10C — May 30 - June 12, 2014 — Industrial / Distribution Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
I ndustrial R eal E state & D istribution C enters Blinebury, McBride, Campbell, Balerno & Hall of C&W represent the seller Cushman & Wakefield completes $3.5m sale of 358,000 s/f Lehigh Valley industrial property
E AST TEXAS, PA — Commercial real estate services firm Cushman & Wakefield has orchestrated the sale of 5700 LowerMacungie Rd. in East Texas. The 358,000 s/f Lehigh Valley property, consisting of 10 interconnected industrial/flex buildings, traded for $3.5 million. Seller Day-Timer, a division of ACCOBrands, was represented by the Cushman & Wakefield team of Gerry Blinebury , Patrick McBride and Adam Campbell inHarrisburg; Leah Balerno and Marie Connell in Philadelphia; and LouHall and
the technology today, there has been less demand for their print products, and this location became excess real estate,” said Blinebury. With the transaction, buyer Smooth-On, Inc. will expand and relocate from its current location in Easton, PA. The company producesmold-making and castingmaterials, including rubber, plastics, resins and oth- ers, utilized for special effects by the motion picture industry, as well as for sculptures and architectural ornamentals. The site’s original building was constructed in 1957, and the nine interconnected build- ings were subsequently con- structed as additions on the 31-acre site. “The location is in a unique setting at a pri- mary intersection of East Texas, which is part of LowerMacungie Twp.,” said Blinebury. “It is not part of a conventional industrial park but is in a very conducive environment for Smooth-On’s operation, which will be primar- ily manufacturing with a distri- bution component. The bottom line is that it will provide good employment opportunities for the local community.” The transaction is also the result of close cooperation be- tween the seller, buyer and local officials. “Smooth-On and Day-Timer spent a significant amount of time working with township representatives to make sure the new use would be accepted, approved and promot- ed,” said Blinebury. “In the end, it was a unique partnership, and the town is equally excited about having Smooth-On in the community.” Smooth-On’s new location is close to major highways, includ- ing Routes 222, 22, 309, I-78 and the Pennsylvania Turnpike. Production space features ceil- ing heights of up to 16 feet, and warehouse space offers ceiling heights of 22 feet. The site offers abundant parking, with more than 740 spaces. The Lehigh Valley indus- trial market of northeastern Pennsylvania “is active on all fronts,” said Blinebury, “not just for manufacturing, but also for big-box distribution and smaller flex product. The market is currently approaching a three percent vacancy rate, and we will be seeing substantial con- struction starts. “Indeed, several speculative buildings are scheduled to break ground this spring in this mar- ket,” he said. n
Daniel Wilkins in Chicago. Buyer Smooth-On, Inc. was represented by Mike Adams of NAI Summit . “The building had been on the market for approximately one year, andCushman&Wakefield was brought in as listing agent within just the past 90 days,” saidBlinebury. “In that time, we were able to identify the buyer and get to the closing table.” For seller Day-Timer, a man- ufacturer and distributor of organizers, day planners and other branded office products, 5700 Lower Macungie Rd. was vacant at the time of sale. “With
5700 Lower Macungie Rd.
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