S hopping C enters P ennsylvania
M id A tlantic Real Estate Journal — Pennsylvania — 13B
www.marej.com
Martin of SVN Latus represents seller Dunkle of Marcus & Millichap arranges the sale of a 77,464 s/f office building – Bent Creek
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Bent Creek Office Buildings, located at 600 & 1000 Bent Creek Blvd. in Mechanics- burg is highlighted by service- oriented tenants that cater to the local community. The properties were built in 2002-2006 and sit on +14.51 acres. The properties currently have nine suites and are fully occupied with a mix of medical and professional office tenants. Many of the tenants have occupied the building since construction, and during their tenure, they have experienced and enjoyed ongoing upgrades and renovations. MAREJ 3. Since e-commerce is typi- cally fulfilled by local grocery stores, retail footprints will include more storage and fulfillment space, including a greater need for infill temper- ature-controlled facilities in proximity to consumers. 4. Restaurants may see a significant shift in dining for- mats with less dine-in options and more delivery or take- out that would require cold storage capacity. Foodservice companies that supply restau- rants may look to second-gen- eration cold storage space as a cost advantage in a limited dining environment. 5. Automation will increase, prompting higher-density, greater-height and smaller- footprint buildouts that will be required for around-the-clock operations. “Until recently, consum- ers were not ordering a lot of perishables online, but that will likely change in a post- COVID-19 environment,” said Matthew Walaszek , associ- ate director of Industrial and Logistics research for CBRE. “Now, we are seeing consum- ers trend toward buying foods online such as frozen meats and poultry. To meet this new demand, we will need more temperature-controlled space.” MAREJ
ECHANICSBURG, PA — Marcus &Mil- lichap has announced
the sale of Bent Creek Office Buildings, a 77,464 s/f portfolio of two properties located inMe- chanicsburg according to Sean Beuche , regional manager of the firm’s Philadelphia office. The asset sold for $8.25 million. Craig Dunkle , investment specialist in Marcus & Mil- lichap’s Philadelphia office secured the buyer for the transaction, a limited liabil- ity company out of Lancaster County. The seller, also a limited liability company, PHILADELPHIA, PA — CBRE announced a major expansion of its Life Sciences Consulting Practice into the greater Philadelphia market. The announcement comes at a time when, according to the latest CBRE Research, more than one million s/f of life sciences real estate requirements have entered the market in the Philadel- phia region over the past 12 months. As a result of this growing demand and with Philadelphia poised to become the next life sciences hotspot in the US, the CBRE Life Sciences Consulting Practice, led by Boston-based Steve Purpura , will now include the local Philadelphia life sci- ences team, comprised of Bob Zwengler, Ken Zirk, Mat- thew Knowles, Anthony Pell, Phil Share , and others. “Our unmatched life sci- ences practice in Boston is expanding through the North- east corridor to lead our lo- cal life sciences group,” said AdamMullen , CBREMarket Leader for greater Philadel- phia. “As this sector continues to rapidly grow in Philadel- phia, we see a tremendous opportunity for our regional life sciences platform to de- liver exceptional outcomes for property owners and occupiers in the market.” Year-to-date, life sciences
was represented by Laura Martin , broker/owner, SVN Latus . Bent Creek Office Buildings
CBRE announces major life sciences expansion into Greater Philadelphia, Pennsylvnaia Market trol of the cold storage foot- print.
ranging renovation financing at the 1.6 million s/f Discovery Labs innovation hub in King of Prussia, Pennsylvania. According to CBRE, the COVID-19 pandemic is cre- ating massive disruption in the food industry, which will result in increased demand for industrial cold storage space in the US, according to a new CBRE report. As many consumers shelter in place, online grocery sales have increased dramatically. CBRE Research explored the relationship between e- commerce grocery growth and cold storage warehouse capac- ity in its Food on Demand Series: Cold Storage Logistics Unpacked, suggesting that an additional 75 to 100 million s/f of industrial freezer/cooler space will be needed to meet the demand generated by on- line grocery sales in the next five years. The COVID-19 pandemic will likely acceler- ate this need for space, creat- ing five long-term impacts for the cold-storage sector. 1. E-commerce grocery will become more widely adopted as consumer comfort grows with the practice. This will trigger the aforementioned heightened demand for cold storage capacity. 2. Public refrigerated ware- house companies will likely consolidate to gain more con-
Discovery Labs innovation hub in King of Prussia, Pennsylvania
venture capital funding in Pennsylvania has totaled greater than $392 million, compared with just $86.7 mil- lion over the first half of 2019, representing a more than 350 percent increase, according to CBRE Research. The funding in Pennsylvania ranges from $250,000 to as much as $200 million, with firms at every stage of the life cycle grow- ing and in need of space of all sizes. “Philadelphia has been at the forefront of the explosion of genomics-based research and the region has emerged as one of the fastest-growing life science centers in the world,” said Purpura. “We are very bullish on the growth of the life sciences market in Phila- delphia and plan on putting our knowledge and resources
to work in the region.” With the inclusion of the Philadelphia life sciences team, Mr. Purpura will now oversee more than 110 profes- sionals spanning from Phila- delphia to Boston. CBRE’s Life Sciences Consulting Prac- tice is one of the most active life sciences real estate ad- visory groups in the country and has been involved in over 15 million s/f of life sciences transactions over the last five years. The group includes special- ized professionals in project leasing, tenant representa- tion, investment sales, struc- tured finance, project man- agement, labor analytics and workplace strategy. The team is already active on multiple projects in the greater Phila- delphia region, including ar-
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