Independence National Historic Park gets new superintendent

Philadelphia's National Park Service sites have a new top manager.

Cynthia MacLeod has been named superintendent of Independence National Historical Park, the park service said. She will take over the post in February.

MacLeod was named to the post by her predecessor, Dennis Reidenbach, who was promoted in September to Northeast Regional Director of the National Park Service.

MacLeo will be responsible for oversight of well-known locations like Independence Hall and the Liberty Bell Center, but also some two dozen other locations, including the Edgar Allan Poe National Historic Site and the Thaddeus Kosciuszko National Memorial.

Since 1990, MacLeod has served as superintendent of Richmond National Battlefield Park and Maggie L. Walker National Historic Site in Richmond, Va. While there, she expanded resource preservation and interpretation at both parks and was instrumental in the rehabilitation of historic buildings. She also established new visitor centers for each of the two national parks in Richmond.

She began her career with the park service in 1980, in Michigan, but also had an earlier stop in Philadelphia, where she managed tax-incentive programs for historic rehabilitation projects.

She has an undergraduate degree from Duke University and a master's in architectural history from the University of Virginia. She completed Harvard University's Senior Managers in Government Program.

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source: bizjournals.com

Real estate wrap: $2.45M paid for Payless site

The building where Payless ShoeSource makes its home at 1604 Chestnut St. in Center City Philadelphia has been sold.

The price was $2.45 million, or $212.75 a square foot, according to Marcus & Millichap, which arranged the transaction. The three-story, 11,516-square-foot building was bought by a private partnership going under the name 1604 Chestnut Associates. It was sold by another private partnership, 1604 Chestnut Associates II. The building, which was built in 1930, was eyed by six investors who made offers within two weeks of the building hitting the market. Payless is the only tenant in the building, occupying 2,876 square feet. The shoe store recently exercised it final option to extend its lease another five years.

In other deals:

* The Radian, a 14-story mixed-use student apartment building under construction at 39th and Walnut streets in the University City neighborhood of Philadelphia, has been topped out. Inland American Communities Group Inc. of Dallas, is developing the Radian.
* Bio Trends Research Group, which conducts research reports in five therapeutic areas, leased 1,826 square feet at Lionville Professional Center at 65-67 Dowlin Forge Road in Lionville, Pa. Lieberman Earley & Co. arranged the lease.
* Pennsylvania's Department of Labor and Industry leased 36,000 square feet at 801 Arch St. The agency will move in by year end. The tenant was represented by Concordis Key Advisors while the landlord was represented by Seligsohn Soens Hess.
* Equifax Information Services, which arranges credit reports, renewed its lease on 9,723 square feet at 6 Clementon Road in Gibbsboro, N.J. Grubb & Ellis arranged the lease.

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source: bizjournals.com

Rexnord secures $100M in financing deal

Rexnord LLC has secured $100 million in financing that will provide for working capital, general liquidity and potential future acquisitions.

GE Commercial Finance Corporate Lending announced Monday that it provided a $100 million trade accounts receivable securitization to the West Milwaukee-based supplier of power transmission and water management products. The financing vehicle acts as a working capital line of credit backed by Rexnord's accounts receivable assets.

With $14 billion in assets, GE Commercial Finance Corporate Lending, of Norwalk, Conn., is one of North America's largest providers of asset-based, cash flow, structured finance and other financial products for mid-size and large companies.

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source: bizjournals.com

Andrews McMeel takes ownership of Boley Building

Andrews McMeel Universal assumed ownership of the Boley Building in downtown Kansas City and will start renovations immediately to prepare it as the company's new headquarters.

In a release Monday, Kansas City-based Andrews McMeel said it has retained McCownGordon Construction and Helix Architecture + Design Inc.. to complete design work and construction in the building, 1130 Walnut St. Andrews McMeel said it expects to occupy the building in the fall of 2008, in time to celebrate the building's centennial.

On Oct. 11, the Kansas City Council unanimously approved tax increment financing for the project. TIF will cover a quarter of the newspaper content provider's $19 million budget with public money. The agreement includes clawbacks requiring the company to return earnings taxes to the city if the company falls short of projected employment. AMU also agreed to a $4.8 million limit on its public reimbursement.

To gain support from the Kansas City, Mo., School District, which will give up all new property taxes generated by the project for 23 years, AMU will start an internship program for students and make payments to the district. Details of the pact are secret.

Mayor Mark Funkhouser said at the time that the financing plan complied with improved accountability for incentives he had sought in a new policy the City Council passed in August. AMU's TIF request was the first of its kind to reach the council under the policy.

AMU also plans to lease adjacent space in Town Pavilion. The company expects to move 200 employees from leased space at 4520 Main St., near the Country Club Plaza, in the spring of 2008.

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New partnership acquires, occupies Greenway Plaza building

Two real estate firms have jointly purchased an office building in Greenway Plaza to house their operations.

A partnership between Dinerstein Cos. and Fritsche Anderson Realty Partners LLC acquired the 85,000-square-foot building at 3411 Richmond Ave. earlier this month from Austin-based 3411 Richmond Partners Ltd.

Terms of the deal were not disclosed.

Both local firms moved into the seven-story building once they had it under contract. The building, which is 100 percent occupied, was originally constructed in 1967 and renovated 10 years ago.

Founded in 1955, Dinerstein develops and manages apartment complexes and student housing facilities.

Fritsche Anderson Realty Partners is a partnership between Anthony Fritsche and David Anderson, who left Trammell Crow Co. to form their own real estate company. The new firm does tenant representation, marketing, leasing and investment consulting for office and industrial properties.

Fritsche Anderson will handle future leasing in the 3411 Richmond building, while Transwestern has been hired to managed the property.

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source: bizjournals.com