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hiladelphia, PA — SSH Real Estate and Young Capital , P $100 million recapitalization of the 880,000 s/f in Philadelphia SSHReal Estate, Young Capital &Quilvest Private Equity purchase 123 South Broad St.
ISSUE HIGHLIGHTS Volume 30, Issue 9 May 11 - 24, 2018
ital acquired complete ownership of the Witherspoon Building, a boutique 155,000 s/f building with an entrance on Juniper St.. The partnership is evaluating the building for a residential apartment conversion. “We are excited to partner with Quilvest, an institutional investor with international real estate acumen. Quilvest’s investment and the new fi- nancing will enable us to complete our vision to make 123 South Broad St. the pre- mier historic office building in Philadelphia,” said Peter Soens , partner of SSH Real Estate. With capital allocated for building and tenant improve- ments, including upgrading the lobby and commons areas, the partnership is also explor- ing repositioning the building’s two-story dramatic penthouse space into a unique hub for business collaboration, signa- ture events and socializing. agent for the properties, which are 58 percent leased. • The sale of 1960-1970 Old Cuthbert Rd., a 90,000 s/f industrial building, in Cherry Hill. Mertz was the sole broker in this transaction. • The sale of 281 Benigno Blvd., a 74,000 s/f industrial building located within Inter- state Business Park in Bell- mawr. Mertz was the sole broker in this deal. The leases inked by Mertz include: • A lease at 1005 Middle- sex Avenue in Port Reading. The 230,100 s/f building was leased to Western Post, Inc., whomMertz represented in the transaction. • A 121,500 s/f lease to Go- Plus at 8-1 Corn Rd. in Dayton. Mertz represented the tenant in this transaction. • A 103,890 s/f lease at 80 Stults Rd. in South Bruns- wick to Acme Furniture. Mertz was the sole broker in this transaction.
aggressive leasing strategy successfully repositioned the property and increased occu- pancy from 79% to 95%. Wells Fargo is the anchor tenant with 225,000 s/f of space across multiple floors. The building is the headquarters of SSH Real Estate’s 60-person team, and boasts a diverse mix of over 50 professional companies and non-profits. The new partnership plans to invest capital to renovate the lobby and other common areas, create new best in class tenant amenities and accelerate the current leasing momentum. Over the last year, the property has signed 11 new tenants total- ing more than 75,000 s/f, and the property continues to at- tract creative users, innovative technology firms and traditional office tenants, such as Finch Brands, Design Science and Neumann Finance Company. As part of the new transaction, SSHReal Estate and Young Cap-
in partner- ship with the real es tate arm of Quil- vest Private Equity an- n o un c e d a $100 million recapitaliza- t i on o f the
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Pennsylvania Executive Profiles
Peter Soens
880,000 s/f 123 South Broad St. and Witherspoon Building complex. Located in the heart of Philadelphia’s Central Busi- ness District, the property consists of the entire block on Broad St. from Walnut to San- som Sts. The HFF team of Gerard Sansosti, Tom Hall, Jim Cadranell and Ryan Ade worked on behalf of the part- nership to secure financing through Guggenheim , which includes significant capital to complete the anticipated leas-
ing and capital improvements planned for the building. SSH Real Estate and Young Capital purchased floors six through 30 of 123 South Broad St. inMarch 2008. The partner- ship immediately embarked on a capital and leasing program, updating the building’s me- chanicals to reduce operating costs and undertaking repairs to the façade and interiors to achieve class A standards. Over a four-year period, the 123 South Broad St. photo credit Hart Roberts – Chair 8 Media
Billy Procida
Del Markward
NAI Mertz’s Scott Mertz records over $60 million in industrial sale & lease transactions in 1st Qtr
Pete Reinke
Jonathan Kinsley
20C
MT. LAUREL, NJ — NAI Mertz , a full-service com-
MAREJ Events May 30, 2018 Philadelphia Multifamily Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com
mercial real estate firm c o n d u c t - ing business throughout the Uni ted States, and globally, from its regional
Scott Mertz
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281 Benigno Blvd.
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offices in New Jersey, greater Philadelphia and northeastern Pennsylvania, announced that Scott Mertz, SIOR , president, NAI Mertz, recently completed over $60 million in industrial sale and lease transactions totaling over 1,325,000 s/f throughout southern and cen- tral New Jersey. “The industrial market across southern and central New Jer- sey is showing no sign of slow- ing down,” said Mertz. “These transactions represent the
continued strength of this sec- tor and the desire of buyers and tenants to be well-positioned in locations that are in close prox- imity to both Philadelphia and New York City. I am pleased to have completed these deals on behalf of my clients,” he added. The sales completed by Mertz include: • The sale of a three-building industrial portfolio totaling 192,382 s/f in Swedesboro. The new ownership also retained Mertz to serve as the leasing
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