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Real Estate Journal — Pennsylvania — Section C
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Key Market Distribution Center sells for $14.3 million in Dunmore Equilibrium Equities affiliate represents JLL in sale of 445,751 s/f property D UNMORE, PA — JLL’s Capital Mar- ke t s e x p e r t s an -
to the desirability of its space and location and we’re pleased with the value this transaction will create for both Equilibrium Equities and The Silverman Group .” In other news, JLL an- nounced Colin Behr has joined the firm as a VP of Capital Markets, retail. He will be based in the firm’s Philadelphia office and will work primarily with managing directors J im Galbally and Bill Moylan on retail capital markets assign- ments throughout Greater Phil- adelphia and the Mid-Atlantic. “We are excited to have Colin join our team. The addition of Colin reinforces our commit- ment to hiring the best talent in the market to best serve our clients,” said Jim Galbally , managing director of Capi- tal Markets in Philadelphia. “Colin’s expertise in the retail sector and investor relation- ships will further strengthen our team and our ability to maximize value for our clients throughout the Mid-Atlantic.” n
nounced the completed sale of Key Market Distribution Center, a two-building indus- trial portfolio totaling 445,751 s/f located at 1026-28 Reeves Street in Dunmore. An affili- ate of Equilibrium Equities , located in Blue Bell and repre- sented by JLL, sold the prop- erty to The Silverman Group for $14.3 million. Executive vice president John Plower led the transac- tion along withmanaging direc-
Key Market Distribution Center flexibility and functionality; its various unit sizes range from 13,000 s/f to 210,000 s/f, complete with demising walls and individual office build-outs. Key Market is located near several primary distribution routes in Northeast Pennsyl- vania including I-81, 80, 476, and 84, as well as Rte. 6. This strategic location offers ease of access to over 35% of the U.S.
population and 50% of the Canadian population within a one-day drive. “Key Market Distribution Center presented an oppor- tunity to acquire two well- located, shallow bay industrial buildings that offer incredible flexibility in a competitive and well-established market,” said Plower. “The property’s his- torical tenant retention spoke
tor James Galbally , senior vice president Brett Grifo , executive vice president Chad Orcutt and vice president Jeff Lockard . Upon closing, the property was 100% leased to a variety of tenants across multiple busi- ness segments. Comprising 445,751 s/f in two-buildings on 21.1 acres, Key Market features incredible
HI-LIGHTS April 13 - 26, 2018 7-13C SPO TLIGHT Southeastern PA
Cushman & Wakefield brokers sale of 278,582 s/f distribution facility in York, PA
YORK, PA — Cushman & Wakefield’s Capital Mar- kets team has orchestrated the sale of 57 Grumbacher Rd. in York. STAG Industrial, Inc. purchased the 278,582 s/f, one- story industrial property from High Street Realty Com- pany, LLC for $18 million. “STAG has aggressively pur- sued single tenant assets in the Pennsylvania market and this acquisition is indicative of the cap rate compression in the current environment,” said Joseph Hill, Jr. , execu- tive director with Cushman & Wakefield. Hill collaborated with the team of Robert Yo- shimura, Gerry Blinebury and Eric Mattson , which represented the seller. 57 Grumbacher Rd. is a single-tenant, functional dis- tribution facility located in the Interstate 83 Industrial Park. The building, which underwent extensive renova-
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Upcoming Spotlights Pennsylvania’s Projects & Building Services contact: Miriam Buttrick mbuttrick@marejournal.com
57 Grumbacher Rd.
tions in 2015 and features 22-foot clear heights, is 100 percent leased to United Natu- ral Foods (UNFI), a leading national distributor of organic, natural and specialty foods. The property provides con-
venient access to I-83 via the Exit 24 interchange, which is home to nearly 10 mil- lion square feet of industrial and manufacturing facilities, Fortune 500 companies, and brand name occupiers includ-
ing GlaxoSmithKline, Star- bucks and Target. Central PA is one of the fastest growing industrial real estate markets due to its prox- imity to I-83, I-81, I-78 and the Pennsylvania Tpke. n
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