Tammy Mitgang and Kyle McKechnie of NAI Keystone have facilitated the sale of 1310 Perkiomen Avenue in Downtown Reading

Tammy Mitgang and Kyle McKechnie of NAI Keystone have facilitated the sale of 1310

Perkiomen Avenue, a 12,946 SF Special Purpose/Religious Facility in Downtown

Reading. The property was owned by Olivet Boys & Girls Club, which ceased use of the

facility several years ago. Prior to Olivets, the property was built and operated as a

synagogue known as Temple Oheb Sholom. It was donated to Olivets in 1998.

 

Built in 1921, the multi-level building includes a large meeting space, balcony and social

hall with a stage area and kitchen. The building was designed by the notable architect,

James Vickson, who is also responsible for other prominent buildings including the

Reading Public Museum, Luden Mansion and Wyomissing High School.

 

NAI Keystone Commercial & Industrial, which maintains a prominent market share in

Berks and Schuylkill Counties, Pennsylvania, specializes exclusively in commercial and

industrial properties. In addition to property management and receiverships, NAI

Keystone provides brokerage services such as Tenant/Landlord and Buyer/Seller

representation, lease administration, commercial financing, consultation services, 1031

Tax Exchange, environmental surveys, and investment sales.

The Shillington Farmers Market has a new owner!

Established by Ted & Edith Ludwig in 1937, the Shillington Farmers Market has

enjoyed a long history as a pillar of the Shillington community. The tradition was

carried on by their daughter Eileen and her husband Jim Daley through the move

from the original market location to its location today at 10 S. Summit Avenue.

 

The market now passes to the next chapter of ownership with the announcement

of Hamid Chaudhry officially placing the market under contract for sale. As a local

entrepreneur and business owner, Hamid has high expectations for the future of

the market, the continued success of its vendors and the quality of products they

supply to their loyal customers. “I will do my best to make the Shillington Farmers

Market great again!”, said Chaudhry. An official date of settlement has not yet been

determined; however, it is expected in the coming weeks.

 

This transaction is being brokered by Steve Willems & Kyle McKechnie of NAI

Keystone Commercial & Industrial.

 

For more information, please contact

Kaitlyn Tothero

Marketing Director

NAI Keystone Commercial & Industrial, LLC

610.370.8533

ktothero@naikeystone.com

Cole Represents Penn State Health St. Joseph in Robesonia

NAI Keystone’s Bryan Cole represented Penn State Health St. Joseph in leasing a new facility in Robesonia PA.  NAI’s John Buccinno represented the Landlord, Mr. Vince Giannotti.  The site was home to Giannotti’s Italian Kitchen restaurant.

 

The site is a 6,000 sf. Free Standing Building at a lighted intersection in the heart of Robesonia at 410 E. Penn Ave.

 

For More Information call:  Bryan Cole @ 610.370.8502 or Bcole@naikeystone.com.

 

By Bryan Cole, SIOR | Principal

NAI Keystone Commercial & Industrial, LLC | www.Bryan-Cole.com

Bcole@naikeystone.com

 

Tompkins VIST Bank hires Bryan Cole to handle lease negotiations

Tompkins VIST Bank hires Bryan Cole to handle lease negotiations.

Bryan Cole, a Principal at NAI Keystone, worked alongside Tompkins VIST Bank and their corporate real estate team to renew one of their leases.  The site was a free-standing retail building with great access and visibility.  By providing supporting market data and handling direct negotiations with the landlord, Bryan was able to reduce the rent costs by thirty percent.  Overall, Tompkins VIST Bank attained over $420,000 in total savings over seven years.

For More Information about Bryan Cole visit bryan-cole.com

NAI Keystone Commercial & Industrial, which maintains a prominent market share in Berks and Schuylkill Counties, Pennsylvania, specializes exclusively in commercial and industrial properties. In addition to property management and receiverships, NAI Keystone provides brokerage services such as Tenant/Landlord and Buyer/Seller representation, lease administration, commercial financing, consultation services, 1031 Tax Exchange, environmental surveys, and investment sales.

 

NAI Keystone’s Kyle McKechnie has secured the sale listing of 606 Court Street in downtown Reading

Kyle McKechnie of NAI Keystone Commercial and Industrial, LLC has secured the sale listing of 606 Court Street, a 26,360 SF office building located in the heart of downtown Reading, immediately adjacent to Berks County Courthouse and the Berks County Services Center.

The property underwent significant renovations and improvements less than 2 years ago. The building is ideally suited for law firms, non-profits and companies routinely doing business in the courthouse or services center. The main entrance is off Court Street with the rear of the building having multiple entrance points via the common courtyard.  The property is fully handicapped accessible to all floors, adjacent to a public parking garage, and nearby to all downtown amenities. The sale of this asset is an opportunity to purchase a rare class A office building in downtown Reading.

NAI Keystone Commercial & Industrial, which maintains a prominent market share in Berks and Schuylkill Counties, Pennsylvania, specializes exclusively in commercial and industrial properties. In addition to property management and receiverships, NAI Keystone provides brokerage services such as Tenant/Landlord and Buyer/Seller representation, lease administration, commercial financing, consultation services, 1031 Tax Exchange, environmental surveys, and investment sales.

For more information, please contact

Kaitlyn Tothero

Marketing Director

NAI Keystone Commercial & Industrial, LLC

610.370.8533

ktothero@naikeystone.com

New Sublease Opportunity in Wyomissing

NAI Keystone’s Bryan Cole has been hired to represent a 5,045 usf. sublease at 30 Commerce Drive in Wyomissing PA.  Due to the expansion needed by the current tenant, this prime single story office building is available for lease.  The suite is set up for a financial user and has higher end interior finishes with large offices and open workspace.

Call for Details.

 

By Bryan Cole, SIOR | Principal

NAI Keystone Commercial & Industrial, LLC | www.Bryan-Cole.com

Bcole@naikeystone.com | 610.370.8502

Greater Reading Office Market Overview End of 1st Quarter 2017 Office Report By Bryan Cole, SIOR

Suburban Overview

The overall Suburban Office Market was relatively flat thru the 1st quarter of 2017 with vacancy rates for Class A Office product at 5.56% which is a higher than Year End 2016 and a few percentage points higher than the same period in 2016.  There were several lease renewals which were good for the market, however it did not attribute to the absorption rate as most leases were renewed as is with little to no expansions.

The total proposed sites tracked, equates to 93,100 sf. which when added to the existing product and sublease space pushes the vacancy rates up to 8.22%.

The average rental rates also remained flat from the previous quarter at $19.50 – $24.50 per square foot modified gross, however they are a few dollars per square foot higher than the same period in 2016.

The Class B office sector continues to be the driver of most absorption within the County, however it also remained flat in the 1st quarter of 2017.  The overall vacancy rates increased to 15.01% from the end of 2016 which is exactly where the rates were in the same period of 2016.

The rental rates were flat from the end of 2016 to the end of the 1st quarter of 2017 with rates in the $15.50 – $19.50 per square foot modified gross range.  However, the rates are much higher than the same period in 2016.

The 2017 Office market as described in the end of year 2016 report seems to be poised for strong growth in the Financial Sector and the Medical Sector.

The description from the End of Year 2016 report remains true:

The financial sector has seen significant growth locally with various financial institutions looking to increase their footprints and amenities to attract a younger workforce and embrace the change in technology.  The Medical Sector is another part of the industry which continues to see growth.  Several smaller, less efficient medical buildings have been placed on the market for sale or lease, however these facilities are becoming outdated and too small to benefit or attract the larger health systems.  The growth pattern seems to indicate larger, better located facilities, with easy access to customers and better technology.

Overall activity was concentrated on Lease Renewals rather than new deals.  This is a common pattern in the 1st quarter as leases expiring towards the middle or end of the given year result in early negotiations.

 

Downtown Overview

The Reading Central Business District (CBD) ended the 1st quarter of 2017 with a vacancy rate of 5.02% which is slightly higher than the same period in 2016.  As previously outlined, we currently track eight (8) buildings which are classified as Class A Office Buildings in Downtown Readings CBD.  These variables are location, infrastructure, and overall appeal.  The Reading Class A CBD is below National Averages for CBD related markets, as well as the Philadelphia CBD.

The Class A sectors rental rates remain unchanged from the end of 2016 at $11.00 – $15.50 psf. modified gross.

The Class B Downtown Office Market ended the 1st quarter of 2017 with a vacancy rate of 27.89%.  This was a slight decrease in vacancy rates from the previous quarter.  The vacancy rate is slightly higher than the same period in 2016.  The average rental rates for downtown product is very low compared to the other CBD markets at $8.50 – $12.00 per square foot modified gross.

As outlined in the 2016 End of Year Report and as shown below remain true:

The positive spin is that there are a few local investors who have been trying to resurrect some of the outdated facilities, and the hope is they are successful at attracting new companies that can take advantage of the workforce and bring some business back to downtown.  The City and the local business leaders need to continue to work together to make this a reality; and remove the obstacles to help business succeed in downtown.  Other nearby markets, such as Lancaster and Allentown have had local companies take larger buildings and convert them into residential and higher end updated office facilities.

 

Commercial Space Overall

As I have mentioned in every quarterly article that I have written, the key elements that will be critical to all sectors of commercial real estate, is the need to work with dedicated, educated, and willing township officials and boards that can assist in getting approvals expedited and incentives obtained.  This will be an absolute critical element in all deals moving forward.  Greater Reading is fortunate to have these types of organizations and people in place.  The hope is that municipalities will learn the successes from one another and incorporate that into their areas.  Berks County is also fortunate to have strong local business leaders that are willing to spend their time and resources to assist their respective areas, and it is critical that municipalities lean on those individuals for guidance.

www.WyomissingOfficeSpace.com

 

Check www.Bryan-Cole.com for a full and comprehensive Office Market Report.

 

By Bryan Cole, SIOR | Principal

NAI Keystone Commercial & Industrial, LLC | www.Bryan-Cole.com