Friday, April 19, 2013
Philadelphia's Retail Vacancy Stays at 6.3%
The Philadelphia retail market did not experience much change in market conditions in the first quarter 2013.
The vacancy rate remained constant at 6.3%. Net absorption was positive 40,514 square feet, and vacant sublease space increased by 91,278 square feet. In fourth quarter 2012, net absorption was negative 120,533 square feet.
Tenants moving into large blocks of space in 2013 include: Weis Markets moving into 52,000 square feet at 2000 County Line Rd; Tractor Supply Company moving into 37,800 square feet at 870 US Route 15.; and Goodwill moving into 34,325 square feet at 201 E Baltimore Ave.
Quoted rental rates increased from fourth quarter 2012 levels, ending at $13.85 per square foot per year.
A total of 4 retail buildings with 59,481 square feet of retail space were delivered to the market in the quarter.
This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.7% from the previous quarter, with net absorption positive 19.26 million square feet in the first quarter. Average rental rates increased to $14.48 this quarter, and 561 retail buildings delivered to the market totaling more than 9.3 million square feet.
www.omegare.com
The vacancy rate remained constant at 6.3%. Net absorption was positive 40,514 square feet, and vacant sublease space increased by 91,278 square feet. In fourth quarter 2012, net absorption was negative 120,533 square feet.
Tenants moving into large blocks of space in 2013 include: Weis Markets moving into 52,000 square feet at 2000 County Line Rd; Tractor Supply Company moving into 37,800 square feet at 870 US Route 15.; and Goodwill moving into 34,325 square feet at 201 E Baltimore Ave.
Quoted rental rates increased from fourth quarter 2012 levels, ending at $13.85 per square foot per year.
A total of 4 retail buildings with 59,481 square feet of retail space were delivered to the market in the quarter.
This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.7% from the previous quarter, with net absorption positive 19.26 million square feet in the first quarter. Average rental rates increased to $14.48 this quarter, and 561 retail buildings delivered to the market totaling more than 9.3 million square feet.
www.omegare.com
Thursday, April 18, 2013
1818 Market Gets New Tenant, Renamed 1818 Beneficial Bank Place
Original post from 4/10/2013: http://omegacre.blogspot.com/2013/04/beneficial-bank-is-moving-its.html
Beneficial Bank has leased 95,764 square feet on four floors at 1818 Market St. in Philadelphia, PA for a 15-year term. As part of the deal, the building will be renamed 1818 Beneficial Bank Place, with the tenant's name appearing on the southern and western elevations as well as prominent signage over the building entrance.
Sovereign Capital Management Group owns the 37-story, 981,743-square-foot, Class A office building. It was originally built in 1971 on almost one acre in the Market Street West submarket of Philadelphia County, with renovations completed as recently as 2004. In addition to on-site banking, the steel tower offers a 408-spot parking garage, concierge, on-site management, and a gift shop and restaurant on the ground floor.
"Beneficial is the oldest Philadelphia-based bank in the city. They have a wonderful location in the old Penn Mutual Building directly behind Independence Hall. While iconic, the location is not the best for a company seeking to engage Philadelphia business. By moving 12 blocks north, the Bank has the opportunity to magnify its identity in whole new ways. The city retains an important corporate presence and the job growth associated with that and the building is filled, allowing ownership to move forward with its plan."
www.omegare.com
Beneficial Bank has leased 95,764 square feet on four floors at 1818 Market St. in Philadelphia, PA for a 15-year term. As part of the deal, the building will be renamed 1818 Beneficial Bank Place, with the tenant's name appearing on the southern and western elevations as well as prominent signage over the building entrance.
Sovereign Capital Management Group owns the 37-story, 981,743-square-foot, Class A office building. It was originally built in 1971 on almost one acre in the Market Street West submarket of Philadelphia County, with renovations completed as recently as 2004. In addition to on-site banking, the steel tower offers a 408-spot parking garage, concierge, on-site management, and a gift shop and restaurant on the ground floor.
"Beneficial is the oldest Philadelphia-based bank in the city. They have a wonderful location in the old Penn Mutual Building directly behind Independence Hall. While iconic, the location is not the best for a company seeking to engage Philadelphia business. By moving 12 blocks north, the Bank has the opportunity to magnify its identity in whole new ways. The city retains an important corporate presence and the job growth associated with that and the building is filled, allowing ownership to move forward with its plan."
www.omegare.com
Wednesday, April 17, 2013
Allen Forge Shopping Center Sells for $9.3M
Trefoil Properties LP sold the Allen Forge Shopping Center at 850-890 S. Valley Forge Rd. in Lansdale, PA to A. Sheftel & Sons for $9,333,000, or about $180 per square foot.
The 51,878-square-foot neighborhood center was built in 1967 on eight acres in the West Montgomery County submarket of Philadelphia. The center was renovated in 2007 and is anchored by a CVS drugstore and Pennsylvania Liquor Control Board Wine and Spirits. The asset is currently fully leased with a waiting list of interested tenants.
www.omegare.com
The 51,878-square-foot neighborhood center was built in 1967 on eight acres in the West Montgomery County submarket of Philadelphia. The center was renovated in 2007 and is anchored by a CVS drugstore and Pennsylvania Liquor Control Board Wine and Spirits. The asset is currently fully leased with a waiting list of interested tenants.
www.omegare.com
Two Retail Condos at 10 Rittenhouse Sq Sell for $17M
iStar Financial, Inc. sold two retail condos totaling 16,000 square feet at 10 Rittenhouse Square to Allan Domb Real Estate for $17 million, or approximately $1,000 per square foot.
Located at 130 S 18th St. in Philadelphia, 10 Rittenhouse Sq is a 485,000-square-foot multifamily building that contains five commercial condo units. The units that were purchased were a 9,707 square feet that is occupied by Barney’s Co-op, and a 6,293-square-foot space occupied by Serafina’s restaurant.
www.omegare.com
Located at 130 S 18th St. in Philadelphia, 10 Rittenhouse Sq is a 485,000-square-foot multifamily building that contains five commercial condo units. The units that were purchased were a 9,707 square feet that is occupied by Barney’s Co-op, and a 6,293-square-foot space occupied by Serafina’s restaurant.
www.omegare.com
Tuesday, April 16, 2013
Vornado Sells The Plant for $203M
Vornado Realty Trust has completed two previously announced sales involving retail centers in California and Pennsylvania for an aggregate price of $263 million.
The Plant, a power center located at Curtner Ave. and Monterey Rd. in San Jose, CA, sold for $203 million. The center totals more than 465,000 square feet of retail and office space on 52 acres in the San Jose Central submarket. The main buildings were constructed between 2006 and 2008, and include small shop space and anchors including Home Depot, Best Buy, Babies R Us, Bath & Body Works, and several casual and quick-service restaurants and outlots.
In a separate transaction, Vornado sold a portion of the Gallery at Market East, located at 901-937 Market St. in Philadelphia, PA for $60 million. The four-story, 853,000-square-foot retail building was built in 1977 on 22 acres in the Market Street East submarket. It is part of the 1.4 million-square-foot shopping center known as The Gallery.
The two sales resulted in net proceeds for the company of approximately $156 million after closing costs and repaying the mortgage on The Plant. According to a company release, the fully integrated equity real estate investment trust is expected to realize net gains of $69 million in the second quarter.
www.omegare.com
The Plant, a power center located at Curtner Ave. and Monterey Rd. in San Jose, CA, sold for $203 million. The center totals more than 465,000 square feet of retail and office space on 52 acres in the San Jose Central submarket. The main buildings were constructed between 2006 and 2008, and include small shop space and anchors including Home Depot, Best Buy, Babies R Us, Bath & Body Works, and several casual and quick-service restaurants and outlots.
In a separate transaction, Vornado sold a portion of the Gallery at Market East, located at 901-937 Market St. in Philadelphia, PA for $60 million. The four-story, 853,000-square-foot retail building was built in 1977 on 22 acres in the Market Street East submarket. It is part of the 1.4 million-square-foot shopping center known as The Gallery.
The two sales resulted in net proceeds for the company of approximately $156 million after closing costs and repaying the mortgage on The Plant. According to a company release, the fully integrated equity real estate investment trust is expected to realize net gains of $69 million in the second quarter.
www.omegare.com
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