LEESPORT, PA-Fleetwood Fixtures acquired the 287,850-sf industrial building at 225 Peach St. and will relocate operations from its current headquarters at 301 Lawrence Ave. in Reading. The building was previously occupied by Reading-based Baldwin Hardware Corp., which was recently acquired by Towson, MD-based Black & Decker.
Michael Treacy, SVP in the Philadelphia office of Binswanger, negotiated the transaction. Citing a confidentiality agreement, he declined to disclose the price. Ed Swoyer, president of Greater Berks (County) Development Fund, tells GlobeSt.com buyers of industrial properties here "would probably expect to pay between $25 per sf and $40 per sf, depending on the quality of the building and its location." Land costs, he says, "range between $80,000 and $120,000 an acre, depending on how usable it is." In a transaction for a quality industrial building of more than 250,000 sf, Swoyer estimates the price at about $30 per sf, and suggests a large land-deal connected to the property might bring the land price to between $50,000 and $75,000 an acre.
The single-story building was completed in 2000. It has six-inch concrete floors, 39-ft ceiling height, 20 shipping docks, 16 receiving docks and on-site parking for 325 vehicles. Treacy says, "the structure is designed to be expanded twice over. The wall on one side is low, specifically constructed to open for expansion." While this was of interest to Fleetwood, he says the buyer has "no plans for immediate expansion."
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