(Read more on the industrial market.)

MIDDLETOWN, PA-Sears Logistics Services Inc. has renewed its lease for all of the 507,000-sf warehouse/distribution facility at 2040 N. Union St. Denver-based ProLogis acquired the building in late 2004 when it acquired Keystone Property Trust, which was then headquartered in West Conshohocken.

Keystone paid $20 million for the building in January 2003. It was completed in 1998, according to John Van Buskirk, a partner in the Harrisburg-based Industrial Properties Group at NAI/CIR. Van Buskirk and Jack Shepley, a partner in the same office, represented the tenant in the negotiations.

Van Buskirk declined to disclose the aggregate value of the lease or the asking rent rate. According to a year-end 2006 report from the Philadelphia office of Cushman & Wakefield, the average rent rate for warehouse/distribution space in Central Pennsylvania is $4.01 per sf.

Sears Logistics Services is a unit of Hoffman Estates, IL-based Sears Roebuck & Co. and Sears Holdings. It provides home delivery of products sold in Sears stores and also supplies Sears stores with merchandise from manufacturers and handles other transportation and warehousing services for the Sears’ retail network.

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.