NAI takes out Full Page Ad in Reading Eagle

In addition to our regular bi-weekly advertisement in the Reading Eagle, check our full ad page which will run quarterly.

Full Page Eagle Ad - (1)

Bryan Cole

Sr. Associate

Bcole@naikeystone.com

NAI Keystone Commercial & Industrial, LLC

3970 Perkiomen Ave, Suite 200 Reading, PA 19606

www.Bryan-Cole.com or www.WyomissingOfficeSpace.com

Direct +1 610 370 8502

Main +1 610 779 1400

Fax +1 610 779 1985

Blog | LinkedIn  | Twitter  | Main Website | Office Space Site

 

New Listing – 1220 Broadcasting Road in Spring Ridge

Bryan Cole of NAI Keystone has been retained by Carlino Development Group to exclusively lease 1220 Broadcasting Road, in Wyomissing PA.  The building is home to XO Communications.

1220 Broadcasting Road is a 41,959 rsf. Class A Office building in the Spring Ridge area of Spring Twp. Wyomissing.1220 Broadcasting Road

The building currently has a 2nd floor suite accessible via a passenger elevator. The suite is 14,062 of rsf; however it can be divided in multiple ways to accommodate users from 2,500 sf. to 14,062 sf.

The suite allows for multiple access points which are all ADA compliant and is fully equipped with top of the line Infrastructure and Data Lines.

For more information please check:

http://wyomissingofficespace.com/1220-broadcasting-rd.html

 

Bryan Cole

Sr. Associate

Bcole@naikeystone.com

NAI Keystone Commercial & Industrial, LLC

3970 Perkiomen Ave, Suite 200
Reading, PA 19606

www.Bryan-Cole.com or www.WyomissingOfficeSpace.com

Direct +1 610 370 8502

Main +1 610 779 1400

Fax +1 610 779 1985

Blog | LinkedIn  | Twitter  | Main Website | Office Space Site

Medical & Office Real Estate Ad in Berks County Medical Record

NAI Keystone’s Bryan Cole just advertised in the Berks County Medical Record.  Check out our Ad below.

Berks Medical Record Ad

Click on the Photo to Enlarge or Click Here

Let us know what you think.

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502

New Property for Lease in Spring Ridge Corporate Campus

NAI Keystone’s Bryan Cole is pleased to offer a Class A Office Building in the heart of Spring Ridge for Lease.1350 Brodcasting Road

The building is a condo with the majority of the facility owned by Carlino Development Group; the 3,797 sf. suite is currently in “Cold Dark Shell” condition allowing for a fresh canvas.

The building has standard common areas including restrooms and Class A common corridor.

For More Information visit www.WyomissingOfficeSpace.com or click here

 

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502

Former CareerLink of PA Offices

NAI Keystone is pleased to present a 40,000 sf. Office Building for Sale or Lease.  The building was home to CareerLink of PA who decided to relocate its offices after many years of occupancy.

The building is situated 2.27 Acres and consists of 40,000 +/- of Office space and a Papa John’s Lease out parcel if purchased.

The site is ideally suited for a Charter School or other Institutional type users due to its configuration, ease of access, and pricing structure.

Additional Information can be found here

OR

For more information email us at Bcole@naikeystone.com

 

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502

Two New Leases Executed at 1 Meridian Blvd. in Wyomissing

Bryan Cole and John Buccinno complete two new leases at 1 Meridian Blvd.

NAI Keystone’s Bryan Cole and John Buccinno completed two new leases at 1 Meridian Blvd in Wyomissing.onemerdian_ext_2-lg

The leases were completed in the 1st quarter of 2013 to Baldwin Brass and Sunoco Logistics.  The lease values totaled over $3 Million for the term and 20,329 sf.

The property is owned by Equas Capital Partners – formally BPG Properties.  The building has various suites still for lease which can be found at www.WyomissingOfficeSpace.com or http://www.Bryan-Cole.com

For more information email us at Bcole@naikeystone.com

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502

1st Quarter 2013 – Office Market Report

Greater Reading Suburban Office Market Overview

1st Quarter Office Report

By Bryan Cole

Suburban Office Market Overview

The Greater Reading Suburban Office Market ended the first quarter 2013 with a vacancy rate for Class A Office buildings at 17.4%.  This is a decrease in vacancy rates from 4th quarter 2012 and an increase in vacancy from same period 2012.   The average rental rates increased to $16.00 – $21.50 per square foot Modified Gross which is an increase in the rates from the same period 2012.

Deals of primary focus within Class A building sector were the 13,268 sf. Lease to Sunoco Logistics at 1 Meridian Blvd, which was a relocation and expansion for the already Wyomissing based organization, and the new VA Medical Center lease that was signed at 2762 Century Blvd. these leases along with a few other assisted in reducing vacancy rates and increasing overall absorption.1Q13 Report TN

The Class B Suburban office market ended the first quarter of 2013 with a vacancy rate of 18.67%.  This is a slight decrease in vacancy from 4th quarter 2012 by less than one-quarter percent, however it is an increase from the same period 2012.   The average rental rates had an increase from 4th quarter 2012 to 1st quarter 2013 at $12.50 – $16.50 per square foot modified gross opposed to that of rates from the same period 2012 which was $11.00 – $16.50 per square foot.

Deals of primary focus within the Class B building sector were the new leases at 975 Berkshire Blvd. of 5,300 sf, and 2001 State Hill Road of 4,000 sf.  The activity level for second generation Class B space has greatly increased within the quarter which doesn’t seem to be slowing down.

And the Class C Suburban office market sector ended the 1st quarter of 2013 with a vacancy rate of 11.97% which was an increase from the 4th quarter 2012.

Our outlook for the office market going into 2nd quarter 2013 is very optimistic with activity levels at new highs within the market place and four new transactions pending totaling 70,000 sf. of new lease deals all of which NAI’s Bryan Cole is handling.

Tenant perspective: (As a Tenant Representative)

The Greater Reading market has experienced a high level of interest within the 1st quarter 2013, although activity is high and deals are steadily coming forward the A and B product is still offering incentives/concessions which have allowed Tenants to continue to capitalize on past market conditions.

However as we moved forward in 2013, landlords have begun as expected to raise rates, and limit the concessions as they negotiate with many more details than before.

Tenants should begin to negotiate any leases that are within 18 months of expiration.  This allows for enough room to negotiate and capitalize on the current conditions.

Although the markets are improving and landlords will begin to lock in better terms, we feel the market will continue to be a “Tenant’s Market” into the late stages of 2013 based on current vacancies and leasing activity.

Landlord perspective: (As a Landlord Representative)

Greater Reading’s recent activity will sway some landlords to think the market has completely turned around.  Be cautious as we feel well into 2013 the market will maintain its “Tenant Market” status.

Rates have been low over the past few years, so by offering free rent on the front end while maintaining higher base rates will not only provide tenants the ability to get into the space on a lower initial cost for year 1, it will allow landlords to maintain higher valuations on their assets since most “Free Rent” is outside the term.  This allows landlords to still get effective 3, 5, or 7 year terms while limiting their exposure long-term.

Interest rates will probably remain relatively lower well into 2013.  This will allow tenants to finance TI themselves at sometimes better rates than landlords.  This makes the Free Rent on the front end even more appealing to some tenants.

 

To Download the Full Report please visit www.NAIKeystoneMembers.com or www.Bryan-Cole.com and register for our market reports.

 

 

By Bryan Cole, NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com or www.WyomissingOfficeSpace.com

New Office Listing in Wyomissing PA

NAI Keystone’s Bryan Cole has been retained to exclusively lease 1235 Penn Ave., in Wyomissing PA.  The building was recently purchased, and the new owners have decided to move forward with NAI as its exclusive easing agent.

1235 Penn Ave, Wyomissing PAThe building which consist of 35,414 RSF has two prime medical suites for lease.  Suite 202 is a 3,200 sf unit and Suite 203 is a 3,503 sf unit.  The building has been updated and renovated by the new owners.

 

For more information please check:

http://wyomissingofficespace.com/1235-penn-ave.html

 

 

Bryan Cole

NAI Keystone Commercial & Industrial, LLC

Office & Medical Real Estate Specialist

www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502

Wyomissing office buildings sell for $7.7 million

NAI Keystone’s Bryan Cole – Discusses sale of Office Buildings in Wyomissing with the Reading Eagle.

 

Two prominent office buildings on Berkshire Boulevard in Wyomissing have been sold for a total of $7.7 million, according to the Berks County recorder of deeds’ office.

The buildings are 1105 Berkshire, known as the Travelers Insurance building, near Applebee’s, and 1150 Berkshire, near Wal-Mart. Blank Aschkenasy Properties LLC, Conshohocken, Delaware County, sold them as a package for about $80 a square foot, according to owner Paul M. Aschkenasy.

The large, three-story tan building at 1105 Berkshire Blvd. is more than 80 percent occupied by Travelers Property Casualty Corp. and about 90-plus percent total occupancy, Aschkenasy said.

The other property, a red brick building farther west at 1150 Berkshire Blvd., houses Fleetwood Loan Center and Black Diamond Financial Group, among other tenants, is more than 50 percent occupied.

The properties were sold to Rockford Capital Partners, Wilmington, Del. 1105 Berkshire blvd

Doug Motley, principal of Rockford Capital, a private real estate investment firm, said the Wyomissing properties are class A and the company would make select capital improvements.

“We like the tenants,” Motley said. “We think Wyomissing, as a market, is attractive and growing and it’s a solid investment for our stakeholders.”

He added that Rockford generally holds real estate for five to 10 years before selling it.

“But it’s market-based, and that doesn’t mean if someone offered us twice what we paid for it tomorrow that we wouldn’t sell it,” Motley said.

As for the seller, Aschkenasy said: “It was time for us to sell them. We have discrete times for our investments. We usually hold them seven to 10 years.

“We had these two buildings for nine years. That’s about right. We are in the business of buying and improving them and selling them. We love the  buildings, but it was time to sell.”

The buildings were constructed about 1987. Travelers has been a tenant since the late 1980s.

“We bought them as a package and sold them as a package,” Aschkenasy said.

Bryan E. Cole, an associate with NAI Keystone, Exeter Township, said his realty company had nothing to do with the sale, but he offered his perspective as a professional involved in Wyomissing commercial real estate.

Cole said he assumes, based on the price, that Travelers doesn’t have a long-term lease and that fact would be discounted in the sale price.

Motley said he didn’t know the length of the Travelers’ lease.

Cole said: “I’m guessing Travelers only has four years on its lease, and they are the majority tenant.

“What you end up doing is basing the deal strictly on cash flow  Eighty dollars sounds like a good deal for the purchaser on a per-square foot basis, but when you look at a guarantee of cash flow, it’s a so-so deal.”

Marti Hozey, borough manager and secretary at Wyomissing, said: “Wyomissing borough is always pleased to see that office buildings continue to be sold in the borough.

“We feel this is a premier area to have an office building in Berks County.”

Rockford bought it for its Rockford Real Estate Fund I, the final investment for its value-added fund, the company said.

Richard L. Meares, president of Fleetwood Bank, said the bank has had a private banking and loan center with three or four employees at the 1150 Berkshire location for about a year. Fleetwood plans to stay there and expand.

Gary Griffin, a spokesman for Travelers, said about 250 people work at the Berkshire Boulevard location and Travelers has a longstanding history in the area.

 

Article by Reading Eagle Company

 

Bryan Cole, NAI Keystone Commercial & Industrial, LLC Office & Medical Real Estate Specialist www.Bryan-Cole.com  or www.WyomissingOfficeSpace.com

Bcole@naikeystone.com | 610.370.8502