Philadelphia

The 164,360-square-foot building is currently 85% leased to 17 high quality tenants at below market rents. The property has undergone $4.2 million in exterior building upgrades, site work upgrades and interior improvements over the past two years.

Morgan Properties acquired the portfolio from Pittsford, NY-based Morgan Communities, which has no relation to the Pennsylvania-based company.

As part of the transaction Prologis plans to sell $3.5 billion of assets including $2.8 billion of non-strategic logistics properties and $700 million of office properties.

The 67,219-square-foot four-story office building at 1717 Newtown Langhorne Road was acquired by a locally-based operator of quick-serve restaurants, which will relocate its corporate headquarters and occupy approximately 13,000 square feet of office space at the property.

State officials note that Amazon plans to invest more than $30 million in the new facility and the project will create approximately 800 new, full-time jobs at the property in Findlay Township.

The clean-up projects will facilitate the adaptive reuse of the properties for future use as parks, and business and residential properties.

"Demand has kicked in throughout the Greater Philadelphia Metro, which includes Philadelphia proper as well as South Jersey and the city's northern and western suburbs," says Gebroe-Hammer executive managing director Joseph Brecher.

CBRE in its third quarter office report states that new office development is now forecast to be just below 2.5 million square feet by the end of 2020.