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Marcus & Millichap completes $3.72M sale of apartments in Union County

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Marcus & Millichap complete $3.72M sale of apartment units in Union County

By Emily Bader, April 13, 2016 at 12:11 PM

Marcus & Millichap announced the $3.72 million sale of 36 apartment units located in Union County, according to Brian C. Hosey, regional manager of the firm’s New Jersey office.

Marcus & Millichap had the exclusive marketing rights to the units on behalf of the sellers, all private investors.

The properties include:

  • 570 W. Webster St. and 170 Jerome St. in Roselle Park.
  • 65-73 East Milton Ave. in Rahway.

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Premier Properties Secures $55M Financing for Multifamily Purchase

Premier Properties Secures $55M Financing for Multifamily Purchase

Meridian Capital Arranges Acquisition Funding on 710 Unit Portfolio
April 5, 2016
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Premier Properties has secured $55 million in financing for its $73.84 million purchase of three multifamily properties earlier this year.

Totaling 598,200 square feet and 710 units in Philadelphia, PA, the pet-friendly portfolio offers a mix of one- and two-bedroom apartments. Plans for the financing include a renovation project for interior features, and indoor and outdoor amenities, according to CoStar data.

Elliot Birnbaum of Meridian Capital Partners arranged the financing, which carries a seven-year term and five-year option.

Courtesy of CoStar News.  Real the full article here:http://www.costar.com/News/Article/Premier-Properties-Secures-$55M-Financing-for-Multifamily-Purchase/181189?ref=/News/Article/Premier-Properties-Secures-$55M-Financing-for-Multifamily-Purchase/181189&src=rss
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Urban Outfitters Opens Gap Internet Fulfillment Center

Urban Outfitters Opens Gap Internet Fulfillment Center
The retail giant’s $100 million, one million-plus square foot facility officially opened last week in Salisbury Township, Lancaster County with an event celebrating its workforce and the strong public-private partnership that came together to make the project happen. Company officials indicated that staffing will continue to ramp up to approximately 500 employees, with seasonal spikes anticipated to grow the workforce to 1,000–1,500.

In remarks at the event, Urban Outfitters leadership lauded support from the Commonwealth of Pennsylvania, Lancaster County state, county and local officials, including Salisbury Township’s Board of Supervisors and the Pequea Valley School District, along with the Economic Development Company of Lancaster County.

The massive facility boasts a 22-acre roof covered in nearly 13,500 solar panels and has 164 miles of total shelving. It will service approximately 65–70% of the company’s internet customers.

2015-06-18 10_21_34-urban outfitters lancaster - Google Search

Courtesy of the Lancaster County Economic Development Corporation.  See the full article here:

http://www.edclancaster.com/Media-Center/News/June-2015-Newsletter.aspx

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Supports Coordination Group, LLC Purchases Former TW Ponessa Building on Oregon Pike

oregon pike

NAI Commercial Partners, Inc. announces  the sale of an 8,771 SF office building located at 2141 Oregon Pike in Lancaster, PA.  Lisa M. Freund of Re/Max Associates of Lancaster represented the sellers, Triple J Associates, Ltd. and John Thiry, CCIM of NAI Commercial Partners, Inc. represented the buyers, Supports Coordination Group, LLC.  The building will house Supports Coordination Group’s Lancaster headquarters.

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In 2014, midstate had its share of large nonresidential deals

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In 2014, midstate had its share of large nonresidential deals. Transactions included warehouses, shopping centers, apartments and health care real estate

By Jason ScottJanuary 9, 2015 at 3:00 AM
The Hershey Plaza in Derry Township was sold in June.

The Hershey Plaza in Derry Township was sold in June. – (Photo / Submitted)

Health system mergers, acquisitions and affiliations might be commonplace in the health care industry, but it’s not every day we see $174 million spent on medical real estate.

In September, New York City-based American Realty Capital Healthcare Trust II Inc., a nontraded real estate investment trust sponsored by American Realty Capital, spent $174.1 million on a leasehold interest in six medical offices owned by Harrisburg-based PinnacleHealth System in Cumberland and Dauphin counties.

That included $42.6 million for the Landis/Memorial buildings on the Polyclinic Campus in Harrisburg. That was the largest single office transaction of 2014 in Central Pennsylvania, according to CoStar Group data from Mike Kushner of Omni Realty Group and other regional sales data pulled by Drew Bobincheck from Landmark Commercial Realty Inc. and Heather Kreiger from Rock Commercial Real Estate LLC.

The leasehold interest on the Brady Medical Office Building on South Front Street was $26.4 million. That was the second-largest piece of the PinnacleHealth deal.

Biggest individual deals in Central Pa.

• Industrial: The largest industrial sale for an individual property was the 1-million-square-foot facility occupied by Goodyear Tire & Rubber Co. in West Manchester Township, York County. The 47.6-acre property was purchased for $52.3 million in February by American Realty Capital Trust Inc.

Also of note in industrial: The 303,839-square-foot FedEx distribution facility at 111 Fulling Mill Road in Lower Swatara Township, Dauphin County, sold for $43.5 million in August to American Capital Corp. The facility was completed in 2014 as a build-to-suit, with a 15-year lease. Also, formerly occupied by American Signature Furniture, the 624,800-square-foot warehouse at 325 S. Salem Church Road in West Manchester Township, York County, sold for $26 million in March to Endurance Real Estate Group.

• Retail: The largest retail sale for an individual property was in Shippensburg Township, Cumberland County. The Lowe’s at 250 S. Conestoga Drive sold for $24.4 million in October to ARC Real Estate Group. Built in 2008, the freestanding retail building is 171,069 square feet, with 17 years remaining on a lease.

Also of note in retail: The Manor Shopping Center on the Millersville Pike in Lancaster Township, Lancaster County, sold in December for $35 million to Wharton Realty Group Inc. The center has 247,000 square feet of retail space. The Hershey Square shopping center in Derry Township, which has 218,290 square feet, sold for $28.5 million in October to a joint venture led by Heidenberg Properties Group.

• Multifamily: Belair Townhomes, a 208-unit property in Manheim Township, Lancaster County, was purchased for $25.6 million in October by RP Management Inc. Nearby Mayfair Manor Apartments was also purchased by RP for $4.9 million, resulting in a $30.5 million total investment.

Also of note in multifamily: The Hershey Plaza, a 216-unit apartment building on West Chocolate Avenue in Derry Township, was sold as part of a $15.3 million deal in June to Riverview Manor Associates LP. The apartment building was sold for $13.1 million, with a neighboring 17,550-square-foot retail center accounting for the rest.

What’s on the nonresidential real estate market?

The nonresidential real estate market is always full of buying opportunities.

Here are some of the top listings, according to midstate brokers:

 

Land

There are a few sizable tracts available in the Harrisburg area.

• A 152-acre land parcel is available at 2402 Fulling Mill Road in Lower Swatara Township. It is listed at $99,000 to $15 million.

• A 127.5-acre parcel is available at 1228 Walnut Bottom Road in South Middletown Township. It is listed at $12 million.

• A 95.25-acre parcel is available on East Penn Drive in East Pennsboro Township. It is listed at just under $10 million.

• A 50-acre Summerdale tract at 206 First St. in East Pennsboro Township is listed at $8 million.

 

Offices

The former Pennsylvania State Employees Credit Union headquarters building at 1 Credit Union Plaza in Harrisburg is available for sale at $7.9 million. Built in 1990, it is 180,000 square feet.

Also of note: The McCann School of Business facility at 346 York Road in South Middleton Township is for sale at nearly $7 million. Built in 1986, it is nearly 49,000 square feet. The GTS building at 441 Friendship Road in the TecPort Business Center in Swatara Township is available for $5 million. Renovated in 2004, the building is 54,000 square feet.

 

Retail

The York Galleria at 2899 Whiteford Road in Springettsbury Township remains on the market, with 482,620 square feet available for sale. The asking price has not been disclosed.

Also of note: The Newberry Commons shopping center at 10-320 Newberry Commons Drive in Newberry Township is available but with no listed asking price. It has 245,800 square feet available for sale. The hhgregg Inc. store at 5800 Carlisle Pike in Hampden Township is for sale at $7.2 million. The Annville East Center at 1251 E. Main St. in Annville Township is available for $4.8 million. The center has nearly 80,000 square feet of retail with five tenants.

 

Industrial

A 324,727-square-foot Penn Township warehouse at 26 Barnhart Drive is listed at nearly $11 million.

Also of note: A 278,582-square-foot flex building at 57 Grumbacher Road in Manchester Township is listed for $8.4 million. A 64,000-square-foot warehouse at 1961 Fulling Mill Road in Lower Swatara Township, which was renovated in 2009, is available for $6.5 million.

 

Housing and hospitality

The Hotel Carlisle & Embers Convention Center at 1700 Harrisburg Pike in Middlesex Township is listed for $6.5 million. Built in 1995, the hotel is 250,000 square feet. with 267 rooms. The Hopewell Estates, a 30-unit apartment building at 1700 N. Second St. in Harrisburg, is listed for $1.3 million. Built in 1897 as a hospital and renovated in 2012, the structure is 18,273 square feet.

 

 

 

Courtesy of the Central Penn Business Journal.  Read the Full article here: In 2014, midstate had its share of large nonresidential deals | CPBJ.

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Whole Foods Market plans store in Lancaster County

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Whole Foods Market is coming to Lancaster County.

The Texas-based natural and organic foods chain has announced a 40,000-square-foot lease for the mixed-use Shoppes at Belmont in Manheim Township, at the intersection of Route 30 and Fruitville Pike.

No target opening date has been set, according to a news release.

“The people in and around Lancaster have been asking for a Whole Foods Market for some time now – and we’re excited to make it a reality,” Scott Allshouse, Whole Foods Market Mid-Atlantic regional president, said in the release. “While we have deep roots in Pennsylvania, this new store will allow that commitment to grow even stronger, with both customers and local suppliers alike. We look forward to celebrating the community’s unique culture and flavors – while showing what it means to be ‘America’s Healthiest Grocery Store’.”

The location will include bike and walking trails connecting visitors to the heart of Lancaster, the release said.

Whole Foods has more than 360 stores in the United States, Canada and the United Kingdom.

 

Courtesy of the Central Penn Business Journal.  Article by Heather Stauffer.  Read the full article here:

Whole Foods Market plans store in Lancaster County | Central Penn Business Journal.

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Industrial Disposition- Hanover Direct Warehouse

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NAI Commercial Partners, Inc. announces  the sale of a 123,316 SF warehouse located at 340 Poplar St. in Hanover, PA for a price of $705,000.00.  John Thiry, CCIM of NAI Commercial Partners, Inc. represented the Sellers.  The warehouse was the former site of Hanover Direct’s catalog shipping business.

 

 

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Dollar Tree to buy Family Dollar for $8.5 billion | ICSC: International Council of Shopping Centers

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Dollar Tree to buy Family Dollar for $8.5 billion

 

Two of the biggest U.S dollar-store chains are joining forces. Dollar Tree announced it will pay about $8.5 billion in cash and stock to acquire Family Dollar Stores.

 

“This is a transformational opportunity,” said Bob Sasser, Dollar Tree’s CEO, in a press release. “With the acquisition of Family Dollar Stores, Dollar Tree will become a leading discount retailer in North America, with over 13,000 stores in 48 states and five Canadian Provinces, sales of over $18 billion, and more than 145,000 associates on our team. We will continue to operate under the Dollar Tree, Deals, and Dollar Tree Canada brands, and when this transaction is complete, we will operate under the Family Dollar brand as well. Throughout our history, we have strived continuously to evolve and improve our business. This acquisition, which enhances our footprint and diversifies our company, will enable us to build on that progression, and importantly, positions Dollar Tree for accelerated growth.”

 

Sasser siad buying Family Dollar will help Dollar Tree reach more lower-income customers and strengthen and diversify its store footprint. “Combined, our growth potential is enhanced with improved opportunities to increase the productivity of the stores and to open more stores across multiple banners.” In a conference call with investors, Sasser reiterated Dollar Tree’s plans to operate under both banners and grow both concepts.

 

Several dollar-store chains, including Family Dollar, have reported underwhelming financials and shaky same-store sales growth in recent quarters. Overexpansion or at least expansion at too aggressive a pace has triggered consolidation, says Sandy Skrovan, research director, U.S. for consulting firm Planet Retail. “It’s now a two-horse race with Dollar General and a pumped-up Dollar Tree jockeying for ascendancy in the US value channel,” Skrovan said. “Via this assertive move, Dollar Tree could very well leapfrog long-time market leader Dollar General. The merger also provides additional and more formidable competition for Walmart as it accelerates its own small-box expansion via Walmart Express.”

 

Dollar Tree currently operates about 5,100 stores in the U.S. and Canada and caters more to suburbanites, while Family Dollar operates about 8,200 U.S. stores that cater to urban and rural markets.

Read some of our past reportage on the U.S. dollar-store sector: Dollar stores get rich, A dollar store for millionaires?, Dollar stores gain ground in U.S., Dollar stores brace for the recovery

 

Courtesy of the ICSC.  Read the full article here:

Dollar Tree to buy Family Dollar for .5 billion | ICSC: International Council of Shopping Centers

Dollar Tree to buy Family Dollar for $8.5 billion | ICSC: International Council of Shopping Centers.

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Report: Apartment rental revenue to grow 2 percent annually through 2019

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Expect stability over the next five years if you’re an owner of apartment buildings.

Citing an improved U.S. economy, the national rental industry is projected to grow at least 2 percent annually through 2019, according to research firm IBISWorld. Industry revenue is forecast at $153.4 billion by that point.

On one hand, rising unemployment and declining incomes caused by the economic downturn forced many people to move back in with their families or look for cheaper apartments, which hurt apartment demand and slowed revenue growth, the research says.

However, the same factors also forced people out of homeownership and into renting. Rental vacancy fell to 8.4 percent this year from 10.6 percent in 2009, which has allowed landlords to increase rents and profit margins, according to IBISWorld.

As the economy continues to improve, unemployment should decline further and incomes should rise, which enables people to afford renting and paying higher rates.

At the same time, an ever-increasing number of young adults, the age group most likely to rent, will be entering the workforce. Research suggests this demographic will stay single longer and prefer to live in cities, according to IBISWorld.

“Improving economic conditions will help others buy a home, thereby sapping demand for apartments. Yet, stringent mortgage lending and increasing interest rates will subdue this threat,” the research says.

The apartment rental industry has estimated revenue of $139 billion, according to IBISWorld. It has more than 429,000 businesses that pay wages totaling $14.7 billion.

 

Courtesy of the Central Penn Business Journal.  Read the full article here:

Report: Apartment rental revenue to grow 2 percent annually through 2019 | Central Penn Business Journal.

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