Packaging Corporation of America Leases 220,000 sf. In Reading PA.

Packaging Corporation of America announced on September 21,  2011 that it will expand in the Commonwealth of Pennsylvania by opening its new manufacturing facility next month.

NAI Keystone Commercial & Industrial’s Steve Willems & Bryan Cole completed the 220,875 SF long-term industrial lease transaction at Premium Business Center, 171 Tuckerton Rd., Reading, PA
in September 2010.

The leased facility is expected to create fifty new, full-time jobs within three years of opening.  Commenting on the investment, Thomas A. Hassfurther, Executive Vice President, said, “Our decision to expand in Southeastern Pennsylvania is a testament to the dedicated employees of the region. Our investment in additional corrugated products capacity was driven by customer demand.  Expanding our network of plants in this region reinforces our commitment to continue providing outstanding quality and superior service to our customers.”

PCA has worked in conjunction with the Governor’s Action Team, the Pennsylvania Department of Community and Economic Development, and the Berks Economic Partnership, and the leadership at Muhlenberg Township on this project and looks forward to a continued partnership with the Community and the Commonwealth.  PCA is the fifth largest producer of containerboard and corrugated packaging products in the United States with sales of $2.44 billion in 2010. PCA operates four paper mills and 68 corrugated product plants in 26 states across the country.

The PremiumBusinessCenter,owned and managed by The Endurance Group & Brasler Properties, is now fully leased.

 

 

 

 

 

 

NAI Keystone Commercial & Industrial, which maintains a prominent market share in Berks and Schuylkill Counties, Pennsylvania, specializes exclusively in commercial and industrial properties.

For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.

September 2011 Volume 3 Weekly Review

Team Cole Weekly Review

 

The September 2011 Commercial Real Estate Weekly Review. The weekly review outlines the week in review throughout Berks County., including closings, companies moving, featured properties, and much more.

PDF Brochure: – Click Here

 

 

 

 

For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.

Impact of Commercial Real Estate – When a company closes shop

When a company closes shop

Within the past few months news sources including the Reading Eagle, Eastern PA Business Journal and various other local publications have made mention of a number of companies deciding to close their facilities in the local marketplace. This has a few obvious impacts including job loss and tax revenue loss, but a large problem that is sometimes overlooked is what do we now do with the vacant real estate.

The majority of the time these facilities, especially manufacturing plants are designed and built for a specific function.

On many occasions these properties will end up being retrofitted for another use, which will ultimately affect the sales price. Some of the larger companies will even sell the property below market value to just get it off of their books.

This not only has a direct impact on the subject property but also an impact on the rest of the market. Especially when it comes to appraisers trying to value other assets in the marketplace!

The positive is that there are certain items within a facility which can be a benefit, including water/sewer capabilities, cranes, power infrastructure, rail, etc… When these facilities have their equipment still in place, it allows the Broker to market to a certain demographic. This could be a good problem to have as it allows you to target a certain company and offer what most sites cannot include a turn-key operation and workforce that is in place. A perfect example of this scenario is when Advanced H20 Water Closed its doors In 2007 and another bottling company purchased the assets, equipment, leased the building, and hired a number of the former employees.

Unfortunately this does not happen all the time, in most cases the equipment is auctioned off, and the buildings are placed on the market for sale or lease! Without the equipment or specialized  infrastructure you are now marketing a general warehouse or industrial facility and not separating yourself from the rest of the marketplace. This tends to lower the rental rate, increase the incentives that are offered, and increase potential tenant improvement allowances. All of the items listed directly affect the value of the asset and value of market.

What we hope as a community is to concentrate not only on attracting new industry but work extremely hard at company retention. As a Broker we earn our fees by filling vacant real estate, however we want nothing more than to show what industry we have and what employers are expanding; this shows market strength and stability. We need to spend just as much effort on company retention as we do on attracting new businesses.

By assisting our local companies to expand we will ultimately help all aspects of the community.

There are various organizations in Greater Reading that do just that;

The Greater Reading Chamber of Commerce

Berks Economic Partnership

Greater Berks Development Fund

Industrial Development Authority

Reading Redevelopment Authority

NAI Keystone Commercial & Industrial, LLC

And many more!

If you are interested in learning more about these organizations please give us a call and we will put you in touch with the respective party.

Article by Bryan Cole of NAI Keystone Commercial & Industrial, LLC

For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.

September 2011 Volume 1 Weekly Review

 Team Cole Weekly Review

The September 2011 Commercial Real Estate Weekly Review. The weekly review outlines the week in review throughout Berks County., including closings, companies moving, featured properties, and much more.

PDF Brochure: – Click Here

 

 

 

 

 

 

 

 

For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.

Kenhorst Shopping Center Sold

Kenhorst Shopping Center Sold

Katz Properties based in New York purchased the Kenhorst Plaza Shopping Center in Shillington for $16.150 Million.  The property consisted of 161,424 square feet and was comprised of 26 total spaces of which twenty were occupied.

Some of the key tenants located within the center are Redner’s Warehouse Markets, Dollar Tree, and the U.S. Post Office.

The property has been part of numerous sales including a transaction in 2008 when it sold for $22.397 Million and a transaction in 2001 for $18.725 Million.

A 28% drop in value since 2008, although the rent rolls were not compared.

 

For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole | Team Leader
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.

 

Movers & Shakers – A Sample list of companies moving in and around Berks County

Movers & Shakers – A Sample list of companies moving in and around Berks County.

The Berks County is beginning to see an increase in Activity across the board including Office, Industrial and some Retail.  There is still an abundance of space available, however companies are beginning to show interest in getting deals pressed forward.  Below are a few companies that have made a change in one way or another.

Logistics Management Firm Moves to Birdsboro

The Trans logistics Inc. Company is to relocate to a 6,200 SF space in the Matthew Brooke Professional Center in Birdsboro. The move will take place in late August.

Berks Businessman Seeks to Resurrect Seafood Shanty

The Seafood Shanty Restaurant is coming back to Berks County. The restaurant will be located at 2713 N. Meridian Blvd. in Wyomissing, the former location of Uno  Chicago Grill and Mason’s Chophouse, in the Broadcasting Square Shopping Center. Renovations are to begin in September.

Women’s Healthcare Office Opens

The Reading Hospital Medical Group hosted a grand opening of the new Women’s Healthcare Services – Berkshire  Heights on August 11th. The new practice is actually a combination of three: AGES Gynecology: Ebersole, Zerby, Consoli and West Associates: and Alexander Massengale M.D.

Three New Stores Open at Reading Outlet Center

Three stores have opened in the development project for the former Reading Outlet Center at 810 Oley St. A 2,000 SF Metro PCS, a 7,000 SF Super Dollar, and a 15,000 SF Save-A-Lot Food Store.

Reverse Logistics Company Launches Berks Branch

DRS Products Returns has relocated is eastern warehouse and its corporate headquarters to the Stone Pointe Center complex in Muhlenberg Township.  Stone Pointe Center is the former Agere manufacturing complex that also includes the Greater Reading Expo Center.

St. Joseph Medical Center

St. Joseph Medical Center’s Wound Care program added a second outpatient location with a new facility at 2610 Keiser Blvd in Wyomissing.

For additional information about any of the items listed above please contact us at Bcole@naikeystone.com.  As always please visit www.Bryan-Cole.com for market information, updates, and market availabilities.  NAI has a list of every available property in and around Berks County.  Give us a call if you’re looking to Lease, Sell, Buy a facility.

For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole | Team Leader
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.

September 2011 Commercial & Industrial Real Estate Newsletter

September 2011 Commercial & Industrial Real Estate Newsletter

See Link Below

The September 2011 Commercial Real Estate Newsletter. This Newsletter outlines listings,events, deals, and articles relative to Commercial Real Estate in Berks and Schuylkill County PA.

Interactive September Brochure: – Click Here

 

For a full list of all our Newsletters please visit:  http://www.bryan-cole.com/Newsletters.html

For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com

Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

Check out my new website at www.Bryan-Cole.com

NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.