Capital Markets Group from Lee & Associates of Eastern Pennsylvania Brokers Sale and Lease of New Build in Lancaster, PA
Forward Sale of a Premier Infill Location.
Lancaster, PA, April 22, 2022 – The Capital Markets group, headed by Bob Yoshimura and Joe Hill from Lee & Associates of Eastern Pennsylvania ("LAEP"), orchestrated the sale of a newly developed 251,250 square foot industrial building located at 701 Stony Battery Road, Lancaster, PA. This facility encompasses the highest quality of modern industrial design featuring 36' clear ceiling heights, 49 loading docks, and ample parking capacity. An undisclosed Institutional Investor purchased the property on a forward basis from Catalyst Commercial Development, who oversaw the entitlement process and constructed the asset.
The Capital Markets group consisting of Bob Yoshimura, Joe Hill, Eric Mattson, and Connor Sanbower, in conjunction with Lee Fittipaldi and Kim Jacobsen of Lee & Associates of Eastern Pennsylvania, represented Catalyst Commercial Development in this sale and arranged the forward agreement between the two parties. Additionally, a full building lease was executed within a week of closing. The lease was brokered by Lee Fittipaldi and Kim Jacobsen, as representatives of the buyer.
"The building's exceptional location combined with best-in-class design and the limited amount of Class A product in the Route 283 Corridor attracted the buyer to the opportunity. Additionally, the site's infill location was desirable due to the rapid growth of the Lancaster submarket, forecasted population growth, and a robust logistics infrastructure network," said Yoshimura.
The site is conveniently located four (4) minutes from US Route 283, seven (7) minutes from US Route 30, and 25 minutes from Exit 247 (Harrisburg East) of the Pennsylvania Turnpike (Interstate 76), providing convenient access to Lancaster, York, and Harrisburg. Located in one of the most rapidly evolving pockets of the Central Pennsylvania submarket cluster, Lancaster County has been receptive to emerging development activity and the growing industrial presence in the County. Lancaster County has historically been considered a tertiary submarket, but recent development activity has sprawled down the 283 Corridor, creating a much larger industrial presence in the County. This submarket consists of over 24.6 million square feet of inventory, with vacancy in Lancaster County sustaining at sub one (1.0%) percent.
"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. In addition, the need for Class A distribution space that can efficiently service large consumer bases has been significantly magnified as supply chains endeavor to meet the ever-growing consumer demand of e-commerce," added Hill.
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About Lee & Associates of Eastern Pennsylvania
LEE & ASSOCIATES OF EASTERN PENNSYLVANIA, LLC (LAEP) began in May 2015. The Capital Markets group, led by Bob Yoshimura, Joe Hill, and Eric Mattson joined in 2019. The LAEP Capital Markets group has over 100 years of combined experience and have established themselves as one of the preeminent groups in the region. The Yoshimura/Hill Capital Markets group has completed over $8.0 billion of transactions in their careers. For the latest news from Lee & Associates of Eastern Pennsylvania, follow us on Facebook, LinkedIn, Instagram and Twitter or visit us on the web at https://www.lee-associates.com/pennsylvania
About Lee & Associates
Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.
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