Friday, August 18, 2017

Carlisle, PA, Industrial Leading Goodman's $2B US Pipeline

by Steve Lubetkin

Goodman Group has preleased more than one million square feet of logistics space to syncreon at its Goodman Logistics Center in Carlisle, PA.

Goodman has secured a seven-year lease with syncreon, a third party logistics company, on one of two industrial facilities at the Goodman Logistics Center Carlisle. The logistics campus provides direct access to Interstate 81, one of the major transportation networks servicing the Greater Northeast. Syncreon is scheduled to take occupancy of the building in early 2018.

“Goodman Logistics Center Carlisle offers a strategic location and provides access to over 40 percent of the US population, making it highly sought after by customers servicing the New York City, Washington, DC, Baltimore, Philadelphia and Pittsburgh markets,” says Anthony Rozic, CEO of Goodman North America.

“The prelease of this modern logistics center to syncreon is an example of Goodman delivering its Northeast real estate strategy, providing high quality logistics facilities, close to consumers,” says Michael Fahy, syncreon’s head of global accounts for technology. “This facility is a critical part of syncreon’s growth plan in North America. We are very pleased with the speed, level of service and the quality of the build. It’s important that we were able to customize key facility features to optimize our process flow. This facility will be a world-class operation for us and for our technology customers.”

The second logistics facility is currently available for lease and provides an additional 938,236 square feet of available space.

The Goodman Logistics Center Carlisle is one of a number of projects in Goodman’s $2 billion identified US investment pipeline, which will provide 14.9 million square feet of Class A logistics space in the key logistics and industrial markets of Inland Empire, Greater Los Angeles, Northern New Jersey and Central Pennsylvania.

Over the last 12 months, Goodman has completed two million square feet of class A development product in these key logistics markets, with a further 4.3 million square feet currently under construction. This is consistent with Goodman’s ongoing commitment to servicing the needs of its global customer base through the development of modern, well-located properties for long-term ownership.

Monday, August 14, 2017

Monthly Economic Outlook – August 2017 (Video)

Office Leasing Strategies Part I & II (Video)

Part 1
Part 2

Great Valley Commerce Center sells for $73M

Rittenhouse Capital Advisors has successfully arranged the financing for the acquisition of the 356,000 square-foot class-A office building known as the Great Valley Commerce Center. Located in Malvern, PA, the property is fully leased to credit tenants. The property was acquired for $73 million, and Rittenhouse Capital placed the first mortgage financing with a national bank in the amount of $54.25 million, or 74 percent leverage. The loan was structured as a CMBS execution and carries a 10-year term with the interest rate fixed at 4.48 percent. It amortizes over thirty years.