www.marejournal.com P ENNSYLVANIA S POTLIGHT E ASTERN PA Woodmont & AEW Capital acquire property from Endurance RE & Thackeray Partners Torosian, Plower, Blinebury & Gabriel of Cushman & Wakefield inks sale of LV Industrial asset for $21.3m Mid Atlantic Real Estate Journal — Pennsylvania — January 11 - 24, 2013 — 5B
highway infrastructure and historical stability, the Lehigh Valley continues to be viewed as a core industrial market for investors,” noted Cushman & Wakefield’s Paul Torosian , who headed the assignment with John Plower and Gerry Blinebury of the Philadelphia, PA office and Gary Gabriel of Cushman & Wakefield’s Metro- politan Area Capital Markets Group. “As such, many choose to hold their assets, making invest- ment opportunities scarce. The chance to acquire a fully leased, new-generation building drew significant interest.” Torosian added that the mod- ern, high-quality construction at 9747 Commerce Circle added to its investment appeal. The property includes an ESFR sprinkler system, 32’ minimum clear height, T-5 lighting, 50’ x
50’ column spacing and other features. The seller had made a significant investment in up- grades over the past two years. “This is a terrific asset in a terrific market that continues to performwell,” Torosian noted. “Rental rates in the Lehigh Valley are climbing, vacancy has decreased, and speculative development is underway at several industrial parks. Credit tenants continue to flock to the region, with more than a dozen major leases signed over the past 24 months – most re- cently including commitments by Crayola, Ocean Spray, Dollar General and PetSmart.” Plower and Torosian are based in Cushman &Wakefield’s Phil- adelphia office. Gabriel is based at the Metropolitan Area Capi- tal Markets Group’s main office in East Rutherford, NJ. ■
UTZTOWN, PA — A 385,000 s/f industri- al property located in
Kutztown has traded hands in a $21.3 million sale orches- trated by Cushman & Wake- field, Inc.’s Capital Markets Group . A joint venture involv- ing Woodmont Industrial Partners and AEW Capital Management purchased 9747 Commerce Circle from a joint venture involving Endurance Real Estate Group and Thac- keray Partners .AEWacquired the property on behalf of AEW Partners VI, L.P. , the sixth in the firm’s series of opportunistic real estate funds. Built in 2007 and located on nearly 26 acres, this ClassAdis- tribution center is fully leased to Teva Pharmaceutical USA, Inc, Hearth & Home Technologies and PALRAM Industries Ltd.
9747 Commerce Circle
The property is located in Arca- dia West Industrial Park, a 250- acre, master-planned campus located one-half mile from I-78 in the heart of the I-81 & I-78 distribution corridor. This su-
per-regional industrial market contains more than 215 million square feet of warehouse/dis- tribution space throughout eastern Pennsylvania. “Given its consistent growth,
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