(To read more on the industrial market, click here.)

SCRANTON, PA-Chicago-based Walton Street Capital has sold the HarperCollins Building at 1000 Keystone Industrial Park to SC Realty Ventures LP for $11.7 million, or just north of $39.50 per sf. It is 100% leased to the publishing company.

HarperCollins Publishing and its predecessor companies have occupied the building since it was completed in 1967. It was expanded to its current 296,000 sf in 1985 and updated less than a year ago. This is HarperCollins’ national distribution hub and the largest of its two book fulfillment centers in the US.

The tenant had just executed an 11-year lease extension, according to James Vesey, a senior director in Cushman & Wakefield’s capital markets group. Vesey, James Sheehan and Jerome Kranzel, senior directors in C&W’s Philadelphia office, were exclusive representatives for the owner and procured the buyer, which is a New York City-based private partnership.

“Selling this asset fits with Walton Street’s long-term plan,” Vesey tells GlobeSt.com, “and the lease-extension made this a good time to sell.” He says rent rates for warehouse distribution facilities here are in the $4.50-per-sf range. “The lease-extension along with the tenant’s creditworthiness and long-term tenure made this an especially attractive property. We had offers from national, regional and local prospects,” he says.

HarperCollins has annual revenues in excess of $1 billion worldwide. Recently, it reported that 2006 represented the company’s ninth consecutive year of record profits.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.