Industrial

ABB Electrification has leased 400,000 square feet of industrial space in one of Westcore's new construction property.

Prior commitments are still being honored, however, new loans are effectively not available to all, only a few preferred customers and the private lending market is active, but pricing has increased substantially.

The project went to market in the third quarter during an "extremely" hot environment and the seller was chosen in the fourth quarter.

"We'll have to make difficult decisions on city spending, the likes of which have never before been needed," Philadelphia Mayor Jim Kenney said.

The property at 747 Mill Park Drive is net-leased for 10 years to Magna Seating of America, Inc., a division of Magna International.

"It will take several years for vacancy rates to fall back to their pre-crisis levels."

While every asset class has exposure to the economic impacts of the pandemic, CapRock Partners says industrial will be the most resilient asset class in the current crisis.

The COVID-19 global pandemic continues to cause mass commercial real estate vacancies throughout the US. Many buildings were ordered closed with limited…