CHAMBERSBURG, PA-Hub One Logistics inked a lease with the Denver-based ProLogis for 177,000 sf in the Chambers-5 Business Park, which is located on Interstate 81 near Route 11. The deal takes occupancy in this 355,000-sf, 10-year-old building in the park to 100%, according to a ProLogis spokesperson.
The value of the lease is undisclosed. Average asking rent rates for distribution facilities in the I-81 corridor are in the range of $4 per sf, owners of warehouse/distribution assets in the Central Pennsylvania market tell GlobeSt.com.
ProLogis owns and manages approximately 775,200 sf in the park, all of which now is fully leased. The entire park contains an aggregate of 3.5 million sf.
Pittsburgh-based Hub One is a privately held company that provides redistribution and other custom logistics services, primarily in the food industry, and has annual revenues of $600 million. It will use the new location as its main facility for serving customers in the Northeastern US. John Childs of the Bala Cynwyd-based office of Staubach Co. represented the tenant.
Paul Loosmann, ProLogis' SVP and Pennsylvania market officer, who is based in Harrisburg, represented the owner. According to Loosmann, ProLogis is the largest provider of industrial facilities in Central Pennsylvania with more than 9.5 million sf owned, managed or under construction. "The Hub One lease is one of a series of large transactions for the owner in this market in recent months. We're continuing to see improvement in the local business environment." A first-quarter 2006 report from the area offices of CB Richard Ellis puts the Central Pennsylvania industrial vacancy rate at just below 5.8%, the lowest rate of all Eastern Pennsylvania industrial submarkets, including the Lehigh Valley.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
