutive months and rose 4.9 points to 23.8 in September,” he says.
Overall vacancy for industrial property in the Philadelphia Market ended the third quarter at 3.4 percent, down 150 basis points from a year ago. The market includes six Pennsylvania counties as well as Philadelphia, three southern New Jersey counties and northern Delaware. Overall asking rental rates declined slightly, 1.3 percent, in the past year to $4.59 per square foot for all industrial property types. “Strong activity in class A facilities is leaving more class B and C product available for lease, which is dragging the overall rental rate average down. Still, the Philadelphia market absorbed 4.6 million square feet year-to-date in 2017, even with 2.7 million square feet of new construction this year.”
The southern New Jersey market, with both Burlington and Gloucester counties already topping one million square feet in total year-to-date leasing, led the region in both leasing and new construction. Major Philadelphia Market transactions in the third quarter included:
Amazon signed the largest lease, taking 652,411 square feet being built at 240 Mantua Grove Rd. in West Deptford, Gloucester County, for fall 2018 delivery.
In Burlington County, PFG Customized Distribution renewed for 127,340 square feet at 500 Highland Drive in Westhampton.
National Powersport Auctions leased 112,000 square feet at 2578 Pearl Buck Rd. in Bristol for the Lower Bucks County submarket’s largest deal in the third quarter.
Prologis executed the largest investment sale of the quarter with its sale of the 936,000-square-foot warehouse and distribution center at 3000 AM Drive, in Quakertown, to WPT Industrial REIT for $74.3 million or $79 per square foot.
Two-thirds of the 7.1 million square feet of speculative industrial space delivered to the PA I-81 and I-78 corridor this year remained vacant at the end of September, including much of the 1.5 million square feet that came onto the market during the third quarter. “The vacancy in that new space is the primary reason that year-over-year overall vacancy has increased 140 basis points to 5.3 percent. Still, rent growth remains strong in the PA I-81 and I-78 industrial market, increasing by 5.5 percent year-over-year to $4.76 per square foot. Lehigh Valley produced the largest increase with asking rents, up 11.8 percent, to an average rate of $5.31 per square foot for warehouse and distribution space.”
The Lehigh Valley submarket leads in construction, with nearly 5.8 million square feet. Leasing activity has been strong in all three PA I-81 and I-78 submarkets this year.
Central PA leads the region with nearly 6.3 million square feet of new leasing activity this year, including the largest lease of the third quarter when Syncreon signed for the one million square-foot building under construction at 100 Goodman Drive in Carlisle.
The Northeastern PA submarket’s year-to-date leasing activity of 4.5 million square feet already surpassed 2016 totals and is on pace to top the previous annual high of 4.6 million square feet in 2007. American Tire leased 1 million square feet under construction in the Northeast Logistics Center in Tobyhanna for the quarter’s largest lease.
XPO Logistics signed the Lehigh Valley submarket’s largest lease of the third quarter for 628,475 square feet at 1611 Van Buren Rd. in Easton.
The largest investment sale of the third quarter took place when Northpoint Development acquired Endurance Real Estate Group’s portfolio of 544,975 square feet of warehouse-distribution space in Northeastern PA for nearly $30.1 million, or $55 per square foot.
Asking rental rate annual average growth are forecast to 1.7 percent for the next five years in the Philadelphia industrial market. In the short-term, however, the delivery of more than 1.1 million square feet of speculative space probably will cause overall vacancy to rise for the next six to nine months. Meanwhile, the researchers also forecast healthy construction activity continuing throughout the PA I-81 and I-78 market with 14.3 million square feet under construction set to deliver over the next year.
www.omegare.com
The market for industrial property tightened in the third quarter as industrial real estate vacancy declined in Philadelphia, but the continued frenzy of speculative construction along the PA I-81 and I-78 Corridor in the Lehigh Valley region led to an increase in vacancies there.
In the Lehigh Valley, 1.5 million square feet of speculative construction added during the third quarter remained largely vacant.
“Both the Philadelphia Metropolitan Area and the industrial, warehouse and manufacturing markets along the major Interstates of I-81 and I-78 continue to benefit from job creation in the Pennsylvania economy,” Statewide unemployment rate declined by 60 basis points over the past year to 4.9 percent.
“Philadelphia’s manufacturing index has been positive for 14 consecutive months and rose 4.9 points to 23.8 in September,” he says.
Overall vacancy for industrial property in the Philadelphia Market ended the third quarter at 3.4 percent, down 150 basis points from a year ago. The market includes six Pennsylvania counties as well as Philadelphia, three southern New Jersey counties and northern Delaware. Overall asking rental rates declined slightly, 1.3 percent, in the past year to $4.59 per square foot for all industrial property types. “Strong activity in class A facilities is leaving more class B and C product available for lease, which is dragging the overall rental rate average down. Still, the Philadelphia market absorbed 4.6 million square feet year-to-date in 2017, even with 2.7 million square feet of new construction this year.”
The southern New Jersey market, with both Burlington and Gloucester counties already topping one million square feet in total year-to-date leasing, led the region in both leasing and new construction. Major Philadelphia Market transactions in the third quarter included:
Amazon signed the largest lease, taking 652,411 square feet being built at 240 Mantua Grove Rd. in West Deptford, Gloucester County, for fall 2018 delivery.
In Burlington County, PFG Customized Distribution renewed for 127,340 square feet at 500 Highland Drive in Westhampton.
National Powersport Auctions leased 112,000 square feet at 2578 Pearl Buck Rd. in Bristol for the Lower Bucks County submarket’s largest deal in the third quarter.
Prologis executed the largest investment sale of the quarter with its sale of the 936,000-square-foot warehouse and distribution center at 3000 AM Drive, in Quakertown, to WPT Industrial REIT for $74.3 million or $79 per square foot.
Two-thirds of the 7.1 million square feet of speculative industrial space delivered to the PA I-81 and I-78 corridor this year remained vacant at the end of September, including much of the 1.5 million square feet that came onto the market during the third quarter. “The vacancy in that new space is the primary reason that year-over-year overall vacancy has increased 140 basis points to 5.3 percent. Still, rent growth remains strong in the PA I-81 and I-78 industrial market, increasing by 5.5 percent year-over-year to $4.76 per square foot. Lehigh Valley produced the largest increase with asking rents, up 11.8 percent, to an average rate of $5.31 per square foot for warehouse and distribution space.”
The Lehigh Valley submarket leads in construction, with nearly 5.8 million square feet. Leasing activity has been strong in all three PA I-81 and I-78 submarkets this year.
Central PA leads the region with nearly 6.3 million square feet of new leasing activity this year, including the largest lease of the third quarter when Syncreon signed for the one million square-foot building under construction at 100 Goodman Drive in Carlisle.
The Northeastern PA submarket’s year-to-date leasing activity of 4.5 million square feet already surpassed 2016 totals and is on pace to top the previous annual high of 4.6 million square feet in 2007. American Tire leased 1 million square feet under construction in the Northeast Logistics Center in Tobyhanna for the quarter’s largest lease.
XPO Logistics signed the Lehigh Valley submarket’s largest lease of the third quarter for 628,475 square feet at 1611 Van Buren Rd. in Easton.
The largest investment sale of the third quarter took place when Northpoint Development acquired Endurance Real Estate Group’s portfolio of 544,975 square feet of warehouse-distribution space in Northeastern PA for nearly $30.1 million, or $55 per square foot.
Asking rental rate annual average growth are forecast to 1.7 percent for the next five years in the Philadelphia industrial market. In the short-term, however, the delivery of more than 1.1 million square feet of speculative space probably will cause overall vacancy to rise for the next six to nine months. Meanwhile, the researchers also forecast healthy construction activity continuing throughout the PA I-81 and I-78 market with 14.3 million square feet under construction set to deliver over the next year.
www.omegare.com
Wednesday, October 25, 2017
Post Brothers Complete Largest Residential Redev in Philadelphia
by Steve Lubetkin,Globest.com
Post Brothers has completed the largest residential redevelopment project in Philadelphia, the $100-million redesign and renovation of Presidential City, the iconic, four-building apartment community located at the foot of City Avenue. Post Brothers began full gut renovations to Presidential City in 2014, transforming each of the complex’s 1,000 apartments into luxurious, high-efficiency residences. The redevelopment of Presidential City culminated with the completion of The Adams, the fourth and final building to be redeveloped at the complex. Post Brothers tapped internationally renowned architect Philippe Maidenberg for his first US project.
www.omegare.com
Post Brothers has completed the largest residential redevelopment project in Philadelphia, the $100-million redesign and renovation of Presidential City, the iconic, four-building apartment community located at the foot of City Avenue. Post Brothers began full gut renovations to Presidential City in 2014, transforming each of the complex’s 1,000 apartments into luxurious, high-efficiency residences. The redevelopment of Presidential City culminated with the completion of The Adams, the fourth and final building to be redeveloped at the complex. Post Brothers tapped internationally renowned architect Philippe Maidenberg for his first US project.
www.omegare.com
Tuesday, October 24, 2017
Demand For Workforce Housing Drives Camden, NJ, MF Trade For $35M
by Steve Lubetkin, Globest.com
As Camden, the poorest city in New Jersey, experiences a business transformation, demand for workforce housing is driving attractive pricing for multifamily properties.
With the relocation of Subaru’s North America Headquarters here from nearby Cherry Hill, a $1 billion Brandywine Property Trust office complex under development on the waterfront, and more companies expanding through state tax incentives, the Crestbury Apartments, a 392-unit multifamily property in Camden, NJ, has been sold for $34.45 million, just under $88,000 per unit.
The seller was Brick, NJ-based Tryko Partners. The asset was purchased free and clear of debt by an affiliate of New York-based Lincoln Avenue Capital, owner and developer of low-income housing properties nationwide.
“The property was part of the RAD (Rental Assistance Demonstration) program and received a new 20-year subsidy contract. The seller recently upgraded the flooring, windows, roofs, and boilers throughout the property, which made the asset attractive and a great long-term investment.”
After purchasing Crestbury Apartments in 2013, Tryko Partners invested $3.6 million in capital improvements. This included the incorporation of an innovative, high-tech security initiative in conjunction with the Camden Police Department; a playground; updated lighting, landscaping and sidewalks.
“We are seeing a tremendous amount of interest in well-maintained, workforce housing both market-rate and affordable in South Jersey due to solid economic drivers and its proximity to Philadelphia."
The apartments are a mixture of one- and two-bedroom units. The Crestbury is situated on over 18 acres at 2552 South 8th Street in Camden. The property is minutes from the Walt Whitman and Ben Franklin bridges, Cooper Hospital, Campbell’s Soup headquarters, and the Camden Waterfront.
www.omegare.com
As Camden, the poorest city in New Jersey, experiences a business transformation, demand for workforce housing is driving attractive pricing for multifamily properties.
With the relocation of Subaru’s North America Headquarters here from nearby Cherry Hill, a $1 billion Brandywine Property Trust office complex under development on the waterfront, and more companies expanding through state tax incentives, the Crestbury Apartments, a 392-unit multifamily property in Camden, NJ, has been sold for $34.45 million, just under $88,000 per unit.
The seller was Brick, NJ-based Tryko Partners. The asset was purchased free and clear of debt by an affiliate of New York-based Lincoln Avenue Capital, owner and developer of low-income housing properties nationwide.
“The property was part of the RAD (Rental Assistance Demonstration) program and received a new 20-year subsidy contract. The seller recently upgraded the flooring, windows, roofs, and boilers throughout the property, which made the asset attractive and a great long-term investment.”
After purchasing Crestbury Apartments in 2013, Tryko Partners invested $3.6 million in capital improvements. This included the incorporation of an innovative, high-tech security initiative in conjunction with the Camden Police Department; a playground; updated lighting, landscaping and sidewalks.
“We are seeing a tremendous amount of interest in well-maintained, workforce housing both market-rate and affordable in South Jersey due to solid economic drivers and its proximity to Philadelphia."
The apartments are a mixture of one- and two-bedroom units. The Crestbury is situated on over 18 acres at 2552 South 8th Street in Camden. The property is minutes from the Walt Whitman and Ben Franklin bridges, Cooper Hospital, Campbell’s Soup headquarters, and the Camden Waterfront.
www.omegare.com
Subscribe to:
Posts (Atom)
