Thursday, May 13, 2021
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Friday, May 7, 2021
Thursday, May 6, 2021
QVC sells West Chester building for $17.5M
By Natalie Kostelni – Reporter, Philadelphia Business Journal
Qurate Retail Group, the parent company of QVC Inc. and the Home Shopping Network, has sold one of its buildings in West Chester for $17.5 million, having determined it no longer needed the space as the company embraces a flexible work arrangement going forward.
Parsons 1365 LLC, an entity affiliated with Communications Test Design Inc., bought the five parcels that comprise the property at 1365 Enterprise Drive, according to Chester County real estate records. The property includes a 256,500-square-foot office building and related parking. CTDI is located next door at 1373 Enterprise Drive.
A representative from CTDI couldn’t be reached for comment.
Qurate will continue to own and operate from Studio Park, which is the company’s global headquarters located at 1200 Wilson Drive in West Chester, according to a Qurate spokeswoman. The 720,000-square-foot property is home to its corporate offices, as well as QVC’s U.S.-based broadcast studios.
The decision to sell 1365 Enterprise, which QVC refers to as its Founder’s Park building, came after the company concluded it will continue to integrate virtual work within its operations and all of its West Chester operations would be folded into the Studio Park building, the Qurate spokeswoman said.
Full story: https://tinyurl.com/y35xkn5m
Wednesday, May 5, 2021
Lehigh Valley Distribution Center Sells for $201.5 Million
By Clarice King CoStar Research
A recently built 1.03 million-square-foot distribution center in Pennsylvania's Lehigh Valley has sold for $201.5 million, ranking it as the priciest single-property industrial deal for the market, according to CoStar data.
Oak Brook, Illinois-based CenterPoint Properties acquired the industrial facility from a joint venture between Rockefeller Group and PCCP LLC, according to JLL, which brokered the deal.
The industrial facility is located within the master-planned Rockefeller Group Logistics Park at 951 Willowbrook Road in Northampton, a borough about 6 miles north of Allentown and about 8 miles from Bethlehem. Built in 2020, the facility is fully leased to third-party logistics company Geodis.
"The property presented an exceptional opportunity to acquire a large scale, new generation building in the core of the Lehigh Valley market. The park’s location, adjacent to a massive multinational delivery services company’s hub, makes e-commerce operations a logical use within the surrounding area for years to come."
COVID-19 drastically accelerated the growth of e-commerce, and Lehigh Valley has been ideally situated to take advantage.
"The international ports and sprawling suburbs of New York, Boston, Philadelphia, and Baltimore are all within a two hour drive" Atwood wrote. "Within 500 miles is roughly 40% of the nation's population as are 60% of Canadians. The interstates contained within this market also allow Lehigh to connect directly with inland ports to the south and west, like Columbus and Nashville."
Because of the primacy of location in shipping, some of the biggest names in logistics occupy millions of square feet here, and the market has a relatively low level of at-risk tenants. That has insulated owners of existing supply through 2020, and vacancies barely budged in spite of millions of square feet of speculative space arriving.
