Mid Atlantic Real Estate Journal — Pennsylvania — Section D


Marcus & Millichap’s Philadelphia sells $4.6 million net leased industrial building Jeff Algatt and Benjamin Appel arrange the sale of the property on behalf of the seller


UNCY TOWNSHIP, PA — Marcus &Mil- lichap Real Estate

ates as a global provider of engineering solutions to the minerals, oil and gas and power sectors. Jeff Algatt and Benjamin Appel , investment specialists in Marcus &Millichap’s Phila- delphia regional office, had been retained to arrange the sale of the property on behalf of the seller, a local developer. The buyer, a private investor from out of the area, was also secured by Algatt and Appel. “The property’s relatively recent construction, its loca- tion and visibility on Lycom- ing Mall Drive a mile from I-180, the investment grade single tenant, and seven years remaining on the initial lease term make this a particularly

appetizing investment,” Ap- pel noted, which resulted in a sales price of $93 per s/f (an 8.4% capitalization rate). “This transaction is another example of aggressive capital chasing net leased properties.” Algatt added “As capital con- tinues to accelerate outward from primary markets in search of higher yields, we are seeing cap rates compress in secondary and even tertiary markets as well.” The property contains 45,000 s/f of warehouse space with 14 drive-in doors, overhead cranes and an additional 4,000 s/f of adjoining offices. Its 10-acre site also provides the tenant with extensive outside parking and storage. ■

Investment Services , one of the nation’s largest real estate investment services firms, has announced the sale of the Weir SPMbuilding at 76 Odell Road inMuncy Township, according to Spencer Yablon , vice pres- ident/regional manager of the firm’s Philadelphia office. The building, a 49,000 s/f, 100% net leased industrial property, sold for $4,570,310. Muncy Township is part of the Williamsport metro area

76 Odell Road

which is the hub of Marcellus Shale natural gas exploration activities in north central Pennsylvania. Weir SPM, a market leader in well service pumps and high pressure

flow control equipment, leases and occupies the entire prop- erty. Weir SPM is a business unit of The Weir Group PLC headquartered in Glasgow, Scotland, from where it oper-

NOVEMBER 8 - 21, 2013


Griffin Land’s 2nd building at Lehigh Valley Tradeport Kinsley Construction, Wyomissing, selected to build 303,000 s/f warehouse in Lehigh Valley, PA


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4270 Fritch Drive

READING, PA — Kin- sley Construction , Wyo- missing, has been selected to provide design and con- struction services for a new 303,000 s/f warehouse for Griffin Land located in Lower Nazareth Township in the Lehigh Valley. The project represents the second and final phase of the Lehigh Valley Trade- port warehouse and dis- tribution park on Fritch

Drive. Construction of the 2nd building is well under- way with the building pad complete. The industrial warehouse/distribution fa- cility offers 51’ x 54’ column spacing with a 60’ speed bay, 32’ clear-height and the capacity for 54 dock doors and 58 separate t rai l er parking spaces. The build- ing can be constructed with rail access, as Griffin Land recently secured approval

from Norfolk Southern for a spur to the building. 4270 Fritch Drive is expected to be complete by the first quarter of 2014. The Lehigh Valley Trade- port is a 51-acre rail served industrial park located off Brodhead Road, just min- utes from Route 22 and key Lehigh Valley road- ways including I-78, I-476 and Route 33. The Brod- head Road area is home to

over 6 million square feet o f indus t r i a l space and includes tenants such as Kraft Foods, OSRAM Syl- vania, Americold, Crayola, Walgreen’s and FedEx. The Lehigh Valley Tradeport consists of two buildings that total over 530,000 s/f. Griffin Land, LLC is the real estate subsidiary of Griffin Land & Nurseries, Inc., a publicly traded com- pany. ■


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