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ATLANTA—“Property sales prices are up, landlords are reducing concessions and even raising lease rates, and investors are injecting new equity into property deals.”
PHILADELPHIA, PA—Despite recent reports of Chapter 11 bankruptcy filings by three former fractional owners of 1818 Market Street, Sovereign Capital Management Group says the Center City Philadelphia trophy asset remains on solid financial footing with occupancy rates of more than 90%. The 37-story, class-A office building is in escrow for sale to San Francisco-based Shorenstein Properties.
MEDFORD, NJ—NAI Mertz is looking for a buyer or a tenant for 2 Friends Avenue – nicknamed Culture Hall –a unique 4,000-square-foot former cranberry warehouse that has been used as a silent film theater, a recital hall, and now doubles as a combination office space and art studio.
CRANFORD, NJ—Woodmont Properties has opened its Woodmont Station at Cranford rental apartment community for leasing. Woodmont Station is situated close to Cranford's town center, which consists of popular restaurants, shops, entertainment, recreation and bars. The development also includes such amenities as a cyber cafe and a "bark park" for tenants' dogs.
PHILADELPHIA,PA–Dallas-based PNL Companies has acquired the Malvern Executive Center, located at 100 Deerfield Lane in Malvern, PA, from LNR for an undisclosed amount.
NEW YORK CITY—More generally, there's still the question of whether the insurance sector could manage the impact of a non-conventional attack, says S&P.
NEW YORK CITY—Following its acquisition by a private equity consortium—along with Cassidy Turley—the company wants to compete in the upper ranks of the city's firms, and of the industry as a whole, New York regional president Peter Hennessy tells GlobeSt.com.
PHOENIX—Colliers International in Greater Phoenix recently completed the sale of the class A, 68,443-square-foot Chandler Corporate Center II, which was 100% occupied at the time of the sale.