Powelton Properties LLC purchased the student housing at 1826 N. 7th St. in Philadelphia, PA from Advanced Real Estate Concepts LP for $6.95 million, or about $60,000 per unit.
The 90,000-square-foot property was constructed in 2008 spanning nine buildings near Temple University. The 116 one-bedroom units were fully occupied at the time of sale.
www.omegare.com
Thursday, January 9, 2014
Arden Group Acquires Four Falls Corporate Center
By: Staff writer at the Philadelphia Business Journal
Arden Group has acquired Four Falls Corporate Center in West Conshohocken, Pa.
The purchase price wasn’t disclosed.
Arden is based in Philadelphia and is a real estate company run by Craig Spencer.
Four Falls Corporate Center, once a crown jewel in the Conshohocken office submarket, was put into receivership in July 2011. CB Richard Ellis was appointed to oversee the property once owned by a joint venture between Thomas Properties Group Inc. of Los Angeles and California State Teachers Retirement System. In a deed in lieu of foreclosure, Thomas at the time relinquished Four Falls as well as two of its other suburban office properties — Walnut Hill Plaza and Oak Hill Plaza off Warner Road in King of Prussia.
Four Falls consists of two, six-story buildings — 100 Four Falls and 200 Four Falls — totaling 254,000 square feet. The property is 76 percent occupied. Arden bought the property from the lender. Starwood Property Trust (NYSE: STWD) provided financing for the acqusition. The complex will undergo $3.5 million in upgrades to its entrance, lobby, elevators and common areas.
Ful story: http://tinyurl.com/q5jfnsx
www.omegare.com
Arden Group has acquired Four Falls Corporate Center in West Conshohocken, Pa.
The purchase price wasn’t disclosed.
Arden is based in Philadelphia and is a real estate company run by Craig Spencer.
Four Falls Corporate Center, once a crown jewel in the Conshohocken office submarket, was put into receivership in July 2011. CB Richard Ellis was appointed to oversee the property once owned by a joint venture between Thomas Properties Group Inc. of Los Angeles and California State Teachers Retirement System. In a deed in lieu of foreclosure, Thomas at the time relinquished Four Falls as well as two of its other suburban office properties — Walnut Hill Plaza and Oak Hill Plaza off Warner Road in King of Prussia.
Four Falls consists of two, six-story buildings — 100 Four Falls and 200 Four Falls — totaling 254,000 square feet. The property is 76 percent occupied. Arden bought the property from the lender. Starwood Property Trust (NYSE: STWD) provided financing for the acqusition. The complex will undergo $3.5 million in upgrades to its entrance, lobby, elevators and common areas.
Ful story: http://tinyurl.com/q5jfnsx
www.omegare.com
Wednesday, January 8, 2014
Owens & Minor Leases 191,000 SF in Allentown
Owens & Minor, the nation's leading distributor of medical and surgical supplies to the acute-care market, renewed its lease of 191,330 square feet at 7437 Industrial Blvd. in Allentown, PA.
The property is situated on 15 acres and contains nine loading docks, one drive-in, 30-foot ceiling heights, and heavy power. Owens & Minor occupies the entire building, which delivered in 1976 and is owned and managed by Liberty Property Trust based out of Malvern, PA.
www.omegare.com
The property is situated on 15 acres and contains nine loading docks, one drive-in, 30-foot ceiling heights, and heavy power. Owens & Minor occupies the entire building, which delivered in 1976 and is owned and managed by Liberty Property Trust based out of Malvern, PA.
www.omegare.com
Tuesday, January 7, 2014
Brandywine Completes $248.9M Acquisition in Philadelphia
Brandywine Realty Trust (NYSE: BDN) has closed on its previously announced acquisition of its remaining common ownership interest of One and Two Commerce Square in Philadelphia, PA for approximately $248.87 million, or about $175 per square foot.
Parkway Properties sold its 75% interest in the asset in a deal that values the properties at $331.8 million, following its $1.2 billion merger with Thomas Properties completed in December.
The acquisition was funded in part with available corporate funds and the assumption of $237.1 million in existing mortgage debt secured by the two properties.
Commerce Square consists of two 41-story, 4-Star office buildings constructed in 1987 and 1992 and renovated in 2013. At 2001 and 2005 Market St., the two properties total almost 1.9 million square feet and occupy an entire city block between 20th and 21st Streets in the Market Street West submarket. The Court at Commerce Square, the buildings' central plaza, offers ground-floor retail, restaurants, and underground parking for 525 cars.
Brandywine will handle management and leasing of the properties going forward. The asset is currently 87 percent leased to multiple tenants including Delaware Investments, Ernst & Young, Pricewaterhouse Coopers, and Wolters Kluwer Health.
In a separate deal, Brandywine acquired Thomas Properties' Four Points Centre in Austin, TX for $47.3 million.
"We are delighted to complete the Commerce Square and Four Points Centre transactions and congratulate the Parkway and Thomas teams on the closing of their transaction," stated Gerard H. Sweeney, president and chief executive officer of Brandywine Realty Trust.
www.omegare.com
Parkway Properties sold its 75% interest in the asset in a deal that values the properties at $331.8 million, following its $1.2 billion merger with Thomas Properties completed in December.
The acquisition was funded in part with available corporate funds and the assumption of $237.1 million in existing mortgage debt secured by the two properties.
Commerce Square consists of two 41-story, 4-Star office buildings constructed in 1987 and 1992 and renovated in 2013. At 2001 and 2005 Market St., the two properties total almost 1.9 million square feet and occupy an entire city block between 20th and 21st Streets in the Market Street West submarket. The Court at Commerce Square, the buildings' central plaza, offers ground-floor retail, restaurants, and underground parking for 525 cars.
Brandywine will handle management and leasing of the properties going forward. The asset is currently 87 percent leased to multiple tenants including Delaware Investments, Ernst & Young, Pricewaterhouse Coopers, and Wolters Kluwer Health.
In a separate deal, Brandywine acquired Thomas Properties' Four Points Centre in Austin, TX for $47.3 million.
"We are delighted to complete the Commerce Square and Four Points Centre transactions and congratulate the Parkway and Thomas teams on the closing of their transaction," stated Gerard H. Sweeney, president and chief executive officer of Brandywine Realty Trust.
www.omegare.com
2014 Big deals to watch
By: Staff writer at the Philadelphia Business Journal
There are a handful of big deals that have lingered in the commercial real estate market that should reach the finish line this year. Here’s what I’m tracking:
- Liberty Property Trust announcing it will construct a new mixed-use tower for Comcast Corp. in Center City;
- Certain-Teed Corp., which is now based off Swedesford Road in King of Prussia, has been in the market on and off for years looking for a new headquarters. My sense is the company will finally settle on buying or leasing a property for its new home. Market chatter has the company zeroed in on the former Aegon campus owned by developer Eli Kahn;
Full story: http://tinyurl.com/lyrznsu
Subscribe to:
Posts (Atom)