Capital Markets Group from Lee & Associates of Eastern Pennsylvania Brokers $70.0 Million Sale of 572,800 SF in Central Pennsylvania
Plymouth Meeting, PA, August 12, 2021 – The Capital Markets Group from Lee & Associates of Eastern Pennsylvania, headed by Bob Yoshimura and Joe Hill, orchestrated the $70.0 million sale of two industrial facilities in Lancaster County Pennsylvania at 601 Stony Battery Road and 35 Conewago Road totaling 252,800 SF and 320,000 SF respectively. Lee and Associates of Eastern Pennsylvania team members Eric Mattson and Connor Sanbower also assisted in the transaction. Dalfen Industrial purchased the facilities from TA Realty.
601 Stony Battery Road is a newly constructed Class A industrial facility in the burgeoning Western Lancaster County market along the Route 283 Corridor. The building features 36’ clear ceiling heights, 40 loading docks, and excess trailer drops. 35 Conewago Road was built in 2018 and quickly leased to Grove Collaborative who committed to a ten-year obligation. These facilities both encompass the highest quality of modern industrial design throughout the region. The mix of leased and vacant space provided the investor with an existing cash flow and upside through lease-up in a market with rapidly increasing rental rates.
“The buildings’ exceptional locations combined with their best-in-class design and the limited amount of Class A product in the Route 283 Corridor attracted the buyer to the opportunity. The Pennsylvania industrial market continues to draw the most aggressive institutional investors,” said Yoshimura.
The buildings are located within close proximity to U.S. Route 30, Pennsylvania Route 283, and U.S. Route 222, leading to convenient accessibility to Pennsylvania’s extensive interstate system. This excellent location within the Central Pennsylvania industrial market provides easy access to multiple parcel hubs and intermodal facilities within a 45-minute drive. Lancaster County has historically been one of the tightest industrial submarkets within Central Pennsylvania, boasting a 3.73% vacancy rate across 23.8 million square feet of inventory as of the second quarter of 2021.
“Lancaster County is a quickly expanding market for industrial development in Central Pennsylvania due to its abundant and highly skilled labor force as well as its accessibility to various transportation routes leading to multiple major cities within a convenient drive time. The need for Class A distribution space that can efficiently service large consumer bases has been significantly magnified as shopping habits have shifted and online spending has considerably increased,” added Hill.
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About Lee & Associates
Celebrating more than 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Toronto, Ontario, Vancouver BC, and Wisconsin. With more than 1,300+ brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.
Lee & Associates of Eastern Pennsylvania began in May 2015. The Capital Markets Group, led by Bob Yoshimura and Joe Hill, joined in 2018. The LAEP Capital Markets Group has over 100 years of combined experience and has established themselves as one of the preeminent teams in the region. The Yoshimura/Hill Capital Markets Group has completed $8.0 billion of transactions in their careers. For the latest news from Lee & Associates, visit lee-associates.com/pennsylvania or follow us on LinkedIn, Twitter, Facebook, and Instagram.