Mcjunkin's lease of the single-story, freestanding, 24,000-sf building is for five years and has an aggregate value in excess of $600,000, according to Steve Italiano, SVP in the Wayne office of CB Richard Ellis and a member of CBRE's industrial services group. Italiano represented the owner of the center, Industrial Park Development Co., in both transactions.
Delaware Valley Express is relocating and expanding its freight forwarding operations from Glenolden. In this transaction, Italiano also represented the tenant. The lease is long term, he says, but did not disclose the terms.
The overall vacancy rate in the Greater Philadelphia industrial market dropped from 11.3% in third quarter 2004 to 10.2% by year-end, according to data from the Philadelphia office of Trammell Crow Co. During the same timeframe, TCC says overall average asking rental rates inched up from $4.21 per sf to $4.27 per sf. However, the rates here in Delaware County are above the average, and range between $4.90 per sf and $5.20 per sf, according to year-end reports from three local-area firms.
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