Lawruk, which is based in nearby Altoona, developed the 24,900-sf building for FedEx Ground in 1999. The tenant just signed a new 7.5-year lease and expanded the facility by 9,200 sf. Thomas Gorman, a senior associate in the Philadelphia office of Marcus & Millichap, tells GlobeSt.com, "the buy offered Askotzky a solid 8.25% return with a strong corporate tenant."
The current rent is $8.40 per sf, he says. "The market rates for distribution space in this area range from $6 per sf to $10 per sf." He and colleague Matthew Gorman of the same office, represented Lawruk in the transaction. Adam Levy of Marcus & Millichap's Chicago office procured the buyer.
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