James Sheehan, senior director with Cushman & WakefieldInc.'s Philadelphia office, tells GlobeSt.com that a sizable,brand-new facility like this is "extremely appealing to largeinstitutional investors." Sheehan arranged the sale along C&W'sJerome Kranzel, Jeff Williams, Steve Cooper, Gerry Blinebury andJames Vesey.

Completed in 2007, the building is the newest and largest offour facilities at the 800-acre industrial park, developed byChicago-based First Industrial Realty Trust. It offers 32-footclear heights, tilt-up concrete walls, ESFR sprinklers,cross-docking and additional trailer storage. Although aconfidentiality agreement prevents him from disclosing the per-sfrates that Sears Logistics is paying, Sheehan says industrial rentsin the northeastern Pennsylvania corridor range from "the high $3to $4 range."

Sheehan points out that "like all asset classes, industrial isfacing the storm of the credit markets," but he adds industrialproperties "seem to fare better" in transaction volume. A newsrelease from C&W notes northeastern Pennsylvania is "a rapidlygrowing distribution hub." The region contains more than 46 millionsf of industrial space with a relatively low vacancy rate of10.5%.