Saturday, February 28, 2015

Hazelton Industrial Building Sale to Development Agency

by Steve Lubetkin
A 25,000-square-foot industrial building located at 63A Green Mountain Road in Hazleton, PA, was sold to Greater Hazleton Community Area New Development Organization, Inc.  The seller was D & F Properties, LLC.

The 25,000-square-foot building is located within Humboldt Industrial Park – a 3,000-acre industrial complex just off Interstate 81 (Exit #143) along State Route 924.  Home to 50 industries and 7,000 employees, it is the largest industrial park in the greater Hazleton area. Current tenants include:, The Hershey Company, Aryzta, Graham Packaging, Tootsie Roll Industries, Archer Daniels Midland, AutoZone and American Eagle, among others.

The buyer, known by its acronym, “CAN DO,” is a private, non-profit industrial/economic development corporation serving greater Hazleton in Northeastern PA. The agency’s goal is to foster economic activity in the greater Hazleton Area through acquiring and developing the land and infrastructure needed to attract new industries and new jobs to greater Hazleton.

“We are pleased to have sold a building with such a desirable address to an organization invested in the future growth of Hazleton and the surrounding area,” says Cole.

The 25,000-square-foot warehouse/manufacturing building features 17’ ceiling heights, seven tailgates, one drive-in loading door and a small office area. It is situated on a 25.87-acre lot.

Philadelphia Industrial Deliveries, Construction and Inventory

During the fourth quarter 2014, three Industrial buildings totaling 327,200 square feet were completed in the Philadelphia market area. This compares to four buildings totaling 906,337 square feet that were completed in the third quarter 2014.

There were 16,734,334 square feet of Industrial space under construction at the end of the fourth quarter 2014.

Some of the notable 2014 deliveries include: West Hills Business Center - Building A, a 980,000-square-foot facility that delivered in second quarter 2014 and is now 100% occupied, and Berks Park 78 - Dollar General, a 906,919-square-foot building that delivered in second quarter 2014 and is now 100% occupied.

The largest projects underway at the end of fourth quarter 2014 were Liberty at Shippensburg - Building B, a 1,700,000-square-foot building with 100% of its space pre-leased, and Majestic Bethlehem Center - Site 2, a 1,644,450-square-foot facility that is 100% pre-leased.

Total Industrial inventory in the Philadelphia market area amounted to 1,030,722,790 square feet in 20,377 buildings as of the end of the fourth quarter 2014. The Flex sector consisted of 85,676,583 square feet in 3,312 projects. Within the Industrial market there were 2,650 owner-occupied buildings accounting for 241,093,478 square feet of Industrial space.

This trend is compared to U.S. National Industrial deliveries and construction, which saw 240 buildings totaling 41.79 million square feet complete construction, with an additional 164.7 million square feet of industrial space still under construction at the end of the fourth quarter. South Washington Park Bldg 2, a 227,000-square-foot industrial facility in the Northern New Jersey market, delivered last year, as did the 168,000-square-foot 2150 Opdyke Rd. in Detroit, while 3507 Pasadena Blvd., a 600,000-square-foot facility in the Houston market, was still under way. Total industrial inventory in the U.S. market totaled almost 21.15 billion square feet in more than 623,000 buildings at the end of Q4 2014, including 90,000 flex projects.

Thursday, February 26, 2015

GMA Garnet USA Expand's in Bucks County

by Steve Lubetkin
GMA Garnet USA, a miner and processor of industrial garnets, has renewed and expanded its lease in the Keystone Industrial Port Complex in Fairless Hills, about 22 miles outside Philadelphia.

GMA Garnet USA leased 166,656 square feet in the T3 building at Keystone Industrial Port Complex. GMA Garnet had previously occupied 77,376 square feet at the industrial complex, which is served by a deep water port on the Delaware River, and which has access to Routes 1, 95, 295, New Jersey and Pennsylvania Turnpikes.

GMA Garnet owns and operates the world’s largest industrial garnet mining and processing operation – based in Western Australia. GMA Garnet clients use the mineral for blast cleaning, water-jet cutting of metals and other material, plus other industrial purposes.

GMA ships approximately 10,000 ton parcels of garnet in loose bulk to the Keystone Industrial Port Complex facility for storage. From there the garnet is run through a quality control processing and packaging plant. GMA Garnet also intends to construct a large scale garnet recycling plant at the facility.

According to Barra, GMA Garnet is expanding its business operations throughout the US by opening recycling facilities to clean and repurpose the garnet it supplies to customers. The company brings shiploads of the pink garnet sand – a very hard mineral, and stores the garnet in piles in industrial buildings like the one at the KIPC facility. From there it packages the mineral in 1.75-ton super-sacks or much smaller, 55-pound bags, before shipping.

Barra has represented the company in leasing industrial space in Reserve, LA (near New Orleans) and Stockton, CA, other port-served markets that enable the company to bring its raw product to the U.S., then process and distribute it to customers throughout North America.

Wednesday, February 25, 2015

Philadelphia Land Sold for $8.4M

Avis Rent-A-Car System LLC sold three-quarters of an acre at 2000 Arch St. in Philadelphia, PA for $8.4 million, or about $11,000 per acre.

The site is currently improved with a 3,000-square-foot retail building. The buyer signed a leaseback deal with the seller for one year, after which the buyer plans to demolish the building.

Orlo Fund Pays $3.3M for Carlisle MOB

Orlo Fund, a Maryland-based real estate investment company, acquired the Carlisle Medical Building I at 2 Jennifer Dr. in Carlisle, PA from Schoolhouse Partners for $3.3 million, or about $185 per square foot.

The 17,800-square-foot medical office building delivered in 2006 on 1.7 acres in the Harrisburg Area West submarket of Cumberland County.

Furnace St Industrial Sold for $2.6M

MB Investments purchased the industrial facility at 200 N. Furnace St. in Birdsboro, PA from Birdsboro Industries, Inc. for $2.63 million, or about $138 per square foot.

The 19,019-square-foot building is located in the Birdsboro Industrial Park. It was occupied at the time of sale, leased to multiple tenants.

Rates important for REITs (Video)