Original Northeast commercial real estate news & events for New York, New Jersey, Boston, Philadelphia, and other northeastern US states, plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
The market's cap rate of 4.0% indicates continued high property values, mainly because of its proximity to a range of transportation options and the major ports, says Brian Fiumara of CBRE.
The 33,000 square foot modern auto dealership facility occupies 7.3 acres at a highly trafficked and newly signalized intersection in the growing Exton market of Chester County in Philadelphia's Western Suburbs.
The increase in market value of MetLife's CRE investments is being driven by strong activity throughout North and South American, European, and Asian markets.
The sale will allow Somerset to transform the vacant former AT&T campus into the Chicago region's first “Metroburb,” modeled after its successful NJ version.
Plans for the site, which are still indefinite, are expected to include commercial and industrial repurposing as well as potential institutional, educational and residential components.