Keystone’s Buccinno & Cole Handled sale of 4634 Penn Ave

NAI Keystone’s John Buccinno & Bryan Cole represented the Seller of 4634 Penn Avenue.  The property was a 9,750.00 sf. Free Standing Retail/Flex Facility located along Penn Ave in Sinking Spring.  The building was previously utilized as a showroom and warehouse distribution center for ProSource.

 

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Bryan E. Cole, SIOR | Principal

NAI Keystone Commercial & Industrial, LLC
875 Berkshire Blvd., Suite 102
Wyomissing, PA 19610
Bcole@naikeystone.com

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

NAI Keystone’s Bryan Cole handles another MOB sale in Wyomissing PA.

NAI Keystone’s Bryan Cole handles the sale of a another MOB in Wyomissing PA.  The property was owned by Boas Surgical who hired NAI to sell the asset.

The facility was leased by a Dental Practice.

The property located at 1075 Berkshire Blvd, is located in the Berkshire Commons condo association in Wyomissing PA.  The site is a multi-tenant medical building with easy access to major berks corridors and located in the  heart of the Berks Medical community.

NAI Keystone represented the Seller;  The building traded for $127.00 psf.

 

For more information about this lease please contact Bryan Cole of NAI Keystone Commercial & Industrial, LLC

Source: www.Bryanecole.wordpress.com and www.Bryan-cole.com

 

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

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

direct: 610-370-8502

Bcole@naikeystone.com

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

About Bryan Cole and NAI Keystone

Bryan joined NAI Keystone in early 2004, but before joining NAI, Bryan Cole spent 4 year’s active duty in the United States Marine Corp, including a 6 month deployment in Afghanistan, a 4 month deployment in Kuwait/Iraq, and a 7 month deployment in Japan. Prior to joining the military Bryan was involved in the construction of commercial and multi-unit properties in the Philadelphia suburbs. Bryan has experience working with a diverse group of individuals in numerous countries throughout the world. During Bryan’s time at NAI, he has sold and leased well over $250 Million Dollars worth of Commercial Real Estate. Because of this, Bryan earned NAI gold club status his first year in the business. Bryan is currently working on earning both his CCIM designation and SIOR designation. Bryan has been NAI Keystone’s Top Performer from 2006 – 2011.
NAI Keystone is a full service commercial and industrial real estate firm located in Reading, Berks County.  NAI Keystone manages and handles approximately 4 Million square feet of commercial and industrial space in Berks and Schuylkill County.  NAI is the only firm in Berks County dedicated to strictly commercial real estate.  www.Bryan-Cole.com.
610 779 1400 (o) | 610 779 1985 (f)

Greater Reading Office Market Report by Bryan Cole

Written and compiled by Bryan Cole of NAI Keystone Commercial & Industrial, LLC

 

The 2011 Greater Reading Office Market experienced similar activity as the previous year; however unlike 2010 the market noted a slight positive absorption.  This was mainly due to the majority of the tenants in the local market maintaining their space rather than reducing or relocating.  The activity level was still there in the 1st thru 3rd quarters of 2011; however companies were nervous about making decisions on moving or relocating from their existing facilities.  The positive absorption came from some tenants taking advantage of the market by extending their lease terms to take advantage of the lower base rental rates and tenant incentives and few slightly increasing their footprints.

These renewals included The Travelers insurance group who renewed their lease at 1105 Berkshire Blvd, Wyomissing which consisted of approximately 60,000 +/- square feet, along with STV Inc., who renewed their lease at 205 W. Welsh Drive in Douglassville, which was approximately 50,000 sf.

New developments slowed in 2011 with only a few facilities being built which includes the 33,000 sf. speculative project at The Wyomissing Corporate Campus and the Reading Hospitals newly built MOB in Cumru Township.

The 4th quarter 2011 into the 1st quarter 2012 experienced an extreme level of activity.  There are approximately 200,000 sf. of new and existing tenants circulating the market; looking to move into the county or relocate from the existing facilities within the county.

Although the level of activity has jumped, there have also been recent press releases of large tenants vacating large blocks of contiguous space or looking to sub-lease their space.  This includes the announcement of CNA looking to close down or downsize its Reading facility which contains approximately 260,000 sf., along with Teleflex marketing their 60,000 sf. for Sub-Lease at 1 Meridian Boulevard in Wyomissing, IMS Healthcare reducing their footprint locally, and Sovereign Bank continuing to try and sub-lease their 57,000 sf. office building on Berkshire Blvd.

Overall the end of year 2011 showed a slight decrease in Suburban Class “A” building Vacancies starting at 12.4% in late 2010 and closing at 12.2%, mostly due to a new build to suit for the Reading Hospital and Medical Group, along with companies increasing their footprints at 1 Granite Point, and 1105 Berkshire Blvd.  Class “A” buildings have typically been a safe sector in the marketplace because of low inventory; however with new developments coming on-line, and companies still looking for lower rents the Class “A” sector has seen less demand.  This will and has changed in 2012 with a great deal of the activity surrounding this type of product.

Class “A” rental rates in 2011 remained flat with rates ranging from $15.50 – $16.75 (Triple Net) on the high side; however there was considerable downward pressure on pricing within this segment.

The Class “B” sector experienced the same in 2011 as did Class “A”, starting at 13.6% and ending at 13.2%, however while vacancy rates decreased, rental rates has a slight increase.  Base rental rates slightly increased within this sector ranging from $9-10 per square foot and tops out at $13-14 per square foot with gross rates coming in around $16-17 per square foot!

Downtown City of Reading has seen some new deals consummated, like the renewal of the United Way of Berks County and the Spanish Council of Berks County.  However the market still remains flat due to these companies’ renewing leases rather than expanding their footprints.  Buildings that have seen vacancy for some time, including 645 Penn Street and 501 Washington Street are starting to show some signs of hope due to new management and ownership changes taking effect.  Owners and tenants are continuing to struggle with high parking costs and security concerns, which are continuing to be addressed by a committed City Administration.

Downtown City of Reading vacancy rates continue to increase in late 2011 with rates rising 20.70% to 21.00% in Class “B” Product with much of the vacancy continuing to surround large blocks of contiguous space.   This also includes approximately 20,000 sf. of vacant space which was not accounted for in 2010’s numbers at The Madison Building located at 400 Washington Street.

2012 downtown vacancy rates will have a major negative jump if CNA follows thru with their plan to vacate the 260,000 sf. facility located at 401 Penn Street.  Even if CNA decides to maintain its presence they are still only occupying 80,000 of the 260,000 sf., so the impact is going to be felt regardless.  A positive note is that 525 Lancaster Ave, Reading has been purchased by a multi-family developer who has decided to redevelopment from office to apartments.  This will eliminate a 110,000 sf. office building which has been vacant for a number of years.

The City of Reading and economic development groups have been working hard to improve and revitalize Downtown which shows in the number of projects underway and/or completed.  The new IMAX Theater and the completed addition to the Reading Eagle Headquarters in the CBD are welcome entrants to the market and kick off a multi-million dollar main street corridor project that includes a new $67 million Doubletree hotel and garage project across from the Sovereign Entertainment and Expo Center. This will help attract a more vibrant restaurant and entertainment segment with increased amenities and ultimately assist to bring tenants back downtown while decreasing vacancy rates and increases in the tax base.

2012 is showing signs of hope, with new tenants entering the market place, and rental rates continuing along a steady course.

Deals will continue getting done because landlords are reacting to current market conditions, which means companies are getting favorable incentives, such as introductory rates, rent abatements and additional tenant improvements.  Also, landlords are now offering tenant improvements and incentives to keep their existing tenants.

 

Check out my blog at www.Bryanecole.wordpress.com for more market information and updates within the Greater Reading Office Sector along with checking our website at www.Bryan-Cole.com

 

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

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

direct: 610-370-8502

Bcole@naikeystone.com

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

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.

What To Look For When Purchasing Used Office Furniture

Buying used office furniture is a smart way to decorate a small office at your home or even a large office at a big company. Although the yellow pages and the internet are filled with hundreds of ads of companies that sell refurnished used office furniture, selection must be made wisely, unless you want your office to fall apart in a couple of months! So, what should you look for when you decide to purchase used office furniture?

Just like new office furniture from prestigious brands is a good investment, reconditioned office furniture from leading brands can last for long years without the need for replacement. Some large companies refurnish their offices every few years. The used office furniture and cubicles from these companies are usually sold to specialized companies where the furniture is refurbished before reoffered for sale again. Companies such as Ethosource offer used office furniture from top notch brands like Hernan Miller at a fraction of the original price. Mostly, this type of office furniture is as good as new as most companies at least partially refurbish their furniture before selling it.

One of the problems that might face you, if you choose to purchase used office furniture, is that you won’t easily find the perfect furniture pieces to match your office space. However, some specialized companies can modify the furniture to suit your work space. Look for companies that offer excellent customer services. Some companies will send you a sales representative who would decide which modifications should be done to the used office cubicles you wish to purchase.

Not only you would be saving money, but also protecting the environment when deciding to go for used and reconditioned office furniture. Some of the used office furniture is known as environmentally friendly office furniture, or green office furniture. It is better to look for office furniture that is manufactured from recycled and recyclable materials such as wood, metal and recycled plastic. Materials like recycled plastic prevents the damage that can affect the environment from the use of ordinary plastic. Apart from used office furniture, green office furniture can be manufactured from wood recycled from railway trucks, old factories, bridges, buildings…etc.

Deciding to purchase used office furniture doesn’t mean that you are going to get some low quality furniture that would collapse a few weeks after being assembled. Always look for durable furniture whenever your budget can permit. Some materials are both durable and environmentally friendly such as cork and bamboo.

Look for used office furniture that offers flexibility and technical feasibility e.g. most used office cubicles from Ethosource are easily assembled and come with baseline electric power input.

The recent economic recession has shrunk the budget of many businesses especially small ones. Not only can you save a lot of money when purchasing used office furniture, but also you can help protect the environment.

This post is courtesy of EthoSource and Mark Miller, COO Ethosource

 

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.