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Fort Washington Holiday Inn Gets New Ownership

26 Mar 2015, 6:33 pm

By Veronica Grecu, Associate Editor

Haverford Hotel Partners and Haverford Properties, Inc. are now the new owners of a full-service hotel located 19 miles north of Philadelphia.

Fort Washington Holiday Inn Express - rendering

Fort Washington Holiday Inn Express – rendering

The two companies joined forces to acquire the Fort Washington Holiday Inn Montgomery County for an undisclosed price. However, the Philadelphia Business Journal reported that the total investment amounts to approximately $19 million, including acquisition costs and the upcoming redevelopment process. The sale was arranged by Joe McCann of Optimum Hotel Brokerage.

Located at 432 Pennsylvania Ave. with easy access to King of Prussia Mall, Valley Forge National Historic Park and Downtown Philadelphia, the eight-story hotel sits on a seven-acre property off the Pennsylvania Turnpike. It was built in 1975 by an unnamed investor based in Washington, D.C. and has been under the same flagship ever since. According to the Journal, in recent years the hotel’s occupancy declined progressively and the business was struggling to survive—which made the transaction even more complicated, as the sale involved a year-long due diligence and zoning approvals. Additionally, the seller shut down operations earlier this year, and more than 60 employees were laid off, according to a news report by Montgomery News.

As part of the repurposing process, the Holiday Inn in Fort Washington will be rebranded as a Holiday Inn Express. This means that it will no longer operate as a full-service property, and the existing 230 guest rooms will be reduced to 168, and the remaining space will be redeveloped into a 1,822-square-foot restaurant. A free-standing restaurant of approximately 8,000 square feet will be built on a separate pad site on the property, as well as a flagship coffee shop—probably a Starbucks with a drive-through window.

The newly branded hotel is scheduled to reopen in December.

Rendering credits to Haverford Hotel Partners



Patriot Equities Picks Up 530K Sq. Ft. Office Park in Allentown

18 Mar 2015, 4:08 pm

By Veronica Grecu, Associate Editor

The former LSI Corp. headquarters in Pennsylvania’s fast growing Lehigh Valley was recently acquired by Patriot Equities, a real estate development and investment company based in Wayne, PA.

1110 American Parkway NE - Allentown, PA

1110 American Parkway NE – Allentown, PA

Located at 1110 American Parkway NE in Allentown, directly off Route 22 and close to the Lehigh Valley International Airport, the 145-acre property consists of a pair of distinctive green-glass buildings totaling 563,000 square feet of Class A office space. The buildings, which are connected by a glass atrium, also feature two parking garages as well as additional surface parking.

The office campus first opened in 2002 and was developed by a subsidiary of Lucent, an AT&T joint venture, to serve as headquarters for Agere Systems. According to WFMZ 69News, the office park was Agere’s home only for a few years. In 2007 the tech company was forced to merge with LSI Logic because of some serious financial problems it was facing.

In a press statement Patriot Equities announced that LSI—which was recently acquired by San Jose, CA-based Avago Technologies—retained approximately 110,000 square feet in a portion of one of the buildings on a long-term basis. Additionally, Intel purchased a business unit from Avago and has agreed to lease 80,000 square feet of space in addition to the 50,000 square feet the company is currelty occupying on the office campus. As for the remaining available space, Patriot Equities is negotiating with several big-box potential tenants. CBRE was selected to provide ongoing property management services at the location.

While the property’s sale price has not been disclosed by Patriot Equities, a news report by Lehigh Valley Business revealed that Allentown-based Mission Capital Advisors arranged $41 million in acquisition and repositioning financing for the office campus at 1110 American Parkway NE. Reportedly, Patriot Equities could spend approximately $7 million to renovate the property.

Image via Mission Capital Advisors



Keystone Property Group Moves to New HQs in Conshohocken

11 Mar 2015, 5:48 pm

By Veronica Grecu, Associate Editor

125 E Elm Street - Conshohocken PA

125 E Elm Street – Conshohocken PA

Keystone Property Group has left its crib in Bala Cynwyd and moved into a new headquarters building in Conshohocken, where the real estate developer already announced plans to create a transit-oriented project.

The company now occupies 15,000 square feet of space at 125 E. Elm St., a 42,580-square-foot building that Keystone purchased in December 2014. Keystone acquired the asset for $10 from the Department of Justice, according to information from real estate website PropertyShark. Formerly an industrial warehouse, the property was redeveloped by Shaffer Builders and reopened as Class A office space in 2008, according to a news report by MoreThanTheCurve.com.

A staff of 50 Keystone professionals moved into the building, which has been renamed SORA Conshohocken and represents the fourth commercial property owned and operated by the real estate developer in the Borough of Conshohocken.

SORA Conshohocken

SORA Conshohocken

Keystone is currently working on plans for SORA—formerly known as One Conshohocken— a dynamic mixed-use planned project that will redevelop four properties at the intersection of Fayette and Elm Streets into a transit-oriented community featuring a public plaza, restaurants, 20,000 to 30,000 square feet of retail space, a hotel with 200 guest rooms targeting business travelers, and a Class A, 300,000-square-foot office building. Additionally, the old firehouse at the corner of West Elm and Fayette Streets will be incorporated in the development as a brew pub and restaurant that will offer indoor-outdoor dining and event experiences. Designed by architecture and consulting firm Gensler, SORA will cost more than $200 million to build.

Images courtesy of Keystone Property Group



Former Hyatt Regency Reopens as Hilton Philadelphia at Penn’s Landing

4 Mar 2015, 8:05 pm

By Veronica Grecu, Associate Editor

Hilton Philadelphia at Penn’s Landing

Hilton Philadelphia at Penn’s Landing

The Hyatt Regency Philadelphia at Penn’s Landing is now officially operating under the Hilton Hotels & Resorts brand. The announcement was made more than two months since the 348-room hotel changed hands at the end of 2014.

Located at 201 S. Columbus Blvd., the former Hyatt Regency is the first hotel on the banks of the Delaware River and sits within walking distance of a slew of iconic attractions such as the Liberty Bell Center, Independence Hall, the National Constitution Center and some Old City Philadelphia’s best boutiques. The 22-story building was completed in 2000 and has been designed as an anchor for the Philadelphia waterfront area.

According to the Philadelphia Business Journal, a Product Improvement Plan (PIP) was conducted and executed at the site. This process allowed brand consultants to decide on the renovations and extensions that were required to convert the former Hyatt Regency into a new Hilton hotel. All existing staff and management positions remained in place during and after the re-branding process, the Journal reported. The new Hilton Philadelphia at Penn’s Landing is now operated by Pyramid Hotel Group, under a franchise license agreement with a subsidiary of Hilton Worldwide.

A more recent report by the Journal said that the renovation design is still in the works, and the final version will be submitted for permitting by the end of 2015, with construction scheduled to start in 2016.

Image courtesy of Hilton Hotels & Resorts



Prologis Breaks Ground on 1.02 Million Sq. Ft. Warehouse in Carlisle

3 Mar 2015, 4:52 pm

By Veronica Grecu, Associate Editor

San Francisco-based warehouse giant Prologis broke ground on a massive distribution center at its Prologis Park Carlisle II business park in Carlisle, PA.

Prologis Distribution Center - Carlisle

Prologis Distribution Center – Carlisle

Situated on 105.1 acres of land off Allen Road at Exit 44 on I-81 and in a core market location, the asset encompasses 1,029,000 square feet of Class A speculative space, along with an additional build-to-suit site fully approved for 398,840 square feet. According to an official statement announcing the start of construction, Prologis has retained Cushman & Wakefield’s Conshohocken office as exclusive leasing agent for the space. The project is financed through a $1 billion joint venture between Prologis and Norges bank Investment Management that was announced in 2013. As previously reported by the Central Pennsylvania Business Journal, the joint venture was formed to finance Prologis’ 66 logistic properties across the U.S., 16 of which are located in Pennsylvania.

The distribution warehouse, which is slated for occupancy in August 2015, is the first large industrial construction project in the Central Pennsylvania area since the economic downturn and Prologis’ first speculative development since 2007. Designed by Ware Malcomb—an Irvine, CA-based architecture firm specialized in the design of office, industrial, distribution, healthcare, science & technology and retail developments—the warehouse will be used as bulk distribution and e-commerce fulfillment space.

The main facility features 36-foot ceilings and 7-inch concrete floors, 205 dock doors, 309 trailer drops, 190-foot truck courts, as well as 282 parking spaces. The second building offers 108 trailer drops, 190-foot truck courts, and 131 parking spaces.

 

Rendering via Cushman & Wakefield







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