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L A new e-commerce development totaling more than 3M s/f on 718-acres Russo Dev. & Forsgate Industrial Ptrs. break ground onKingslandMeadowlands
ISSUE HIGHLIGHTS Volume 31, Issue 21 November 8 - 21, 2019
KING OF PRUSSIA, PA — Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team com- prising Mike Margolis, Dave Dolan and Dave Garonzik , along with local market expert, Jim Dugan , have successfully completed the sale of 200 N Warner Rd. in King of Prussia. The team represented the joint venture of Taconic Capital YNDHURST, NJ — Russo Development and Forsgate Indus- trial Partners broke ground today on Kingsland Meadow- lands, a new e-commerce de- velopment totaling more than three million s/f on a 718-acre site spanning the municipali- ties of Lyndhurst, Rutherford, and North Arlington. Plans include up to six build- ings, with the ability to deliver a single building totaling more than 1,200,000 s/f in an indus- trial/warehouse submarket that is nearly fully occupied and rarely offers floorplates of more than 250,000 s/f. Kingsland Meadowlands features the dimensional ef- ficiencies of a modern distri- bution facility while being able to offer unparalleled size and trailer parking positions within the competitive market set. The initial phase will offer
ter, offering abundant food and retail amenities directly across the street from the property. Additionally, 200 N. Warner Rd. is one-quarter mile from the King of Prussia Mall, the United States largest mall in terms of retail space. The property’s prominent King of Prussia location benefits from direct access to major limited access roadways including the Schuylkill Expressway (I-76), the Pennsylvania Tpke. (I-276), Rte. 202 and Rte. 422. 200 N. Warner Rd. is situ- ated within one of the highest performing, most sought-after micro-markets in the entire suburban Philadelphia area, the Swedesford/Warner Rd. class A Office Corridor. Driven by an intense concentration of wealth and talent, proximity to an abundant amenity base, and excellent vehicular access to the entire PhiladelphiaMSA, this corridor boasts a direct va- cancy factor of 8.6% and rental rates that soar above average suburban Philadelphia rental rates. said Alex Klatskin , general partner for Forsgate Indus- trial Partners. “We are proud to be part of the economic and environmental revitalization of such an important site in the Meadowlands.” Russo and Forsgate won a competitive bidding process in June of 2015 and engaged in a complex entitlement and engineering design process to ready the site for its intended use. The Partners expect to deliver the first building to the market in late 2021. There have been multiple failed attempts over the years to redevelop the Kingsland Tract with options that were not practical or consistent with the attributes of the site. This new logistics center will benefit from the strong and skilled workforce in the region bringing many new jobs to the surrounding communities.
SPOTLIGHTS
LENDER’S DIRECTORY
5-24A
CONTRIBUTING COLUMNIST
Kingsland Meadowlands
1,280,000 s/f in two buildings with more than 1,400 trailer positions and 800 car parking spaces available. “Kingsland Meadowlands will bring a truly unique prod- uct offering to the market at a time when demand has been aggressively outpac- ing supply.” said Ed Russo , CEO for Russo Development. “Many governmental agencies were involved in the approval
process and we want to espe- cially thank Lyndhurst, North Arlington, Rutherford and the NJSEA for their collaborative efforts in helping to unlock the potential for this property.” “Forsgate Industrial Part- ners has been developing fa- cilities in the region for over 50 years, and we look forward to continuing our tradition of delivering the highest quality product for local businesses,”
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UPCOMING CONFERENCES
December 2019 6 th Annual NJ Capital Markets Conference
Newmark Knight Frank represents seller in 165,000± s/f office transaction totaling $37.85M
December 2019 4 th Annual Philadelphia Apartment Multifamily Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or [email protected]
Directory DelMarVa.......................................................... 3-4A Lender’s Directory............................................5-24A Business Card Directory & Billboard Directory.....27A Organization Events. ...........................................28A New Jersey................................................. Section B Central New Jersey...........................................5-10B Pennsylvania.............................................. Section C www.marej.com
200 N Warner Rd.
as well as the addition of two common area tenant confer- ence rooms and a lobby grab n’ go. This capital investment led to momentous leasing suc- cess, and rental rates increas- ing approximately 35% at the property. The ±165,000 s/f, four-story, class A office building benefits from a truly unique amenity- rich environment. Tenants and visitors of 200 N. Warner Rd. enjoy unmatched proximity to the King of Prussia Town Cen-
and Cohen Equities , both of New York, NY, in the $37.85 million sale to Pembroke Capital of Bryn Mawr, PA. When Taconic Capital and Cohen Equities acquired the property in May of 2016, the occupancy rate was at 65%. The seller completed a $4.2 million comprehensive modernization program that included enlarg- ing and remodeling the lobby, creating all new common areas and restrooms, full replace- ment and addition of windows,
Inside Cover A — November 8 - 21, 2019 — M id A tlantic
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Real Estate Journal — November 8 - 21, 2019 — 1A
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Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States specializing in the sale of single tenant net-lease assets and retail shopping centers. We have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. We have a dedicated buy side desk that provides real time inventory and market >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72
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