Regions Midatlantic
Philly Mall Signs 3 New Retailers
May 20, 2008
With three new leases in place, Franklin Mills mall in Philadelphia, Pa., has filled up an additional 14,500 square feet in retail space. Nike Factory Store, Bath & body Works Outlet and Robert Wayne Footwear have all opened their doors at the 1.6 million-square-foot shopping destination. Property owner Simon reported in its first quarter 2008 earnings statement that Franklin Mills' occupancy level was at 87 percent.
Recent Midatlantic Headlines
New Pavilion Heralds $1.7B Mixed-Use Project in D.C.
Aug. 08, 2008
Construction of The Yards, a 5.5 million-square-foot redevelopment endeavor in southeast Washington, D.C., by Forest City Washington, is in the works, and the company has just opened The Yards Pavilion (pictured) to give a peak at what is to come when the first phase of the project delivers late next year. An outdoor marketing gallery, The Yards Pavilion features exhibit panels and kiosks detailing the multi-faceted $1.7 billion project, the first structure of which will debut late next year as the 170-unit Foundry Lofts apartment building.
USAA Nabs Sears Distribution Center in Pennsylvania
Aug. 07, 2008
The Sears Distribution Center in Covington Industrial Park has been purchased by USAA, according to a Cushman & Wakefield Inc. announcement. The new facility, which is occupied on a long-term lease by Sears Logistics Services, is a 1,026,000-square-foot property located on 74 acres in Covington Township, Penn.
Starwood Capital Forms JV to Acquire, Develop M-F
Aug. 01, 2008
Sarasota, Fla.-based Starwood Land Ventures L.L.C., an affiliate of Starwood Capital Group Global L.L.C., has established a joint venture with Vienna, Va.-headquartered The Penrose Group to acquire, develop and hold multi-family properties in key Mid-Atlantic markets. Penrose brings to the table 20 years of experience as a leading real estate force in the Metropolitan Washington, D.C. While Starwood Land and Penrose have not disclosed further specifics of their planned activities, the Metro D.C. multi-family market is still fertile ground for potentially lucrative investments. The region--encompassing the District, as well as Northern Virginia and neighboring Maryland suburbs--continues to hold its position as one of the top apartment markets in the country, according to a midyear report by commercial real estate research firm Delta Associates.
Smart Car Dangled as Carrot for Potential Buyers at New Philly Condo Property
Aug. 01, 2008
With the souring economic climate and frosty lending market, for-sale multifamily residences are not selling like hotcakes anymore, so in an effort to lure buyers for the remaining condominium units at the seven-month-old Symphony House in Philadelphia's Center City, developer Dranoff Properties has decided to give a Smart Car to every new purchaser.
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