Real Estate
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Revel Casino purchased by Colorado buyer who calls it a “dream come true”
A Colorado developer intends to reopen the defunct Revel Casino & Resort this summer under the new name, Ocean Resort Casino, according to an Associated Press report that confirms the $200 million sale. The deal has reportedly been in the works for months, though Glenn Straub’s sale of the vacant Atlantic City boardwalk property to Bruce Deifek, who…
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Bay Colony in Swedesford Road corridor back on the market
An area “trophy property” that sold two years ago for $37.5 million is back on the market with a much higher price tag. Bay Colony, a 250,000-square foot Class A, four-building office park in the Swedesford Road corridor, is being marketed by Newmark Knight Frank, writes Brian McCullough for Digital First Media. [uam_ad id=”54865″] Lead…
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Montco House of the Week
Lafayette Hill – This exceptionally maintained Colonial home at 878 Andorra Road, Lafayette Hill is set on 3.4 gorgeous acres among mature plantings, incredible gardens and landscaping. The grounds are a true oasis with multiple slate terraces, two tiered garden ponds, stone walls, peaceful in-ground pool with pool house, tennis court, shuffleboard court and gazebo…
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Odds improve for Philadelphia to win Amazon HQ2, but still trails some heavy hitters
Philadelphia’s odds of landing Amazon’s second headquarters improved in the last two-and-a-half months, but it still looks like a long shot, according to Irish betting site PaddyPower. In late October, PaddyPower said Philadelphia had a 20-to-1 chance of securing Amazon’s HQ2, not a particular strong contender when compared with Atlanta and Austin, Texas. The capital of Georgia,…
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Horsham-based Workspace files new IPO plan
Workspace Property Trust (WSPT) intends to sell $100 million – a placeholder figure for an IPO that will likely reach $500 million or more – of common shares and ‘Series A mandatory convertible preferred’ shares in a concurrent public offering from a U.S. IPO, according to an S-11 registration statement. The firm is a full-service commercial real…
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Montco House of the Week
Westbourne Woods – A unique, custom build, combining everything on the “must have” list of the most discerning buyer: premier address; sold exterior construction, interior finishes evidencing the finest of craftsmanship; generous square footage; unique spaces for both living and playing and acres of expertly manicured lawn, as listed on zillow.com. [uam_ad id=”54865″] This is…
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Property tax prepayments being accepted in New Jersey
In our area, the Lower Merion Tax Collector said in an email to the Main Line Media News that it is not possible for homeowners to pay their 2018 property taxes before the end of this year, MONTCO.Today reported Wednesday. New Jerseyans worried about a higher federal tax bill next year, thanks to the GOP’s tax overhaul,…
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Lansdale real estate growth spurt receives another approval
Plans for a six-story apartment building on the corner of Third and Walnut streets in Lansdale have received another approval, over objections from neighbors who would live, perhaps literally, in its shadows. A team of consultants made the case to borough council Wednesday night for conditional use approval, an action Borough Solicitor Sean Kilkenny said may…
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Gourmet kitchens of Montco
Anyone who has spent hours cycling a pair of baking sheets into and out of a tiny apartment oven or rolling out crusts on a countertop the size of a laptop knows the visceral longing for a palatial, magazine-worthy cooking space. No matter how many cookie exchanges or holiday parties are in your future, these…
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Lower Gwynedd clears way for 150-acre Merck site sale
Merck can now move forward with its plans to sell the 150-acre Siemens site on Sumneytown Pike unimpeded after the board of supervisors killed a controversial new zoning proposal affecting the site that Merck argued would have severely restricted its marketing campaign for the property. Three of the five supervisors — Edward Brandt, Richard Booth…
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Businessman donates 10 Norristown houses to Habitat for Humanity
Sometimes it’s not about good business, it’s more about goodwill. Real estate investor and developer Lenny Bazemore is hoping his gift of 10 houses to Habitat for Humanity will spark a generous trend within the business community that will snowball into even more opportunities for Norristown’s youth while fueling the town’s economy, writes Gary Puleo…
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House of the Week: Four-bedroom home in Eagleville and Methacton School District
Welcome home! This delightful 4 bedroom, 2.5 bath colonial is situated in the heart of Methacton School District and just minutes to Merrymead Farm, Wegmans and Skippack Village! Spacious, warm and accommodating with plenty of room to grow! Features include crown molding in the living and dining rooms and a custom built-in wall unit in…
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National Spotlight: Walmart using technology to get ready for holiday rush
Like many retailers this year, Walmart Inc. is in the midst of performing store refreshes. But the company also has been adding in some extra technology to their back-of-house operation to make things more efficient – for both employees and customers. A virtual reality pilot program that launched in 2016 has been implemented into Central…
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Spring House Innovation Park sees boom in leases
James T. Wright was in charge of setting up a new office for Evertree North America Inc. and his focus was on the Philadelphia area. Evertree’s parent, Avril Group of France, selected the region for some of its obvious strengths, Wright said. It has a growing tech scene, it’s located in the Eastern Time Zone,…
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Toll Bros. reports boost in sales and profits
Toll Bros., the Horsham-based luxury-home builder which has increasingly expanded operations on the west coast, on Tuesday posted higher sales and profits for fiscal 2017 and its fiscal fourth quarter (the three months ended Oct. 31) compared to last year, writes Joseph N. DiStefano on philly.com [uam_ad id=”54865″] Shares in Toll were down more than…
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Upper Gwynedd apartment complex sells for $62.5M
One of the nation’s leading private equity fund managers, Equus Capital Partners, Ltd., recently announced the sale of Madison Willowyck in suburban Philadelphia, PA. The 308-unit apartment community was sold to Gibbsboro, New Jersey-based Friedman Realty Group for $62,500,000. At the time of the sale, the community was 96 percent occupied. [uam_ad id=”54865″] “Investor demand was strong…
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Existing home sales higher in October, down year over year
Existing home sales increased in October, hitting their highest pace since earlier this summer, however, sales are still down year-over-year, according to the latest report from the National Association of Realtors. Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2% to a seasonally adjusted annual rate of 5.48 million…
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Merck puts 154-acre property up for sale
Merck & Co. Inc. has put up for sale a 154-acre property it owns in Spring House, Pa., that it acquired in 2004 for $45.6 million. Much of the property at 1201 Sumneytown Pike is undeveloped, but it does have a 157,000-square-foot building on it. Merck occupies roughly 84,000 square feet of the building and the…
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