Industrial Transaction fills Seagis Property Group asset in Central Pennsylvania
NEW KINGSTOWN, PA – December 15, 2011 – (RealEstateRama) — Fry Communications Inc. has signed a new full-building lease for 146,500 square feet at 36 East Main Street, a one-story industrial facility owned by Seagis Property Group. The landlord was represented by Gerry Blinebury, Pat McBride, and Leah Balerno of the Philadelphia office of Cushman & Wakefield.
Fry Communications, a multi-media printing, production, publishing, digital, circulation and advertising company based in Mechanicsburg, Pa., with multiple locations in central Pennsylvania, will utilize the expansion facility for warehousing operations. The company was represented in the transaction by CBRE Group, Inc.
“The facility only became available in October of this year, but the combination of location, heavy power, a full air-conditioned warehouse and rail service created considerable user interest in the building and ultimately led to this lease in less than three months,” said McBride.
36 East Main Street is located near Harrisburg on Route 11 near the interchange of the Pennsylvania Turnpike and I-81, close to I-83. Situated on 9.6 acres, the facility offers 24-foot clear ceiling heights and includes a 3,200-square-foot office component. The warehouse is fully air-conditioned and rail served.
“The 110 million-square-foot central Pennsylvania industrial market currently has a 10 percent vacancy rate. The fact that the building had fewer than three months of down time clearly demonstrates its appeal,” said McBride. “The landlord is very pleased with the outcome of this leasing effort.”
Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions nationwide – totaling 141.6 million square feet in leases and 52.9 million square feet in sales – with an aggregate value of nearly $5 billion. This represented a year-over-year revenue increase of 26.7 percent.
Evelyn Weiss Francisco: , (201) 796-7788, www.twitter.com/carylcomm