30C — March 25 - April 14, 2016 — The Best of 2015 — M id A tlantic
Real Estate Journal
The LARGEST OWNERS’ PROPERTIES of 2015 Keystone Property Group GSB Building Bala Cynwyd, PA Prism Capital Partners Station Lofts at Woodbridge Woodbridge, NJ Workspace Property Trust Horsham Office Park Horsham, PA
Size: 245,000 s/f The GSB building is located on an eight-acre parcel, zoned for additional mixed-use development.Keystone acquired the building from Maguire & Partners. Key- stone Property Group is planning significant upgrades to the building interiors and infrastructure including new elevators, upgraded HVAC system, enhanced lob- bies and restrooms and improved parking structure.The property is located in the burgeoning City Ave commer- cial corridor – KPG’s fifth building in the Bala Cynwyd business district. Currently, the GSB Building is 93% occupied, attracting a diverse mix of local, regional, and national businesses. The property is located near the intersection of I-76 and Route 1, about 12 minutes from Philadelphia’s Center City. Keystone is currently evaluating options for additional development onsite, which will be designed to provide additional communi- ty and retail resources along with more class A offices.
Size: 2.4 million s/f Workspace Property Trust (“WPT”), a new real es- tate investment firm led by longtime successful indus- try veterans Thomas Rizk, Roger Thomas and How- ard Sipzner, purchased 41 office and flex buildings in Horsham, Pennsylvania from Liberty Property Trust (NYSE: LPT) for approximately $245.3 million. This acquisition was the first real estate transaction by WPT and represents the beginning of a strategic plan to build a portfolio of high quality, well-positioned suburban real estate assets in the Northeast region. 660 Blair Mill Rd. (above) and 220 Gibraltar Rd.
Size: 4 Acres/232 multifamily units Prism Capital Partners in early 2015 signed a defini- tive agreement to purchase a redevelopment parcel in downtown Woodbridge. The firm intends to develop the site, located directly across from NJ Transit’s Wood- bridge Station, as a 232-unit multi-family rental com- munity. The property, former home to the Lucas Chev- rolet dealership, has been designated by the Township of Woodbridge for redevelopment and is already zoned residential. Prism is purchasing a controlling interest in the site from the Lucas family, and currently is finaliz- ing plans for township approval.
The BEST INDUSTRIAL PROJECTS of 2015
Jones Lang LaSalle (Philadelphia) 57 Grumbacher Road York, PA
Hollister Construction D’Artagnan Food Distribution Headquarters Union, NJ
Size: 50,000 s/f Hollister was retained by D’Artagnan, America’s leading purveyor of gourmet meat, to build their new modern headquar-
ters and distribution hub in Union, NJ. Relocating from its Newark, NJ location, the new facility in Union provides them with the extra space necessary for all the top-quality, ice-packed meats it delivers to restaurants, retail and direct consum- ers. The distribution hub features a cold dock, receiving and shipping area, pack stations, 15 loading docks, a 40,000 s/f freezer and cooler area and a temperature controlled mushroom cooler. The modern office space is made up of private and executive offices, conference rooms, kitchen and lunchroom.
Size: 278,582 s/f W. Jason Webb brokered the Investment acquisition by High Street Realty in March 2015 from Bell Sports. Buyer completed renovations in 2015 including interior & exterior painting, landscaping clean up, water tower demolition, ware- house mezzanine removal, concrete apron patch and repair, lighting and sprinkler upgrade, parking lot seal, new dock bumpers and seals and serviced mechanicals, truck court grub and overlay and roof rehabilitation.
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