Prominent industrial leases signed by Amazon, Harley-Davidson and ID Logistics negotiated are among the second-quarter industrial leases recognized.
As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the community.
Here are the Philadelphia industrial leases selected as the second-quarter 2023 winners of the CoStar Power Broker Quarterly Deal Awards:
TOP LEASE: 251 Westwood Hill, Tremont, PA
251 Westwood Hill, Tremont, PA (CoStar)
Space Leased: 1,347,493 SF
Deal Type: New Lease
Size: 1,347,493 SF
Tenant: Amazon
Deal Commentary: The rumors that Amazon was interested in leasing the first of two massive distribution buildings planned in the Rausch Creek Logistics Center proved to be true. Panattoni Development completed the first of two buildings totaling approximately 2,387,295 square feet planned in the logistics complex located off I-81 in February. The warehouse has 253 dock doors, a 40’ clear height, and over 800 parking spaces. Panattoni acquired the site in mid-2021 and plans to start work on the second phase by the end of this year.
TOP LEASE: York Business Center, 603-621 Memory Lane, York, PA
603-621 Memory Lane, York, PA (CoStar)
Space Leased: 785,910 SF
Deal Type: Renewal
Size: 1,525,000 SF
Tenant: Harley-Davidson
Deal Commentary: Popular American motorcycle brand Harley-Davidson renewed its lease at the York Business Center. The firm has assembled its motorbikes at this location since 2013. Spanning over a million square feet, the industrial complex is owned by Endurance Real Estate and ASB Real Estate Investments.
TOP LEASE: 150 Fort Motel Dr., Myerstown, PA
150 Fort Motel Dr., Myerstown, PA (CoStar)
Space Leased: 277,171 SF
Deal Type: New Lease
Size: 277,171 SF
Tenant: Saddle Creek Logistics
Deal Commentary: As part of a major national expansion of its existing warehouse and fulfillment operations, Florida-based Saddle Creek Logistics Services executed a deal to lease the recently built industrial facility owned by Dalfen Industrial in the Central Logistics Park off Fort Motel Drive. In addition to this location, the omnichannel, integrated supply chain company opened facilities in Kentucky and Illinois with plans to open a North Las Vegas, Nevada location in early 2024.
TOP LEASE: 1000 Coopertown Road, Delanco, NJ
1000 Coopertown Road, Delanco, NJ (CoStar)
Space Leased: 255,000 SF
Deal Type: Sublease
Size: 255,000 SF
Subtenant: ID Logistics
Deal Commentary: ID Logistics filled a large warehouse vacancy left by the April departure of Misfits Markets from this cold-storage facility owned by Provender Partners. ID Logistics is an international logistics and transportation company based in France. In March of 2022, the firm acquired Kane Logistics based in Scranton, Pennsylvania, to expand its East Coast presence.
TOP LEASE: 301 Bordentown-Hedding Road, Bordentown, NJ
301 Bordentown-Hedding Road, Bordentown, NJ (CoStar)
Space Leased: 213,000 SF
Deal Type: Renewal
Size: 213,000 SF
Tenant: Owens & Minor
Deal Commentary: Fortune 500 global healthcare product distributor Owens & Minor renewed the lease for its distribution center in Bordentown in a top second-quarter deal. The firm has operated out of the First Industrial Realty Trust-owned facility since 2016 as part of the New York distribution network for the company.
TOP LEASE: 499 Commerce Drive, Burlington Township, NJ
499 Commerce Drive, Burlington Township, NJ (CoStar)
Space Leased: 97,500 SF
Deal Type: Renewal
Size: 97,500 SF
Tenant: Alpi USA
Deal Commentary: Family-run, global logistics company with a focus on freight forwarding will continue to operate in its leased facility off Commerce Drive after renewing its full-building lease in the second quarter. Owned by EQT Exeter, the building features a prime location in Burlington Township with convenient access to Highway 295.
TOP LEASE: 1651 River Road, Burlington, NJ
1651 River Road, Burlington, NJ (CoStar)
Space Leased: 95,873 SF
Deal Type: Renewal
Size: 192,402 SF
Tenant: Ta Chen International
Deal Commentary: Ta Chen International, a master distributor of stainless, aluminum and nickel alloy products, inked a deal to fill the remaining space in Building 4 of the Burlington Industrial Park. The company has 21 other locations around the U.S. with international locations in Canada, Taiwan, and China. Owned by Greek Development, the warehouse property was developed by MRP Realty in 2017.
TOP LEASE: 801 Bridgeboro Road, Edgewater Park, NJ
801 Bridgeboro Road, Edgewater Park, NJ (CoStar)
Space Leased: 70,887 SF
Deal Type: New Lease
Size: 70,887 SF
Tenant: Armstrong Logistics
Deal Commentary: Armstrong Logistics inked a deal in Edgewater Park to expand its operations, becoming the sole occupant of this Bridgeboro Road facility. The company also inked an additional lease during the second quarter for over 80,000 square feet in Edison, Pennsylvania.
TOP LEASE: 145 Morgan Lane, York, PA
145 Morgan Lane, York, PA (CoStar)
Space Leased: 70,000 SF
Deal Type: New Lease
Size: 70,000 SF
Tenant: Lexora Home
Deal Commentary: Bathroom furnishing wholesaler Lexora Home leased this distribution center off Morgan Lane in York, as part of a relocation from Secaucus, New Jersey. Beginning in 2009 as a family business called First Look Bath, the firm has since expanded into cabinet manufacturing and distribution.
TOP LEASE: Alexander Court 3, 870 Calcon Hook Road, Sharon Hill, PA
870 Calcon Hook Road, Sharon Hill, PA (CoStar)
Space Leased: 53,000 SF
Deal Type: Renewal
Size: 53,000 SF
Tenant: Matheson Flight Extenders
Deal Commentary: Matheson Flight Extenders, a provider of mail-sorting services, renewed the lease for this entire distribution facility located in the Folcroft East Business Park. This distribution facility is owned by The Henderson Group of Media, Pennsylvania.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.