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Commercial Real Estate

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BUSINESS
January 3, 2013 | By Mike Armstrong, Inquirer Columnist
In the absence of many big lease deals or office building sales, the commercial real estate industry seems to have turned to buying or selling parts of itself. BGC Partners Inc. , a New York institutional brokerage company, started the new year by buying two regional brokerages, including one in Philadelphia. Smith Mack , a 28-year-old brokerage with four offices locally, was acquired by BGC, which first got into real estate in October 2011 when it bought Newmark & Co. Real Estate Inc. for $90.1 million.
NEWS
December 17, 1993 | By Mary Blakinger, INQUIRER CORRESPONDENT
Call it the Rodney Dangerfield dilemma. Commercial real estate professionals traditionally have joined local Realtors' boards, only to find issues relating to residential real estate getting the spotlight. But in the Philadelphia region, commercial real estate specialists now have an association to call their own. The National Association of Realtors in November chartered the Tri-State Commercial and Industrial Real Estate Association, one of 14 such groups nationwide. The new group, with about 400 members, encompasses eastern Pennsylvania along with portions of southern New Jersey and northern Delaware.
NEWS
November 11, 2011
Marcus & Millichap Capital Corp. hired Matthew E. McManus, chairman of NAI Bluestone Real Estate Capital L.L.C., and five other key staffers from the Philadelphia company, which arranges financing for commercial real estate, Marcus & Millichap said. Marcus & Millichap, of Encino, Calif., closed nearly $1 billion in commercial real estate loans last year. That figure for Bluestone was nearly $200 million, according to Spencer Yablon, who heads Marcus & Millichap's Philadelphia office.
NEWS
April 29, 2011
Beneficial Mutual Bancorp Inc., the biggest bank with headquarters in Southeastern Pennsylvania, warned that it would have elevated provisions for loan losses this year because about a third of the Philadelphia bank's commercial real estate and commercial construction portfolios are maturing this year. The bank might have to extend loans based on lower values for the collateral, forcing the set-asides for potential losses. On Dec. 31, Beneficial had $869 million, or 31 percent, of its loans in commercial real estate and commercial construction loans.
NEWS
September 10, 1994 | by Rose DeWolf, Daily News Staff Writer
Six executives of PNC Bank Corp. were among the passengers who died in the crash of USAir Flight 427. Among them was Frank A. Santamaria, 37, who only recently returned to PNC headquarters in Pittsburgh after a 2 1/2 year assignment in Philadelphia. "We have lost six valued colleagues," Thomas H. O'Brien, chairman and chief executive officer of PNC, said in a statement issued yesterday. "Throughout our company, we are all grieving at the tragic loss. Our hearts are with their families and the families of all the passengers and crew," O'Brien said.
NEWS
May 7, 2016
ISSUE | PHILA. ECONOMY Cut the wage tax A commentary discussed positive and negative aspects of Philadelphia's economy ("Use key assets to promote Philly growth," April 28). It cited state legislation endorsed by Mayor Kenney that would increase the property-tax rate on commercial real estate from 1.4 percent to 1.61 percent of value , with the increment devoted to reducing the wage tax and the business net income tax. Data from a report by Econsult Solutions show that property-tax revenue on commercial real estate will amount to $220 million this year, and the new rate would boost it to $253 million if the tax base does not change.
NEWS
March 24, 2012 | Maria Panaritis, Inquirer Staff Writer
Ronald Rubin, longtime commercial real estate power broker and a partner in the stalled Foxwoods casino project, is stepping down as chief executive of the Pennsylvania Real Estate Investment Trust (PREIT). He will be replaced by one of his leading executives, Joseph F. Coradino, the Center City company announced Friday. Coradino, 60, is set to succeed Rubin, 80, on the day of the company's annual shareholder meeting, June 7. Rubin will stay on as executive chairman of the enterprise, which bought many of the region's most-recognized shopping malls about 15 years ago, including those in Cherry Hill, Willow Grove, Plymouth Meeting, and Moorestown.
NEWS
March 23, 2012 | By Maria Panaritis, INQUIRER STAFF WRITER
Ronald Rubin, a longtime commercial real estate power broker and a partner in the stalled Foxwoods casino project, is stepping down as chief executive of Pennsylvania Real Estate Investment Trust (PREIT). He will be replaced by one of his leading executives, Joseph F. Coradino, the Center City-based company said Friday morning. Coradino, 60, is set to succeed Rubin, 80, on the day of the company's annual shareholder meeting, June 7. Rubin will stay on as executive chairman of the enterprise, which purchased many of the region's most recognized shopping malls about 15 years ago, including ones in Cherry Hill, Willow Grove, Plymouth Meeting and Moorestown.
BUSINESS
April 15, 2012 | Al Heavens
I don't usually write about commercial real estate, except when residential is a major component of it. What few people understand is that the only thing residential and commercial real estate truly have in common are the words real estate. If residential is Latin, commercial is Greek — the terminology describing aspects of each can be very different. Whenever I need a succinct explanation, I turn to economist Kevin Gillen, vice president at Econsult Corp. "Commercial properties are an investment product, like a stock or bond, whereas your home is primarily a consumption product, like a consumer good," he said.
NEWS
August 30, 2013 | By Bonnie L. Cook, Inquirer Staff Writer
Stewart L. MacDonald, 83, of Springfield, Delaware County, a Realtor for many years, died Saturday, Aug. 24, of complications from a stroke at Crozer-Keystone Hospice, Ridley Park. Known to friends as "Bud," Mr. MacDonald was a Philadelphia native who in the early 1960s moved his family to Springfield. In 1974, he founded Stapleton West Realtors on Baltimore Pike, which he owned and operated until the early 1980s. The firm specialized in residential sales. Mr. MacDonald found he preferred commercial real estate and made that his niche.
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NEWS
May 7, 2016
ISSUE | PHILA. ECONOMY Cut the wage tax A commentary discussed positive and negative aspects of Philadelphia's economy ("Use key assets to promote Philly growth," April 28). It cited state legislation endorsed by Mayor Kenney that would increase the property-tax rate on commercial real estate from 1.4 percent to 1.61 percent of value , with the increment devoted to reducing the wage tax and the business net income tax. Data from a report by Econsult Solutions show that property-tax revenue on commercial real estate will amount to $220 million this year, and the new rate would boost it to $253 million if the tax base does not change.
BUSINESS
December 10, 2015 | By Linda Loyd, Inquirer Staff Writer
Mayor-elect Jim Kenney said Tuesday that top priorities in his administration will be expanding prekindergarten, adding jobs, and cutting the wage tax. "We need to grow jobs in every sector," but especially among "a large cohort of people" who don't have a college education and need good-paying jobs, Kenney told a Greater Philadelphia Chamber of Commerce breakfast meeting. "That's the waterfront," he said, referring to a plan to create up to 10,000 jobs at the Packer Avenue Marine Terminal and at Southport, at the Navy Yard's eastern end. "And that's some of the industrial-style jobs, manufacturing, distribution, and warehousing.
BUSINESS
December 30, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
A billion dollars still buys a lot of real estate in Philadelphia. That's how much commercial real estate brokers in the Philadelphia office of Jones Lang LaSalle say they sold here in 2014. It was a record for the firm, said executive vice president Doug Rodio . The company claims it is the largest adviser to big building-sellers in the region. Prices are up. See, for example, Radnor Court, the brick-and-glass, 121,000-square-foot complex where Airgas has its headquarters on Radnor-Chester Road, near the Radnor SEPTA station.
NEWS
September 21, 2013 | By Bonnie L. Cook, Inquirer Staff Writer
Jill Felix Colton, 69, of Philadelphia and Longboat Key, Fla., a real estate company executive with a prominent public profile, died Monday, Sept. 16, at Sarasota Memorial Hospital in Florida. The cause of death was a rare form of endometrial cancer, said her stepson Andrew Colton. Mrs. Colton's most recent role as chief executive of the University City Science Center kept her in the public eye, as did her senior position with Liberty Property Trust of Malvern, the real estate firm founded by Willard G. Rouse III. She handled the quirks of public life adeptly.
NEWS
August 30, 2013 | By Bonnie L. Cook, Inquirer Staff Writer
Stewart L. MacDonald, 83, of Springfield, Delaware County, a Realtor for many years, died Saturday, Aug. 24, of complications from a stroke at Crozer-Keystone Hospice, Ridley Park. Known to friends as "Bud," Mr. MacDonald was a Philadelphia native who in the early 1960s moved his family to Springfield. In 1974, he founded Stapleton West Realtors on Baltimore Pike, which he owned and operated until the early 1980s. The firm specialized in residential sales. Mr. MacDonald found he preferred commercial real estate and made that his niche.
BUSINESS
January 3, 2013 | By Mike Armstrong, Inquirer Columnist
In the absence of many big lease deals or office building sales, the commercial real estate industry seems to have turned to buying or selling parts of itself. BGC Partners Inc. , a New York institutional brokerage company, started the new year by buying two regional brokerages, including one in Philadelphia. Smith Mack , a 28-year-old brokerage with four offices locally, was acquired by BGC, which first got into real estate in October 2011 when it bought Newmark & Co. Real Estate Inc. for $90.1 million.
NEWS
October 24, 2012 | By Sally A. Downey, Inquirer Staff Writer
Michael Lincoln Strong of Bryn Mawr, a commercial real estate lawyer who was active in urban renewal in Philadelphia, died of pneumonia at Bryn Mawr Hospital on Sunday, Oct. 14, five days before his 82d birthday. Mr. Strong was born in London to a British father and American mother who divorced when he was very young. In 1941, after their house had been bombed in the Blitzkrieg, he and his mother sailed for America on the last passenger ship to leave Ireland before the United States entered World War II. Mr. Strong became a U.S. citizen in 1946.
NEWS
August 13, 2012 | By Sally A. Downey, Inquirer Staff Writer
Sol Lazinger, 87, a retired commercial real estate investor and broker and decorated World War II veteran, died Sunday, June 10, of renal failure at Pennsylvania Hospital. The son of Polish immigrants, Mr. Lazinger grew up in the Bronx, helping out in his father's bakery and working as a delivery boy for Walgreens drugstore. After graduating from high school at 17, he enlisted in the Army and was attached to the 117th Battalion, 30th Infantry Division. He landed on Omaha Beach in mid-June 1944 and saw action in France, Belgium - where he was hit by shrapnel - and the Netherlands.
BUSINESS
April 15, 2012 | Al Heavens
I don't usually write about commercial real estate, except when residential is a major component of it. What few people understand is that the only thing residential and commercial real estate truly have in common are the words real estate. If residential is Latin, commercial is Greek — the terminology describing aspects of each can be very different. Whenever I need a succinct explanation, I turn to economist Kevin Gillen, vice president at Econsult Corp. "Commercial properties are an investment product, like a stock or bond, whereas your home is primarily a consumption product, like a consumer good," he said.
NEWS
March 24, 2012 | Maria Panaritis, Inquirer Staff Writer
Ronald Rubin, longtime commercial real estate power broker and a partner in the stalled Foxwoods casino project, is stepping down as chief executive of the Pennsylvania Real Estate Investment Trust (PREIT). He will be replaced by one of his leading executives, Joseph F. Coradino, the Center City company announced Friday. Coradino, 60, is set to succeed Rubin, 80, on the day of the company's annual shareholder meeting, June 7. Rubin will stay on as executive chairman of the enterprise, which bought many of the region's most-recognized shopping malls about 15 years ago, including those in Cherry Hill, Willow Grove, Plymouth Meeting, and Moorestown.
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