CUSHMAN & WAKEFIELD BROKERS 594,000-SQ.-FT. INDUSTRIAL SALE
Former Armstrong Flooring Distribution Center will be Converted into a Regional Sports Complex
LANCASTER, PA – May 30, 2012 – (RealEstateRama) — Cushman & Wakefield’s Philadelphia-based industrial group has orchestrated the sale of 2913 Spooky Nook Rd., a 594,000-square-foot industrial building in Lancaster. Formerly utilized as a distribution center for flooring products by Armstrong Industries, the facility will be converted into a regional, youth-oriented sports complex by the new ownership.
The seller, which had acquired the property from its previous private owner through foreclosure, was represented by the Cushman & Wakefield team of Gerard Blinebury, Leah Balerno, Pat McBride, and Adam Campbell. New owner Sports Complex LP, an entity headed by former Auntie Anne’s Pretzels owner Sam Beiler, was represented by Tim Shreiner of Prudential H.S.G. Real Estate.
“We were able to secure the highest and best use buyer, a local investor, after negotiating with several parties who had also expressed interest in redeveloping this asset,” said Blinebury. “After selling Auntie Anne’s Pretzels, the buyer was looking to reinvest back into the community. The availability of 2913 Spooky Nook Rd. provided the opportunity to do just that, and the result will be a vacant building that will be reborn as an important community asset.”
Once the repositioning is completed, 2913 Spooky Nook Rd. will provide a venue for youth and family oriented athletics. The facility may also have a collegiate athletic component, according to the new ownership.
Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2011, in the US alone, this group completed more than 6,100 industrial real estate transactions – totaling 225 million square feet – with an aggregate value in excess of $6.5 billion.
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