Real estate wrap: Nolen Group giving Collegeville a try
Written on April 8, 2008
Collegeville, Pa., where Wyeth and GlaxoSmithKline maintain major operations, is seeing its office market expand a tad.
Nolen Group Inc. is constructing a two-story, 14,872-square-foot office building at 399 Arcola Road in the Providence Corporate Center. Rents run $19.50 a square foot for the building, which is slated to be completed during the second quarter. The developer is tapping into a market, anchored by the pharmaceutical companies, that has gained traction during the last five years. In addition to office projects that have cropped up, a new 700,000-square-foot lifestyle center is under way cross the street from Providence Corporate Center. GVA Smith Mack is handling the leasing at the Arcola Road property.
In other deals:
- Anchor Health Properties of Wilmington, Del., paid $27.5 million for the Health & Wellness Center at Doylestown Hospital in Doylestown, Pa absolutely free credit report. Anchor was a joint venture partner with the hospital to construct the 120,000-square-foot facility, which opened in 2001.
- Hayden Real Estate Investments, a Conshohocken, Pa., real estate investment firm, bought a three-building warehouse portfolio totaling 291,923 square feet off Route 22 in Harrisburg, Pa. Ollie’s Bargain Outlet Inc. occupies the three properties and its lease expires in five years.
- Keystone Property Group, a Bala Cynwyd, Pa., office developer, has spend more than $64 million on three acquisitions comprised of ten buildings in Florida as its expands its presence in the state.
- Impact Dimensions Inc. leased 10,480 square feet at 725-727 Hylton Road, Pennsauken, N.J. Grubb & Ellis arranged the lease.
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