Brokers familiar with the property tell GlobeSt.com that, based on the creditworthiness of the tenant and the area's rising vacancy, this lease probably came in at the lower end of the asking spectrum at about $24.50 per sf.
Alliance One, which provides selective-surcharge ATMs to approximately 1,217 credit unions, banks and thrifts across 33 states, is consolidating offices from Plymouth Meeting, PA and Mercerville, NJ in the Bucks County property. It expects to move in this fall.
The park is accessible from Route 1, the Pennsylvania Turnpike and I-95. Smith, senior vice president of Wayne, PA-based Smith Mack & Co., an affiliate of ONCOR International, says the availability of advanced technology was a factor in the company's choice.
Smith and Ross Forman, also a senior vice president in Smith Mack's Wayne, PA office, represented Alliance One in the transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 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.
