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220,000-SF Industrial Lease Closes, Awaits 5,000-Foot Office Build Out

HARRISBURG, PA-The closing was last week, but the tenant's broker says representatives of the property's owner put the cart before the horse when they revealed the deal before building out the space.

By Glen Thompson | Updated on February 19, 2002

HARRISBURG, PA-Final papers were signed last week on West Hartford, CT-based Wiremold Co.’s long-term lease at Crossroads Commerce Center. However, until agreed-upon improvements to the space are complete, the broker for the tenant says it’s too early to call the 220,000-sf agreement a done deal.

Dave Beal, who represented West Hartford, CT-based Wiremold in the transaction, says a statement on the closing released yesterday by Cushman & Wakefield’s Philadelphia office is premature. While Beal acknowledges that the triple net-lease deal has “closed in the sense that all the legal documents have been signed, there are still tenant improvements that have to be done to the space,” he tells GlobeSt.com. “The tenants have not moved in because we have these tenant issues to deal with.”

Crossroads general partner Adam Meinstein insists Beal’s remarks speak to the spirit of the deal rather than its legality and says Beal’s statements refer to a 5,000-sf office space build out that has to be finished before Wiremold can occupy the space in June. “The deal is fully executed and fully binding,” Meinstein tells GlobeSt.com “[The transaction] is not done in a philosophical sense because the tenant has not moved in and the build out has not been done.”

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