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“Consistent with the opportunities we see in the marketplace, we intend to complete our strategic shift by monetizing our remaining, high-quality office assets and focusing our efforts and capital solely on our industrial platform,” Liberty's Bill Hankowsky says.
The Medicaid insurer is recommitting to the Philadelphia region with the build of a new facility in Newtown Square, PA and redesign of its existing campus in Essington, PA, near the Philadelphia International Airport.
The assets do not align with the seller's core plan for the area, so it is effectively the first time they are available to be acquired by someone who can focus on maximizing each individual asset.
The $400 million first phase of project has reimagined an ageing and underutilized section along Market Street into a dynamic full block of leading stores and popular restaurants.
The 734-bed development will bring a new Jewish community center, European arcade-style retail stores and expanded parking to intersection of Garner Street and Beaver Avenue.
"This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle,” says Brodie Ruland, ASB senior vice president and Northeast region head.
In this exclusive panel podcast, panelists say high construction costs and regulatory requirements make affordable housing in Philadelphia for anything other than rental properties all but, well, unaffordable.