NAI handles Sub-Lease at 1105 Berkshire Blvd.
Location:
The Travelers Building, 1105 Berkshire Blvd., Wyomissing PA 19610
Deal Information
NAI Keystone Commercial & Industrial, LLC was hired by Mette, Evans & Woodside to sub-lease their space at 1105 Berkshire Blvd., in Wyomissing PA. The space consisted of 4,756 square feet of office space.
NAI’s Bryan Cole and John Buccinno worked diligently to assist in locating a company to take over the existing lease or provide an opportunity to allow for Mette Evans & Woodside to negotiate and early buy-out with the existing landlord.
Annie Mac a financial firm was brought to the market by another brokerage company and worked with NAI and the building owner to negotiate a lease and buyout., NAI did extensive marketing and canvassing to assist in locating various users who showed initial interest in the site.
Brokers:
The team responsible for the assignment was Bryan Cole 610 370 8502 and John Buccinno 610-370-8508.
Who is NAI Keystone:
NAI Keystone is a full service commercial and industrial real estate firm. NAI Keystone maintains a prominent market share in Berks and Schuylkill Counties. NAI offers various services including but not limited to; Landlord representation, tenant representation, consulting services, site development, site selection, and property management.
NAI Keystone is part of NAI Global, which is a managed network of commercial real estate brokers and companies which spans throughout the world. NAI Global has 325 offices in 55 countries and an annual transaction volume of $45 Billion.
For additional information please visit www.Bryan-Cole.com or email us at Bcole@naikeystone.com
For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
About Bryan Cole and NAI Keystone
Does the Actual Space Measurement Really Matter?
The answer is yes and no. Space measurement does not matter in cases where there is annual or monthly rent defined in the contract in terms of absolute dollars and there is no pass throughs of common area expenses to the tenants. In most other cases size matters and here is why.
Many contracts provide for a rental rate on a dollar per square foot basis. The basis may be rentable, gross, or usable and there are a number of alternative space measurement standards. In these cases, the rent is multiplied by the area of the demised premises so an incorrect rental rate can lead to a discrepancy between what is actually being rented and the amount of the rent.
It is not good practice to accept the landlord’s measurements. There may be errors in the measurement or the basis for the measurement may not be the basis of your rental contract.
In summary, it is appropriate to have the space re-measured in the field and then applied to the rental rate. Rental rates using usable space (typically the carpeted area) are the most appropriate since one only pays for what is being utilized. Note that incorrect space measurements also affect pass through items so an incorrect measurement or application of the measure can have secondary effects
as well.
Article by NAI Global
Call a Tenant Representation Broker; they can assist in the process.
For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
About Bryan Cole and NAI Keystone
Sale of 811 William Lane to Sweet Street
NAI Keystone’s Bryan Cole handles sale of 811 William Lane to Sweet Street Deserts.
The property was a 25,000 sf. Flex facility situated on 3 +/- acres located in the Reading industrial park. The property which is adjacent to Sweet Streets operation and is currently occupied by Wesco a Pittsburgh based supply company.
For more information about this sale and/or the particulars please contact Bryan Cole of NAI Keystone.
For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
About Bryan Cole and NAI Keystone
NAI Keystone is a full service commercial and industrial real estate firm located in Reading, Berks County. NAI Keystone manages and handles approxitmately 4 Million square feet of commercial and industrial space in Berks and Schuylkill County. NAI is the only firm in Berks County dedicated to strictly commercial real estate. www.Bryan-Cole.com.
1031 Exchange Activity Picks Up
1031 Exchange Activity Picks Up
Between 2002 and 2007, real estate investors and developers built tremendous wealth and preserved significant equity by using tax-deferred exchanges under Section 1031 of the IRS Code. During the economic downturn, exchanges were used less frequently for preserving equity from the appreciation of real estate—mainly due to offsetting losses from other transactions or a general erosion of equity altogether. More often, over the past few years taxpayers used exchanges as strategy for deferring potential tax liability from short sales and foreclosures.
However, taxpayers are again relying on exchanges now that some real estate assets are selling at a gain.
Exchange Trends
In August 2010, the volume of exchange transactions began to increase significantly. This trend started with developers and investors selling singular assets and asset portfolios to large REITS and private equity funds that were looking to purchase assets with cash. Class A and B multifamily assets and single-tenant NNN assets were their typical targets. These purchases fueled the start of new construction exchanges by many of the selling developers, especially in the single-tenant NNN industry.
The exchange trend has spread to larger, more institutional assets in the office and retail sectors. Grocery-anchored retail centers have also been at the center of exchange activity. The common underlying characteristic of the assets being sold in these exchanges has been the stability of the asset, often stemming from strong credit tenants.
For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.
The Greater Reading Market Snapshot
A snap shot of the Berks County Marketplace by The Reading Eagle
For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.
September 2011 Volume 4 Weekly Review
Team Cole Weekly Review
The September 2011 Commercial Real Estate Weekly Review. The weekly review outlines the week in review throughout Berks County., including closings, companies moving, featured properties, and much more.
PDF Brochure: – Click Here
For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.
Packaging Corporation of America Leases 220,000 sf. In Reading PA.
Packaging Corporation of America announced on September 21, 2011 that it will expand in the Commonwealth of Pennsylvania by opening its new manufacturing facility next month.
NAI Keystone Commercial & Industrial’s Steve Willems & Bryan Cole completed the 220,875 SF long-term industrial lease transaction at Premium Business Center, 171 Tuckerton Rd., Reading, PA
in September 2010.
The leased facility is expected to create fifty new, full-time jobs within three years of opening. Commenting on the investment, Thomas A. Hassfurther, Executive Vice President, said, “Our decision to expand in Southeastern Pennsylvania is a testament to the dedicated employees of the region. Our investment in additional corrugated products capacity was driven by customer demand. Expanding our network of plants in this region reinforces our commitment to continue providing outstanding quality and superior service to our customers.”
PCA has worked in conjunction with the Governor’s Action Team, the Pennsylvania Department of Community and Economic Development, and the Berks Economic Partnership, and the leadership at Muhlenberg Township on this project and looks forward to a continued partnership with the Community and the Commonwealth. PCA is the fifth largest producer of containerboard and corrugated packaging products in the United States with sales of $2.44 billion in 2010. PCA operates four paper mills and 68 corrugated product plants in 26 states across the country.
The PremiumBusinessCenter,owned and managed by The Endurance Group & Brasler Properties, is now fully leased.
NAI Keystone Commercial & Industrial, which maintains a prominent market share in Berks and Schuylkill Counties, Pennsylvania, specializes exclusively in commercial and industrial properties.
For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.
September 2011 Volume 3 Weekly Review
Team Cole Weekly Review
The September 2011 Commercial Real Estate Weekly Review. The weekly review outlines the week in review throughout Berks County., including closings, companies moving, featured properties, and much more.
PDF Brochure: – Click Here
For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.
Impact of Commercial Real Estate – When a company closes shop
When a company closes shop
Within the past few months news sources including the Reading Eagle, Eastern PA Business Journal and various other local publications have made mention of a number of companies deciding to close their facilities in the local marketplace. This has a few obvious impacts including job loss and tax revenue loss, but a large problem that is sometimes overlooked is what do we now do with the vacant real estate.
The majority of the time these facilities, especially manufacturing plants are designed and built for a specific function.
On many occasions these properties will end up being retrofitted for another use, which will ultimately affect the sales price. Some of the larger companies will even sell the property below market value to just get it off of their books.
This not only has a direct impact on the subject property but also an impact on the rest of the market. Especially when it comes to appraisers trying to value other assets in the marketplace!
The positive is that there are certain items within a facility which can be a benefit, including water/sewer capabilities, cranes, power infrastructure, rail, etc… When these facilities have their equipment still in place, it allows the Broker to market to a certain demographic. This could be a good problem to have as it allows you to target a certain company and offer what most sites cannot include a turn-key operation and workforce that is in place. A perfect example of this scenario is when Advanced H20 Water Closed its doors In 2007 and another bottling company purchased the assets, equipment, leased the building, and hired a number of the former employees.
Unfortunately this does not happen all the time, in most cases the equipment is auctioned off, and the buildings are placed on the market for sale or lease! Without the equipment or specialized infrastructure you are now marketing a general warehouse or industrial facility and not separating yourself from the rest of the marketplace. This tends to lower the rental rate, increase the incentives that are offered, and increase potential tenant improvement allowances. All of the items listed directly affect the value of the asset and value of market.
What we hope as a community is to concentrate not only on attracting new industry but work extremely hard at company retention. As a Broker we earn our fees by filling vacant real estate, however we want nothing more than to show what industry we have and what employers are expanding; this shows market strength and stability. We need to spend just as much effort on company retention as we do on attracting new businesses.
By assisting our local companies to expand we will ultimately help all aspects of the community.
There are various organizations in Greater Reading that do just that;
The Greater Reading Chamber of Commerce
Berks Economic Partnership
Greater Berks Development Fund
Industrial Development Authority
Reading Redevelopment Authority
NAI Keystone Commercial & Industrial, LLC
And many more!
If you are interested in learning more about these organizations please give us a call and we will put you in touch with the respective party.
Article by Bryan Cole of NAI Keystone Commercial & Industrial, LLC
For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.
September 2011 Volume 1 Weekly Review
Team Cole Weekly Review
The September 2011 Commercial Real Estate Weekly Review. The weekly review outlines the week in review throughout Berks County., including closings, companies moving, featured properties, and much more.
PDF Brochure: – Click Here
For More Information about Local News, Market Intel, or Commercial Real Estate
Opportunities; visit www.Bryan-Cole.com
Bryan E. Cole | Senior Associate
NAI Keystone Commercial & Industrial, LLC
direct: 610-370-8502
Check out my new website at www.Bryan-Cole.com
NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.
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