Chicago’s CB Richard Ellis handles sale of distribution center in Pennsylvania
August 04, 2010 | Staff Writer | Print Article | Email this Article
Chicago-based CB Richard Ellis’ Sale Leaseback and Net Leased Properties Group recently represented KS Coatesville PA in the sale of a new 20-Year NNN lease 150,000-square-foot freezer/cooler distribution center in Coatesville, Penn. A private investor purchased the facility for $26.05 million.
“The net leased market roared back to life in the first quarter of the year and reflected a flight to quality. This transaction exhibited the qualities investors desire including a long term lease, strong tenant, new construction and assumable financing that was favorable for the buyer,” said Andrew Sandquist of CB Richard Ellis, who represented the seller in the transaction along with Robert Brennan and Jonathan Wolfe of the firm’s Chicago office, and Mike Hines and Michael Blunt of the firm’s Philadelphia office.
Located just 45 minutes outside of Philadelphia , the property is 100-percent occupied by Keystone Foods, a global manufacturer and supplier of protein products and custom food-service distributor. Building highlights include office space, dry storage, freezer storage, cooler, cold docks and maintenance facilities. Located on 20.4 acres, the new distribution center includes 30-foot clearance, 35 docks and pre-cast concrete.
“Although this asset is located in Coatesville, it was a very strategic decision for Keystone Foods to locate here. This warehouse services over 400 McDonald’s stores throughout the Delaware Valley ,” said Hines.
The CBRE Sale Leaseback and Net Leased Properties Group is based in Chicago and focuses exclusively on underwriting, structuring and executing single-tenant sale leaseback and net leased transactions for industrial, retail, office and special purpose real estate assets.
Tags | CB Richard Ellis, Chicago, industrial
© 2012 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or menzies@rejournals.com
