Sunday, December 26, 2010

New Leases Signed and a $6.7M Sale

"GWSI Inc., a general warehousing and transportation services company, has undergone a growth spurt and signed on to a large warehouse lease at the Riverbridge Industrial Complex in Chester.

The company started out in the third quarter in 90,000 square feet in Building A at Front and Lloyd streets and signed onto a long-term lease on 200,000 square feet. Industrial Investments Inc., owns the building. The lease is valued at more than $2.5 million. GWSI is based in Delaware County.

P.J. Fitzpatrick Inc. signed on for 10,880 square feet of flex space at 450 S. Henderson Road in King of Prussia. The home remodeling company is based in New Castle, Del. It will use the new King of Prussia facility as a central warehousing and distribution point for the Delaware Valley area.

Panda Express is taking space on the concourse level at Comcast Center at 17th Street and John F. Kennedy Boulevard in Center City. The tenant signed a 12-year lease. Liberty Property Trust is the landlord.

Navien America Inc., a supplier of boilers, water heaters, air conditioners and other equipment, leased an 11,424-square-foot office building at 325 Route 70 in Cherry Hill.

Avnet Inc. leased 17,372 square feet at Four Greentree Center in Marlton, N.J. Liberty Property owns the building. Avnet will use the space for their regional sales office. The company is a distributor of electronic components, computer products and embedded technology.

A 13,965-square-foot Walgreens traded for $6.7 million, or a 7.3 percent cap rate. The building at the corner of North Kings Highway and Chapel Avenue in Cherry Hill., was constructed this year and has a 25-year lease on it that just started in August."

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