Integral with the sale transaction, Chicago-based R.R. DonnelleyLogistics has leased 670,000 sf of one of the properties at thecenter, a 687,800-sf distribution facility, and expects to openoperations for its Northeast distribution there by third-quarter2003.

|

The center also contains a 40,000-sf, two-story corporate officefacility; a 52,000-sf, single-story industrial building, and a729,000-sf manufacturing/distribution building.

|

Terms of the Donnelley lease and asking rental rates for theremaining vacant space are undisclosed, and calls by GlobeSt.comwere not returned by press time. According to a statement, however,"the offering rents are well below market for completely renovated,modern industrial space that is adaptable for both manufacturingand distribution requirements."

|

Brokers estimate the asking rate is probably in the $3.80 per sfrange.

|

Jerry Rappaport Jr., president of New Boston, says the purchaseof the York center is consistent with his company's "regionaldiversification strategy of expanding out of New England. We alsohave pursued a strategy of expanding our portfolio throughwarehouse and distribution acquisitions and developments," he saysin a statement. The statement adds New Boston "expects to expandits presence further in Pennsylvania and New Jersey over the nextseveral years."

|

Brasler is a third-generation, family-owned real estate companythat specializes in the redevelopment of large, vacant industrialproperties into multi-tenant business complexes.

|

"We believe that by converting this complex into a modernindustrial facility, we can generate economic growth and stimulatenew jobs for the York community," Chris Brasler, co-principal, saysin a statement.

|

Joe McDermott of the Wayne, PA office of Los Angeles-based CBRichard Ellis represented the owner, Commercial Development Corp.,in the sale and also represented Donnelley in the leasetransaction. McDermott will represent the center in leasing theremaining, sub-dividable 800,000 sf.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.