On condition of anonymity, a broker familiar with industrial properties inthis area of Montgomery County tells GlobeSt.com "the aggregate value isundoubtedly in excess of $25 million." The average asking rental rate forindustrial space here ranges between $4.35 per sf and $4.50 per sf, according toGlobeSt.com research.
The Tyco lease takes the 835,000-sf property, which is owned byPhiladelphia-based Berwind Property Group, to 76% occupancy. Approximately195,000 sf remain available for lease along with land for the additional development oftwo buildings of approximately 100,000 sf each.
Stephen M. Spaeder, BPG's SVP, negotiated the lease. In addition, WilliamGoodwin, Leonard G. Redeyoff and Joseph McDermott of the Wayne, PA-basedoffice of CB Richard Ellis's industrial brokerage team, represented BPG in thetransaction. Paul Torosian and Larry Maister of the Philadelphia office ofTrammell Crow Co. represented Tyco.
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