Real Estate Journal — Pennsylvania — May 11 - 24, 2018 — 19C
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M id A tlantic
P ennsylvania
J.G. Petrucci acquires property, plans mixed-use development McCabe of Cbre arranges sale of five properties totaling six-acres inWillowGrove, PA
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for amenity driven activities to support the residential tenants within the project. Located di- rectly across from the Willow Grove SEPTA train station, this new development fits J.G. Petrucci’s ground up expansion of transit-oriented develop- ment residential projects. “The Petrucci team showed great patience and resolve in addressing each seller’s needs,” said McCabe. “In ad- dition, challenges faced in the entitlement and acquisition phase were promptly met with sound solutions from various
team members throughout the process. “This is the first sizable mixed-use project in Willow Grove in years, and given the proximity to public trans- portation and Willow Grove Mall, this project will begin to transform the immediate area. Upper Moreland Township’s vision for revitalization within the area is one step closer to reality,” McCabe added. Construction is scheduled to begin in April of this year and expected to be completed in the second quarter of 2019.
illow Grove, PA — CBRE has arranged the sale
thinks asset values will fall but not by much. He said the growth in jobs has not yet translated into meaningful income growth, but it will, and be fueled by the tax reform, which “is good news for the economy, individuals and real estate.” 80-90% of individuals will get a tax cut, McCulloch predicted. In terms of asset values, over the last year the winners have been: • Industrial property +11% • Manufactured homes +10% • Apartments + 4% and the losers were: • Storage – 1% • Office -1% • Strip malls -5% • Malls -11% Speaking of malls, McCull- och said that the e-commerce disrupter and its impact on real estate is only in the “3rd or 4th inning and that we have too much retail real es- tate, some of which needs to go away,” he said, while pre- dicting that about half of the 1,200 malls in the U.S. will be shuttered or substantially re- purposed in the next 20 years. McCulloch also commented on the supply of commercial property, saying “low supply has been one of the defining positive characteristics of this cycle.” He noted that supply has mostly been concentrated in high-barrier, gateway cit- ies, but is making its way to secondary and tertiary markets. By asset class, new industrial developments tend to be absorbed quickly while multifamily may have reached a point in which it is getting over-built in select markets, according to Green Street’s managing partner. continued from page 15C The new project, Station at Willow Grove, will comprise 275 new apartment units and 30,000 s/f of commercial and re- tail space. 8,000 s/f of the com- mercial space will be utilized Recapping NAI Global Phila. . . of five properties totaling six- acres in Willow Grove. The five properties were acquired by J.G. Petrucci Company, Inc. for an undisclosed price. CBRE vice president Patrick McCabe represented the buyer in all five transactions.
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