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PHILADELPHIA-In separate transactions, Human Management Services signs a long-term lease for 8,000 sf in Malvern, PA, and Republic Builders of Tennessee takes over 12,000 sf at the Valley Forge Corporate Center. Valley Forge, PA-based Morrissey Partners negotiates for the owners.
PHILADELPHIA-With its parent company's acquisition of Hershey's non-chocolate candies, Farley's & Sathers Candy Co. puts its 262,000-sf Sathers Candy distribution center on four acres in the Vogelbacher Industrial Park in Luzerne County, PA up for sale for $6.5 million.
PHILADELPHIA-Developers Diversified of Cleveland and New York-based Coventry Real Estate Partners team up to buy a five-property package, once owned by Texas-based Woodmont, from Lehman Brothers for $81.65 million. DDR
ATLANTA-Continuing its shopping spree throughout the Southeast, the Oak Brook, IL-based retail REIT pays $11.6 million for 68,934 sf of the 431,947-sf shopping center, co-anchored by Wal-Mart and Home Depot which occupy a total 351,000 sf.
ATLANTA-The Providence, RI-based financial firm is taking 37,000 sf at $20.50 per sf on the second floor of the 150,643-sf, class-A property in North Fulton county, bringing occupancy at the five-year-old building to 68%.
PHILADELPHIA-Locally based RAIT Investment Trust expands its board from six to seven, adding Arthur Makadon, chairman of the Philadelphia-based law firm of Ballard, Spahr, Andrews & Ingersoll. RAIT's second-quarter income rose 122%, and revenues increased 45%.
PHILADELPHIA-Two area real estate veterans join the Wayne, PA-based affiliate of ONCOR International. Kurt Montagano is named vice president at the company's Mount Laurel, NJ office, and Edward Piscopo becomes corporate marketing director, based in the firm's Wayne, PA headquarters.
PHILADELPHIA-For the fifth consecutive quarter, office rental space in the CBD experience negative absorption, according to principals at Trammell Crow's local office. Total office leasing activity in second-quarter 2002 is down 61% from 2001.
PHILADELPHIA-The ATM supplier will consolidate offices from Plymouth Meeting, PA and Mercerville, NJ under a 10-year lease at the Bucks County Technology Park. Terms were not disclosed, but the rental rate in comparable area properties is approximately $24.50 per sf.
ATLANTA-In the wake of deteriorating revenue, which fell 41% for the fiscal year ending March 31, 2002, and the resignation of its president and chief executive, the Richmond, VA-based construction company names its controller acting president and chief executive.