WEST CONSHOHOCKEN, PA-With a one-year loan, the REIT pays $21.5 million for a 677,548-sf distribution center in Harrisburg. Meanwhile, it completes a public offering to raise $78 million to fund future acquisitions.
PHILADELPHIA-In separate transactions, InterPrint pays $54.29 per sf for an industrial building in Keystone Industrial Park and Bucks County Courier Times buys 12 acres for a new plant in Penn Warner Industrial Park.
CONSHOHOCKEN, PA-In light of an overall office vacancy of 29.1% and negative third-quarter absorption in class A buildings here, tenants can ink leases for $26 per sf, about $3 per sf below asking rates.
BOOTHWYN, PA-The retail giant establishes a 20,000-sf warehouse here to service its Brandywine, DE store. The five-year lease is valued in excess of $700,000 and takes the 45,000-sf flex building to full occupancy.
PHILADELPHIA-In two signs of company downsizing, the owner-occupant of a flex property on Horning Road here is leasing more than half the building, and an 18-month sublease is offered in suburban Gulph Mills.
PHILADELPHIA-Although average CBD asking rates inched up to $26.38 per sf in the third quarter, according to C&W research, the average effective rate on a 10-year, full-floor, class A lease is in the low $20s per sf.
PHILADELPHIA-The loan is structured to provide additional, staged funding for costs associated with the Duane Morris 220,000-sf, 15-year lease. Oaktree has already made substantial improvements since acquiring the office trophy.
WAYNE, PA-Fresh from its public stock offering, the Plymouth Meeting, PA-based REIT pays Lend Lease Real Estate Investments approximately $186 per sf for the 247,817-sf, four-building office complex on East Swedesford Road.
TREDYFFRIN TWP., PA-With the award of the 115,000-sf, three-story building at 1200 Morris Dr., CBRE's Wayne, PA-team is now the leasing agent for 1.5 million sf of office space in the 865-acre, master-planned community.
HORSHAM, PA-The long-awaited sale seems close to fruition. A GMAC spokesperson acknowledges that negotiations are ongoing, though neither he nor his Deutsche counterpart will comment on published reports of a $1 billion price tag.