Wednesday, March 28, 2012

Nestlé Renews 1M SQFT in Lehigh Valley

"CapLease, Inc. (NYSE: LSE) executed a lease renewal with Nestlé Holdings, Inc. for its 1,045,153-square-foot industrial property at 555 Nestle Way in Macungie, PA.

The lease will commence on January 1, 2013 for a term of five years. Contract rent is $4.40 per square foot, increasing 3% per annum.

Nestlé's distribution building was constructed in 1994 on 86 acres in the Lehigh Valley Industrial submarket of Philadelphia.

CapLease, Inc., which owns the building, is a real estate investment trust (REIT) focusing on single-tenant commercial properties with long-term leases to high-credit quality tenants."

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