THE DEAL SHEET
| SALES |
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| Multi-Employer Property Trust acquired the 600k SF 1150 Commerce Blvd building in Logan Township, NJ, for $36.1M, all cash. Built in 2009, the LEEDSilver structure is the newest facility in LogistiCenter at Logan, a 1,000-acre bulk distribution park, and is fully leased to Kimberly-Clark Corp. CBRE repped the seller, while Bentall Kennedy advised the buyer.***Carter Validus Mission Critical REIT and Palatine Capital Partners formed a JV to acquire the 121k SF Philadelphia Data Center for about $34.3M. Tampa-based Carter Validus specializes in owning mission-critical assets in the data center and healthcare sectors. *** |
| The Orbach Group acquired a 527-unit portfolio in Pennsylvania for $40 million. The assets include a 352-unit apartment complex in Bensalem and a 175-unit complex in Norristown. Both complexes include Housing Assistance Payment contracts. With these acquisitions, the company now owns and manages about 5,000 units total and says it plans to acquire more.***The Center for Neurological and Neurodevelopmental Health bought the 22k SF office/flex building at 651 Park Ave in King of Prussia for $2.3M from Dick Ritter, owner of the ad firm Ritter Co., which previously occupied the building. Markeim Chalmers’ Scott Martin repped the buyer, while Lieberman Earley & Co.’s Joanne West and Phil Earley repped the seller. In another Montgomery County deal, MVD Entertainment Group bought 203 Windsor Rd in Limerick for $1.3M. Newmark Knight Frank Smith Mack’s Neil Shupak and Justin Bell repped the buyer. *** Freedom Mortgage Corp acquired two buildings in Moorestown, NJ, for about $4M and plans to use the properties for expansion. The building at 301 Harper totals 41k SF, and the one at 304 W Route 38 totals 58k SF. Both are in the East Gate Business Center. |
| LEASES |
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| Apple opened an 8,300 SF store on the second level of Willow Grove Park Mall in Willow Grove, which is owned by Pennsylvania Real Estate Investment Trust. PREIT now has four Apple stores in its portfolio, in addition to one Apple Authorized Dealer.*** Corporate Office Properties leased 51k SF in Hillcrest II to an unnamed pharma/biotech tenant. Hillcrest II is the company’s most recent redevelopment start at its business park in Blue Bell. The building, which will comprise 184k SF upon completion, is now about 55% leased. *** Philadelphia-based retailer Five Below inked a lease for a new distribution center at 9105 Hacks Cross Rd in Oliver Branch, Miss. The company will move into the property, its second distribution facility, in early 2013. The property is owned by Hillwood Investment Properties as part of the JV with Brookfield Real Estate Opportunity Fund II. Cushman & Wakefield brokered the deal. |
