S HOPPING C ENTERS
Section C of the Mid Atlantic Real Estate Journal
Transaction includes 1.7 million s/f of office space with 27.2 acres of land to be developed In a joint venture, Keystone Property Group closes $233m deal with Mack-Cali to acquire portfolio
HILADELPHIA, PA — A joint venture led by Keystone Prop-
“This acquisition is closely aligned with our core compe- tencies as a long-time investor in well-located office proper- ties where significant value can be created to achieve best- in-class work environments that meet the requirements of modern companies,” said Bill Glazer , president of Keystone Property Group. “Drawing on the strengths of our more than 20-year track record in the Pennsylvania market, our strategy is focused on realiz- ing the full potential of these assets through the creation of vibrant, urban-inspired
settings within the context of suburban office campuses.” Added Glazer, “The institu- tional balance sheet and stew- ardship of Mack-Cali, coupled with the entrepreneurial plat- form of Keystone, positions the partnership strongly as we identify opportunities to further strengthen the portfo- lio, capitalizing on economies of scale and increased market penetration.” The office properties includ- ed in the portfolio are located in key submarkets, several of which are situated along Pennsylvania’s Main Line. ■
erty Group has closed on its acquisition of 15 institution- al-quality commercial office properties and three land par- cels located in key suburban Philadelphia submarkets for $233 million. The acquisition adds 1.7 million s/f of existing office space to Keystone’s portfolio and significantly expands the company’s presence in Penn- sylvania, where Keystone has been headquartered and active since its inception in 1991.
300 Stevens Dr.
Through the execution of a strategic reinvestment pro- gram, Keystone plans to mod- ernize the office portfolio to enhance the quality of work life afforded to tenants. The
partnership will also seek to develop the three land parcels – located in Lester, Media and Berwyn – which can accommo- date future development of up to 162,200 s/f in total.
Enduranceaffiliateannounces $4.1m portfolio acquisition
NAI Summit negotiates 305,000 s/f for two ind. buildings sales
SEPT. 13 - 26, 2013
Central PA 5-12C
960 Harvest Dr.
Roddy Inc. brokers the aggregate rental of $2.6m
ALLENTOWN, PA – Mike Adams of NAI Summit rep- resented the owner, Conahan Investment Partners in the sale of their 25,000 s/f industrial building located at 101-103 E. Walnut St. The buyer, Interna- tional Polymers Corporation, originated inAllentown in 1953 and is one of the fastest grow-
ing compounders of Polyolefin products in North America. Adams also represented the owner, 600 S. 10th St Holdings, in the sale of 600 S. 10th St.A to the Allentown City Industrial Development Authority. This 280,000 s/f industrial building will be utilized as a future op- portunity for development. ■
960 Harvest Dr.
BLUE BELL, PA —An a of Endurance Real Estate Group, LLC, (Endurance) announced the acquisition of 960 Harvest Dr., a three-build- ing suburban office portfolio consisting of two 2-story and one singlestory office buildings totaling 129,430 s/f. Endurance acquired the largely vacant portfolio from a REIT for $4.1 million. “We continue to see signifi- cant value in the acquisition of suburban office properties that can be repositioned and stabi- lized by new ownership benefit- ing from a very low-basis with the ability to reinvest substan- tially in the assets and still be able to compete for tenants on price,” said Benjamin Cohen, president of Endurance. “960 Harvest Dr. is a prime example of this formula, and we are excited to enhance the aesthetics and buildings systems of the portfolio and bring a fresh approach to the
marketing of the buildings,” he continued. The Endurance team has considerable experience in the leasing and management of office properties. ■
METAL BUILDING RE-ROOFING
Steve Willems of NAI Keystone sells 106,729 s/f
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