M id A tlantic Real Estate Journal — Pennsylvania — June 12 - 25, 2020 — 15B
www.marej.com
P ennsylvania
Cooper Electric signs lease extension for 25,064 s/f J.G. Petrucci signs Millpress Imports to 2198 Industrial Dr.
ETHLEHEM, PA — J.G. Petrucci Co. , Inc. has signed one new lease and renewed two existing tenants at 2198 Indus- trial Dr., Bethlehem. New to the building is a sup- plier of extra virgin olive oil, Millpress Imports. This com- pany, currently headquartered at a nearby J.G. Petrucci owned and operated building, will be taking 10,000 s/f at Industrial Dr. The additional space will serve as overflow storage for the specialty food importer to meet their rapidly increasing product demand. Along with Millpress Im- ports, Cooper Electric has signed a lease extension for -35,811 s/f, a five year low. With possible economic disrup- tions due to COVID-19, Q2 and beyond will help to indicate if demand remains for available office space. B Lancaster County Retail | Lease Rates RemainHigh, Vacancy Continues To Rise • Lancaster County contin - ues to deliver on its stellar reputation as a cool, innova-
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2198 Industrial Dr.
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their 25,064 s/f suite. PolyOne Corp. has also re- newed its lease of 32,000 s/f to supplement their Highland Ave. operations, just miles from 2198 Industrial Dr. “We are thrilled that our tenants continue to partner with us,” said marketing coor- dinator, Kayla Jacobs. “We’re tive, vibrant area to grow a business. The region’s resil- iency to economic downturns is fixed to its array of mixed-use projects fueling the small city vibe of the region. • Traditional retail locations continue to adapt in an age of evolving consumer prefer- ences. Plans for experiential retail and mixed-use town centers must adapt once more with a health conscious mind-
dedicated to making the pro- cess stress-free and to put our clients at ease during this time. Our strategic acquisitions allow us to provide efficient and cost- effective lease opportunities.” All three tenants will join insu- lation supplier IDI Distributors who lease the remaining 34,115 s/f in the building. MAREJ set in a post COVID-19 world. Adoption of technology to reach consumers will continue to be helpful. • Lease rates continue to climb, fueled by premium rate space in high demand loca- tions. Whether these increases are here to stay will become more apparent in Q2 and be- yond as results of any economic slow downs from COVID-19 will be reported. MAREJ
continued on page 14B ROCK Commercial Real Estate releases 2020 Q1 Market . . .
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